Mr. Rudi Fronk reports

SEABRIDGE GOLD PROVIDES YEAR END UPDATE

Seabridge Gold Inc. has provided a year-end update to shareholders on 2025 activities.

KSM partnership

In 2025, management focused on completing due diligence exercises with a number of high-quality potential partners. In Q3, final site visits were completed by three selected joint venture finalists. Although the company will miss its self-imposed year-end target for an announcement, Seabridge is advancing toward a partnership with its preferred candidate and look forward to sharing more information as soon as possible.

KSM field activities: ready for final feasibility

The KSM project recorded strong progress in 2025, achieving key steps in its development pathway. An extensive field data collection program was completed, including the largest geotechnical drilling effort in Seabridge's history, totalling approximately 8,500 metres of drilling across 117 drill holes to provide sufficient information to commence the project's next major phase of a feasibility study. Construction also advanced on the Treaty Creek terminal (TCT) switching station, which connects KSM to renewable power from BC Hydro. Major milestones achieved in 2025 included completion of earthworks, concrete foundations, steel erection and installation of transmission line structures connecting the TCT to the Northwest transmission line.

Project support teams continued with high standards and performance, including receiving the prestigious David Barr Award, having zero reportable environmental incidents, and maintaining a strong emphasis on indigenous engagement and collaboration. At peak activity, the project supported more than 260 workers on site.

Courageous Lake spinout: optimizing shareholder value

Seabridge has made the decision to spin out its wholly owned subsidiary, Seabridge Gold (NWT) Inc. (to be renamed Valor Gold), which owns 100 per cent of the Courageous Lake gold project, located in Canada's Northwest Territories. Seabridge intends to distribute all of the Valor Gold shares to Seabridge shareholders and list them on at least one major public stock exchange. Valor will have its own dedicated management team and board of directors. Seabridge will continue focusing primarily on its KSM gold-copper project and its other exploration assets.

Following the spinout, Valor Gold will be focused on advancing the Courageous Lake project through exploration, engineering and permitting. Courageous Lake is one of Canada's largest undeveloped gold projects with total contained gold inventory, comprising measured and indicated resources of 11.0 million ounces of gold (145.2 million tonnes at an average grade of 2.36 grams per tonne), plus an additional 3.3 million ounces of gold in the inferred category (40.6 million tonnes at 2.52 grams per tonne). The reported measured and indicated resources include 2.8 million ounces of proven and probable reserves (33.9 million tonnes at 2.6 grams per tonne), which would make it one of the highest-grade open pit gold projects in Canada.

Seabridge believes Courageous Lake is being attributed little to no value in the price of Seabridge shares today. Spinning out Courageous Lake allows the market and Seabridge's shareholders to determine its value, which the company believes has been overshadowed for too long by KSM

2025 exploration: enhancing gold resources per share

Seabridge's corporate strategy has focused from the beginning on increasing gold ownership per share. The latest success in this strategy is unfolding just a few kilometres from KSM in British Columbia's Golden Triangle.

At the Iskut project, Seabridge completed 24,225 metres of diamond drilling this summer, focused on following up the 2024 Snip North discovery and offsetting drill holes in a roughly 175-metre pattern. Drilling has defined a major porphyry system. Each of the holes drilled in 2025 intersected wide zones of mineralization, including 820 metres of 0.66 gram per tonne gold and 0.14 per cent copper in hole SN-25-30. Snip North is now defined over a strike length of 2,100 metres, a dip projection of 600 metres and up to 700 metres in width. The limits of mineralization have not yet been defined, and the system remains open at depth to the west and north.

Seabridge plans to issue a mineral resource estimate on Snip North in early 2026 and continue drilling in 2026 to define the limits of the system and target a potentially higher-grade intrusive porphyry source.

Permitting: advancing of KSM

Working with its preferred partner candidate, Seabridge has been identifying and planning the next steps in the development of KSM. Obtaining the necessary permits is a critical component of this process.

In 2025, Seabridge met all regulatory requirements for the M-245 Joint Mines Act/Environmental Management Act amendment application. The permit is currently in its final drafting stage with the Ministry of Critical Minerals and Ministry of Environment and Parks (MCM/ENV) and is anticipated to be issued in the first quarter of 2026. This amendment will permit construction of the Mitchell-Treaty tunnel (MTT) along its entire route as designated in Seabridge's licence of occupation and protected by the company's conditional mineral reserve.

Seabridge maintained compliance with all major permits, conditions, reporting obligations, regulatory inspections and requests across its five active projects. In 2025, eight inspections were conducted by five separate regulatory agencies, with no major non-compliances identified.

Seabridge advanced its multiyear reclamation of the historic Johnny Mountain mine, a former transboundary abandoned site, in close partnership with the Tahltan Nation. Acquired in 2016 with the purchase of Snip Gold, the site is expected to require approximately two more years of reclamation work following the progress made in 2025.

Throughout 2025, Seabridge Gold strengthened its relationships with indigenous groups, including treaty and first nations, through pro-active engagement, open communication, cultural respect and targeted support initiatives. The company maintained strong connections with the Nisga'a Nation, the Tahltan Nation and the Gitxsan Hereditary Chiefs' office and resumed engagement with the Gitanyow Hereditary Chiefs' office for the KSM project.

Defending Seabridge's property rights

The court hearing at which petitioners challenged the substantially started designation for KSM granted by the Britsh Columbia government in 2024 took place from Sept. 22 to Oct. 3, 2025. Thorough oral submissions were made to the judge during the hearing in defence of the substantially started determination. British Columbia's and the company's submissions forcefully addressed the deficiencies alleged by the plaintiffs in the British Columbia Environmental Assessment Office's decision-making process to grant the substantially started designation. The judge's decision is expected in Q1 2026.

A successful 2025 and an even better 2026

Seabridge is proud of its accomplishments this year, and, with the expectation of its KSM partner in place early next year, the company expects to make 2026 its best year yet. Seabridge wishes its shareholders a prosperous and happy 2026. Seabridge will do its best to make it so.

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 projects are located in northwestern British Columbia, Canada's Golden Triangle; the Courageous Lake project is in Canada's Northwest Territories; the Snowstorm project is in the Getchell gold belt of northern Nevada; and the 3 Aces project is in Yukon.

We seek Safe Harbor.