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President’s Letter August 2024

Dear shareholders, stakeholders, and friends,

This summer has been a busy time for us as our 10,000-meter 2024 drilling campaign at the Goldstorm deposit nears completion. I’m happy to share that this year’s program, which has been highly productive, is on schedule and on track to stay within budget. 

As you may recall, the 2024 drilling program was designed to target the high-grade Supercell-One (SC-1) area and to extend and infill the gold-copper CS600 domain.  The Company has been very pleased with the results that have been achieved to date with the recently announced assays from the first four drill holes, confirming the SC-1 target as a significant new discovery. This high-grade gold system spans an area up to 800 meters in length and 400 meters in depth, with three sub-parallel structures that remain open in all directions and at depth.  Drill results from the SC-1 area included the following highlights:

  • Hole GS-24-181 intersected 3 separate high-grade intervals of the Supercell System:
    • SC-1A; 9.02 g/t AuEQ over 2.00m (8.97 g/t Au, 3.73 g/t Ag, 0.01% Cu); and
    • SC-1B; 11.05 g/t AuEQ over 3.00m (8.28 g/t Au, 126.50 g/t Ag, 1.21% Cu); and
    • SC-1C; 5.31 g/t AuEQ over 6.00m (5.02 g/t Au, 3.32 g/t Ag, 0.21% Cu)
  • Hole GS-24-183-W1 intersected 3 separate high-grade intervals of the Supercell System:
    • SC-1A; 6.76 g/t AuEQ over 6.00m (6.44 g/t Au, 26.62 g/t Ag, 0.04% Cu); and
    • SC-1B; 13.89 g/t AuEQ over 6.30m (4.25 g/t Au, 224.59 g/t Ag, 5.96% Cu); and
    • SC-1C; 5.12 g/t AuEQ over 9.00m (5.08 g/t Au, 1.24 g/t Ag, 0.02% Cu)
  • Hole GS-24-184 intersected the original SC-1, discovered in 2022, now labelled as SC-1C:
    • SC-1C; 8.09 g/t AuEQ over 6.15m (5.44 g/t Au, 63.77 g/t Ag, 1.62% Cu) within a wider structure of 3.54 g/t AuEQ over 19.65m (1.96 g/t Au, 39.05 g/t Ag, 0.96% Cu)

The next set of drill results from the 2024 program is expected to be released in the first part of September once the assays are received and interpreted by our technical team.

On July 15, 2024, the Government of BC, in partnership with Energy and Natural Resources Canada, reaffirmed its commitment to our industry by announcing a $195 million investment to upgrade road infrastructure in northwest BC. This funding will improve infrastructure for the Tahltan Nation and enhance the highway system to support mining activities. This is significant news for our region, as the governments will specifically upgrade Highways 37, 37A, and 51, which serve the Tahltan communities.

Beverly Slater, President, Tahltan Central Government stated: “Mining is a part of our culture and economy. For thousands of years, Tahltans prospected, mined, and traded obsidian. While we recognize the need for critical minerals for a low-carbon future, this can only happen with the free, prior, and informed consent of Indigenous Peoples; therefore, the pace and scale of mining in our territory will be determined by the Tahltan Nation.  Today’s announcement regarding safer highways for our people is welcomed by the Tahltan Nation.”

On the marketing front, in July the Company completed an investor road show in Florida which included attending the Rule Symposium in Boca Raton and conducting several meetings with resource investors within the Miami area.  This was followed up by a presentation in Atlanta, Georgia where Tudor Gold received a very positive reception from over 30 brokers and investors in attendance.

Over the month of September, the Company will continue its marketing efforts by attending the Precious Metals Summit in Beaver Creek and the Gold Forum Americas event in Colorado Springs. Investor interest in Tudor Gold at these conferences has never been stronger with the Company confirming over 50 meetings to date with resource investors and major mining companies. I am excited to present at these events, which will be live-streamed.  For more details you can visit the respective website for the Precious Metals Summit, Beaver Creek and Gold Forum Americas.

Furthermore, the Company is planning to market in Europe and the UK 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 of Capital Markets at patrick@tudor-gold.com.

Finally, Tudor Gold has been featured in several video interviews released during the summer months and was also the subject of an article by Brien Lundin, the author of the Golden Opportunities Newsletter. For those who haven’t yet viewed the interviews or read the article, please click on the links below:

  1. Interview with Ellis Martin – July 9, 2024
  2. Golden Opportunities Article by Brien Lundin – July 25, 2024
  3. Mining Stock Daily Interview – August 19, 2024                   
  4. Interview with Ellis Martin – August 19, 2024
  5. Commodity-TV Interview – August 22, 2024

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

Sincerely,

Ken Konkin
President and CEO, Tudor Gold Corp.

Presidents Letter Aug 2024 Img1
View of one of the drills operating at Treaty Creek in the Summer of 2024
Presidents Letter Aug 2024 Img2
Photo of strong quartz stockwork from the CS-600 Zone
Presidents Letter Aug 2024 Img3
Photo of the 300N Domain mineralization: large blebs of orange-beige sphalerite amidst ribbon of galena hosted in quartz-calcite vein cutting phyllic-altered volcanic unit.
Presidents Letter Aug 2024 Img4
View of the Lower Camp at Treaty Creek.

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.

Cautionary Statements regarding Forward-Looking Information

The information in this letter may contain “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 the completion and anticipated results of planned exploration activities. 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 connation 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. 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 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.

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.