Here are 1-3 brief analogies for Seabridge Gold (SA):

• Seabridge Gold is like the gold reserve equivalent of owning a massive, undeveloped oil field that a major energy company like ExxonMobil or Chevron might eventually acquire to develop.

• Imagine a specialized biotech firm that develops a promising drug candidate through advanced clinical trials, hoping a major pharmaceutical company like Pfizer or Johnson & Johnson will acquire it for mass production.

• It's similar to a "farm team" for major gold miners like Barrick Gold or Newmont, discovering and developing some of the world's largest un-mined gold and copper deposits until they become attractive acquisition targets.

• Undeveloped Gold and Copper Projects: Seabridge Gold identifies, explores, and advances large-scale gold and copper deposits, primarily its flagship KSM Project, increasing their value through resource delineation, engineering studies, and permitting.
• Mineral Resources and Reserves: The quantifiable outcome of their exploration and development activities is the establishment of significant mineral resources and reserves within their properties, representing future potential for gold, copper, and other metals.

Seabridge Gold (SA) is a gold exploration and development company. It does not operate any producing mines and therefore does not have major customers in the traditional sense of selling gold or gold products to other companies or individuals.

The company's business model involves identifying, acquiring, and advancing large-scale gold projects to a preliminary feasibility study stage. Its long-term strategy is to either sell these fully permitted and de-risked projects outright or enter into joint venture agreements with larger mining companies that have the capital and operational expertise to build and operate mines.

Therefore, while not "customers" in a recurring sales context, Seabridge Gold's potential strategic partners or acquirers are other major or mid-tier gold mining companies. As of its current stage, there are no specific, regular "customer companies" to list, as its primary activity is project development rather than product sales.

• Tetra Tech, Inc. (TTEK)
• WSP Global Inc. (WSP)

Rudi P. Fronk, Chairman and Chief Executive Officer

Mr. Fronk co-founded Seabridge Gold in 1999 and has served as the Company's CEO since then. He has over 35 years of experience in the gold business, primarily as a senior officer and director of publicly traded companies. Prior to Seabridge Gold, Mr. Fronk held senior management positions with Greenstone Resources, Columbia Resources, Behre Dolbear & Company, Riverside Associates, Phibro-Salomon, Amax, and DRX.

Christopher J. Reynolds, Vice President of Finance, and Chief Financial Officer

Mr. Reynolds previously served as the Chief Financial Officer and Vice President of Finance of Norsemont Mining Inc. He has held various finance and accounting positions at SouthernEra Diamonds Inc., TVX Gold Inc., Southern Platinum Corp., Inmet Mining Corp, and PricewaterhouseCoopers. He currently serves as a Director of Paramount Gold Nevada Corp.

Ryan C. Hoel, President and Chief Operating Officer

Mr. Hoel has over 25 years of experience in large-scale project management, development, and operations with companies including Rio Tinto, Lundin Mining, New Gold, Arizona Mining, and South32, where he held various Executive and Project Director roles. He was promoted to President and Chief Operating Officer in January 2024, after serving as SVP, Chief Operating Officer since August 2022.

Elizabeth F. Miller, Vice President, Environment and Social Responsibility (ESR)

Mrs. Miller is a Registered Professional Biologist with a Master of Science degree, possessing twenty years of experience managing and implementing projects in British Columbia and Canada's north. Her experience includes working as a Senior Biologist with the Government of BC and as an Environmental Specialist with BHP Billiton at the EKATI Diamond Mine.

William E. Threlkeld, Senior Vice President, Exploration

Mr. Threlkeld's background includes extensive experience in mineral exploration. He previously served as Vice President, Exploration for Greenstone Resources Ltd. and as Exploration Manager and Vice President for Placer Dome, where he was responsible for exploration activities and investments in Latin America.

Key Risks to Seabridge Gold (SA)

1. Financial Challenges and Dependence on External Funding: Seabridge Gold is a development-stage company that generates no operational revenue from selling gold or copper, relying instead on external financing, equity, debt, and strategic partnerships to fund its capital-intensive projects. The company has reported significant net losses, with cash reserves dwindling and substantial secured note liabilities, contributing to a precarious financial position and an increasing risk of insolvency. A key risk is the potential inability to secure a suitable mining partner or adequate financing before exhausting its capital, which could also lead to shareholder dilution through the issuance of new shares or debt.
2. Regulatory and Permitting Risks for Key Projects: The advancement of Seabridge Gold's flagship KSM project, which carries an estimated initial capital cost of $6.4 billion, is contingent on securing necessary permits and resolving ongoing legal challenges. There are unresolved legal risks related to KSM's permitting, including court hearings challenging its "Substantially Started" designation and additional challenges from other entities, creating regulatory and permit uncertainty.
3. Exploration and Development Risk: As a pure-play mineral exploration and development company, Seabridge Gold's business model is built on proving up large gold and copper reserves rather than immediate production. This inherently exposes the company to risks associated with the uncertainty of mineral discovery and delineation. For instance, disappointing mineralization levels at projects like Iskut Snip North could delay or prevent maiden resource appearances, impacting future project viability. Furthermore, changes in the underlying data used to calculate resource or reserve estimates could make their official declaration problematic.

The escalating impact of ESG (Environmental, Social, and Governance) mandates and climate change-related regulations is a clear emerging threat for Seabridge Gold. The increasing stringency and scope of these requirements, particularly for large, long-life projects like Seabridge Gold's KSM project, pose significant challenges to securing financing, obtaining permits, and managing the project's overall capital and operating costs. This trend reflects a global shift in investor priorities and governmental policies towards sustainable development and reduced environmental footprints, potentially delaying project timelines and increasing financial hurdles for resource development companies.

Seabridge Gold's primary "product" is gold, as it is a gold exploration and development company focused on acquiring, exploring, and advancing large-scale gold deposits.

The addressable market for gold on a global scale is substantial. The global gold market was valued at USD 291.68 billion in 2024. This market is projected to grow, with estimates suggesting it could reach USD 400 billion by the end of 2030 and USD 457.91 billion by 2032. Over the forecast period of 2025-2030, the market is expected to grow at a compound annual growth rate (CAGR) of 6.51%. From 2025 to 2032, the CAGR is projected to be 5.80%.

Here are 3-5 expected drivers of future revenue growth for Seabridge Gold (SA) over the next 2-3 years:

1. Successful Joint Venture Partnership and Development of the KSM Project: Seabridge Gold's flagship asset, the Kerr-Sulphurets-Mitchell (KSM) project, is one of the world's largest undeveloped gold and copper projects. The company is actively seeking a major mining partner to co-develop KSM, a move anticipated to be a transformative catalyst for the company. With environmental assessment approvals in place and an extended development timeline, securing this partnership and advancing towards production is crucial for future revenue generation from its substantial gold, copper, and silver reserves. A Bankable Feasibility Study for KSM is expected to be completed in 2026.
2. Appreciation in Gold and Copper Prices: As a company focused on large-scale gold and copper deposits, Seabridge Gold's future revenue potential is highly sensitive to the market prices of these commodities. Rising gold, copper, and silver prices enhance the economic viability and profitability of its projects, making the significant upfront construction costs of KSM more manageable and improving its projected payback period. Strong precious metals markets are expected to positively impact the company's valuation and the attractiveness of its projects to potential partners.
3. Advancement and Resource Delineation at the Iskut Project: Recent drilling at the Iskut project, particularly in the Snip North area, has confirmed a large copper-gold porphyry deposit. A maiden resource estimate for Iskut is anticipated in early 2026, which is expected to further delineate this promising asset. The Iskut project is considered to have the potential to become another multi-million-ounce gold and multi-billion-pound copper asset, similar in scale to KSM.
4. Advancement of the Courageous Lake Project: The Courageous Lake project in the Northwest Territories holds significant proven and probable gold reserves and measured and indicated resources. An updated Pre-Feasibility Study (PFS) in 2024 demonstrated robust economics for the project, and efforts are underway to move towards a definitive feasibility study. Continued progress in exploration and engineering studies at Courageous Lake will contribute to the company's overall asset value and long-term production pipeline.

Share Issuance

• In February 2025, Seabridge Gold completed two equity financings for gross proceeds of $142.5 million (US$100 million). This included a bought-deal offering of 6,540,000 common shares and a private placement of 1,640,000 common shares to a strategic investor, both at US$12.25 per share.
• In November 2024, Seabridge Gold completed a $125 million flow-through share offering.
• A significant $115.7 million bought deal financing closed in 2020, which temporarily reduced the per-share value of cumulative spending, but the capital was effectively deployed into exploration.

Inbound Investments

• In February 2025, a strategic investor participated in a private placement, acquiring 1,640,000 common shares at US$12.25 per share, as part of a larger $142.5 million equity financing.
• Approximately one year prior to August 2024, Seabridge secured $150 million in funding from Sprott Resource Streaming and Royalty.

Capital Expenditures

• Seabridge Gold's investment in mineral interests, property, and equipment decreased to $106.3 million in 2024 from $230.2 million in 2023.
• Capital expenditures were reported as $91.11 million in 2020, $73.61 million in 2021, $183.30 million in 2022, and $230.16 million in 2023.
• Total exploration and development spending on its projects, primarily the KSM project, has exceeded $1 billion as of July 2024, including early site construction work. Expected capital for the KSM project is $6.4 billion.