Corporate Overview

Seabridge Gold Inc. is designed to provide its shareholders with exceptional leverage to a rising gold price. From 1999 through 2002, when the gold price was lower, Seabridge acquired nine North American projects with substantial gold resources, including Courageous Lake and KSM. Subsequent exploration by Seabridge has significantly expanded its acquired gold resource base.

Today, KSM hosts the largest undeveloped gold resource in the world with measured and indicated gold resources totaling more than 88 million ounces. Our exploration success at KSM has also defined a world class copper and silver project containing 19.4 billion pounds of copper and 414 million ounces of silver in the measured and indicated resource categories. The combined gold, copper and silver, constitute an outstanding economic opportunity, with environmental approvals and permits in place to commence construction.

Seabridge Gold recently completed an updated Preliminary Feasibility Study for KSM capturing 47.3 million ounces of gold, 7.3 billion pounds of copper and 160 million ounces of silver in proven and probable reserves. The study projects a 33 year open-pit only mine life, generating an after tax net present value (at 5%) of US$7.9 billion and a life of mine total cost (including all capital, reclamation and closure costs) of US$601 per ounce of gold produced after base metal credits. Over the 33 year mine life, average annual metal production is estimated at 1.0 million ounces of gold, 178 million pounds of copper and 3.0 million ounces of silver.

Seabridge is pursuing three value-enhancing strategies. First, the Company continues to search for gold projects in North America which would be accretive in terms of gold resources. Second, Seabridge funds exploration and engineering work considered likely to expand resources and upgrade them to reserves. Third, Seabridge sells or partners its projects when they reach the production stage, to limit risk and share dilution.

Notes
1. The KSM Mineral Reserve estimates herein were reviewed by Moose Mountain Technical Services under the supervision of Jim Gray, P.Eng., who is independent of Seabridge and a Qualified Person as defined by National Instrument 43-101, and have an effective date of May 26, 2022.
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2. The KSM Mineral Resource estimates herein were prepared by Wood Canada Limited under the supervision of Henry Kim, P.Geo., who is independent of Seabridge and a Qualified Person as defined by National Instrument 43-101, and have effective dates of March 31, 2022 for Mitchell and East Mitchell and December 31, 2019 for Kerr, Sulphurets and Iron Cap.