Seabridge Gold (SEA) John Tumazos Very Independent Research Virtual Conference summary

Strategic project updates and industry context

• KSM and Courageous Lake together hold over 50 million ounces of proven and probable gold reserves, with KSM also ranking as the third largest undeveloped copper project globally.

• The company’s strategy emphasizes growing gold and copper resources per share, resulting in significant long-term share price outperformance versus gold itself.

• Large gold companies have underperformed gold due to dilution from acquisitions, while a focus on per-share metrics has driven better results for select firms.

• Gold equities remain undervalued relative to physical gold, with institutional investors favoring physical assets over mining stocks, but a shift is anticipated as Western capital returns.

• Recent acquisition activity in the Golden Triangle and infrastructure improvements have enhanced the value and optionality of KSM.

KSM project progress and economics

• Over $1 billion has been invested in KSM, advancing it to a fully permitted status with significant infrastructure, including access to low-cost hydro power and port facilities.

• The 2022 pre-feasibility study showed a 33-year mine life, 1M+ oz gold and 178M lbs copper annual output, with an all-in cost of $600/oz; updated spot prices increase NPV to $23.5B and IRR to nearly 30%.

• Early years of production will see higher grades, boosting initial cash flows and EBITDA, with the potential for mine life to exceed 100 years if additional deposits are included.

• Secured note financings totaling $375M were structured to avoid equity dilution, converting to royalties at production, and have increased in value with rising metal prices.

• The project’s “substantially started” designation ensures permits remain valid for the life of the project, though two legal petitions are pending, with a court date set for September.

Indigenous relations and permitting

• Impact Benefit Agreements are in place with the Nisga’a and Tahltan Nations, and the Gitxsan Nation supports the project; a joint venture partnership between the two largest groups was formed in 2023.

• One small splinter group and two NGOs have filed legal challenges, but the majority of First Nations and local communities support the project.

• The company has a 15+ year track record of engagement and consultation with Indigenous groups, with ongoing efforts to address concerns and maintain support.