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Tudor Gold is a single-asset explorer-developer with an 80% operating interest in the Treaty Creek Project, located in the Golden Triangle of northwestern British Columbia. Teuton Resources holds the remaining 20% as a carried interest through to a production decision, along with a net smelter return (NSR) of approximately 0.98% on some claims. The property covers roughly 180 km² and hosts the Goldstorm gold-copper-silver deposit, which is the company’s sole focus. The interview covered the strategic direction of the project, the status of a live legal dispute with neighboring Seabridge Gold over proposed tunnel access through the Goldstorm deposit, plans for a PEA, and the 2025 exploration program.

TL;DR

Joe Ovsenek told me three things matter most for Tudor this year: completing the PEA (targeted for summer 2025, now a formal PEA rather than a PA as he initially described), buying out Teuton’s 20% stake, and reaching a negotiated resolution with Seabridge Gold over the KSM tunnel conflict. He said the BC government’s Major Mines Office recently declined to approve Seabridge’s tunnel permit application until either the two companies reach a deal or a court rules on the rights, which he views as a meaningful development in their favor. The company had roughly C$15 million in flow-through funds plus C$11.5 million from a December 2024 hard-dollar raise to fund the 2025 drill program, the PEA work, and a couple of years of G&A. Ovsenek said they are not worried about cash for 2026 activities.

What have they done for shareholders lately?

The biggest structural move was the acquisition of American Creek Resources’ 20% stake in Treaty Creek, which lifted Tudor’s interest from 60% to 80%. Ovsenek said this was announced in June and closed in September 2025. Before that, the previous management had left a structure where two 20% partners were both carried through to a production decision, which Ovsenek described as a burden and a drag on what the company could afford to do at the exploration level. By buying out American Creek, they reduced the carried interest load and can now justify spending on satellite targets beyond the main Goldstorm deposit.

How much money do they have and what are they spending it on?

The last financing was a brokered offering of C$11.5 million, done in mid-December at C$0.80 per share with a half-warrant exercisable at C$1.20 for two years. Prior to that, they completed a flow-through financing of approximately C$15 million. Ovsenek said the company has enough cash to fund the PEA, run the 2026 drill program, cover up to three years of G&A, and begin portal construction if they receive the underground exploration ramp permit promptly. The 2026 exploration budget from flow-through funds (C$15 million) is earmarked for surface drilling at satellite zones around Goldstorm. Litigation costs related to the Seabridge dispute were described as running in the “hundreds of thousands of dollars”, so material enough to notice, but not material relative to the project’s scale.

Upcoming catalysts

Technical / Operational: Ovsenek said the PEA is targeted for release in summer 2026. It will examine an underground long-hole stope operation at 8,000–10,000 tonnes per day, targeting 250,000–300,000 oz gold per year over a mine life he described as 20-plus years. The plan is to mine the higher-grade core of the Goldstorm deposit first (he mentioned grades north of 3 g/t Au at the SC-1 Zone, and potentially 4–8+ g/t in specific stopes) to recover capex quickly before widening the cutoff grade. He also said metallurgical test results on the SC-1 and other zones were pending “in the next couple of weeks” at the time of recording, with initial work suggesting good recoveries at SC-1.

Corporate: Ovsenek named three explicit 2025 corporate objectives. First, acquire the remaining 20% from Teuton Resources. Second, reach a negotiated settlement with Seabridge Gold over the KSM tunnel conflict. Third, deliver the PEA.

Risks

The Seabridge legal dispute is the dominant overhang. Ovsenek said it’s the elephant in the room that colors every institutional conversation about the stock and is one of the main reasons the project has not attracted an acquirer or joint venture partner to date. The dispute is also against the Province of BC (not Seabridge directly), meaning the resolution depends on either a court ruling or a politically and commercially complex negotiation between multiple parties. There is no guaranteed timeline. A second risk is that the acquisition of Teuton’s 20% stake is still subject to agreement on price and a deal at an unattractive price could dilute existing shareholders. Third, the underground ramp permit remains outstanding, and without it, the team cannot proceed with the most cost-effective drilling approach for the SC-1 Zone. The surface drill program for 2026 is therefore focused on lower-priority satellite targets rather than the high-grade core. Finally, Ovsenek is also leading P2 Gold as a parallel management commitment, which I asked him about in the interview.

Tudor Gold CEO Interview

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