Mr. Rudi Fronk reports

TUNNEL AUTHORIZATIONS FOR SEABRIDGE'S KSM PROJECT CHALLENGED AGAIN BY TUDOR GOLD

Tudor Gold Corp. has filed a notice of civil claim in the Supreme Court of British Columbia against the Province of British Columbia, principally challenging the legal effect of the conditional mineral reserve requiring Tudor not to obstruct, endanger or interfere with the construction, operation or maintenance of Seabridge Gold Inc.'s KSM project's Mitchell Treaty tunnels (MTT). The action also alleges misrepresentation by the province, in respect of the Tudor's rights as mineral claims holder, that the reserve amounts to an expropriation by the province of Tudor's mineral claims through which the reserve passes and that the province does not have the authority to grant Seabridge rights to use areas within the Treaty project claims, amongst other things. Tudor's claim that the reserve amounts to expropriation is based on Tudor's statement that the MTT would sterilize the presumed economic benefits of the Treaty project claims. Tudor is principally seeking a court declaration that the reserve does not apply to it, or that the reserve and all other authorizations for activities on the Treaty project claims relating to the KSM project exceed the province's authority, and, in the alternative, for an award of compensation for expropriation or for damages for misrepresentation.

The action is separate from the appeal of the decision of the chief gold commissioner brought by Tudor earlier this year and announced by Seabridge on July 14, 2025.

The Mitchell Treaty tunnels are the two 23-kilometre-long parallel tunnels planned to connect the eastern and western sides of the KSM project mine site. Approximately 12.5 kilometres of the MTT route pass through the Treaty Creek claims.

The action relies heavily on a statement made by the province in 2012 that the reserve did not apply to the existing holder of the Treaty project claims, despite that statement being superseded by a statement made by the province in 2014, in connection with the amendment of the reserve, that the amended reserve did apply to the existing holder of the Treaty project claims. It also relies on a claim by Tudor to property rights, which is inconsistent with the Mineral Tenure Act. To succeed, Tudor also needs to address the fact that the reserve has applied to the existing holders of the Treaty project claims since 2014 but has not been challenged during the following 11 years and the fact that the reserve was in place when Tudor first acquired an interest in the Treaty project claims in 2016.

"We are confident that the province has acted within the law and that the various authorizations for the MTT are appropriate and reliable. This latest action is one of a number of legal challenges Tudor has made over the years opposing our MTT rights. In every instance, the B.C. government has reconfirmed our approvals and our understanding of the legal aspects of these matters. If Tudor were to be successful in certain of its claims, it could have consequences for the KSM project," said Seabridge's chair and chief executive officer, Rudi Fronk. "While this action proceeds, we will continue to advance our current plans for the KSM project for the benefit of our shareholders, local communities and the first nations who have so strongly supported our progress."

About Seabridge Gold Inc.

Seabridge holds a 100-per-cent interest in several North American gold projects. Seabridge's principal asset, the KSM project, and its Iskut project, are located in northwestern British Columbia, Canada's Golden Triangle, the Courageous Lake project located in Canada's Northwest Territories, the Snowstorm project in the Getchell gold belt of northern Nevada and the 3 Aces project set in Yukon.

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