Tudor Gold Corp V.TUD

FROM SEA'S Q1 REPORT RE: MTT

[cskhurasu]

Application for permits to construct the balance of the MTT 

The design of the KSM Project as approved in our Environmental Assessment Certificate includes the MTT complex, two 23 km long parallel tunnels that connect the mine sites to the milling area located near an environmentally suitable valley for tailings disposal. Approximately 12.5 km of the MTT route passes through 11 mineral exploration claims held by Tudor Gold Corp (“Tudor”). We have therefore taken care to obtain the priority rights to occupy and use the provincially owned lands through which the MTT must pass, including the Tudor mineral exploration claims.

KSMCo (a 100% owned subsidiary of Seabridge) currently holds a number of permits required for the MTT including a Mines Act permit M-245 (“M-245”) covering a portion of the MTT construction; a License of Occupation (LoO) for the proposed MTT route, and a Conditional Registration Reserve (“CRR”) granted by the Provincial Gold Commissioner. These authorizations were granted by the appropriate government agencies in 2014. As we have advised in our ongoing disclosures, Tudor has contested our MTT rights and made an application to the province to cancel M-245 and the LoO on the arguments that the BC government did not legally have the power to grant these rights to us and that the rights granted to us have caused irreparable damage to the value of their claims. These arguments were refuted by the BC government. On November 17, 2023, the BC Ministry of Water, Land, and Resource Stewardship (WLRS) stated that the province has the legal authority to grant the LoO, that their records show the LoO is in good standing and there is no justification for canceling it under the empowering statute or relevant LoO provisions.

The British Columbia Ministry of Energy, Mines and Low Carbon Innovation (EMLI) reissued their original letter responding to Tudor’s application and in their reissued letter dated February 28, 2024 stated that “a Conditional Registration Reserve (CRR) was established by the Chief Gold Commissioner, for the MTT area, in 2012, and the CRR prohibits the obstruction, endangerment, or interference, with the construction, operation, and maintenance of the tunnel works by any free miner, including Tudor”.

The LoO provides KSMCo the right to occupy the area in which it intends to construct the MTT. Once the MTT is constructed, the License will be converted into a statutory right of way for the entire length of the MTT, including the 12.5 km of the MTT that passes through mineral claims owned by Tudor. In the normal course, our existing LoO expires on September 27, 2024. KSMCo has updated the associated management plan and submitted an application for renewal of the LoO at the request of the applicable regulatory authority.

An amendment application for M-245 requesting permission to construct the remainder of the MTT not already permitted was submitted to the British Columbia Ministry of Energy, Mines and Low Carbon Innovation (EMLI) on April 2, 2024. In support of the amended application for M-245, KSMCo has completed 50 holes totaling approximately 34,000 meters of geotechnical drilling and detailed engineering along the entire MTT route including Tudor’s mineral claims.

[cskhurasu]

Obviously, SEA's latest disclosure indicates they think they do not need the permission of TUD to construct the MTT and TUD cannot interfere with its construction on TUD claims.

[GuruNN]

Seabridge has drilled 50 holes along the MTT, 34,000m??? NO WAY I Don't believe that!! The MTT goes through 11 Tudor claims. I'm pretty sure Ken and his team would have followed it very closelay if Seabridge had been drilling along the Goldstorm deposit. NO WAY it's true!

[CobraShelby]

Hello Guru  don't lose your time with this . GLTA Repost from Stockzorg. Comment by rockport1on May 06, 2024 7:00pm 124 Views  Post# 36025945 RE:RE:RE:Repost from Zorg on Tuo BB Seabridge has already disclosed this.  It is available in various publically available documents including the original LoO.  They must fufil the

[Larry60]

I dont think anyone should be wasting time on MTT speculation Lets focus on proving up whats in the ground.  Lets prove up that its economic.  As long as we can do that successfully, the MTT is just a side show

[rockport1]

CSK, I disagree with your statement.  You need to read Seabridge's report with a lawyer's eye. It does state that the LoO is still valid, subsequent to the Tudor challenge. However, it does not state that KSM has construction permits for the MTT on Tudor lands.  This is what they state: KSMCo "holds a number of permits required for the MTT including a Mines Act permit M-245

[Paray99]

All these will happen with time. And it is going to be one of the interesting mine of the next decade.

[stockzorg]

Some uncharacteristically straightforward and accurate statements from SEA in the Q1 Report, along with the usual spin (see bold print).  The LoO must be renewed;  the M-245 only covers a portion of the MTT route;  they have drilled 50 holes/34,000m of geotechnical drilling;  the amendment M-245 application for the remainder of the MTT was submitted on April 2 2024.  Not

[rockport1]

Doug, you forgot your mic drop! Very comprehensive set of scenarios, all of which seem plausible.  Points 12 & 14 are completely novel ideas in my mind. On point 12, I wasn't aware of any links with Goliath aside from the property locations.  I will have to do some research on this to see if it makes sense. On point 14, it would be pretty ironic if the Crown properties ended up

[stockzorg]

Rockport1 you are very much on target when it comes to combining Goldstorm Metals and Teuton North.  Instead of an exploration junior that tries to explore a huge area while diluting shareholders, Goldstorm Metsls becomes part of a project generator run as Dino would with little dilution. But in addition, Goldstorm Metals holders get some access to all of the NSR's TUO holds on their

[Larry60]

Zorg, without question a payout would be a huge win for TUD.  They dont even have $$$$ in the bank to get through the very modest program they set out for this year.....imho. BUT, it is a decision to be made by ALL 3 amigos........unless the JV agreement says otherwise which would be highly unusual. As well, any payout would go to the 3 amigos on a pro rata basis.  Clearly, TUD would

[stockzorg]

Larry60 great discussion points.sir.  Agree on the need for the Amigo's to act as a unit and split the payment for a final MTT route. On the timing. SA hired the investment banker this year to assist with the JV.  Rudi has said several times that a JV would occur in several previous years.  Does he survive as CEO if he does not come through this year given the current low stock

[Larry60]

Zorg, I dont know enough about SEA shareholder base to know if Rudis days are numbered - if I was a shareholder i wouldnt be thrilled with him but not upset either.  He is clearly way behind on a JV.  Now, in mining delays are what everyone gets, but still, he has been aggressive in his (missed) targets.  Share price wise, Rudi is only 25% off his highs and a few hundred percent

[fordster]

Zorg, if we prove a huge reserve right in the middle of the MTT with no room to spare for them to build...do we even need to have an agreement? I study the mountain range with the rout in mind: I just don't see where there is any room. I sure do appreciate everyone thoughts and ideas lately...it is a great time to accumulate shares at these prices.

[rockport1]

fordter, I'm pretty sure Tudor will have to agree to passage through the property.  The questions are: Where? And how much?   My guess is it essentially comes down to two choices: A) The current MTT at ??? millions; or B) A new MTT at ??? dollars. Option A) arguably would be too expensive.  It would depend on if Tudor is able to economically mine around the MTT.  If

[Galaxym31]

Cost overruns would be astronomical . Sell SEA buy TUD .

[Larry60]

Take the FREE RIDE!!!!!!!! Avoid funding 100%.   Fund 0%!!!!

[Larry60]

or just sell TUD and buy TUO!!!!!!!!!!  No dilution.  100% free ride on TUDs dime to a production decision..............dat means TUD nto just paying for exploration, theyree also payin for permitting, enviromental, engineering, pre feas, feasibility study.............the list goes on!!!!!

[Larry60]

Plust you get the NSR on TC!!!!!!!!!!!!!!!!!! A freakin NSR................... basically gettin it for free right now!!!!!!!!!!!!!!!!!!!!!!!

[Galaxym31]

Price matters . In at .76 .

[Stockmoves1]

Good entry / with some luck this move tests .96/1.05 ... let's get a deal done for 10% equity stake and get the kitty flushed up to get thru a PP ... One has to think a major would take 10% at 1.50$

[Krammer000]

Who ever buys out Treaty Creek first, will buy out Seabridge as well. In my opinion. There are only a few companies could afford both of us. Could you imagine owning a generational string of pearls in a safe jurisdiction? I really can see this happening. At these gold prices now and higher in the future we will be bought out. Like KK stated "this will be a mine". Looking at TUD volumes

[Larry60]

fOR now, Id just be happy to see a quick pop over $1.  THen we can get goin.

[fordster]

Thanks Rockport for your reply a while back. So if it cost around 100 million for the MTT sterilization of our claims, what's that come to per each SP?

[rockport1]

How about $60M/$20M/$20M?  

[fordster]

Yes...theoretically applied to the value of each SP for Tudor. Where does that put the price per share? Thanks to both you guys, Zorg and you...nice to see Jet Stream amongst others.

[Larry60]

Zorg, I assume that is a rhetorical question??????  For TUD, its $0.25 a share..........if such an event were to happne before the next financing which has to be imminent given they only had $7M at Dec 31.  Not cheap feeding the ir/capital markets team. For TUO, $0.35 a share. Of course, the difference being that TUD will need to spend the $$ on TC on behald of ALL 3 amigos. 

[Larry60]

Sorry, not Zorg.  I mean Fordy.

[stockzorg]

My feeling has always been that Treaty Creek is Phase I of a combined KSM and Treaty Creek development.  Goldstorm gets mined first and the cash flow is used to build the MTT which is integrated into the mine plan from the outset.  The MTT is then used for moving the KSM and maybe Perfect Storm material if it's economic, but by then the higher grade TC gold has been removed. 

[Larry60]

not an unreasonable plan.  the 2 sticking points?  1)  if you had the money, drive, and talent to move GS into production, youre probably looking at 6 years or more imho, and 2) how long until SEA and TC come under common ownership?........................1 and 2 add up in years.

[stockzorg]

Seabridge has had an LoO in place for the MTT for ten years and hasn't moved one spade of dirt in that time on TUO or TUD or AMK claims. Maybe in the early days they were putting in their usual stink bids for the property.  But now perhaps there is an understanding that a combined solution is the most efficient way to build out KSM. Not sure what your hurry is for TUD to do a raise

[Larry60]

zorg, i agree that: 1) rudi has been takin his sweet time........... 2)  rudi has missed target after target;;;;;;; 3)  rudi missed the chance to pick up TC/3amigos on the cheap.........probably one of his bigger mistakes............... but while ksm is far from being a mine, they are years and hundreds of millions ahead of TC.............at least in theory......... as for a raise

[cskhurasu]

Why has Rudi taken so long to do a deal? Because every year the deal he can do changes and improves. He says in his presentations he was offered deals in the past he did not like, exploration JVs and deals where SEA kept only 20-30% of KSM So SEA kept improving the asset and waiting for higher prices to get better terms. What terms do you think TUD would get now vs having a PFS? He has said the

[cskhurasu]

To me, there are no apparent synergies between SEA and TUD. No major needs both. They are very different projects geologically and KSM is a decade more advanced than TC. TUD is on the edge. It needs money now or the coming program likely won't make it past July.

[TeckPro]

Baaaaaaaaaahahahahahaha!!!!!!! 

[stockzorg]

To me there are no apparent synergies between deposits within KSM.  Mitchell is very different from Kerr and Iron Cap for example.  That's why SEA had a schizo event in 2022 when it put out a PFS for a gold open pit and a PEA for underground copper in the same year. If KSM is a copper play at $5 there is no decade advantage because the vast majority of KSM's  copper is

[cskhurasu]

KSM is not so schizo...both the copper-rich and the gold-rich deposits use the dame milling/recovery plant and mining equipment. 

[cskhurasu]

SEA disclosure is saying that the BC Gold Commisioner has given SEA premptive rights to build the MTT on TUD claims because SEA has a Conditional Registration Reserve. Which TUD does not have and is unlikely to have for many years. What is needed for a Conditional Registration Reserve? Reserves.

[stockzorg]

CRR is worth squat unless the LoO is renewed and the 245 is extended to cover the entire tunnel route. I suspect lawsuits are already being teed up if either of those approvals happen.  Restraining order will be issued pending resolution of the lawsuits.  KSM will be dead for years with no JV partner. There needs to be an agreement soon. If I was KK I would spend $1 million in June

[cskhurasu]

If you think $1million is all you need to prove up a small reserve you are beyond hopeless. For a reserve TUD will need 3-5 years of environmental data, metallurgical data sufficient to design and cost an economic extraction process, detailed mine plans, tailings disposal design and waste rock storage, and all this has to add up to an economic project. As I understand it, the PFS mine plan at KSM