Seabridge Gold Inc · TSX:SEA
Seabridge Gold — Shareholder Meeting (June 2026)
39 slides from Seabridge Gold's shareholder meeting presentation, June 2026
Slide 1: Annual General Meeting
JUNE 2026 A 20+ year track record of growing ounces of gold in the ground faster than shares outstanding Annual General Meeting
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 BRONSON CORRIDOR COURAGEOUS LAKE (100%) 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,
Slide 4: Share Dilution Matters
Share Dilution Matters ▶ Our objective is to grow ounces in the ground faster than shares outstanding From 2003 through March 2026, total gold resources have grown by 1,260% during a period when shares outstanding increased by 290% 250 250 200 200 Shares Outstanding (Millions) Ounces of Gold (Millio
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 20,000% Si nce October 1999 Seabri dge 17,152% 18,000% NovaGold 2,533% Agnico Eagle 1,969% 16,000% Gold Fields 1,437% Gold 1,400% HUI 859% 14,000% Newmont 502% Relative Performance (Since October 1, 1999) Kinross 382% Harmony 241% 12,000% AngloGol
Slide 7: 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 8: KSM Project
KSM Project British Columbia, Canada TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2026 8
Slide 9: 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 (96 M oz M&I + 84 M oz Inf.) 84 2nd 2nd largest
Slide 10: KSM: 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 Newmont (100%) ▶ One of the world’s largest undeveloped gold/copp
Slide 11: 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 12: Significant Regional & Local Infrastructure
Significant Regional & Local Infrastructure ▶ Northwest Transmission Line completed in 2014 ▶ Secured 245MW of cheap green hydro power from BC Hydro ($0.05/KWH) ▶ Paved Highway 37 allows efficient transport to and from port and mine ▶ Two nearby ports at Stewart B.C. ▶ Two nearby regional airports a
Slide 13: Multi-Generational District Potential
Multi-Generational District Potential ▶ Five major deposits provide metal specific mining flexibility ▶ All deposits daylight for open pit access ▶ 100+ year mine life ▶ Significant exploration potential remains MINERAL RESERVES & MINERAL RESOURCES M tonnes g/t Au % Cu g/t Ag ppm Mo M oz Au M lbs Cu
Slide 14: KSM 2022 Preliminary Feasibility Study (PFS)
Base Case Recent Spot Unit Change 2022 PFS Case Input Prices: KSM 2022 Preliminary Feasibility Study (PFS) Gold Copper US$/oz US$/lb $1,742 $3.53 $4,400 $5.75 Silver US$/oz $18.0 $70.0 ▶ 33-year mine life uses less than 20% of current mineral resource US$/C$ Exchange Rate 0.77 0.73 ▶ Mine plan limit
Slide 15: KSM Substantially Started
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 16: 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 17: 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 | 2026 17
Slide 18: 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 | 2026 18
Slide 19: Substantially Started - Power
Substantially Started - Power BC Hydro’s Treaty Creek Terminal TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2026 19
Slide 20: 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 | 2026 20
Slide 21: 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 | 2026 21
Slide 22: Substantially started - Fish Habitat
Substantially started - Fish Habitat Glacier Creek Fish Habitat Construction Completed TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2026 22
Slide 23: Substantially started - bridges
Substantially started - bridges Bell-Irving Bridge completed TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2026 23
Slide 24: Courageous Lake
Courageous Lake Northwest Territories, Canada TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2026 24
Slide 25: Courageous Lake Project (100% Valor Gold)
Courageous Lake Project (100% Valor Gold) ▶ 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
Slide 26: 2024 Courageous Lake PFS site layout
2024 courageous lake PFS site layout TSX: SEA | NYSE: SA WWW.SEABRIDGEGOLD.COM | 2026 26
Slide 27: Courageous Lake spun out to Seabridge shareholders in June 2026 in Valor Gold
Courageous Lake spun out to Seabridge shareholders in June 2026 in Valor Gold HIGHLIGHTS OF THE COURAGEOUS LAKE 2024 PFS ▶ Courageous Lake 2024 PFS demonstrates a very profitable mine with exceptional Unit Base Recent Spot Change leverage to the gold price Case ▶ The 2024 PFS for the Courageous Lake
Slide 28: Finding a partner for KSM
Finding a partner for KSM 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 recei
Slide 29: 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 environmental gold and copper bull markets gold/copper projects in the world approvals/permits for life of project Upside from three additional 100%
Slide 30: Capital Markets Profile
Capital Markets Profile SHARE PRICE AND VOLUME (LAST 12 MONTHS) CAPITAL STRUCTURE C$60 10.0 9.0 Tickers TSX:SEA | NYSE:SA C$50 8.0 Trading Volume (millions) 7.0 Indices GDX, GDXJ, S&P/TSX Global C$40 Mining and Global Gold Share Price (C$) 6.0 C$30 5.0 Share Price (May 29, 2026) C$46.58 (US$34.11) 4
Slide 31: Tailwinds Driving the Gold Market
TAILWINDS DRIVING THE GOLD MARKET June 24, 2026
Slide 32: The Five Tailwinds of Gold
THE FIVE TAILWINDS OF GOLD ▶ There is more than one reason why central banks worldwide, Chinese insurance companies, Indian savers, Wall Street traders and Middle Eastern oil exporters are buying gold 1 The Monetary Fiat currencies don’t preserve value because they are constantly being created by co
Slide 33: The Five Tailwinds of Gold
THE FIVE TAILWINDS OF GOLD An explosion of credit has stretched the global balance sheet to the point where the global 2 The Debt Spiral Argument economy can’t support its debt load. At some point, interest payments require more new credit than the system can bear and we get QE or default, both gold
Slide 34: The Five Tailwinds of Gold
THE FIVE TAILWINDS OF GOLD Holding and moving money safely and securely is getting more difficult as the U.S. Treasury 3 The Sanctions Argument controls the SWIFT system and alternative Chinese and Russian systems can also be compromised. Gold has no central bank or issuer. The sanctions tailwind. O
Slide 35: The Five Tailwinds of Gold
THE FIVE TAILWINDS OF GOLD The gold market is the only market other than Treasuries big enough, liquid enough and low 4 The Liquidity Argument enough in volatility to take the huge trade surpluses of major net exporters like China. The liquidity tailwind. Foreign central banks hold more gold than tr
Slide 36: The Five Tailwinds of Gold
THE FIVE TAILWINDS OF GOLD As Treasuries become less reliable collateral due to extreme leverage, over issuance and uncertain 5 The Collateral Argument Treasury/Fed monetary policy, gold is becoming the highest quality collateral because it is no one else’s liability. The collateral tailwind. ▶ Gold
Slide 37: The Three Headwinds of Gold
THE THREE HEADWINDS OF GOLD 1. Rising real interest rates – Real interest rates at either the short end or the long end or both could rise if rates climb faster than inflation, restoring the gold-has-no-yield reason to sell gold. Western economies and financial systems cannot carry their current deb
Slide 38: Predictions
PREDICTIONS The relationship between gold and the U.S. economy is At the last annual meeting, we predicted the gold price returning to pre-Fed levels requiring a 3X gold price to reach US$5,000/oz within the year. We predict US$5,500/oz by the end of 2026 and US$6,500/oz by the time we meet again. T
Slide 39: Contact Us
CONTACT US HEADQUARTERS Toronto, ON Smithers, BC Terrace, BC Watson Lake, YT +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