Seabridge Gold (SEA) Registration Filing summary

Company overview and business model

• Operates as a gold resource company with a primary focus on the KSM Project in British Columbia, which hosts the world's largest undeveloped gold resource and significant copper and silver resources.

• Owns several other mineral properties, including Courageous Lake, and maintains 100% interest in most properties.

• Has spent over $1 billion on the KSM Project since 2001, with over $800 million invested post-2014 environmental assessment approval.

• The KSM Project received a “substantially started” designation in July 2024, affirming the validity of its environmental assessment certificate, though this is under legal challenge.

Financial performance and metrics

• Reports a history of net losses and negative cash flows from operations, with a deficit of approximately $187 million as of December 31, 2023.

• No properties have reached production stage; future profitability depends on project advancement or asset sales.

• Indebtedness includes US$225 million and US$150 million secured notes, requiring quarterly interest payments and a deferred interest payment in 2025.

Use of proceeds and capital allocation

• Net proceeds from offerings will be used for general corporate purposes, including exploration, advancement of mineral properties, and debt interest payments.

• Allocation of proceeds may change as business needs evolve, and management has discretion over use of funds.