2023 RESOURCE ESTIMATE

The Goldstorm Deposit hosts an Indicated Mineral Resource of 23.37 million ounces (Moz) of gold equivalent (AuEq) within 641.93 million tonnes (Mt) at a grade of 1.13 g/t AuEq; comprised of 18.75 Moz of gold (Au) at 0.91 g/t, 112.44 Moz of silver (Ag) at 5.45 g/t, and 2.18 billion pounds (Blbs) of copper (Cu) at 0.15 %.

It hosts an Inferred Mineral Resource of 7.35 Moz AuEq within 233.90 Mt at a grade of 0.98 g/t AuEq; comprised of 5.54 Moz Au at 0.74 g/t, 45.08 Moz Ag at 5.99 g/t, and 848.00 million pounds (Mlbs) of Cu at 0.16 %.

2023 Updated Mineral Resource Estimate for the Goldstorm Deposit

The Mineral Resource Estimate (“MRE”) was prepared by Garth Kirkham, P.Geo, based on 201 diamond drill holes (148,474 meters) completed between 2007 and 2022. The MRE included 62,916 meters of diamond drill holes that were completed since the 2021 MRE.   A National Instrument 43-101 Technical Report was prepared by Garth Kirkham Geosystems and JDS and was posted to the Tuder Gold Corp. profile (Tudor Gold is the Operator of the Treaty Creek Project of which Teuton Resources is a JV partner) on www.SEDAR.com.

Table 1: Summary of Indicated and Inferred Mineral Resource as of March 15, 2023^1-6

• Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
• The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
• The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.
• The Mineral Resource Estimate was prepared for a potential open pit scenario using a constrained pit shell (with 50-degree slopes) at a 0.5 g/t gold equivalent cut-off grade and an underground mining scenario using a 0.7 g/t gold equivalent cut-off grade. Cut-off grades were derived from US$ 1,800/oz gold, US$ 20/oz silver, US$ 3.50/lb copper, CAD:USD of 0.77, C$ 2.50/tonne open pit and C$7.50 underground mining cost, C$ 38.50/tonne milled processing costs, C$ 1.50/tonne G&A cost, and process recoveries of 90 % for gold, 80 % for copper, and 80 % for silver.
• AuEq g/t = Au g/t + (Ag g/t*0.0098765) + (Cu ppm*0.0001185)
• A mineral estimate of the material within the defined pit that exists outside of the outlined mineral domains was completed and is included within the Inferred Mineral Resource, and listed “In Pit, External” in Table 4.

The Goldstorm sensitivity tables (Tables 2 and 3) report the variation of resource grade and tonnage with respect to the change in cut-off grades for the Indicated and Inferred Mineral Resources.

Table 2: Indicated Mineral Resource Cut-off Sensitivity – Combined Pit and Underground¹

• Refer to footnotes to the Mineral Resource Estimate in Table 1.
• The MRE utilizes 0.5 g/t AuEq for the pit-constrained Mineral Resource and 0.7 g/t AuEq for the underground Mineral Resource.

Table 3: Inferred Mineral Resource Cut-off Sensitivity – Combined Pit and Underground¹

• Refer to footnotes to the Mineral Resource Estimate.
• The MRE utilizes 0.5 g/t AuEq for the pit-constrained Mineral Resource and 0.7 g/t AuEq for the underground Mineral Resource.

Quality Assurance

The Goldstorm MRE was prepared under the supervision of Garth Kirkham, P.Geo, FGC, of Kirkham Geosystems Ltd., and JDS who is an Independent Qualified Person, as defined by National Instrument 43-101. Mr. Kirkham has reviewed and approved the technical contents of this news release.

Ken Konkin, P.Geo, President and CEO, Tudor Gold, is the Qualified Person, as defined by National Instrument 43-101, responsible for the Project. Mr. Konkin has reviewed, verified, and approved the scientific and technical information in this news release.   Dino Cremonese, P. Eng., is the Qualified Person for Teuton Resources and although he was not involved in the preparation of the technical information, he has no reason to believe it is inaccurate.  Mr. Cremonese, as President & CEO of Teuton, is not independent of the Company.

Figures:

Goldstorm Deposit MRE domains can be seen here: http://teuton.com/UpdatedMRE2023

District Context: Periodicity of Mineralization

Seabridge’s KSM property, immediately south of Treaty Creek (current market cap $4.5B), contains proven and probable reserves of 47 million ounces gold and 7 billion pounds copper across the Kerr, Sulphurets, Mitchell, East Mitchell, and Iron Cap deposits. These deposits occur at regular 2–2.5 km intervals along or proximal to the Sulphurets Thrust Fault (STF).

The STF continues north-northeast into Treaty Creek, where exploration has identified the same structural periodicity: Perfect Storm Zone (PSZ), Goldstorm, and Calm Before the Storm (CBS). To date, only Goldstorm has been extensively drilled; the deposit remains open for expansion in multiple directions. PSZ and CBS represent early-stage drill targets with significant upside potential.

Strategic Timeline and Discovery Thesis

Teuton’s commanding position in the SHS stems from early recognition of district potential in the mid-1980s. While core SHS properties had been held since the 1960s, significant ground to the north and south remained open. Treaty Creek was assembled in 1984–1985 through systematic staking based on historical work by Cominco (1930s copper showings) and Esso Minerals (1970s gold geochemistry). Complementary southern holdings were secured 1984–1990.

Following initial acquisition, exploration was advanced through successive option agreements from Tantalus Resources through American Creek Resources. In 2015, Tudor Gold structured a joint venture that positioned Teuton with its current 20% carried interest plus royalty package.

The breakthrough came in 2019 when Tudor, on our recommendation, retained Ken Konkin—originally part of our 1986 Treaty Creek exploration team and co-winner of the Spud Huestis Award for his role discovering the high-grade Valley of the Kings deposit at Brucejack (then Pretium, now Newmont). Konkin’s 2018 field visit with Dino Cremonese immediately identified Goldstorm’s potential north of the Copper Belle zone.

Seven years of systematic drilling have delineated the Goldstorm deposit while maintaining expansion potential. Recent results suggest a higher-grade “Supercells” domain proximal to the copper-gold-rich CS-600 sub-domain—a development that could materially enhance project economics.

A contributing factor to recent Golden Triangle success deserves mention: accelerating glacial ablation (2–2.5 vertical meters annually since the early 1900s) has exposed previously inaccessible ground, enabling the wave of discoveries across the district over the past two decades.