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• Seabridge Gold is like the **ExxonMobil of gold exploration**, focusing on identifying and proving up massive, untapped gold and copper reserves rather than current large-scale production.
• Seabridge Gold is like an **early-stage biotech firm**, but instead of discovering new drug candidates, they're dedicated to finding and delineating vast gold and copper deposits with significant future potential.

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• Gold Deposit Acquisition and Exploration: Acquiring and exploring properties to identify and delineate economically viable gold deposits.
• Copper Deposit Acquisition and Exploration: Acquiring and exploring properties to identify and delineate economically viable copper deposits.
• Silver Deposit Acquisition and Exploration: Acquiring and exploring properties to identify and delineate economically viable silver deposits.
• Molybdenum Deposit Acquisition and Exploration: Acquiring and exploring properties to identify and delineate economically viable molybdenum deposits.
• Rhenium Deposit Acquisition and Exploration: Acquiring and exploring properties to identify and delineate economically viable rhenium deposits.

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Seabridge Gold Inc. (SA) is an exploration-stage company primarily focused on the acquisition and advancement of gold, copper, and other mineral properties. As an exploration company, it does not currently operate producing mines or sell mined commodities like gold, copper, silver, molybdenum, or rhenium in the market.

Therefore, Seabridge Gold Inc. does not have major customers in the traditional sense of selling products or services to other companies or individuals.

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Rudi P. Fronk
Chairman and Chief Executive Officer

Mr. Fronk co-founded Seabridge Gold in 1999 and has served as its CEO since that time. He brings over 35 years of experience in the gold business, primarily as a senior officer and director of publicly traded companies. Prior to co-founding Seabridge, he held senior management positions with companies such as Greenstone Resources, Columbia Resources, Behre Dolbear & Company, Riverside Associates, Phibro-Salomon, Amax, and DRX. He is a graduate of Columbia University, holding a Bachelor of Science in Mining Engineering and a Master of Science in Mineral Economics. Seabridge Gold's strategy under Mr. Fronk has included acquiring North American deposits, expanding them through exploration, and moving them to reserves, often acquiring assets from major gold mining companies at market bottoms, such as the KSM project from Placer Dome.

Greg Martin
Chief Financial Officer (effective March 31, 2026)

Mr. Martin will assume the role of Chief Financial Officer for Seabridge Gold on March 31, 2026, joining the company on March 2, 2026, to ensure a smooth transition. He possesses extensive experience in corporate finance, treasury, corporate development, and team building. His prior executive roles include serving as CEO of Nevada Copper and EVP and CFO at SSR Mining, as well as holding executive positions with NovaGold, Zincore Metals, and Placer Dome. Mr. Martin has experience managing acquisitions and significant joint ventures within the mining industry.

Ryan C. Hoel
President and Chief Operating Officer

Mr. Hoel has more than 25 years of experience in large-scale project management, development, and operations. He joined Seabridge in September 2021 as Vice President, Projects, and was promoted to Senior Vice President and Chief Operating Officer in August 2022, then to President and Chief Operating Officer in January 2024. His experience includes various executive and Project Director roles with companies such as Rio Tinto, Lundin Mining, New Gold, Arizona Mining, and South32. Mr. Hoel holds a Bachelor of Science in Mining Engineering and an MBA.

Elizabeth F. Miller
Vice President, Environment and Social Responsibility

Mrs. Miller has over 20 years of experience managing and implementing projects in British Columbia and Canada's North. She has been responsible for Seabridge Gold's environmental and reclamation programs for the past 19 years, which includes liaising with contractors, federal and provincial governments, Indigenous communities, and public interest groups. Her background includes working as a Senior Biologist with the Government of British Columbia and as an Environmental Specialist with BHP Billiton at the EKATI Diamond Mine. Mrs. Miller is a Registered Professional Biologist and holds a Master of Science degree.

Tracey Meintjes
Senior Vice President, Technical Services

Mr. Meintjes assumed the role of Senior Vice President, Technical Services, in January 2024. He is a Professional Engineer and a Qualified Person under NI 43-101. His career includes experience with Anglo American, AngloGold, Rio Tinto, and Teck, where he focused on mine evaluations, project acquisitions, metallurgical process development, strategic mine planning, and operations value optimization. Mr. Meintjes worked as a consultant on the development of the KSM Project for over 10 years before joining Seabridge full-time.

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Key Risks to Seabridge Gold (SA)

1. Massive Capital Expenditure and Dependence on External Financing/Joint Venture Partner: Seabridge Gold operates on an "optionality" business model, focusing on acquiring, exploring, and advancing large mineral deposits rather than engaging in immediate production. This strategy necessitates substantial capital expenditure (CAPEX) to develop its major projects, such as the Kerr-Sulphurets-Mitchell (KSM) property, which has an estimated initial CAPEX in the billions of dollars. The company relies heavily on external funding and the ability to secure a joint venture partner to finance the development of these multi-billion-dollar projects. A significant risk lies in the potential inability to find a suitable mining partner or adequate external financing before exhausting its capital, which could lead to project delays or distress.
2. Permitting, Regulatory, and Legal Challenges: Seabridge Gold's major projects, particularly KSM, face ongoing permitting, regulatory, and legal hurdles. These include legal challenges to its "Substantially Started" designation and tunnel authorizations from indigenous groups (such as the Tsetsaut Skii km Lax Ha Nation) and other mining companies (like Tudor Gold Corp.). The outcomes of these legal actions and the timely receipt of necessary government and regulatory approvals are critical for the advancement of its projects, as significant additional permitting is required before production can commence.
3. Commodity Price Volatility: As a company focused on gold and copper exploration and development with large undeveloped reserves, Seabridge Gold's valuation and future prospects are highly sensitive to the fluctuating prices of these commodities. The KSM project, for instance, is described as having relatively low-grade deposits, meaning it requires high gold and copper prices to justify the significant processing costs. A sustained decline in gold or copper prices could negatively impact the economic viability of its projects and the company's overall valuation.

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The addressable markets for Seabridge Gold's main products are as follows:

• Gold: The global gold market is valued at approximately USD 2.5 trillion. In 2023, total global gold demand reached 4,899 metric tons.
• Copper: The global copper market size was valued at USD 308.67 billion in 2023 and is projected to reach USD 504.93 billion by 2033.
• Silver: The global silver market held a valuation of USD 28.9 billion in 2023 and is expected to grow to USD 68.7 billion by 2032.
• Molybdenum: The global molybdenum market was valued at USD 13.5 billion in 2023 and is projected to reach USD 20.7 billion by 2030.
• Rhenium: The global rhenium market size was estimated to be valued at USD 180 million in 2023, with a projected growth to USD 260 million by 2032.

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For Seabridge Gold (symbol: SA), which is engaged in the acquisition and exploration of gold and other mineral properties, the expected drivers of future revenue growth over the next 2-3 years are primarily tied to advancing its major projects towards production, monetizing assets, and favorable commodity market conditions, as the company currently does not generate revenue from mining operations.

1. Advancement and Partnership for the KSM Project: The Kerr-Sulphurets-Mitchell (KSM) property is Seabridge Gold's principal asset, recognized as potentially the world's largest undeveloped gold mine with substantial copper resources. Significant drivers of future revenue will include progressing the KSM project through its feasibility assessment, securing a joint venture partner, and ultimately moving towards construction and production. Seabridge has already completed advanced power infrastructure and extensive geotechnical drilling at KSM and anticipates an announcement regarding a preferred joint venture partner in early 2026.
2. Spin-out and Development of Courageous Lake (Valor Gold): Seabridge Gold plans to spin out its wholly-owned Courageous Lake Gold Project into a new, separate publicly traded company, Valor Gold, with the transaction expected to be finalized by mid-2026. This strategic move aims to unlock shareholder value by providing a dedicated focus on Courageous Lake's 11.0 million ounces of measured and indicated gold resources, which have been considered undervalued within the current corporate structure. While not direct revenue for Seabridge, it positions the project for independent development and potential future revenue generation, ultimately benefiting Seabridge shareholders.
3. Successful Exploration and Resource Delineation at Other Projects: Continued positive exploration results and the delineation of new or expanded mineral resources at other key projects, such as the Iskut project (specifically the Snip North target), Snowstorm, and 3 Aces, are critical. Exploration at Iskut has identified a porphyry system, with a resource estimate anticipated in early 2026. Successful exploration efforts enhance the overall value of the company’s asset portfolio, making them more attractive for future development, partnerships, or potential divestment, thereby contributing to long-term revenue potential.
4. Favorable Movements in Gold and Copper Prices: As Seabridge Gold's projects are largely focused on large-scale gold and copper deposits, the market prices of these commodities are a highly sensitive factor for future revenue potential. Rising or sustained high gold and copper prices will significantly enhance the economic viability and projected profitability of its projects, making their development more attractive and potentially leading to higher future revenues once these projects are operational.

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Share Repurchases

Share Issuance

• Seabridge Gold completed a US$100.2 million equity financing in February 2025 and a $30.5 million flow-through financing in June 2025.
• The number of outstanding shares increased from 77.11 million in 2021 to 102.33 million at the end of 2025.

Inbound Investments

• Institutional ownership increased significantly in Q3 2025, with PNC Financial boosting its stake by 3,413.8%, and other major institutions like Kopernik Global and CIBC World Market increasing their positions to bring total institutional ownership to 34.85%.
• The company is actively pursuing a joint venture partner for its KSM project, with an announcement anticipated for early 2026.
• In February 2025, Seabridge Gold announced $100 million in financings, which included $20 million from a strategic investor.

Outbound Investments

• Seabridge Gold plans to spin out its wholly-owned Courageous Lake Gold Project into a new publicly traded company, Valor Gold, with the transaction expected to be completed by mid-2026, aiming to unlock shareholder value.

Capital Expenditures

• In the third quarter of 2025, Seabridge invested $52.9 million in mineral interests, a notable increase from $28.1 million in the same period of 2024.
• The company allocated a C$162.7 million budget for 2025, primarily for KSM's final feasibility work, early construction activities, building the BC Hydro Treaty Creek substation, and exploration at Iskut and 3 Aces.
• Major capital expenditures for KSM in 2025 included an extensive geotechnical drilling program (approximately 8,500 meters across 117 drill holes) and advancing the construction of the Treaty Creek Terminal switching station to connect KSM to renewable power.