Tudor's $11.3M Flow-Through Financing & the Investment Signal for Large-Scale Gold Developers

• Tudor Gold closed the first tranche of its flow-through financing on December 4, 2025, raising $11.3 million with an overall program targeting up to approximately $12 million in gross proceeds.
• The financing strengthens visibility on 2025–2026 work programs, including underground ramp permitting planned for filing in 2025, refined resource modelling targeting higher-grade domains, and progress toward preliminary technical studies.
• Treaty Creek's Goldstorm Deposit contains 21.66 million ounces gold indicated (27.87 million ounces gold equivalent) based on the April 5, 2024 resource estimate, with drilling having intersected the emerging SC-1 Zone in 18 holes.
• Valuation analysis from September 2025 showed Tudor trading at approximately $15.1 per ounce measured and indicated versus select peers at significantly higher multiples, though market conditions fluctuate.
• The financing provides capital for de-risking activities as the company advances through exploration and development stages.

Why Tudor's Flow-Through Financing Matters for Investors

Tudor Gold's December 4, 2025 closing of $11.3 million in flow-through financing signals development certainty and timeline acceleration within an increasingly selective capital markets environment. Flow-through financing, a uniquely Canadian mechanism, allows companies to fund exploration programs without balance sheet dilution while offering tax benefits to participating investors. For porphyry-scale assets like Treaty Creek, where drilling density and metallurgical work meaningfully influence future net present value and internal rate of return calculations, capital continuity is essential.

Exploration capital markets tightened significantly through 2024–2025, with investors increasingly differentiating between early-stage optionality plays and assets with demonstrated scale and clear development pathways. Treaty Creek's combination of scale, metallurgical progress, and strategic location positions Tudor among North American developers capable of attracting multi-year capital commitments.

Joseph Ovsenek, President and Chief Executive Officer of Tudor Gold, frames the company's development focus:

"Our focus is on taking this discovery and looking at how best can we get it into a mine as quickly as possible."

Capital Discipline & Investor Appetite in 2025

Exploration financing volumes across the sector remain below 2021–2022 peaks, reflecting caution around pre-production gold equities. However, flow-through markets in established jurisdictions like British Columbia continue to show resilience, particularly for projects with multi-commodity optionality and large resource bases. Large-scale, long-life assets are attracting specialist capital, driven by expectations of sustained gold price strength and supply constraints in new mine development.

Multimetal systems offering gold, copper, and silver exposure benefit from cross-commodity demand expectations tied to electrification and monetary diversification themes. Assets with 10 million ounces gold equivalent or greater typically support developer re-rating ahead of preliminary economic assessment releases. Treaty Creek fits within a scarcity category, few remaining deposits exceeding 20 million ounces gold equivalent exist in jurisdictions with established permitting frameworks and infrastructure access.

Joseph Ovsenek emphasizes the current capital environment:

"The nice thing about this market, there's lots of capital so you can push hard…On the access to capital part, we're getting phone calls all the time from people wanting to place capital. "

The Financing Event: Structure, Terms & Investor-Relevant Implications

Tudor Gold closed the first tranche on December 4, 2025, for gross proceeds of $11.3 million, with the overall program targeting up to approximately $12 million. The financing was priced at $0.95 per unit under flow-through structure. Each unit includes one-half of one common share purchase warrant, with each full warrant exercisable at $1.20 for two years. Finder's fees of six percent apply to a portion of the financing, representing 504,880 warrants. Securities are subject to a four-month hold period expiring in April 2026.

Flow-through financing enables Tudor to deploy capital entirely into qualifying Canadian Exploration Expense activities, providing visibility into multi-year drilling commitments, metallurgical programs, and permitting initiatives. The warrant structure signals market confidence in future value appreciation as technical milestones are achieved.

The financing funds resource upgrade work focusing on higher-grade domain definition, continued SC-1 Zone drilling, metallurgical optimization for gold-copper concentrate production, and underground exploration ramp permitting. These activities reduce execution risk across metallurgy, hydrogeology, geotechnical understanding, and underground access planning.

Asset Profile: Treaty Creek & the Goldstorm Deposit

According to the NI 43-101 Technical Report dated April 5, 2024, the Goldstorm Deposit contains measured and indicated resources of 21.66 million ounces gold, 2.87 billion pounds copper, and 128.7 million ounces silver. Inferred resources add 4.88 million ounces gold, 503.23 million pounds copper, and 28.97 million ounces silver. On a gold equivalent basis, Goldstorm hosts 27.87 million ounces gold equivalent indicated and 6.03 million ounces gold equivalent inferred. The deposit exhibits classic porphyry-style mineralization with vertical and lateral continuity. The company's 2025 plans include updating the mineral resource estimate to provide better visibility of higher-grade domains.

Joseph Ovsenek characterizes the asset:

"Tudor Gold has one of the largest gold discoveries in Canada in recent times… Our main deposit, Goldstorm, is 21.66 million ounces of gold in the indicated category… For the Golden Triangle, it's relatively high grade at 0.92 grams per ton. However, within that there's higher grade mineralization like 2 to 3 gram mineralization."

According to the company's October 2025 corporate presentation, metallurgical testing has demonstrated 80.2 percent gold recovery and 85.8 percent copper recovery in the Gold-Copper zone using conventional flotation. The SC-1 Zone shows 85.1 percent gold recovery. These recovery rates are critical inputs for preliminary economic assessment design, directly influencing concentrate production estimates and revenue projections.

As of October 2025, drilling had intersected the SC-1 Zone in 18 holes, with the zone showing characteristics that warrant further investigation as a potentially discrete, high-grade domain. The resource geometry suggests potential for staged development scenarios.

Joseph Ovsenek outlines preliminary conceptual targets, noting these scenarios remain subject to detailed engineering and economic studies:

"What we can build is something in that 8,000 to 10,000 ton per day longhole stope underground mine, and that's where we see our niche… If we can outline 50 to 100 million tons in that 2 to 3 gram range, that's a mine we could build. A 250,000 to 300,000 ounce gold producer within the Golden Triangle, minimum 10-year mine life."

Strategic Location: The Golden Triangle Advantage

Treaty Creek is located 40 kilometers from Highway 37, with the Northwest Transmission Line extending along the highway corridor. Deep water ocean port facilities are available in Stewart. These infrastructure elements are already in place regionally, reducing greenfield development requirements. The Golden Triangle has established regulatory precedents for environmental permitting and First Nations engagement. The company has engaged local First Nations and communities as part of its advancement strategy.

The project borders Seabridge Gold's KSM property to the southwest and Newmont Corporation's Brucejack Mine property to the southeast. British Columbia's Premier has announced a strategy for Golden Triangle mining development, with the Minister of Mines stating they are taking steps to cement the northwest as a key economic driver for Canada.

Joseph Ovsenek references the team's regional experience:

"We all worked together at Pretium Resources. The mine we built, Brucejack Mine, is about 15 kilometers south of Tudor… We've done this before, 15 kilometers to the south, we know the area well, we know the rocks well, and we know the players in the area."

Development Strategy: High-Grade Focus & Advancement Pathway

The company is systematically evaluating higher-grade zones for potential selective mining scenarios while bulk tonnage drilling continues expanding the system laterally. This parallel approach allows Tudor to evaluate multiple development scenarios with varying capital intensity and production profiles.

The company's 2025 plans include filing the permit for an underground exploration ramp designed to access the SC-1 Zone. Underground access enables collection of geotechnical data, large-scale metallurgical samples, and detailed geological mapping. The ramp also serves as preliminary infrastructure for potential future underground development.

The company is progressing toward a preliminary economic assessment as the first step toward production, though formal timeline guidance has not been publicly specified. The work program focuses on updating the mineral resource estimate to provide better visibility of higher-grade domains, continuing metallurgical optimization, and advancing permitting processes.

Valuation & Market Positioning: September 2025 Analysis

Based on September 5, 2025 market data and the April 2024 resource estimate, Tudor traded at approximately $15.10 per ounce measured and indicated. Peer comparison analysis from the same timeframe showed NovaGold Resources at approximately $161.90 per ounce measured and indicated, with other peer companies including Freegold Ventures, International Towerhill Mines, and Seabridge Gold at varying multiples. These comparisons used market capitalization divided by measured and indicated gold ounces. Investors should note that valuation metrics fluctuate with daily market movements, financing events, and resource estimate updates.

As of September 22, 2025, Eric Sprott held a 15.1 percent ownership position, with insiders collectively holding approximately 30 percent of outstanding shares. The company had 377.18 million shares issued. These figures predate the December 4, 2025 financing closing and may have changed. Flow-through participants typically include sophisticated mining-focused investors with longer investment horizons, adding shareholder base stability.

Risks & Constraints: What Investors Should Monitor

Environmental permitting processes in British Columbia typically require multi-year timelines and extensive environmental baseline data. First Nations engagement and consultation represent critical components of project advancement. While the Golden Triangle benefits from established permitting precedents, each project faces site-specific considerations that can influence approval timelines.

Large-scale porphyry developments often require substantial capital envelopes when infrastructure, processing facilities, and initial mine development are fully costed. Financing future development phases remains a consideration until preliminary economic assessment and prefeasibility study results clarify capital requirements and project economics.

Gold and copper price assumptions embedded in preliminary economic assessment work will directly drive net present value and internal rate of return outcomes. Economic study results will reflect metal price assumptions that may differ from spot prices at publication time. Actual results of exploration activities, equipment availability, exploration cost management, and general economic conditions represent additional considerations investors should monitor.

The Investment Thesis for Tudor Gold

• Treaty Creek's resource base exceeding 25 million ounces gold equivalent in the indicated category places Tudor among North America's larger undeveloped gold systems, with the company planning to refine resource estimates to improve visibility of higher-grade domains.
• The December 2025 flow-through financing provides capital for technical de-risking activities over the next 18 to 24 months, including resource upgrades, metallurgical optimization, underground access permitting, and progression toward preliminary technical studies.
• Valuation analysis from September 2025 showed enterprise value per ounce metrics substantially below select peer companies, though investors should recognize that market valuations fluctuate with daily trading, financing events, and technical developments.
• British Columbia's Golden Triangle represents an established mining district with infrastructure proximity, regulatory precedents from multiple mine developments, and stated government support for regional mining advancement.
• Multiple technical catalysts are advancing through 2025, including an updated mineral resource estimate targeting higher-grade domain definition, underground ramp permitting filing, and progression of metallurgical and engineering work supporting future economic studies.
• Management's operational experience developing projects in the immediate region, including the nearby Brucejack Mine, provides geological understanding and permitting familiarity specific to the Golden Triangle operating environment.

What Tudor's Financing Signals for 2025–2026

Tudor Gold's December 2025 flow-through financing provides operational certainty for critical technical activities that advance the project through exploration and development stages. By funding resource upgrade work, metallurgical testing, and underground access permitting, Tudor addresses technical uncertainties that influence valuations during pre-economic assessment phases. The financing positions Tudor to generate technical newsflow as the company works toward defining economics and production pathways. For investors tracking large-scale gold developers in established mining jurisdictions, Tudor's technical progression through 2025–2026 warrants attention as the company advances toward preliminary economic studies and permitting milestones.

TL;DR

Tudor Gold closed the first tranche of its flow-through financing on December 4, 2025, raising $11.3 million toward an approximately $12 million program. The capital funds 2025-2026 work at Treaty Creek, including resource modelling targeting higher-grade domains, metallurgical optimization, and underground exploration ramp permitting. The Goldstorm deposit contains 21.66 million ounces gold indicated (27.87 million ounces gold equivalent) per the April 2024 resource estimate. Located in British Columbia's Golden Triangle near existing infrastructure, the project benefits from regional permitting precedents and a management team with nearby Brucejack Mine development experience. September 2025 valuation analysis showed Tudor trading at approximately $15.10 per ounce measured and indicated versus select peers at significantly higher multiples, though valuations fluctuate with market conditions.

FAQs (AI-Generated)