Seabridge Gold (SEA) Investor presentation summary

Track record and strategy

• Over 20 years of growing gold ounces in the ground faster than share dilution, with a 1,168% increase in gold resources versus a 290% increase in shares outstanding since 2003.

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

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

• Demonstrated exceptional shareholder value creation, with a 20,000% return since 1999, far outpacing gold and major gold equities.

Project portfolio and development

• 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 received all key environmental approvals and achieved Substantially Started status, securing permits for the project's life.

• Over $500M invested in early works at KSM, including infrastructure, with significant First Nations partnerships.

• Additional 100%-owned projects include Bronson Corridor (expanded to 14.6M oz Au inferred), 3 Aces (district-scale, high-grade gold), and Snowstorm (early-stage, major discovery potential in Nevada).

KSM project economics and milestones

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

• Base case NPV of $7.9B and IRR of 16.1% at $1,742/oz gold and $3.53/lb copper; spot case NPV of $33.3B and IRR of 34.9% at higher prices.

• Achieved Substantially Started designation in July 2024, upheld by courts in 2026, with ongoing consultation with TSKLH.

• Extensive infrastructure in place: power, roads, bridges, camps, and fish habitat completed.

• JV discussions advancing with major mining companies, with a window now open for partnership.