We are winding down the 2025 drilling season at Treaty Creek, with results continuing to confirm the presence of gold with significant grade in the Goldstorm Deposit. To date, we have released the results from two out of the five holes drilled during the program.
Step-out hole GS-25-188 expanded the footprint of the 300N Zone by 45 meters. A highlight is an intercept of 2.31 g/t Au, 16.98 g/t Ag, 0.07% Cu over 54.00 m, including 4.07 g/t Au, 99.86 g/t Ag, 0.45% Cu over 6.00 m and 5.90 g/t Au, 343.00 g/t Ag, 1.45% Cu over 1.50 m.
Drillhole GS-25-189 intersected high-grade gold mineralization above and below the CS-600 Zone and successfully confirmed the continuity of mineralization within the zone. (See news release September 8, 2025.)
Mineral Resource Estimate Update
We expect to release results from the final three drillholes during the remainder of October. An updated Mineral Resource estimate for Treaty Creek is planned for later this quarter that will include drill results from both the 2024 and 2025 drill seasons. The updated Mineral Resource estimate will be based on a block model featuring improved resolution and better definition of the higher-grade (+2.0 g/t) gold mineralization identified to date. The improved resolution will help refine our plans to advance the project using various potential mine development scenarios.
Resolving Overlapping Interests in the Golden Triangle
Tudor recognizes the importance of resolving the issues resulting from the permitting overlap affecting the Treaty Creek Project and tunnels planned for Seabridge Gold’s KSM Project. We believe a practical solution exists to provide for an alternative route for the MTT tunnels on Tudor’s claims that avoids the Treaty Creek deposit. An alternative tunnel route promotes the successful advance of both KSM and Treaty Creek and maximizes the economic benefits accruing to the Province. However, in order to preserve Tudor’s rights, we have brought three proceedings in the British Columbia courts: an appeal of the decision of the Gold Commissioner in respect of a conditional mineral reserve relating to the MTT tunnel, a proceeding against the Province of British Columbia asserting the limited nature and scope of the conditional mineral reserve in relation to Tudor’s mineral claims, and a petition seeking judicial review of the decision of the Ministry of Water, Land and Resource Stewardship granting Seabridge a License of Occupation in an area over certain of our claims.
We will update you on these actions as they progress; however, we continue to believe that negotiation is the best path forward to resolve the issues for the benefit of all parties.
Thanks for your interest and support for Tudor Gold.
Sincerely,
Joe Ovsenek 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.
