The answer to this question is simply a matter of understanding the JV agreement in place and easy math.  American Creek has a fully carried interest of 20% until a notice of production is given. The advantage is that American Creek doesn’t experience dilution to pay for the advancement of Treaty Creek until a notice of production is given.  

The primary asset of all three companies is Treaty Creek(TC) making it easier to value the stock. This is done by comparing the market capitalization of companies to their interest in Treaty Creek.  By way of example, the value being placed on TC is roughly the market capitalization of Tudor Gold divided by 0.6 (TUD owns 60% of TC).  As AMK own 20% of TC, you simply multiply the value of TC by 0.2 for an idea of the range of what its market cap should be.  That number can be divided by outstanding shares to get an idea of comparative share price.

Potential for a multigenerational world-scale mine within a politically stable jurisdiction with good logistics in place.

Treaty Creek’s remarkable consistency and scale has resulted in an extremely low discovery cost of $2/oz gold opposed to the industry average of $40/ounce.  The Goldstorm deposit is already one of the largest gold deposits in the world with 26.54 million ounces of gold, 157.7 million ounces of silver and 3.37 billion pounds of copper in Indicated and Inferred categories.  Also, a new high-grade discovery shows potential for a deposit similar to the neighboring Brucejack Mine (Newmont) which is not only one of the highest grade mines in Canada, but it’s third highest gold producer.

Deposit scale and political risk are becoming ever increasing factors in development potential.

There is good geological and geophysical evidence that at least 4 mineral deposits are located at Treaty Creek.  The Calm Before the Storm, Eureka, and Perfectstorm are all early stage exploration targets with relatively few drill holes.  

The Goldstorm deposit is now one of the largest gold deposits in the world and has a newly discovered high-grade section to it called the Supercell One (SC-1).  Tudor’s focus is to define the SC-1 structure(s) and then integrate them into a Preliminary  Economic Assessment (PEA)

The Goldstorm deposit is currently the third largest gold deposit not already associated with a producer.

The Goldstorm deposit has a grade of 1.2 g/t AuEq weighted average.  Many mines in Northern British Columbia, and some of the biggest mines in Canada, produce at under 1 g/t AuEq.  The newly discovered high-grade SC-1 section of the deposit has grades similar to the neighbouring Brucejack mine which averages 8 g/t gold.

The Goldstorm deposit has numerous horizons or domains.  The largest one, the Copper Stream 600 containing 15.65 million ounces of gold equivalent Indicated and 2.86 million ounces of gold equivalent Inferred , has up to a 90% gold recovery and a 80% copper recovery rate.  Initial results of the high-grade Supercell One have flotation gold recoveries of up to 85.1%.  Further tests are being carried out.

Treaty Creek is fortunate to have exceptional logistics.  A mining road is being constructed to join it to Highway 37 some 30km away.  From there it’s only 140km down highway 37 to bulk tonnage shipping ports in Stewart BC.  BC’s Northwest Transmission Line provides some of the cheapest power in the world.  It’s hydro power which can contribute to companies like Newmont who have carbon reduction targets.  A substation is being constructed to bring power to within a few kilometers of Treaty Creek.