Tudor Gold's 2026 Scorecard: 8 Things You Need to Know Before the PEA

Project Overview

Tudor Gold (TSXV: TUD | Frankfurt: H56) holds an 80% interest in the 17,913-hectare Treaty Creek Project in the Golden Triangle of northwestern British Columbia, which borders Seabridge Gold's KSM property to the southwest and Newmont Corporation's Brucejack Mine property to the southeast. One deposit has been defined to date, Goldstorm, a gold-silver-copper porphyry system hosting Indicated Mineral Resources of 24.9 million ounces of gold, 148.7 million ounces of silver and 3.048 billion pounds of copper, per the National Instrument 43-101 technical report dated November 30, 2025. Treaty Creek hosts three further gold discoveries at the CBS, Eureka and Perfectstorm zones. The deposit lies 40 kilometers from all-weather paved Highway 37, along which the Northwest Transmission Line runs, and from deep-water port facilities at Stewart.

1. One of Seven 2026 Objectives Is Complete, & It Isolates 3.4 Million Ounces at 2.33 Grams Per Tonne

The completed item is a refined mineral resource estimate (MRE) that the company describes as an update to the resolution, providing better visibility into the higher-grade material. The Indicated base is 912.3 million tonnes at 0.85 grams per tonne gold, 0.15% copper, and 5.07 grams per tonne silver, for 24.9 million ounces of gold, 3.048 billion pounds of copper, and 148.7 million ounces of silver.

The refinement's output is a set of net smelter return (NSR) cut-off sensitivities. At a US$ 125-per-tonne cut-off, the Indicated tranche is 102.1 million tonnes at 1.78 grams per tonne gold, 9.19 grams per tonne silver, and 0.27% copper, for 5.8 million ounces of gold. At US$175 per tonne, it tightens to 45.1 million tonnes at 2.33 grams per tonne gold, 9.27 grams per tonne silver, and 0.17% copper, for 3.4 million ounces of gold. The company states that the development intent is to assess higher-grade mineralization of 2 to 3 grams per tonne for initial mine development, so it is these tranches, rather than the 24.9 million-ounce headline, that a study will model.

2. Metallurgy Covers Two Zones, & the Program Is Not Closed

The company lists completion of the metallurgical program as outstanding while reporting results for the two zones on which an underground mining scenario would depend. The high-grade SC-1 gold zone returned 85.1% gold recovery by flotation into a concentrate grading 33.6 grams per tonne gold. The Lower CS600 gold-copper zone returned 85.8% for copper and 58.1% for silver by flotation, and 80.2% for gold using flotation plus leaching of the flotation tails, producing a concentrate grading 30.3% copper, 36.5 grams per tonne gold and 99.8 grams per tonne silver.

A concentrate carrying 30.3% copper, 36.5 grams per tonne gold, and 99.8 grams per tonne silver gives a study three metals to model on the revenue side rather than one. What the unticked box withholds is reported recovery data for the remaining material, so concentrate assumptions for anything outside SC-1 and Lower CS600 have no reported test results to support them.

3. The Ramp Permit Gates Underground Drill Access to SC-1

The company lists receipt of the underground exploration ramp permit as outstanding. It confirms that a permit application has been filed to construct an underground ramp to access the high-grade gold SC-1 Zone, which advances the item without closing it. The company identifies SC-1 as the zone to follow up on to assess the potential for a high-grade underground mine, and shows proposed underground drilling fanning into SC-1 from the proposed ramp. SC-1 is not reported as a classified zone in the resource tables, and its outline is drawn separately from the Treaty Creek mineral resource outline. Until the permit is granted, the zone the company has designated as its high-grade underground target can be drilled only from the surface, which is the specific constraint on how much of SC-1 can be classified and included in a mine plan.

4. Perfectstorm Advances the Additional-Deposit Objective Without Adding Tonnage

The sixth objective is a mineral resource estimate (MRE) on an additional Treaty Creek deposit. Perfectstorm is where that work is underway, and the company has recorded the first four holes of the 2026 program, producing a new copper-gold-silver-molybdenum porphyry discovery, the PSP Zone, roughly one kilometer southwest of Goldstorm, alongside confirmation of a gold-silver-dominant epithermal system, the PSE Zone. Two drills are now focused on those two targets. 

All assay values are uncut; the intervals reflect drilled intercept lengths; true widths have not been determined because the mineralized body remains open in all directions, and further drilling is required to determine orientation and true widths. Intervals on those terms establish grade and continuity but cannot be volumetrically constrained, so the objective is advanced and not met, and no Perfectstorm tonnage is available to the study now underway.

5. Consolidation Is Listed Twice & Remains Unresolved

Tudor holds 80% of Treaty Creek following its acquisition of American Creek Resources. The company nonetheless carries project consolidation in two places, as a company strategy item phrased as consolidating the ownership structure and resolving overlapping interests, and again as a discrete 2026 objective. Neither is marked complete, and the company still states an 80% interest.

Ownership percentage determines what share of any cash flows a study models accrues to Tudor shareholders. Until the structure is settled, the economics of a study on the Goldstorm Deposit are attributable on an 80% basis rather than a 100% basis, which is a direct input to per-share value rather than a governance detail. 

6. Goldstorm Carries More Than 190,000 Metres, Perfectstorm 7,752

More than 190,000 meters have been drilled at Goldstorm. Perfectstorm carries 7,752 meters, Eureka 3,659 meters, and CBS 3,380 meters. The company states that one deposit has been defined to date and lists a resource estimate on an additional deposit as an open 2026 objective, so none of the three satellites carries a classified resource at those drilling densities.

Those four figures are the most direct measure of what the sixth objective requires. The company reports a single historical intercept for each satellite zone rather than a drilled-out geometry, while the one zone that does carry a classified resource has taken more than 190,000 meters to define. The binding constraint on an additional deposit is therefore the number of meters drilled rather than grade, and meters accumulate at the pace of a two-drill program.

7. 471.3 Million Shares Fully Diluted Against a C$548.74 Million Market Capitalization

As of January 22, 2026, Tudor had 406,471,241 shares issued, 33,218,810 options and 31,609,430 warrants outstanding, for a fully diluted share count of 471,299,481, and a market capitalization of C$548.74 million at C$1.35 per share. These figures are dated January 22, 2026, and do not reflect the current position.

The register at that date was 59.0% retail, 14.1% held by 2176423 Ontario Ltd. (identified as Eric Sprott), 13.3% by Tudor Holdings, and 13.6% by institutions, with insiders holding 30.0% in aggregate across those categories. Analyst coverage was carried by Stuart McDougall at Research Capital and Michael Niehuser at Roth Capital. A preliminary economic assessment (PEA) is written for capital providers, and a 13.6% institutional holding versus 59.0% retail sets the baseline from which any institutional accumulation following the study would have to start.

8. The Study Is the Final Objective, & the Six Open Items Set Its Inputs

The company places the PEA last on the 2026 list and identifies it as the first step toward production. The company confirms an assessment of placing the Goldstorm Deposit into production, as underground mining is now underway, and states that the deposit remains open in all directions.

Each open objective supplies a specific input. The metallurgical program sets recoveries and concentrate grades. The ramp permit determines whether SC-1 can be drilled from underground and, therefore, how much of it can be classified and included in a mine plan. Consolidation sets the ownership basis on which modeled cash flows are attributed. Drilling at Perfectstorm determines whether any additional tonnage sits alongside the Goldstorm base case. Drilling and metallurgy are listed as company deliverables on Tudor's own schedule; the ramp permit sits with the regulator, and consolidation with a counterparty, placing two of the study's inputs outside the company's direct control.

Key Takeaways for Investors

Tudor Gold has completed one of its seven stated 2026 objectives, delivering the resource definition needed for the study. The refined estimate isolates 5.8 million ounces of gold at 1.78 grams per tonne using a US$125 per tonne cut-off, and 3.4 million ounces at 2.33 grams per tonne using a US$175 per tonne cut-off, within a 24.9 million-ounce Indicated base. Metallurgical results also cover the two zones central to an underground scenario, with 85.1% gold recovery from SC-1 and 85.8% copper and 80.2% gold recoveries from Lower CS600.

The six outstanding objectives define the study’s current limits. The underground ramp permit remains pending, restricting SC-1 drilling to surface locations and potentially limiting resource classification. Ownership consolidation is unresolved, leaving modeled cash flows attributable on an 80% basis. Perfectstorm has confirmed two mineralized systems through 7,752 meters of drilling, compared with more than 190,000 meters at Goldstorm, but undetermined true widths and limited drill density prevent its inclusion in the study. The principal catalysts are therefore the ramp permit decision, metallurgical filing, ownership resolution, and additional Perfectstorm drilling.