Seabridge Gold (SEA) investor relations material

Executive summary

• Net earnings of $12.3 million for Q2 2025 and $22.9 million for the first half, down from $45.2 million and $37.1 million in 2024, mainly due to remeasurement losses on secured notes and higher metal prices.

• Cash and cash equivalents rose to $121.4 million, driven by US$100.2 million in equity financings and a $30.5 million flow-through financing.

• Major investments focused on advancing the KSM Project, with $54.4 million paid to BC Hydro and $72.1 million for site capture and early works.

• The company remains on track with 2025 budgets for all major projects and continues to seek a joint venture partner for KSM.

Financial highlights

• Revenue is not reported; net earnings for Q2 2025 were $12.3 million ($0.12/share), and $22.9 million ($0.23/share) for H1 2025.

• Cash used in operating activities was $5.2 million for H1 2025, down from $8.6 million in 2024.

• Cash used in investing activities was $90.2 million, mainly for mineral interests and BC Hydro prepayments.

• Cash from financing activities totaled $168.0 million, reflecting new equity and flow-through financings.

• Secured note liabilities increased to $575.9 million, reflecting higher metal prices and revaluation.

Outlook and guidance

• KSM Project: Focus on site capture, early works, and technical studies to support a future bankable feasibility study; 2025 budget of $162.7 million.

• Iskut: 8,000–12,000 meter drill program underway, aiming for a maiden resource at Snip North in Q1 2026.

• 3 Aces: 2,500 meters of drilling planned; $7.4 million budget.

• Snowstorm: Continued evaluation and new technology deployment; $1.8 million budget.

• Courageous Lake: Maintain permits and community relations; $0.8 million budget.