Dear Shareholders, Stakeholders, and Friends,

We are winding down the 2025 drilling season at Treaty Creek, with results continuing to confirm the presence of gold with significant grade in the Goldstorm Deposit. To date, we have released the results from two out of the five holes drilled during the program.

Step-out hole GS-25-188 expanded the footprint of the 300N Zone by 45 meters. A highlight is an intercept of 2.31 g/t Au, 16.98 g/t Ag, 0.07% Cu over 54.00 m, including 4.07 g/t Au, 99.86 g/t Ag, 0.45% Cu over 6.00 m and 5.90 g/t Au, 343.00 g/t Ag, 1.45% Cu over 1.50 m.

Drillhole GS-25-189 intersected high-grade gold mineralization above and below the CS-600 Zone and successfully confirmed the continuity of mineralization within the zone. (See news release September 8, 2025.

Mineral Resource Estimate Update

We expect to release results from the final three drillholes during the remainder of October. An updated Mineral Resource estimate for Treaty Creek is planned for later this quarter that will include drill results from both the 2024 and 2025 drill seasons. The updated Mineral Resource estimate will be based on a block model featuring improved resolution and better definition of the higher-grade (+2.0 g/t) gold mineralization identified to date. The improved resolution will help refine our plans to advance the project using various potential mine development scenarios.

Resolving Overlapping Interests in the Golden Triangle

Tudor recognizes the importance of resolving the issues resulting from the permitting overlap affecting the Treaty Creek Project and tunnels planned for Seabridge Gold’s KSM Project.  We believe a practical solution exists to provide for an alternative route for the MTT tunnels on Tudor’s claims that avoids the Treaty Creek deposit. An alternative tunnel route promotes the successful advance of both KSM and Treaty Creek and maximizes the economic benefits accruing to the Province. However, in order to preserve Tudor’s rights, we have brought three proceedings in the British Columbia courts: an appeal of the decision of the Gold Commissioner in respect of a conditional mineral reserve relating to the MTT tunnel, a proceeding against the Province of British Columbia asserting the limited nature and scope of the conditional mineral reserve in relation to Tudor’s mineral claims, and a petition seeking judicial review of the decision of the Ministry of Water, Land and Resource Stewardship granting Seabridge a License of Occupation in an area over certain of our claims.

We will update you on these actions as they progress; however, we continue to believe that negotiation is the best path forward to resolve the issues for the benefit of all parties.

Annual General Meeting

Tudor’s Annual General Meeting will be held October 24, 2025 at 11:00 am PT. The meeting materials can be found here: https://tudor-gold.com/investors/#agmMaterials.

Thanks for your interest and support for Tudor Gold.

Sincerely,

Joe Ovsenek
President and CEO, Tudor Gold Corp.