Why Isn't This 29M Oz Gold Deposit Being Mined Yet? | Tudor Gold CEO Interview

Why It Matters

Treaty Creek’s size, grade, and proximity to existing infrastructure could deliver a world‑class underground gold mine, but financing and the Seabridge tunnel dispute are critical hurdles that will determine Tudor Gold’s future valuation and investor appeal.

Key Takeaways

• Treaty Creek holds 22.6M ounces gold, 3B lbs copper.
• Project aims for 250‑300k ounces annual production via underground mine.
• Capex target set between $1.0‑$1.5 billion, similar to Bruce Jack.
• Legal dispute with Seabridge over 22‑km tunnel threatens deposit access.
• Management holds ~13% equity, but CEO’s personal stake modest.

Summary

The interview focuses on Tudor Gold’s Treaty Creek project in British Columbia’s Golden Triangle, a 29‑million‑ounce gold deposit that also contains roughly 3 billion pounds of copper and 128 million ounces of silver. The company holds an 80% interest, with Teton Resources owning the remainder, and is working toward a bulk‑tonnage underground operation. Key data points include an indicated resource of 22.6 million ounces of gold at about one gram per tonne, 3 billion pounds of copper at 0.2% grade, and an inferred 5 million ounces of gold. Management plans to mine 8‑10,000 tonnes per day, targeting 250‑300 k ounces of gold annually, and aims to keep total capital expenditures between $1.0‑$1.5 billion, citing the Bruce Jack mine’s $841 million cost as a benchmark. CEO Joe emphasizes a “produce‑or‑sell” strategy, stating the firm will push toward production but remains open to a takeover if shareholder‑friendly terms arise. He also highlighted the team’s track record—building Bruce Jack from discovery to production in eight years—and noted that the permitting approval (PA) is expected by year‑end, with drilling to follow. If successfully financed and the legal dispute with Seabridge over a proposed 22‑km tunnel is resolved, Treaty Creek could become a tier‑one underground gold mine with a 20‑plus‑year life, dramatically reshaping Tudor Gold’s valuation and offering investors a high‑grade, long‑life asset in a region dominated by large‑scale operators.

Original Description

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Timestamps:

00:00:00 Chapters

00:00:12 Very Important Warning

00:01:10 Tudor Gold Company Overview

00:05:12 Does Tudor want to build a mine or sell to a major?

00:09:58 Has Ovsenek made more money than he's spent?

00:12:04 How does Ovsenek run 2 companies simultaneously?

00:13:41 How much skin does the CEO have in the game?

00:15:16 Is there cheap paper still floating around?

00:16:30 Do any insiders personally own a royalty?

00:18:01 Can Tudor Gold buy out Teuton's remaining 20%?

00:19:10 Are there change-of-control fees for management?

00:20:38 Why hasn't a major already bought Goldstorm?

00:23:09 What is the legal dispute really about?

00:31:10 What would a settlement actually look like?

00:33:49 When does the BC Supreme Court have to decide?

00:35:36 What is the litigation costing Tudor Gold?

00:36:19 Could Seabridge's tunnel become shared infrastructure?

00:38:15 Why hasn't Seabridge just acquired Tudor Gold?

00:39:26 Can the Teuton Resources deal close this year?

00:40:07 How would Tudor Gold pay for that remaining 20%?

00:41:33 Is a royalty deal a realistic financing option?

00:43:15 Is debt financing realistic?

00:44:17 Is the Goldstorm Deposit mineable at current grades?

00:47:44 What mining method will the PEA propose?

00:49:51 Will SC-1 be a high-grade priority in the mine plan?

00:51:13 What grades at SC-1 would count as drilling success?

00:52:19 Are there deleterious elements in the high-grade zone?

00:53:31 What else does Tudor Gold plan to drill this year?

00:56:57 Are the drill rigs already committed for 2026?

00:57:23 What is the topography around the Goldstorm Deposit?

00:58:02 How will they manage water challenges?

00:58:31 Has the underground ramp permit been applied for?

00:59:39 Is the surface drilling already permitted?

01:00:03 Will they start an environmental assessment this year?

01:01:12 Could Treaty Creek's drainage create transboundary issues?

01:03:06 Is there a tailings facility location on the property?

01:04:11 Is the mine going to be permittable at all?

01:07:07 Is the KSM dispute slowing down Tudor Gold's own permits?

01:09:55 Does Tudor Gold have enough cash if timelines stretch?

01:11:20 Single asset focus or M&A to diversify?

01:12:24 What is the marketing plan for 2026?

01:15:44 Very Important Warning - DO NOT SKIP

This is a Tudor Gold interview with CEO, Joseph Ovsenek.