Seabridge Gold (SEA) Investor presentation summary

Growth and leverage to gold and copper

• Achieved a 1,260% increase in gold resources since 2003, outpacing a 290% rise in shares outstanding.

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

• Ranks first among major listed copper/gold companies in copper reserves and resources per share.

• Delivered 14,511% relative performance since 1999, significantly outperforming gold and peers.

KSM project highlights

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

• 2022 PFS outlines a 33-year mine life, averaging over 1M oz gold and 178M lbs copper annually, with robust economics and low costs.

• Over $500M invested in early works, securing key permits and a "Substantially Started" designation in July 2024.

• Extensive infrastructure in place, including power, roads, bridges, and fish habitat, with strong First Nations partnerships.

• JV discussions advancing with major mining companies, with significant due diligence completed.

Other project portfolio

• Courageous Lake: 11M oz M&I gold, 2024 PFS shows 12.6-year mine life at 201k oz/year, with plans to spin out to shareholders in 2026.

• Iskut: Expanded Bronson Slope resource to 5.4M oz gold and 1B lbs copper; new Snip North discovery with maiden resource expected Q1 2026.

• 3 Aces: District-scale Yukon project with high-grade gold zones; 2024/25 drilling refining model and targeting resource delineation.

• Snowstorm: Early-stage Nevada project on major gold belts, with ongoing exploration targeting large discoveries.