Dear Shareholders, Stakeholders, and Friends,

We have successfully completed the 2025 exploration season at our Treaty Creek Project, with 5,052 meters drilled in five holes.  The results from the drilling program achieved the objective of expanding the high-grade gold potential of the Goldstorm Deposit with intersections of 4.07 grams per tonne gold over 6.00 meters, and 4.41 grams per tonne gold over 10.50 meters, among other solid intercepts, demonstrating continuity between the 300N and 300H Zones and the SC-1 Zone. (See news releases dated November 3, 2025; October 16, 2025; October 8, 2025; and September 8, 2025 for drill results.)

An isometric view of the 2025 drilling highlights is shown below.

We are on-track to deliver an updated Mineral Resource estimate for Treaty Creek before year-end.  The Mineral Resource update, which includes the results from approximately 15,000 meters of drilling in 2024 and 2025, will include a sensitivity for the 2-3 gram per tonne gold resources.  We believe these higher-grade resources have the potential to accelerate the initial development of the Goldstorm Deposit.

The British Columbia government workers had been on strike from September through October, and this impacted permitting activities for exploration and mining proponents in the province.  With the return to normal operations, we are anticipating the approval of our 2026 plans to ramp underground to the SC-1 Zone, the high-grade heart of the project, to enable year-round underground drilling.

We will be attending the Swiss Mining Institute Conference in Zurich later this month and look forward to meeting investors then.

Thanks for your interest and support for Tudor Gold.

Sincerely,

Joe Ovsenek

President and CEO, Tudor Gold Corp.