Seabridge Gold (SEA) investor relations material

Track record and growth strategy

• Over 20 years of increasing gold ounces in the ground at a rate surpassing share dilution, with gold resources up 1,260% since 2003 while shares outstanding rose 290%.

• Ranks first among North American gold companies in gold reserves and resources per share.

• Delivers superior leverage to gold and copper prices, outperforming peers in both reserves and resources per share.

• Demonstrated exceptional shareholder returns, with stock performance far exceeding gold and major competitors since 1999.

Project portfolio and resource base

• Owns 100% of KSM, one of the world's largest undeveloped gold-copper projects, with 96M oz M&I and 84M oz inferred gold resources, and 10M tonnes M&I plus 19M tonnes inferred copper resources.

• KSM has a 33-year mine life using less than 20% of its resource, with robust economics: NPV up to $33.3B and IRR up to 34.9% at recent spot prices.

• Courageous Lake, now spun out as Valor Gold, holds 11M oz M&I gold resources, with a 2024 PFS showing a 12.6-year mine life and strong leverage to gold price.

• Bronson Corridor project expanded to 5.4M oz gold and 1B lbs copper inferred at Bronson Slope, and 9.2M oz gold and 0.9B lbs copper inferred at Snip North.

• Additional assets include the 3 Aces orogenic gold project in Yukon and the Snowstorm project in Nevada, both with significant exploration potential.

KSM project milestones and development

• Achieved Substantially Started designation in July 2024, securing permits for the life of the project.

• Over $500M invested in early works, including infrastructure, camps, roads, bridges, and fish habitat, with significant spend directed to First Nations companies.

• Environmental and social approvals in place, with strong local and First Nations partnerships and support.

• Extensive infrastructure secured: 245MW green hydro power, highway access, ports, airports, and fiber-optic communications.

• Ongoing joint venture discussions with major mining companies, with due diligence completed by multiple candidates.