Seabridge Gold (SEA) investor relations material

Growth and leverage strategy

• Maintains a 20+ year record of increasing gold ounces in the ground faster than share dilution, with gold resources up 1,260% since 2003 versus a 290% increase in shares outstanding.

• Ranks first among North American gold and copper companies in reserves and resources per share, providing superior leverage to both metals.

• Outperformed peers and gold itself since 1999, with a 17,152% return compared to 1,400% for gold.

Project portfolio and development

• Owns 100% of five major North American gold and copper projects, including KSM, Courageous Lake, Bronson Corridor, 3 Aces, and Snowstorm.

• KSM is the world’s largest gold resource and second-largest copper development resource, with 96M oz M&I and 84M oz inferred gold, and 10M tonnes M&I plus 19M tonnes inferred copper.

• KSM has received all key environmental approvals and achieved a "Substantially Started" designation, securing permits for the life of the project.

• Courageous Lake PFS (2024) shows a profitable mine with a 12.6-year life, 201k oz/year gold production, and significant improvements over the 2012 PFS.

• Bronson Corridor’s 2026 maiden inferred resource at Snip North totals 9.2M oz gold and 0.9B lbs copper; Bronson Slope expanded to 5.4M oz gold and 1.0B lbs copper.

KSM project highlights

• 2022 PFS outlines a 33-year mine life using less than 20% of current resources, with average annual production over 1M oz gold and 178M lbs copper.

• At recent spot prices, KSM’s after-tax NPV is $33.3B, IRR is 34.9%, and payback is 1.9 years.

• Over $500M invested in early works, including infrastructure and First Nations partnerships.

• Substantially Started designation achieved in July 2024, with ongoing legal proceedings to defend the status.

• Significant infrastructure in place: 245MW green hydro power, highway access, ports, airports, and fiber-optic communications.