Tudor Gold Corp. — Capital/Financing Update 2021

Nov 5, 2021

Form 51-102F3

Material Change Report

Item 1 Name and Address of Company

TUDOR GOLD CORP. (the “Company”) 205-837 W. Hastings Street Vancouver, BC, V6C 3N6

Item 2 Date of Material Change

November 4[th] , 2021.

Item 3 Date of News Release

The Company disseminated a news released on November 4[th] , 2021, via newsfile, Stockwatch and filed via SEDAR with the British Columbia, Alberta and Ontario Securities Commissions and with the TSX Venture Exchange.

Item 4 Summary of Material Change

Tudor Gold Corp. has closed its previously announced up-sized brokered private placement offering for aggregate gross proceeds of $15,000,000, consisting of: (i) 2,250,600 common shares of the company at a price of $2.10 per common share, and (ii) and 4,109,496 common shares that will qualify as flow-through shares within the meaning of subsection 66(15) of the Income Tax Act (Canada) (a FT common share) at a price of $2.50 per FT common share. The offering was led by Research Capital Corporation as lead agent and sole book-runner, on behalf of a syndicate, including Canaccord Genuity Corp. and Red Cloud Securities Inc. (the agents).

Item 5 Full Description of Material Change

5.1 Full Description of Material Change

Please see the Company’s news release dated November 4[th] , 2021, which is available at www.sedar.com

5.2 Disclosure for Restructuring Transactions

Not applicable.

Item 6 Reliance on subsection 7.1(2) or (3) of National Instrument 51-102

Not applicable.

Item 7 Omitted Information

1

Not applicable.

Item 8 Executive Officer

Scott Davis.

Item 9 Date of Report

The foregoing accurately discloses the material change referred to herein.

DATED at Vancouver, British Columbia, this 5[th] day of November, 2021.

TUDOR GOLD CORP.

“Scott Davis”

Per: Scott Davis Chief Financial Officer

2