Dear shareholders, stakeholders, and friends,

The last six months have been incredibly successful for Tudor Gold. Since announcing the final results from our seven-hole, 10,000-meter, drill program on the Goldstorm Deposit, investor reaction to the results has been very positive. While the recent increase in gold prices, now surpassing $2,700 per ounce, has contributed to this enthusiasm, the confirmation of the Supercell-One (SC-1) high-grade gold zone has also transformed perception of the Goldstorm Deposit – from a large, bulk tonnage, potentially higher capex, project into something far more promising.

This new SC-1 discovery at Treaty Creek brings back memories of my time with Silver Standard Resources, drilling off the Snowfield Deposit, then later spinning out Pretium Resources after we discovered Brucejack Lake’s Valley of the Kings Deposit. With striking similarities to our Treaty Creek story, we began in 2009-2010 drilling for a bulk-tonnage porphyry target around the many Brucejack Lake mineralized zones. Our original objective was to discover a large, low-grade gold-silver asset until we stumbled upon the Valley of the Kings breccia-lode complex, which is now one of Canada’s highest grade underground mines under Newmont’s operation. This world-class deposit is located just 10 kilometers south of the Treaty Creek Property.

Now, it seems that history is repeating itself for me 15 years later at Treaty Creek, with Tudor Gold having the potential to develop the Goldstorm Deposit, hinged upon a significant high-grade gold discovery within the Supercell-One gold-dominant breccia-lode complex. The original theory was that we had encountered a single 5-10 m wide quartz-pyrite-gold micro-breccia system superimposed upon and around the gold-copper rich CS-600 Domain, that had formed as a late-stage mineralizing event. After completing the seven drill holes this season, it was obvious that we had identified not one, but four, individual high-grade structures. The initial SC-1 zone was re-labeled as SC-1C, as there were two more structures discovered above it (SC-1A and SC-1B), and one more below (SC-1D). The company optimistically envisions a future path heading toward a large, multi-generational project that begins with a high-grade underground starter operation and expands into a substantial block-cave underground copper-gold-silver producer, which could potentially generate up to 500,000 ounces of gold equivalent per year. In my estimation, the future looks very promising for Treaty Creek.

So far, the SC-1 high-grade gold system has an impressive extent of up to 800 meters along strike and 400 meters in width, comprised of four sub-parallel structures that remain open in all directions and at depth.  In addition to expanding the size of the known Supercells, significant potential exists to discover more Supercells within known domains and subparallel to the four newly discovered micro-breccia systems.  Drill results from the SC-1 area include nine holes that have intersected mineralization, with the following highlights:

• Hole GS-22-134: intersected the original SC-1, discovered in 2022, now known as SC-1C.
  • SC-1C; 9.96 g/t AuEQ over 25.50 m (9.66 g/t Au, 1.23 g/t Ag, 0.24% Cu); including 20.86 g/t AuEQ over 4.50 m (20.61 g/t Au, 1.50 g/t Ag, 0.20% Cu)
• Hole GS-23-176-W1: intersected the original SC-1, discovered in 2022, now known as SC-1C.
  • SC-1C; 15.64 g/t AuEQ over 15.00 m (14.89 g/t Au, 4.72 g/t Ag, 0.60% Cu)
• Hole GS-23-179: intersected the original SC-1, discovered in 2022, now known as SC-1C.
  • SC-1C; 10.07 g/t AuEQ over 12.00 m (9.78 g/t Au, 1.35 g/t Ag, 0.23% Cu)
• 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 known 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)
• Hole GS-24-185 intersected a 150 m eastward step-out of the CS-600 Domain and the new SC-1D zone.
  • CS-600: 1.01 g/t AuEQ over 200.50 m (0.92 g/t Au, 2.69 g/t Ag, 0.05% Cu)
    Including: 2.18 g/t AuEQ over 21.00 m (1.95 g/t Au, 2.92 g/t Ag, 0.17% Cu)
  • SC-1D: 9.60 g/t AuEQ over 13.50 m (9.58 g/t Au, 0.44 g/t Ag, 0.01% Cu)
• Hole GS-24-186 intersected an 85 m northward step-out of the SC-1A zone.
  • SC-1A: 10.40 g/t AuEQ over 1.50 m (9.78 g/t Au, 22.46 g/t Ag, 0.02% Cu)
• Hole GS-24-187 intersected a 200 m northeastward step-out of the SC-1C zone, a 130 m northward step-out of the SC-1D zone and a 120 m northward step-out of the CS-600 Domain.
  • SC-1C: 10.92 g/t AuEQ over 3.00 m (10.89 g/t Au, 0.97 g/t Ag, 0.02% Cu)
  • SC-1D: 5.70 g/t AuEQ over 3.00 m (5.65 g/t Au, 0.95 g/t Ag, 0.03% Cu)
  • CS-600: 1.22 g/t AuEQ over 115.50 m (0.75 g/t Au, 2.22 g/t Ag, 0.36% Cu
    Including: 1.68 g/t AuEQ over 10.50 m (0.13 g/t Au, 4.76 g/t Ag, 1.22% Cu)

Moving forward we plan to review other gold-dominant sub-domains within the Goldstorm Deposit such as R-66 and 300N that show similar structural characteristics and are composed of similar gold rich quartz-pyrite micro-breccia veinlets, as part of our strategy to expand the high-grade gold potential of the Goldstorm Deposit. 

To better showcase and communicate the technical potential of the Treaty Creek project, Tudor Gold recently integrated VRIFY interactive technology into the company’s presentation. Click the image below or link to theVRIFY presentation to explore the Goldstorm 3D model.

GOLDSTORM MODEL HIGHLIGHTING THE SC-1 STRUCTURES

In October, we announced positive metallurgical test results for the Lower CS-600 Sub-Domain.  Highlights from the testing include:

• Flotation recoveries within the Lower CS-600 sub-domain included up to 88.1% copper, 63.8% gold, and 51.3% silver;
• Flotation testing confirmed that a high-grade copper concentrate with significant quantities of gold can be produced from the Lower CS-600 sub-domain, that exceed 29% copper with significant gold and silver grades of 33 g/t and 96 g/t, respectively.

This simple rougher-cleaner flotation process resulted in an exceptionally clean, high-grade saleable concentrate with impressive metal recoveries of approximately 88% copper and 64% gold – results we are very pleased with.

GOLDSTORM DEPOSIT VERTICAL SECTION – Viewing Southwest (220°/-10°)

To protect its mineral tenure rights, property interests, and shareholders, Tudor Gold Corp. has retained outside legal counsel to advise on the recent license of occupation obtained by Seabridge Gold Inc., through its subsidiary KSM Mining LLC. The legal team will also review additional permits obtained by Seabridge and KSM. Should it be deemed advisable and necessary, Tudor Gold will instruct counsel to take appropriate action to challenge, set aside, or modify the license of occupation and related permits to protect Tudor Gold’s property interests and to further the best interests of its shareholders.

Marketing efforts over the past few months have intensified. In September, Tudor Gold participated in key events such as the Precious Metals Summit in Beaver Creek and the Gold Forum Americas in Colorado Springs. The interest from investors in our company was robust, with over 70 meetings held with resource investors and major mining companies at these conferences.

In October, Tudor Gold also participated in the Money Show in Orlando, Florida, capitalizing on the recent all-time high in the gold price. The positive response received at the event indicates that Americans are increasingly focusing on the upward trend in the gold price and the potential implications for Tudor Gold as we progress with the development of our Goldstorm Deposit.

Additional marketing efforts in Europe during late October were highly successful, as our team engaged with over 150 investors over a week-long period. Our plans for November include returning to London to participate in the 121 Mining Conference and heading to Zurich for the SMI Resource Conference to further expand our reach and connections in the investment industry.

To arrange a meeting with us, please contact Chris Curran, our VP of Investor Relations and Corporate Development, at [email protected], or Patrick Donnelly, our VP of Capital Markets, at [email protected]. We are flexible and can accommodate calls and Zoom meetings to suit your schedule, even during our industry conference trips.

Since the last letter, issued in September, Tudor Gold has been featured in several video interviews. For those who haven’t viewed some of these interviews, please click on the links below:

1.     Precious Metals Summit Presentation, Colorado – September 10, 2024
2.     Mining News Network Interview – September 11, 2024             
3.     Commodity-TV Interview – October 25, 2024
4.     Ellis Martin Interview – October 31, 2024

Looking ahead, we remain dedicated to advancing the Goldstorm Deposit and the Supercell-One high-grade area, which we believe will deliver value to our shareholders.

As always, I am grateful for your continued support as we make significant strides in realizing the full potential of our project.

Sincerely,

Ken Konkin, P. Geo.

President and CEO, Tudor Gold Corp.

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.