President's Letter June 2024

Jul 3, 2024

President’s Letter June 2024

Dear shareholders, stakeholders, and friends,

I am pleased to provide you with an update on Tudor Gold Corp. (“Tudor Gold” or the “Company”) and our activities at the Treaty Creek Project, situated in the Golden Triangle of British Columbia, a top-tier mining jurisdiction.

In recent months, despite the strong performance in the gold price, Tudor Gold’s share price has seen significant weakness. I know that this is a major concern for many of you, and I want to assure you that everyone associated with Tudor Gold takes the current situation personally and we are all committed to taking all possible measures to address it by diligently executing on our strategic corporate and marketing plans.

We remain extremely confident in our Company’s future, the Treaty Creek Project and the potential of the gold and copper markets. The inherent value of Treaty Creek remains very strong, and we anticipate that the market will soon recognize the true value of the Goldstorm deposit, one of the world’s largest gold-copper projects, boasting an Indicated Mineral Resource of 27.87 million gold equivalent ounces, including 2.9 billion pounds of copper. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. For more information, see the Company’s news release dated February 20, 2024 titled “Tudor Gold Significantly Increases Ounces and Grade in an Updated Mineral Resource Estimate for the Goldstorm Deposit at Treaty Creek, British Columbia With an Indicated Mineral Resource of 27.87 Moz AuEq at 1.19 g/t AuEq” and the updated Mineral Resource Estimate on the Goldstorm Deposit at it’s the Treaty Creek Project titled “NI 43-101 Technical Report, Treaty Creek Project, British Columbia” with an effective date of April 5, 2024 prepared for Tudor Gold by Garth Kirkham Geosystems and JDS Energy & Mining Inc.

As many of you already know our summer drilling campaign is well underway, with 5,500 meters already completed. I want to commend our geological team for executing a safe and environmentally conscious exploration program, resulting in zero lost time injuries for our employees and contractors. Our commitment to employee safety and environmental protection remains unwavering. I also want to express our gratitude to our First Nation partners for their invaluable support and guidance.

The focus of this program is to target high-grade gold mineralization at the Super Cell One zone, where previous drilling has shown promising results. Initial assay results from the first two drill holes are expected within the summer months. In total, we plan to drill seven holes in the Super Cell One area, aiming to further define and expand the gold-copper mineralization at the CS600 domain.

Additionally, we have been conducting technical work on the CS600 domain, which hosts significant gold and copper resources. Preliminary metallurgical testing suggests that the CS600 zone is amenable to conventional copper flotation, with the potential to recover a substantial amount of gold. Metallurgical work is also ongoing at the 300H and DS5 domains, which contain a combined 11 million ounces of gold. We are exploring various recovery options for these domains while considering their impact on future economic studies.

Furthermore, we are evaluating different underground and open pit mining methods for the Treaty Creek Project, with the assistance of external experts. All current work, including environmental studies, will inform a preliminary economic assessment expected to be finalized by mid-2025.

In recent months, we have been actively spreading the news about Tudor Gold and the Treaty Creek Project by traveling to meet with investors in cities like Hamilton and Toronto, as well as attending the Mining Event of the North in Quebec City. This conference was a great success in raising awareness about our Company, especially among attendees from Eastern Canada who were unfamiliar with the Golden Triangle in British Columbia. We were able to educate attendees about our deposit, which boasts over 21 million ounces of gold and more than 2.9 billion pounds of copper in the Indicated categories. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

I am confident that many of the individuals we met will continue to follow our progress and hopefully become shareholders. You can watch my Fireside Chat at the Quebec City conference and an interview with Kitco News by clicking on the following links:

Fireside Chat

Kitco News Video

In early July, we will be visiting investors in South Florida and Atlanta, followed by our attendance at the Precious Metals Summit Beaver Creek and Denver Gold Forum in September. Additionally, we have plans to market in Europe and London towards the end of the year. If you would like to schedule a meeting with us, please do not hesitate to reach out to Chris Curran, our VP of Investor Relations and Corporate Development at chris.curran@tudor-gold.com or Patrick Donnelly, our VP Capital Markets at patrick@tudor-gold.com.

Thank you for your continued support and trust in our team.

Sincerely,

Ken Konkin

President and CEO, Tudor Gold

Qualified Person

Ken Konkin, P.Geo, President and CEO, Tudor Gold, is the Qualified Person, as defined by National Instrument 43-101, responsible for the Treaty Project. Mr. Konkin has reviewed, verified, and approved the scientific and technical information in this letter.

The Mineral Resource referred to in this letter were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council. The Mineral Resource Estimate was prepared for a potential open pit scenario using a constrained pit shell (with 45-degree slopes) at a 0.7 g/t gold equivalent cut-off grade and an underground mining scenario using a 0.75 g/t gold equivalent cut-off grade. Cut-off grades were derived from US$ 1,850/oz gold, US$ 21/oz silver, US$ 3.75/lb copper, CAD:USD of 0.77, C$ 2.50/tonne open pit and C$8.50 underground mining cost, C$ 48.25/tonne milled processing costs for the Copper Belle, 300H, R66, DS5 and 300-N domains, and C$ 28.50/tonne milled processing costs for the CS-600 domain, and a C$ 1.50/tonne G&A cost. Process recoveries of 90% for gold, 80% for copper, and 80% for silver were used for the CS-600 domain and 90% for gold and 80% for silver with no copper for all other mineral domainsCautionary Statements regarding Forward-Looking Information.

Forward-Looking Information

This letter contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including statements related to the Company’s strategic corporate and marketing plans, the potential of the gold and copper markets, the market recognizing the value of the Goldstrom deposit, completion and anticipated results of planned exploration activities, the expected timing and completion of a preliminary economic assessment on the Treaty Creek Project and statements regarding conference attendees investing in the Company. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.

Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company’s planned exploration activities will be completed in a timely manner, the Company's financial condition and development plans do not change as a result of unforeseen events, and that future gold and copper prices and the demand and market outlook for gold and copper will remain stable or improve. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold and copper prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.