Tudor Gold's Treaty Creek: Key Inputs Outstanding Ahead of the Summer 2026 PEA

• Tudor Gold Corp. is targeting a preliminary economic assessment (PEA) for its Treaty Creek Project in British Columbia's Golden Triangle for Summer 2026, which will provide economic studies including capital costs and a production plan for the underground starter mine scenario.
• The SC-1 Complex, a four-stacked high-grade gold zone with conceptual grades of 8 to 10 grams per tonne (g/t), is the central variable determining the PEA's mine design, separating the C$1.0 billion to C$1.5 billion underground scenario from a bulk-tonnage alternative estimated at approximately C$10.0 billion.
• Preliminary metallurgical test work returned gold recoveries of 85.1% for the SC-1 zone using conventional flotation, and 80.2% for the Lower CS600 zone using flotation and leaching of flotation tails, with the final programme across all three deposit zones targeted for completion by end of March 2026, with a potential extension into April.
• An underground exploration ramp permit is in the process of permitting, and is required to enable year-round infill drilling of SC-1; surface drilling in the Golden Triangle is limited to approximately four to five months per year due to seasonal conditions.
• Tudor Gold holds an 80% interest in Treaty Creek following the acquisition of American Creek Resources, with the remaining 20% held by a joint venture partner and under active discussion ahead of the PEA.

A Sequential Set of Inputs For One Study

Tudor Gold Corp. is targeting a preliminary economic assessment (PEA) for its Treaty Creek Project in British Columbia's Golden Triangle for Summer 2026. The study will provide economic assessments including capital costs and a production plan for the underground starter mine scenario.

Several technical and regulatory milestones must be completed prior to the study's release. Final metallurgical results are pending across all three deposit zones. An underground exploration ramp is in the process of permitting and the SC-1 Complex has only partial representation in the current mineral resource estimate. Each step feeds the next: metallurgy shapes the mine plan, the ramp permit unlocks year-round drilling, infill drilling defines SC-1, and SC-1 anchors the PEA.

The SC-1 Complex & What It Means for the Mine Plan

The alternative development scenario at Treaty Creek, a conventional bulk-tonnage mining scenario, would require processing between 150,000 and 175,000 tonnes per day at an estimated capital expenditure (capex) of approximately C$10.0 billion. The underground starter mine scenario involves processing 8,000 to 10,000 tonnes per day of material grading above 2.5 to 3 grams per tonne (g/t) gold at an estimated capital expenditure of C$1 billion to C$1.5 billion, a scale that Tudor Gold states it can build and push to production without requiring a major mining house. 

President and Chief Executive Officer of Tudor Gold, Joseph Ovsenek, framed this strategic pivot as a way to maintain control over the project's timeline: 

"We don't like sitting around waiting for somebody else to come along and make things happen. So what we're focused on, as I mentioned, is this higher grade underground mine, targeting that 3 gram or better material to start with, and come up with an 8 to 10,000 tonnes per day underground mine. Capex a billion and a half. That's something we can handle. We can build that mine. We don't need help from anyone else, and that's something we can push ahead to production.”

The SC-1 Complex, comprising four stacked high-grade gold horizons with conceptual grades of 8 to 10 g/t gold and located between 600 and 900 metres below surface, represents an even higher-grade potential within that underground development scenario. The company has stated it requires tighter infill drilling underground for mining, and closing that drilling gap on SC-1 could unlock a higher-grade initial mining scenario to fund the broader C$1 billion to C$1.5 billion operation.

Metallurgy: Processing Assumptions Still Being Finalised

Metallurgy will determine whether conventional flotation can support the underground starter mine scenario and set the processing assumptions for the PEA. Preliminary results cover two ore domains. For the SC-1 high-grade gold zone, conventional flotation returned gold recoveries of 85.1%, producing a concentrate grading 33.6 g/t gold. 

For the Lower CS600 gold-copper zone, a combination of flotation and leaching of flotation tails returned gold recoveries of 80.2%, copper recoveries of 85.8%, and silver recoveries of 58.1%, with a concentrate grading 30.3% copper, 36.5 g/t gold, and 99.8 g/t silver. Both zones responded to standard flotation processing. The final programme across all three zones, upper, central, and lower, was targeted for completion by the end of March 2026. 

The Ramp Permit & What It Unlocks

Tudor Gold anticipates approval of an underground permit to construct a ramp, which is required to begin year-round underground drilling. Surface drilling in the Golden Triangle is limited to approximately four to five months per year due to seasonal weather, while underground drilling is year-round. 

Ovsenek emphasized that escaping these weather constraints is a practical necessity to generate the data required for the upcoming economic studies, stating: 

"Let's get underground, get out of the weather so we can drill all year round. Right now, we're limited to four or five months a year on surface drilling. So get underground, drill all year round, get the infill drilling done. And while we're doing that, move forward with some engineering so that we can get some nice economic studies."

Tudor Gold has signed agreements with the Tahltan Nation and the TSKLH Nation, providing a documented social licence basis for the project. The permit is in the process of being approved, and the company has indicated it anticipates that approval.

SC-1 Infill Drilling & The PEA's Base Case

If the ramp permit is approved, the 2026 drill programme targets SC-1 infill with tighter drilling required for mining. The 2026 programme also includes drilling across the CBS, Eureka, and PerfectStorm targets, with an initial resource target of approximately 5 million ounces of gold across those zones. Tudor Gold plans to combine the metallurgy with a mine plan to push ahead with the PEA this summer.

What to Watch Next

The Summer 2026 PEA will provide economic studies for the underground starter mine, covering capital costs and a production plan. What those figures reflect depends on the inputs from the preceding steps: finalised metallurgy, ramp permit approval, and the extent of SC-1 infill drilling completed before the study closes.

There is also an ownership variable. Tudor Gold holds an 80% interest in Treaty Creek following the acquisition of American Creek Resources, with the remaining 20% held by a joint venture partner and under active discussion. 

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