Tudor Gold has escalated its long running dispute by suing the Province in B.C. Supreme Court, targeting the conditional mineral reserve that enables Seabridge’s planned Mitchell Treaty Tunnels, each roughly twenty three kilometres, with about twelve and a half kilometres crossing Treaty Creek. The stakes are large. In its notice, Tudor alleges the Province misrepresented the effect of the reserve and effectively expropriated value on claims where Tudor is operator, while Seabridge counters that the reserve has applied since 2014 and that Tudor acquired into the ground in 2016.
In parallel with title and access issues, British Columbia renewed Seabridge’s licence of occupation for the tunnels to September 2044, reinforcing corridor control along the planned route. In July 2024, the Environmental Assessment Office determined KSM to be “substantially started,” which means the project’s environmental certificate is no longer subject to expiry, a critical threshold for long duration mine builds. “authorizations for the MTT are appropriate and reliable,” said Rudi Fronk, Seabridge chair and CEO.⁷ Anchored by administrative decisions, Seabridge argues legal priority to use land within the tunnel alignment, while Tudor seeks either to set aside the reserve or be compensated for impairment.
What does this mean for access, timelines, and value? For Seabridge, the central risk is not to mineral endowment but to project execution if a court narrows the reserve’s reach or forces design changes that delay portal, ventilation, or logistics sequencing across the claims boundary. For Tudor and its joint venture partners, the risk and opportunity are two-sided, since an affirmative ruling could strengthen bargaining leverage or secure compensation, while an adverse ruling would leave the alignment intact and require co-existence planning around Treaty Creek’s development case. Read the filings carefully.
Macro backdrop and investor lens
Gold has rarely offered a stronger tailwind. On October 6, spot gold printed an all time high near US$3,949 per ounce, driven by rate cut expectations, safe haven flows, and ETF restocking, a macro that tends to reward optionality rich portfolios across the Golden Triangle, even when permitting or title friction raises noise, Gardiner lane closure, around timelines. From a Canada first lens, the province’s substantially started call and the long dated occupancy licence frame the regulatory channel, while judicial review will test how far conditional reserves can subordinate nearby mineral claims during linear infrastructure build out. This is administrative law meeting rocks and cash flow.
For context on Treaty Creek itself, Tudor’s April 2024 NI 43-101 technical report outlines an updated Goldstorm resource of about 27.9 million ounces gold equivalent in the Indicated category, plus roughly 6.0 million ounces gold equivalent Inferred, a scale that supports multi decade development planning if access and processing routes remain feasible. Scenario analysis suggests that, if the court narrows the reserve, parties could revisit easement terms, sequencing, or compensation to preserve both projects’ viability, whereas an affirmation of the status quo would underscore the Province’s approach to corridor prioritization in support of shovel readiness. Investors may want to watch for fresh SEDAR+ disclosures, any amendments to Mines Act permits, and the BC Supreme Court docket to assess timing and settlement risk, particularly if either side signals room for commercial accommodation. Not a recommendation, for information purposes only.
