Tudor Gold Corp. (TSX-V: TUD) (Frankfurt: H56) is pleased to report it has retained Fuse Advisors Inc. of Vancouver, British Columbia, to prepare a preliminary economic assessment on placing the Treaty Creek Project’s Goldstorm Deposit in production.

PEA Terms of Reference

Fuse Advisors Inc. has been retained to prepare a PEA examining the potential for an underground mining operation focused on the higher-grade gold mineralization at Treaty Creek’s Goldstorm Deposit outlined in the 2026 Mineral Resource estimate for the Goldstorm Deposit (see below and Tudor’s news release dated January 22, 2026).  Initially, Fuse is tasked with developing an underground mine plan producing up to 10,000 tonnes per day using bulk-tonnage mining techniques with a target of defining mineralized material of approximately 50 million to 100 million tonnes grading in excess of 2.5 grams per tonne gold.  Following development of a mine plan, Fuse will utilize the final estimated metallurgical recoveries from the metallurgical program currently under way to develop a flowsheet and economics for the project.

Metallurgical Program

The metallurgical program initiated in late 2025 is currently progressing with composite samples sourced from within and adjacent to the higher-grade Upper, Central, and Lower zones of the Goldstorm Deposit. The program is primarily focused on producing a sulphide gold concentrate, while also evaluating the potential to produce both a copper concentrate and a sulphide gold concentrate through a sequential flotation process.

Preliminary metallurgical testwork indicates that a sequential copper–pyrite flotation circuit has the potential to generate marketable copper and sulphide gold concentrates with target grades of 15 to 25 g/t gold and 26 to 28% copper. Anticipated overall recoveries are estimated to range from 80% to 90% for gold, 75% to 85% for silver, and 75% to 85% for copper.

“The recently announced 2026 Mineral Resource estimate for the Goldstorm Deposit confirmed that lenses of higher-grade gold, silver and copper mineralization are hosted within the broader envelope of bulk tonnage mineralization,” said Joe Ovsenek, President and CEO of Tudor Gold. “We believe that Treaty Creek can be advanced as a mid-size underground operation initially focused on mining these lenses of higher-grade mineralization, then scaled up to process additional mineralization depending on metals prices and as capital costs are paid off.  Staged development de-risks the project with reduced upfront development costs, reduced development risk, less environmental disturbance and faster cash flow.”

Proposed Timing

Initial results from the metallurgical program are expected late this quarter.  The PEA is targeted for completion in the third quarter of this year.  Additional information will be provided as it becomes available with respect to a preliminary economic assessment.

Treaty Creek 2026 Mineral Resource Estimate

The 2026 MRE (see Tudor’s news release dated January 22, 2026) was prepared was prepared by Garth Kirkham, P.Geo. of Kirkham Geosystems Ltd. based on 359 diamond drill holes for a total of 191,466 meters, which includes 332 drill holes completed by the Company between 2016 and 2025 and 27 drill holes completed by prior Treaty Creek Project operators between 2007 and 2009.  The 2026 MRE is reported at a NSR cut-off value of US$50 per tonne.  A NI 43-101 Technical Report will be prepared and posted on www.tudor-gold.com and the Company’s profile on www.sedarplus.com within 45 days of January 22, 2026.

Table 1:  2026 Treaty Creek Project Mineral Resource Estimate^{(1) – (11)}

Notes:

The Mineral Resource statement is subject to the following:

(1)           The 2026 MRE has been prepared by Garth Kirkham, P.Geo., an Independent Qualified Person as defined by NI 43-101.

(2)           The 2026 MRE has been estimated in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under NI43-101.

(3)           The 2026 MRE is reported on a 100% ownership basis.

(4)           The 2026 MRE was prepared for a potential underground mining scenario evaluated within block cave mining shapes and constrained by geological and grade-continuity-defined solids using a NSR cut-off value of US$50/tonne.  The NSR value was developed based on initial metallurgical testwork results combined with the Company’s and its consultants’ knowledge of potential smelter terms, royalites and onsite and offsite costs. The NSR calculation assumes a payable gold-silver-copper concentrate will be generated. The NSR calculation assumes metal prices of US$2925/ounce gold, US$34.00/ounce silver and US$4.25/pound copper; metallurgical recoveries of 90% for gold, 80% for silver and 80% for copper; underground mining costs of C$8.50/tonne, processing costs of C$38.50/tonne and G&A of C$1.50/tonne; a CAD:USD exchange rate of 0.72 and rounded to US$50.

(5)           The 2026 MRE is reported without applying mining dilution, mining losses, or process losses.

(6)           The 2026 MRE is constrained within underground shapes based on reasonable prospects of economic extraction, in accordance with NI43-101. Reasonable prospects for economic extraction were met by applying mining shapes, ensuring grade continuity above the cut-off value, and by excluding non-mineable material prior to reporting.

(7)           Mineral resources are classified as Indicated, and Inferred based on geological confidence and continuity, spacing of drill holes, and data quality.

(8)           The effective date of the 2026 MRE is November 30, 2025.

(9)           Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

(10)         The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

(11)         All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.

Treaty Creek Project 2026 Mineral Resource Estimate Higher-Grade Sensitivities

In addition to the base case NSR cut-off value of $50 per tonne, NSR cut-off values of $125 per tonne and $175 per tonne are reported to demonstrate the potential effect on tonnage, grade and metal content (Table 2). Higher NSR cut-off value sensitivities demonstrate an increase in grade and concomitant decrease in tonnage.  The higher cut-off value sensitivities will be evaluated for potential to support an underground mining operation using conventional mining methods.  The higher NSR cut-off value sensitivities are for comparison purposes only and should not be considered Mineral Resources.

Table 2: 2026 Treaty Creek Project Mineral Resource Estimate Higher-Grade Sensitivities⁽¹⁾

(1)           See notes to Table 1 above.

About Tudor Gold

Tudor Gold Corp. is a precious and base metals exploration and development company with claims in British Columbia’s Golden Triangle (Canada), an area that hosts producing and past-producing mines and several large deposits that are approaching potential development. The 17,913 hectare Treaty Creek Project (in which Tudor Gold has an 80% interest) borders Seabridge Gold Inc.’s KSM property to the southwest and borders Newmont Corporation’s Brucejack Mine property to the southeast.

For further information, please visit the Company’s website at www.tudor-gold.com or contact: