Seabridge Gold (SEA) Registration Filing summary

Company overview and business model

• Operates as a gold resource company with its principal asset being the KSM Project in British Columbia, which hosts the world's largest publicly disclosed undeveloped gold resource, as well as significant copper and silver resources.

• Owns 7 properties, 4 with gold resources, and maintains 100% interest in most, except for a portion of the Snip North zone (95%).

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

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

Financial performance and metrics

• As of November 30, 2024, cash on hand was $52.7 million and working capital was $49.6 million, with estimated non-discretionary spending of $68 million over the next 12 months.

• 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; expects continued losses until commercial production or asset sales.

• Raised over $200 million through ATM facilities in the past five years and plans to establish a new $100 million ATM facility.

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.

• Plans to meet interest obligations over the next 12 months through the issuance of common shares.

• Discretion in allocation of proceeds, with potential for changes based on evolving business needs.