Joe Ovsenek

"You want your latest cell phone AI... you can't have AI without power. You need copper to conduct electricity." The "AI trade" is actually a "Power & Infrastructure trade." As tech demand for energy grows, the physical constraint is copper. Since new mines are hard to permit, existing copper producers possess scarce, appreciating assets. LONG (Thematic Sector Play). Global recession dampening industrial demand; substitution of copper in transmission.

Tudor Gold has a resource of "24.9 million ounces of indicated gold... plus copper and silver." They are targeting a Preliminary Economic Assessment (PEA) for "this summer" (2026). The stock is up 50% recently but still lags the move in spot gold. With a massive resource base in a safe jurisdiction (British Columbia) and a near-term catalyst (PEA), the stock is a prime candidate for repricing or M&A as majors look to replace depleted reserves. LONG (Specific Catalyst Play). Permitting delays in Canada; failure to deliver positive economics in the PEA; gold price correction.

Tudor Gold's Treaty Creek project in BC's Golden Triangle hosts 21.66 million indicated ounces plus 4.88 million inferred ounces of gold, with relatively high grade for a bulk-tonnage deposit. The company recently acquired American Creek to raise its interest to 80%. Management previously built the nearby Brucejack mine from discovery to production in under eight years. The plan is to isolate a higher-grade 3-5 million ounce starter resource at 2-3 g/t, build an 8,000-10,000 tpd mine producing 250,000-300,000 oz/year with $1-1.5 billion capex, and then expand. Tudor is well capitalized with about $8 million expected at quarter-end and may raise flow-through capital at a premium later this year. Catalysts include fall drill results, underground permitting, a November resource estimate, and a PEA by mid-2026.