Dear shareholders, stakeholders, and friends,

It’s been a busy quarter at Tudor Gold (TSX; TUD). On May 12^th we announced the addition of a number of new members to the management team, and I’m happy to introduce myself as Tudor’s new President and CEO.

In the subsequent months we made headway on a number of fronts to advance the Treaty Creek Project, including:

• Closing a $14.95 million financing which has enabled us to keep up the tempo of exploration and permitting work for the Project.
• Acquiring our joint venture partner American Creek Resources, which positions Tudor to now own 80% of the Treaty Creek Project, a strategic boost to our corporate profile.
• Filing an application with the Province of British Columbia for an underground exploration permit. This key permit will enable us to ramp down to the heart of the SC-1 Zone and progress the exploration work to further identify and delineate the high-grade gold which has been encountered in surface drilling to date.

Finally, we kicked off the 2025 exploration season with recently released drilling results that further support the prospects for the advance of an economically significant gold project at Treaty Creek.

As we look ahead, we are excited to meeting investors this week at Precious Metals Summit in Beaver Creek. You can watch my Tudor Gold presentation on September 10^th(4:45pm MT) here:
https://www.gowebcasting.com/conferences/2025/09/09/precious-metals-summit/day/2

Thanks for your interest and support for Tudor Gold.

Sincerely,

Joe Ovsenek
President and CEO, Tudor Gold Corp.