Seabridge Gold Inc · TSX:SEA
Seabridge Gold — Investor Presentation (October 2025)
42 slides from Seabridge Gold's investor presentation, Oct 14, 2025
Slide 1: A 20+ year track record of growing ounces of gold faster than shares
SEPTEMBER 2025 A 20+ year track record of growing ounces of gold in the ground faster than shares outstanding
Slide 2: Forward Looking Statements
Forward Looking Statements All reserve and resource estimates reported by the Company were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of th
Slide 3: North American Portfolio of Premier Gold and Copper Projects
North American Portfolio of Premier Gold and Copper Projects COURAGEOUS LAKE (100%) ISKUT PROJECT (100%) Northwest Territories, Canada British Columbia, Canada ▶ One of Canada largest undeveloped ▶ 294 km2 property located in northern British projects by gold resources (11.0M oz Columbia, ~110 km no
Slide 4: Share Dilution Matters
Share Dilution Matters ▶ Our objective is to grow ounces in the ground faster than shares outstanding From 2003 through December 2024, total gold resources have grown by 1075% 200 during a period when shares outstanding increased by 233% 200 180 180 160 160 Shares Outstanding (Millions) 140 140 Ounc
Slide 5: Superior Leverage to Gold
Superior Leverage to Gold ▶ Seabridge ranks 1st in gold reserves/share among North ▶ Seabridge ranks 1st in gold resources/share among North American listed gold companies American listed gold companies GOLD RESERVES (OUNCES) PER COMMON SHARE GOLD RESOURCES (OUNCES) PER COMMON SHARE Proven & Probabl
Slide 6: In A Rising Gold Market, Seabridge Is A Stock To Own
In A Rising Gold Market, Seabridge Is A Stock To Own Si nce October 1999 Seabri dge 8,781% 13,900% NovaGold 1,987% Agnico Eagle 1,516% Gold Fields 1,191% Gold 1,041% 11,900% HUI 548% Newmont 308% Kinross 230% Relative Performance (Since October 1, 1999) 9,900% Harmony 148% AngloGold 99% Barrick 78%
Slide 7: Shrinking shareholder value
Shrinking shareholder value 2007 YE 2024 Change Barrick: Shares Outstanding (M) 840 1,727 106% Annual Production (M ozs) 8.1 3.9 (52%) Reserves (M ozs) 125 89 (29%) Production per share (ozs) 0.010 0.002 (77%) Reserves per share (ozs) 0.149 0.052 (65%) Newmont: Shares Outstanding (M) 436 1,127 158%
Slide 8: Ratio of GDX to GLD over Time
Ratio of GDX to GLD over Time 0.60x GDX / GLD Max = 0.58x 0.45x 0.30x GDX / GLD Average = 0.25x 0.15x GDX / GLD Current = 0.20x GDX / GLD Min = 0.11x - May-06 Jan-07 Sep-07 May-08 Jan-09 Sep-09 May-10 Jan-11 Sep-11 May-12 Jan-13 Sep-13 May-14 Jan-15 Sep-15 May-16 Jan-17 Sep-17 May-18 Jan-19 Sep-19 M
Slide 9: Superior Leverage To Copper
Superior Leverage To Copper ▶ Seabridge ranks 1st in copper reserves/share among ▶ Seabridge ranks 1st in copper resources/share among major listed copper/gold companies major listed copper/gold companies COPPER RESERVES (POUNDS) PER COMMON SHARE COPPER RESOURCES (POUNDS) PER COMMON SHARE Proven & P
Slide 10: KSM Project
KSM Project British Columbia, Canada TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2025 10
Slide 11: KSM is a World-Class Gold & Copper Project
KSM is a World-Class Gold & Copper Project Measured & Indicated Resources(1) Inferred Resources Owned by a Major World-Class on Every Metric (2) KSM is the World’s Largest Gold Resource (2) (M oz Au)… Largest gold resource in the world 1st (89 M oz M&I + 71 M oz Inf.) 72 24 36 4 3rd
Slide 12: A Rare, World-Class Project in a Top Mining Jurisdiction
Schaft Creek KSM Project Producing Teck (75%) / Copper Fox (25%) Mine Development KSM: Silvertip Project Highway Coeur Mining (100%) (167 Employees) (%) Primary Owner A RARE, WORLD-CLASS PROJECT IN A TOP MINING JURISDICTION 37 Tatogga ▶ One of the world’s largest undeveloped gold/copper projects by
Slide 13: KSM has Been Radically Advanced In Recent Years
KSM has Been Radically Advanced In Recent Years Milestone Key Update Since Acquired the East Mitchell / Snowfield Deposit renamed “East Mitchell”, the deposit enables an open-pit only mine plan with the addition of 31 Moz Au and 3.9 Blbs Cu M&I resource and 3 Moz Au and 0.4 Blbs Cu inferred resour
Slide 14: Significant Regional & Local Infrastructure
Significant Regional & Local Infrastructure ▶ Northwest Transmission Line completed in 2014 ▶ Secured 245MW of cheap green hydro power from BC Hydro ($0.05/KWH) ▶ Paved Highway 37 allows efficient transport to and from port and mine ▶ Two nearby ports at Stewart B.C. ▶ Two nearby regional airports a
Slide 15: Multi-Generational District Potential
Multi-Generational District Potential ▶ Five major deposits provide metal specific mining flexibility ▶ All deposits daylight for open pit access ▶ 100+ year mine life ▶ Significant exploration potential remains MINERAL RESERVES & MINERAL RESOURCES M tonnes g/t Au % Cu g/t Ag ppm Mo M oz Au M lbs Cu
Slide 16: KSM 2022 Preliminary Feasibility Study (PFS)
Base Case Recent Spot Unit Change 2022 PFS Case Input Prices: KSM 2022 Preliminary Feasibility Study (PFS) Gold Copper US$/oz US$/lb $1,742 $3.53 $3,750 $4.50 Silver US$/oz $18.0 $44.0 ▶ 33-year mine life uses less than 20% of current mineral resource US$/C$ Exchange Rate 0.77 0.73 ▶ Mine plan limit
Slide 17: KSM Substantially Started funding and work
KSM Substantially Started funding and work ▸ To extend KSM’s EA approvals for the life of the project, KSM had to be “substantially started” by July 2026 ▸ Since early site construction commenced in 2021, Seabridge has spent over $500 million on substantially started activities with a significant po
Slide 18: KSM Substantially Started designation
Bell-Irving Bridge KSM Substantially Started designation ▸ On January 16, 2024 Seabridge filed the formal application with the B.C. Regulators for a “Substantially Started” designation ▸ The application was submitted with letters of support from the Tahltan Central Government, the Nisga’a Lisims Gov
Slide 19: Substantially started - camps
Substantially started - camps 90 beds have been added to Camp 11 bringing total to 210 beds TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2025 19
Slide 20: Substantially Started - camps
Substantially Started - camps Camp 11 Erosion & Sediment Control Measures (sediment pond, clarification pond and discharge pond) TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2025 20
Slide 21: Substantially Started - Power
Substantially Started - Power BC Hydro’s Treaty Creek Terminal TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2025 21
Slide 22: Substantially started - roads
Substantially started - roads Coulter Creek Access Road Construction of 17 kilometers of Treaty Creek Access Road Completed TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2024 22
Slide 23: Substantially started - roads
Substantially started - roads PIONEERING OF NORTH TREATY CREEK ACCESS ROAD UNDERWAY NTAR Km 4 NTAR Km 5 TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2025 23
Slide 24: Substantially started - Fish Habitat
Substantially started - Fish Habitat Glacier Creek Fish Habitat Construction Completed TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2025 24
Slide 25: Substantially started - bridges
Substantially started - bridges Bell-Irving Bridge completed TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2025 25
Slide 26: Finding a partner
Finding a partner A JV on a mega project like KSM requires an open window when many factors align ▶ In 2012 KSM was unlike anything in BC and permits were in doubt ▶ We got permits in December 2014, but the gold market collapsed in 2015 ▶ In 2018, gold had recovered, two proposals were received but
Slide 27: Courageous Lake
Courageous Lake Northwest Territories, Canada TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2025 27
Slide 28: Courageous Lake Project (100% Interest)
Courageous Lake Project (100% Interest) ▶ 503 km2 property located south of Courageous Lake approximately 240 km northeast of Yellowknife in the Northwest Territories ▶ Lies on a historic mining district that includes two past producing gold mines ▶ Project located on winter ice road within 100 km o
Slide 29: 2024 Courageous Lake PFS site layout
2024 courageous lake PFS site layout TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2025 29
Slide 30: Courageous Lake 2024 PFS demonstrates a very profitable mine
Courageous lake 2024 PFS demonstrates HIGHLIGHTS OF THE COURAGEOUS LAKE 2024 PFS a Very profitable mine with exceptional Unit Base Recent Spot Change leverage to gold Gold Price US$/oz Case $1,850 $3,750 ▶ The 2024 PFS for the Courageous Lake deposit is based on a single open-pit mining Exchange Rat
Slide 31: Iskut Project
Iskut Project British Columbia, Canada TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2025 31
Slide 32: Iskut Project (100% Interest)
Iskut Project (100% Interest) ▶ 294 km2 property located in northern British Columbia, ~110 km northwest of Stewart, BC ▶ Only 30 km by air from the KSM Project ▶ Includes the former high-grade Johnny Mountain gold mine and the Bronson Slope Cu-Au deposit ▶ Acquired in June 2016 for potential large
Slide 33: Iskut: Exploring for gold-copper porphyries similar to KSM's Kerr deposit
Iskut: Exploring for gold-copper porphyries similar to KSM’s Kerr deposit ▶ Three district scale porphyry targets developed in similar geological setting to KSM below Quartz Rise, Bronson Slope and Snip North ▶ All three targets validated by geology, geophysics and shallow drilling ▶ 2023 Program ex
Slide 34: 3 Aces Project
3 Aces Project Yukon Territory, Canada TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2025 34
Slide 35: 3 Aces Project (100% Interest)
3 Aces Project (100% Interest) ▶ In May 2020, Seabridge acquired 100% of the 3 Aces Project in the Yukon from Golden Predator Mining Reef ▶ Upfront payment of 300K shares and a 0.5% NSR royalty ▶ Conditional future cash payments of C$1.0M on discovery of 2.5M oz Au, plus a further C$1.25M on finding
Slide 36: Potential High-grade, Bulk-mineable Gold Deposit At 3 Aces
Potential High-grade, Bulk- mineable Gold Deposit At 3 Aces ▶ Geological setting similar to some of the world’s largest and richest gold deposits (Muruntau, Fosterville, Macreas) ▶ 300 holes drilled in the Central Core Area, with 37% intersecting +5 g/t Au and 27% with +8 g/t Au ▶ Halo of lower grad
Slide 37: Snowstorm Project
Snowstorm Project Nevada, USA TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2025 37
Slide 38: Snowstorm Project (100% Interest)
Snowstorm Project (100% Interest) ▶ 102.8 km2 property located in the northern Snowstorm Mountains in Humbold and Elko counties, Nevada LARGE, EARLY-STAGE PROPERTY WITH ▶ Located in an established gold mining region with access to key POTENTIAL FOR A MAJOR GOLD DISCOVERY regional infrastructure ▶ Si
Slide 39: All The Right Ingredients For A Major Discovery At Snowstorm
All The Right Ingredients For A Major Discovery At Snowstorm ▶ Best place to look for new deposits is in close proximity to existing mines ▶ 2023 program focuses on Twin Creeks and Turquoise Ridge type targets ▶ Challenging exploration (targets are deep under cover) with major discovery potential (p
Slide 40: Why Invest in Seabridge
Why Invest in Seabridge Unparalleled leverage 100% Ownership of KSM – Significant progress at KSM, in emerging One of the largest undeveloped including earning federal and gold and copper bull markets gold/copper projects in the world provincial permits Upside from large A future KSM JV agreement wi
Slide 41: Capital Markets Profile
Capital Markets Profile SHARE PRICE AND VOLUME (LAST 12 MONTHS) C$30 14.0 CAPITAL STRUCTURE 12.0 Tickers TSX:SEA | NYSE:SA C$25 Trading Volume (millions) 10.0 Indices GDXJ, S&P/TSX Composite, C$20 Global Mining and Global Gold Share Price (C$) 8.0 C$15 6.0 Share Price (August 29, 2025) C$23.98 (US$1
Slide 42: Contact Us
CONTACT US HEADQUARTERS Toronto, ON Smithers, BC Terrace, BC Watson Lake, BC +1 416 367 9292 +1 250 847 4704 +1 250 847 4704 +1 867 536 2727 or +1 867 536 2728 +1 416 367 2711 +1 416 367 2711 bpelletier@seabridgegold.com susan@seabridgegold.com info@seabridgegold.com ksm_community@seabridgegold.com
Seabridge Gold — Investor Presentation (October 2025) on 6ix