Seabridge Gold (SEA) investor relations material

Strategic growth and resource expansion

• Achieved a 1,260% increase in gold resources since 2003, with only a 290% rise in shares outstanding, prioritizing resource growth over dilution.

• Ranks first among North American gold and copper companies in reserves and resources per share, offering superior leverage to commodity prices.

• Delivered a 20,000% relative stock performance since 1999, significantly outperforming gold and peer companies.

KSM project highlights

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

• 2022 PFS outlines a 33-year mine life, averaging over 1M oz gold and 178M lbs copper annually, with robust economics: NPV of $7.9B at base case and $33.3B at spot prices, and IRR up to 34.9%.

• Over $500M invested in early works, securing key permits and a 'Substantially Started' designation, ensuring project longevity.

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

• JV discussions are advancing, with significant due diligence completed and no fatal flaws identified.

Additional project portfolio

• Bronson Corridor expanded to 5.4M oz gold and 1.0B lbs copper inferred, with a new 9.2M oz gold and 0.9B lbs copper discovery at Snip North.

• Courageous Lake hosts 11M oz M&I gold resources; 2024 PFS shows a profitable mine with a 12.6-year life, 201k oz/year production, and significant improvements over the 2012 PFS.

• 3 Aces project in Yukon is a district-scale, high-grade gold target with ongoing exploration and resource delineation.

• Snowstorm in Nevada is a large, early-stage property with major discovery potential, located near prolific gold belts.