Tudor Gold Provides Proposal to Resolve Golden Triangle Permitting Overlap

Executive Summary

• Tudor Gold Corp. has proposed an alternative route for Seabridge Gold’s Mitchell-Treaty Twinned Tunnels to avoid intersecting Tudor’s Treaty Creek Project, specifically the Goldstorm Deposit and the Perfectstorm Zone.
• The proposed route shift is approximately 1 kilometer to the north, adding roughly 2.5 kilometers to the tunnel length (a 3.1% increase to total KSM tunnel excavations), which Tudor argues would allow both projects to proceed safely and economically.
• Tudor has initiated three legal proceedings in British Columbia courts to protect its mineral claim rights against the current tunnel routing, including an appeal regarding a conditional mineral reserve and a petition for judicial review of Seabridge’s License of Occupation.

Key Details

• Conflict Details: The current tunnel plan routes approximately 12 kilometers of the 22-kilometer tunnel system directly through the Goldstorm Deposit and pierces the Perfectstorm Zone.
• Buffer Zone Impact: Each tunnel has a cross-section of roughly 5.9m x 5.5m with a significant buffer zone. Tudor cannot mine or explore within this buffer, eliminating access to defined gold ounces in the zone and restricting mining methods for the rest of the deposit.
• Proposed Solution: Shift the tunnel route ~1km north. This adds ~2.5km to the tunnel length. Total KSM preproduction tunnel length is ~80.1km; the change represents a ~3.1% increase in excavation.
• Geological Justification: The alternative route passes through similar rock types and regional trends but further north of the Sulphurets Fault, potentially reducing the risk of encountering acid-generating rock.
• Goldstorm Deposit Resources (Indicated): 21.66 million ounces of gold at 0.92 g/t, 128.73 million ounces of silver at 5.48 g/t, and 2.872 million pounds of copper at 0.18%.
• Goldstorm Deposit Resources (Inferred): 4.88 million ounces of gold at 1.01 g/t, 28.97 million ounces of silver at 6.02 g/t, and 503.2 million pounds of copper at 0.15%.
• Perfectstorm Zone: A grassroots exploration target with potential to exceed the Goldstorm Deposit in tonnes and grade. Recent drill hole PS-23-10 intersected 1.23 g/t Au, 3.43 g/t Ag, and 0.01% Cu over 102.15m, including 1.80 g/t Au, 5.76 g/t Ag, and 0.02% Cu over 42.5m.
• Legal Actions:
  1. Appeal of the Gold Commissioner’s decision regarding a conditional mineral reserve and the Tunnels.
  2. Proceeding against the Province of BC asserting the limited scope of the conditional mineral reserve relative to Tudor’s claims.
  3. Petition for judicial review of the Ministry of Water, Land and Resource Stewardship’s decision granting Seabridge a License of Occupation (LoO).
• 2025-2026 Plans:
  • Updated Mineral Resource estimate underway, incorporating ~15,000 meters of drill data from 2024-2025.
  • New block model will use 5m x 5m x 5m blocks (down from 10m x 10m x 10m) for better resolution of high-grade mineralization.
  • Target completion for updated resource estimate: Q4 2025.
  • Underground ramp excavation planned to commence in Q3 2026, subject to permit receipt for the portal at the high-grade SC-1 Zone.

Notable Quotes

• "Our management team joined Tudor in May to develop the strategy to advance Treaty Creek from exploration success to producer... Drilling to date has consistently encountered higher-grading gold mineralization of two to three grams per tonne, which creates the possible opportunity for the development of an underground mine with a smaller footprint to kickstart gold production." — Joe Ovsenek, President and CEO
• "We are looking forward to getting underground next year to prove up that option. And in addition to the defined Mineral Resource at Goldstorm, there is the compelling bluesky - Perfectstorm and the other grassroots-stage targets nearby which are showing significant promise." — Joe Ovsenek, President and CEO
• "We are counting on the BC government to support the potential of Treaty Creek and not sacrifice it for the sake of KSM." — Joe Ovsenek, President and CEO