Tudor Gold's Goldstorm Deposit Passes Metallurgical Test: 8 Things You Need to Know

• Locked-cycle testing confirmed that saleable gold and copper concentrates can be produced from all three zones of the Goldstorm Deposit, resolving a variable that Tudor Gold's corporate disclosures had previously highlighted as a potential risk factor.
• The Upper Zone returned 86.3% gold recovery, the Lower Zone 87.3%, and the Central Zone delivered combined recoveries above 80% for gold, silver, and copper across two concentrate streams, all at concentrate grades the company has confirmed are saleable.
• A composite drawn equally from all three zones recovered above 80% for all three metals, confirming that concurrent mining of all zones is a technically viable scenario for the preliminary economic assessment (PEA).
• All four test composites utilised a primary target grind to 120 microns before proceeding to zone-specific flotation stages, thereby avoiding the need for highly complex processing routes that entail materially higher capital and operating costs in the PEA.
• The mineral resource estimate (MRE) and metallurgical program are both delivered; variability testing is now underway to provide zone-specific inputs for the annual production schedule.

Project Overview

Tudor Gold Corp. (TSXV: TUD) released the results of a metallurgical test program for the Goldstorm Deposit at its Treaty Creek Project in British Columbia's Golden Triangle. The results confirm that saleable concentrates can be produced from each zone of the deposit, either independently or as a blended feed, resolving a variable that Tudor Gold's corporate disclosures had previously highlighted as a potential risk factor. With the preliminary economic assessment (PEA) targeted for the third quarter of 2026, these results will provide direct inputs for the upcoming mine plan.

1. Metallurgical Processability Was a Highlighted Potential Risk Factor

Tudor Gold's own disclosure acknowledged that the metallurgical characteristics of Goldstorm mineralisation were not yet fully determined. The company listed a forward-looking risk factor that the characteristics of any mineralisation within its properties were not yet fully determined and could pose a significant risk. That disclosure signals that investor confidence in the deposit's processing economics could not be fully anchored until a program of this kind delivered results. The present release directly closes that gap.

For a deposit of Goldstorm's scale- 912.3 million tonnes at 0.85 grams per tonne gold in the Indicated category- processability at commercially viable recovery rates is a prerequisite for any credible economic study. Without it, a PEA would rest on unvalidated assumptions. With it, Fuse Advisors Inc. can now construct the PEA on a tested flowsheet.

President and Chief Executive Officer of Tudor Gold, Joseph Ovsenek, framed the objective:

"We've got metallurgy coming out soon to show that we can take that gold and other minerals that are in the ground there and actually sell it. We've got a marketable product."

2. The Upper Zone Delivered High Gold Recoveries at a Marketable Concentrate Grade

The Upper Zone produced a sulphide gold concentrate recovering 86.3% of gold at a head grade of 3.57 grams per tonne gold, with a concentrate grading 26.1 grams per tonne gold and a mass pull of 11.8%. The flowsheet selected for the Upper Zone comprised a primary grind to 120 microns followed by conventional sulphide flotation, including a regrind of the rougher concentrate and two stages of cleaner flotation. The concentrate also returned 85.1% silver recovery at 43.5 grams per tonne silver and 90.4% copper recovery, generating potential silver credits that further enhance the concentrate's marketability.

The Upper Zone hosts an Indicated Mineral Resource of 7.8 million ounces of gold at 0.96 grams per tonne, per the January 2026 resource estimate. The metallurgical results indicate that this mineralisation can be mined and processed concurrently with the other zones or in separate campaigns, providing flexibility for the PEA's mine planning.

3. The Lower Zone Matched the Upper Zone on Recovery Performance

The Lower Zone recovered 87.3% of gold at a head grade of 3.06 grams per tonne, producing a concentrate grading 19 grams per tonne with a mass pull of 14%. The Lower Zone flowsheet was identical to that of the Upper Zone, including regrinding of the rougher concentrate and two stages of cleaner flotation. Silver and copper recoveries were 86.5% and 90.6%, respectively, at grades of 68.2 grams per tonne of silver and 0.3% copper in the concentrate. The concentrates from both zones also contain potential silver credits and exhibit sulphur grades exceeding 45%, further enhancing their marketability. The Lower Zone holds an Indicated Mineral Resource of 6.9 million ounces at 1.03 grams per tonne gold, with an Inferred component of 1.1 million ounces at 2.33 grams per tonne gold.

4. The Central Zone Required a More Complex Flowsheet & Produced Two Distinct Concentrates

The Central Zone produced both a copper concentrate and a sulphide gold concentrate, with combined recoveries of 82.1% for gold, 88.7% for silver, and 94.1% for copper at a total mass pull of 4%. The Central Zone flowsheet introduced an additional stage: after the initial 120-micron grind, a copper flotation stage was run first, followed by sulphide rougher flotation of the copper tails. The copper concentrate recovered 55.1% of gold, 68.7% of silver, and 85.5% of copper at a mass pull of just 0.9%. The sulphide gold concentrate recovered an additional 27% of gold at a mass pull of 3.1%.

The Central Zone carries an Indicated Mineral Resource of 10.3 million ounces of gold at 0.71 grams per tonne and 2,887.5 million pounds of copper at 0.29% copper. The 94.1% combined copper recovery is directly relevant to the PEA's revenue model, though the 2-concentrate flowsheet introduces additional processing complexity that the PEA's cost assumptions must reflect.

5. Blended Feed from All 3 Zones Is a Viable Processing Scenario

A composite blending equal proportions from all three zones produced combined recoveries of 80.3% for gold, 81.6% for silver, and 89.1% for copper, with minor optimisation still required to reduce copper losses to the sulphide concentrate. The blended composite used the 2-concentrate flowsheet. Tudor Gold noted that minor optimisation will be required to reduce copper losses to the sulphide concentrate. Tudor Gold also confirmed that mineralisation from each zone can be mined and processed concurrently or in separate campaigns, providing flexibility in mine planning. A blended result above 80% recovery for all three metals confirms that the concurrent scenario is technically viable, preserving that flexibility for the PEA.

6. The Flowsheet Design Is Consistent Across Zones, Reducing Engineering Complexity

All four test composites, Upper Zone, Central Zone, Lower Zone, and blended, utilised a primary target grind before moving into zone-specific flotation stages. The Central Zone and blended composite added an upstream copper flotation stage, but all four composites shared the same primary grind foundation. The consistency of the base flowsheet avoids the need for highly complex processing routes that carry materially higher capital and operating costs in the PEA.

The use of conventional flotation circuits is also relevant to capital-cost and operational-risk assumptions. Tudor Gold noted that prior metallurgical work on the Gold-Copper Zone returned copper recoveries of 85.8% and gold recoveries of 80.2% with flotation and leaching of flotation tails, and the SC-1 high-grade gold zone returned 85.1% gold recovery with flotation at 33.6 grams per tonne gold. The May 2026 results are consistent with that prior work and extend it across the full Goldstorm resource outline.

As Ovsenek noted:

"We've got a track record of mine building. Our most recent mine we built is the Brucejack mine. That mine is literally 15 kilometres south of our Treaty Creek project. So we know the area, we know the infrastructure, we know the First Nations, and we know the local communities and the government. We know how to operate in this jurisdiction."

7. Variability Testing Is Underway & Links Directly to the PEA Production Schedule

Variability test work is currently being conducted on specific drill hole samples used to construct the zone composites, with additional blended composites to be tested if required based on the annual production schedule developed for the PEA. If required, following variability testing, additional blended composites will be tested in line with the annual production schedule being developed for the PEA. This links the metallurgical program directly to the mine planning work.

8. The PEA Remains on Track for the Third Quarter 2026, with Metallurgy Now Addressed

Fuse Advisors Inc. is advancing the PEA on placing the Goldstorm Deposit into production as an underground mine, targeting completion in the third quarter of 2026, with the metallurgical program now delivering the inputs required to populate the economic model. The PEA is a key component of Tudor Gold's 2026 plans. The test results complete Tudor Gold's planned metallurgical program, marking another 2026 objective achieved alongside the updated mineral resource estimate. Other ongoing objectives include consolidation of the Treaty Creek Project ownership structure, the underground ramp permit application, and an exploration drill program to develop a resource estimate for an additional deposit.

Ovsenek described the PEA's significance:

 "The big one for us is getting that PEA out to show people that this Treaty Creek is not just a big gold discovery, but actually it's going to be a mine. And the first step on that always is getting a preliminary economic assessment completed to show  there are economics here."

The confirmed mineral resource underpinning the PEA stands at 24.9 million ounces of gold, 148.7 million ounces of silver, and 3.048 billion pounds of copper in the Indicated category, with a further 4 million ounces of gold, 18.6 million ounces of silver, and 327.7 million pounds of copper in the Inferred category. Higher-grade sensitivity work shows that at a US$175-per-tonne net smelter return (NSR) cut-off, the Indicated resource grades 2.33 grams per tonne gold and holds 3.4 million ounces across 45.1 million tonnes, aligning with the 2 to 3 grams per tonne material that management has identified as the focus for initial mine development. The PEA will assess this higher-grade starter scenario against the broader bulk tonnage option.

Key Takeaways for Investors

• Metallurgical variable resolved: Locked-cycle testing confirmed that saleable gold and copper concentrates can be produced from all three Goldstorm zones individually and as a blended feed, resolving a variable that Tudor Gold's corporate disclosures had previously highlighted as a potential risk factor.
• Recovery rates confirmed as saleable across all zones: The Upper Zone returned 86.3% gold recovery; the Lower Zone, 87.3%; and the Central Zone delivered combined recoveries above 80% for gold, silver, and copper, all at concentrate grades that Tudor Gold has confirmed are saleable.
• Blended feed optionality confirmed: A composite drawn equally from all 3 zones recovered above 80% for all 3 metals, validating concurrent zone mining as a live option and preserving flexibility in the Preliminary Economic Assessment production schedule.
• Consistent flowsheet avoids complex processing routes: All 4 test composites utilised a primary target grind to 120 microns before moving into zone-specific flotation stages, reducing the need for highly complex processing routes that carry materially higher capital and operating costs in the Preliminary Economic Assessment.
• PEA on track for the third quarter 2026: The Mineral Resource Estimate and metallurgical program have both been delivered; variability testing is now underway to provide zone-specific inputs for the annual production schedule.

Bottom Line

The May 2026 metallurgical release provides critical inputs for the Goldstorm Deposit's PEA: confirmation that the ore can produce saleable concentrates at commercially viable recovery rates across all three resource zones. The locked-cycle results and the conventional flowsheet they validate provide Fuse Advisors with the inputs needed to translate the resource and metallurgical data into an economic framework that addresses capital costs, operating costs, net present value (NPV), internal rate of return (IRR), and a production profile. The blended feed result adds another dimension; it confirms that mine planners have the flexibility to mine and process the zones either concurrently or in separate campaigns.

The upcoming PEA will translate these resource and metallurgical results into an economic framework, addressing capital costs, operating costs, NPV, IRR, and a production profile. The near-term milestones to monitor are the third-quarter 2026 PEA release, the underground ramp permit decision for the SC-1 Zone, and progress on the 10,000-metre-plus 2026 exploration drill program targeting the CBS, Eureka, and Perfectstorm zones.

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