Tudor GoldTSXV:TUD

mining (Oct 2025). The company has reported a wide range of resource figures across its releases: in April 2026 it stated 24.9 million ounces of indicated gold and 4 million ounces of inferred gold, but also gave figures of 8.4 million ounces at a $125 per ton cut-off and 3.4 million indicated and 2.4 million inferred ounces at a $175 cut-off. Earlier in February and January 2026, similar numbers appear, while a December 2025 release cited 21.6 million indicated and 4.88 million inferred ounces—the figures vary depending on the cut-off grade and date cited.

Management says the province is "very focused on mining" and "truly making it a tier one mining jurisdiction" (Feb 2026). On permitting, the company notes it filed a development permit for an underground ramp in August (Dec 2025), while proceedings are ongoing with the province and Seabridge regarding a tunnel route through the property (Oct 2025). A permitting decision for the tunnel requires an agreement with Seabridge, and management says it is "negotiating path forward" with that company (Apr 2026). Regarding community relations, the company describes First Nations as supportive, "very commercial," and wanting economic contribution with proper work standards (Feb 2026).

They note that Seabridge tunnels affect about 5 million ounces of gold in the upper part of the deposit, with resolution depending on Seabridge agreeing to flex the tunnels or a court decision expected in April 2026. Surface drilling is limited to 4 or 5 months per year due to heavy snow conditions, with 22 meters of snow recorded (February 2026). Management also states they need to put a mine plan on the resource and merge it with metallurgy before moving to a PEA (January 2026), and they must go underground to establish continuity of grade along structures. Their key assumptions include an underground longhole stope operation targeting 8,000–10,000 tons per day (January 2026) for production of 250,000–300,000 ounces of gold per year on 3 g/t or better material (February 2026).

In April 2026, management indicated a PEA assumes underground long hole stoping at 10,000 tons per day with a higher cut-off initially, envisioning a 200,000 to 300,000-ounce gold producer for 20-plus years. However, earlier statements show less ambitious mine life expectations: in October 2025 management targeted a 250,000–300,000-ounce gold producer with a minimum 10-year mine life, and in January 2026 a target production start of 300,000 ounces per year was mentioned. On capital costs, management said in February 2026 that an 8,000–10,000 ton per day underground mine would carry a capex of "a billion to a billion and a half," while a bulk tonnage scenario would be "about a 10 billion capex, maybe a bit less." For valuation discussions management uses a gold price assumption of $5,000 an ounce, and different cutoff grades—$50, $125, and $175 per ton—have been referenced in February 2026 discussions.

In late 2025 the company targeted a preliminary economic assessment (PEA) by mid-2026, an updated resource estimate incorporating a higher-grade gold sensitivity, and a development permit expected around mid-year. By January 2026 the PEA was narrowed to Q3 (hopefully early Q3), and the company added a summer drilling program of 10,000–15,000 meters on other deposits, an underground permit targeted for this year, and a resource estimate by end of that month. In February and April 2026 the timeline continued to evolve: the metallurgy target and mine plan were set for end of March 2026 (with metallurgy possibly into April), the PEA target moved to "this summer," and a maiden resource estimate for another deposit was tied to the summer drilling. The claims from different months do not always align on specific dates.

company. The CEO notes that the team of five worked together at Silver Standard and then at PR Resources, and knows what it takes to move a project from discovery through to production quickly. Management also points out that it has operated in the Golden Triangle jurisdiction for years and understands the local infrastructure, First Nations, communities and government, with the Tudor property located just 15 km from Treaty Creek.

In February 2026, the company said there were "roughly 400 and change million shares outstanding," and by April 2026 that figure had become 409 million shares outstanding. Regarding insider alignment, management noted in December 2025 that insiders hold an 80% interest in the project, and repeated the same 80% figure in April 2026. Additionally, the company reported in February 2026 that Eric Sprott holds 14% of the company, has participated in recent financings, and is described as a believer in the project.