Do Analysts Recommend This Co. With World's Largest Undeveloped Gold Project?
Analyst Consensus Report

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*Street Smart Average Price Target Formula

Street Smart has attained an average price target and rating for this company from our system's formula. The system calculates an average of all analyst target prices, which are originally in Canadian or U.S. dollars, then converts them to both dollar amounts. For the recommendation, it selects whichever rating (Buy, Sell, Hold, etc.) appears most frequently among analysts. When there's a tie for the most common recommendation, all tied ratings are included.

Disclosures for Royal Bank of Canada Capital Markets, Seabridge Gold Inc., September 15, 2025:

Non-U.S. analyst disclosure: One or more research analysts involved in the preparation of this report (i) may not be registered/qualified as research analysts with the NYSE and/or FINRA and (ii) may not be associated persons of the RBC Capital Markets, LLC and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Conflicts disclosures: The analyst(s) responsible for preparing this research report received compensation that is based upon various factors, including total revenues of the member companies of RBC Capital Markets and its affiliates, a portion of which are or have been generated by investment banking activities of the member companies of RBC Capital Markets and its affiliates.

With regard to the MAR investment recommendation requirements in relation to relevant securities, a member company of Royal Bank of Canada, together with its affiliates, may have a net long or short financial interest in excess of 0.5% of the total issued share capital of the entities mentioned in the investment recommendation. Information relating to this is available upon request from your RBC investment advisor or institutional salesperson.

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RBC Capital Markets, LLC makes a market in the securities of Seabridge Gold Inc..

RBC Dominion Securities Inc. makes a market in the securities of Seabridge Gold Inc..

A member company of RBC Capital Markets or one of its affiliates managed or co-managed a public offering of securities for Seabridge Gold Inc. in the past 12 months.

A member company of RBC Capital Markets or one of its affiliates expects to receive or intends to seek compensation for investment banking services from Seabridge Gold Inc. in the next three months.

A member company of RBC Capital Markets or one of its affiliates received compensation for investment banking services from Seabridge Gold Inc. in the past 12 months.

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Seabridge Gold Inc. Valuation

Our US$40.00 price target is based on an average 0.50x target multiple applied to our NAV8% estimate (RBC price deck, $2,600/oz Au, $4.00/lb Cu LT), a discount to covered developer peers, reflecting the stage of the project, potential partnership, longer-dated potential upside from unmodeled resources / projects and construction costs/complexity. Our price target supports our Outperform rating on the stock, and the Speculative Risk qualifier reflects the early-stage nature of the project and construction risk ahead.

Risks to rating and price target

• Partnership risk: Our target and recommendation largely depend on Seabridge finding first a partner to advance and fund a feasibility study, and then to assume operatorship of the project through construction and production. If a suitable partner is not found, or partnership terms differ from our assumptions, we see risk to our valuation and potential for material delays in advancement.

• Gold price: The project is most sensitive to the prevailing price of gold (and to a lesser extent, copper), outperforming in rising markets and underperforming when falling.

• Construction capex: Whether $6.4bn as outlined in the 2022 PFS, or our $7.3bn estimate on a smaller-scale initial project, KSM is highly sensitive to start-up capital.

• Remoteness and climate: While the paved highway, port, and airstrip provide access to the project, KSM is still a relatively remote project. Weather conditions will present challenges during construction and mine operations.

• Permitting: Environmental approvals are in place; however, significant additional permitting will need to take place prior to production.

• Project financing: Funding options for Seabridge/KSM will ultimately depend on the potential partnership agreement, development plan, revised capex figures, and future market conditions (including metal prices).

• Project opposition: KSM has seen past criticism from local groups and non-government organizations, primarily related to the impact on waters, rivers, and salmon spawning grounds.

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Disclosures for Stonegate Capital Partners, Seabridge Gold Inc., September 14, 2025

(a) The research analyst and/or a member of the analyst’s household do not have a financial interest in the debt or equity securities of the subject company. (b) The research analyst responsible for the preparation of this report has not received compensation that is based upon Stonegate’s investment banking revenues. (c) Stonegate or any affiliate have not managed or co-managed a public offering of securities for the subject company in the last twelve months, received investment banking compensation from the subject company in the last 12 months, nor expects or receive or intends or seek compensation for investment banking services from the subject company in the next three months. (d) Stonegate’s equity affiliate, Stonegate Capital Partners, “SCP” has a contractual agreement with the subject company to provide research services, investor relations support, and investor outreach. SCP receives a monthly retainer for these non-investment banking services. (e) Stonegate or its affiliates do not beneficially own 1% or more of any class of common equity securities of the subject company. (f) Stonegate does not make a market in the subject company. (g) The research analyst has not received any compensation from the subject company in the previous 12 months. (h) Stonegate, the research analyst, or associated person of Stonegate with the ability to influence the content of the research report knows or has reason to know of any material conflicts of interest at the time of publication or distribution of the research report. (i) No employee of Stonegate has a position as an officer or director of the subject company. Ratings - Stonegate does not provide ratings for the covered companies. Distribution of Ratings - Stonegate does not provide ratings for covered companies. Price Chart - Stonegate does not have, nor has previously had, a rating for its covered companies. Price Targets - Stonegate does not provide price targets for its covered companies. However, Stonegate does provide valuation analysis. Regulation Analyst Certification: I, Dave Storms, CFA, hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report. For Additional Information Contact: Stonegate Capital Markets, Inc. Dave Storms, CFA [email protected] 214-987-4121

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Disclosures for Red Cloud Securities, Seabridge Gold, August 13:

Red Cloud Securities Inc. is registered as an Investment Dealer and is a member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud Securities registration as an Investment Dealer is specific to the provinces of Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan. We are registered and authorized to conduct business solely within these jurisdictions. We do not operate in or hold registration in any other regions, territories, or countries outside of these provinces. Red Cloud Securities bears no liability for any consequences arising from the use or misuse of our services, products, or information outside the registered jurisdictions.

Part of Red Cloud Securities Inc.'s business is to connect mining companies with suitable investors. Red Cloud Securities Inc., its affiliates and their respective officers, directors, representatives, researchers and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities.

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The Red Cloud Securities Inc. Analyst named on the report hereby certifies that the recommendations and/or opinions expressed herein accurately reflect such research analyst’s personal views about the company and securities that are the subject of this report; or any companies mentioned in the report that are also covered by the named analyst. In addition, no part of the research analyst’s compensation is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Disclosures for Cantor Fitzgerald, Seabridge Gold Inc., August 12, 2025:

Disclaimers: The opinions, estimates and projections contained in this report are those of Cantor Fitzgerald Canada Corporation. (“CFCC”) as of the date hereof and are subject to change without notice. Cantor makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, Cantor makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents.

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Disclosures as of August 12 , 2025: Cantor has provided investment banking services or received investment banking related compensation from Seabridge Gold Inc. within the past 12 months.

The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of Seabridge Gold Inc.

The analyst responsible for this report has visited the material operations of Seabridge Gold Inc. (KSM and Iskut). No payment or reimbursement was received for the related travel costs.

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StreetSmart Research™

Seabridge Gold Inc.

(SEA:TSX - SA:NYSE.MKT)

Consensus Average Rating & Price Target

Price targets are based on the original currency and converted to US and/or CA using current exchange rates at the time of publication.

Rating: Buy / Outperform

Target: US $39.42 / CA $54.40

How Avg Analyst Ratings Are Calculated

09/15/2025

Michael Siperco – RBC Capital Markets

Price at Time of Rating: US $18.83 / CA $25.99

Rating: Outperform

Target Price: US $40.00 / CA $55.20

09/12/2025

Mike Kozak – Cantor Fitzgerald

Price at Time of Rating: US $16.63 / CA $22.95

Rating: Buy

Target Price: US $37.00 / CA $51.06

08/13/2025

Taylor Combaluzier – Red Cloud Securities

Price at Time of Rating: US $16.78 / CA $23.16

Rating: Buy

Target Price: US $41.27 / CA $56.95

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) has been dedicated to exploring and expanding its mineral resources for the past 25 years.

The company boasts a strong portfolio of exploration and development projects, along with several royalty interests from divested projects.

Seabridge's key assets, all fully owned, include the massive flagship KSM project and the Iskut project in British Columbia's "Golden Triangle," the Courageous Lake project in the Northwest Territories, the Snowstorm project in Nevada's Getchell Gold Belt, and the 3 Aces project in the Yukon Territory. The company is covered by several analysts. Here are some of their latest recommendations on the company.

Michael Siperco — Royal Bank of Canada Capital Markets

On September 15, Royal Bank of Canada Analyst Michael Siperco noted that the company continued drilling at the Snip North target on the Iskut property, which represents about 1% of NAV, and has further confirmed and expanded copper-gold porphyry-style mineralization.

Management has reiterated plans for an initial resource estimate in 2026, building on the existing Bronson Slope resource and previous drilling efforts.

Siperco said RBC believes a key catalyst for Seabridge is securing a senior partner to advance KSM toward a feasibility study and construction decision, with efforts currently underway. The rest of the portfolio, including advanced projects like Iskut and Courageous Lake, offers growing optionality and potential funding sources beyond 2025.

Early work continues at KSM, with US$150 million planned for 2025, "which we view as a world-class gold/copper project with strong leverage to higher metal prices," Siperco said.

Seabridge recently released additional results from the 2025 exploration program at the Snip North target at the Iskut project in British Columbia, Canada, located about 50 kilometers from the KSM project and adjacent to Skeena's Snip project, the analyst said.

To date, 18,000 meters of drilling have been completed, following up on 2024 exploration that identified gold/copper porphyry-style mineralization. The aim is to better understand the deposit and expand its footprint. Based on the results, the company has increased the drill program by an additional 3,000 meters.

The mineralized zone now measures 1,800 meters by 600 meters by 600 meters, an increase of roughly 10% from previous estimates, and shows consistent grade from the results disclosed so far. Management believes the results indicate a wide, higher-grade zone, with potential for hole 30 to have intersected mineralization that could point to the intrusive body and guide future drilling.

The three holes released show similar widths and grades as previous results:

• SN-25-28: 0.42 g/t Au and 0.13% Cu (copper) over 513 meters
• SN-25-29: 0.54 g/t Au and 0.09% Cu over 478 meters
• SN-25-30: 0.72 g/t Au and 0.13% Cu over 715 meters

Management plans to release an initial resource estimate for Snip North in early 2026, following the completion of the 2025 drill program, Siperco noted. The broader Iskut property already hosts an inferred resource at the Bronson Slope deposit of 5.4 Moz Au and 1.1 billion pounds Cu. This offers promising long-term upside in the portfolio, aside from the flagship KSM project, according to Siperco.

The analyst valued the entire Iskut Project on a discounted in situ basis at US$60 million, approximately 1% of NAV. Progress toward defining an economic deposit on the property could significantly enhance its value compared to our model and potentially provide funding for KSM.

"In our view, the key catalyst for the company remains finding a partner for the development of KSM," the analyst noted. "Management is seeking a senior producer that could provide funding through feasibility and a construction decision, with an option to acquire control. A partner with the capability and balance sheet to advance the project to feasibility and a construction decision could, in our view, validate the project, the latest updated studies, and the work done to date at site, while providing a path for Seabridge investors to participate in future potential upside if a positive construction decision is made."

The British Columbia government's Environmental Assessment Office (EAO) has responded to petitions challenging the Substantially Started designation of the KSM project, which was granted by the EAO in 2024. A court hearing is set for September 2025, which Siperco said the firm views as the next major potential catalyst for the stock, as it could reaffirm KSM's environmental permits for the entire 33-year mine life.

Over US$800 million has been invested at the site since the Environmental Assessment Certificate (EAC) was issued in 2014, with more than US$400 million spent on early project construction at KSM since 2021. This includes investments in access road construction, a permanent camp, and early environmental work (see our 2023 initiation of coverage for more detail).

Siperco rated the stock Outperform, Speculative Risk based on the assumption that a partner will be found and a feasibility study will further confirm KSM's economic potential. His US$40 price target reflects a 50% discount to RBC's NPV8% estimate of US$8.4 billion for KSM, and the bank's undiluted US$8.9 billion sum-of-parts NAV at the RBC price deck (US$2,600/oz Au/US$4.00/pound Cu long term).

"At spot prices, our NPV for KSM would increase 70% to US$15.2 billion," Siperco wrote.

Taylor Combaluzier — Red Cloud Capital Markets

Red Cloud Capital Markets Analyst Taylor Combaluzier on August 13 maintained the firm's Buy rating on the security with a target price of CA$56.95 per share.

This came after Seabridge reported earlier assay results from the first three holes of the drilling campaign at the Snip North target.

The drilling revealed a notable intercept of 0.48 g/t Au and 0.16% Cu over 729.1 meters, confirming the significant copper-gold porphyry discovery made in 2024.

"We view these results positively as all three holes successfully extended mineralization and returned broad intersections of porphyry-style mineralization with good grades," Combaluzier wrote. "We also note that Seabridge remains on track to execute on one of its top objectives of delineating a maiden MRE at Snip North by Q1/26."

The 12,000-meter drill program aims to expand zones of intense potassic alteration and associated mineralization discovered in 2024.

Using prices from its commodity price deck, Red Cloud calculate a weighted average grade of 0.66% CuEq (or 0.70 g/t AuEq) over approximately 446 meters from the three holes.

The analyst also noted that all three holes extend mineralization.

"Hole SN-25-25 expanded mineralization up dip and south of 2024 drilling and intersected extensive veining from 62 meters to 790 meters, containing a continuous zone of pyrite and chalcopyrite mineralization," the analyst noted. "Hole SN-25-26 contained potassic alteration characteristic of the Central part of Snip North, extending mineralization along strike and to the north from 2024 drilling. Hole SN-25-27 was a step out to the east, successfully testing the strike extension of potassic alteration to the east."

The ongoing drill program's results are expected to contribute to a maiden MRE planned for early 2026. Current drilling focuses on increasing drill density in a target area measuring 1,700 meters by 600 meters by 600 meters.

The Snip North MRE is one of 10 objectives outlined by Seabridge earlier in 2025. The company has already achieved its second-highest objective of securing at least US$100 million in financing to fund a bankable feasibility study at its flagship KSM project. The top priority remains to partner with a major mining company to build and operate the KSM project.

Combaluzier said Red Cloud's target is based on a 0.60x multiple applied to its NAVPS5% estimate of CA$94.87 per share.
Some upcoming catalysts for the company include KSM development updates, a potential joint venture with a major partner, and drilling results from 3 Aces and Iskut, according to the analyst.

Mike Kozak — Cantor Fitzgerald

On August 12, Analyst Mike Kozak with Cantor Fitzgerald also released an updated research note on the step-out intervals reported from the initial 2024 discovery drill program at Snip North that suggest "suggest a large, near surface, and seemingly continuous gold-copper porphyry."

It's worth noting that the Iskut project is situated approximately 20 kilometers north of Seabridge's flagship KSM gold-copper open-pit and underground project in British Columbia, noted Kozak, who maintained a Buy rating on the stock with a one-year target price of US$37/CA$46, a return of more than 100% from the price at time of writing.

The mineralized footprint of Snip North, based on the 2024 and 2025 drill campaigns so far, measures 1,700 meters by 600 meters by 600 meters and remains open in multiple directions and at depth, Kantor wrote.

"The intervals reported this morning are step-outs from the maiden 2024 discovery drill program at Snip North and suggest a large, near surface, and seemingly continuous gold-copper porphyry," he wrote.

Seabridge plans to complete a maiden MRE at Snip North in early 2026.

Based on the drilling conducted to date, a maiden resource of over 1.5 billion tonnes at approximately 0.45 g/t Au and 0.15% Cu, containing around 20 Moz of gold and 5 billion pounds of copper, is potentially achievable for the company (according to Cantor's estimate), but this is subject to further exploration results from the ongoing 12,000-meter drill program.

Dave Storms — Stonegate Capital Partners

As of the second quarter of 2025, Seabridge Gold maintained a strong financial position, with cash and cash equivalents totaling US$121.4 million, which was bolstered by a US$100.2 million equity financing in February 2025 and a US$30.5 million flow-through financing in June 2025, wrote Dave Storms of Stonegate Capital Partners on September 14 as he initiated coverage of the company.

Seabridge's operating expenses are primarily focused on advancing its KSM project and exploration activities at its Iskut, 3 Aces, and Snowstorm projects. Additionally, Seabridge renewed its US$750 million base shelf prospectus and US$100 million ATM facility in early 2025.

KSM, located in the Golden Triangle, is the world’s largest undeveloped gold project and the third-largest copper development resource, according to the analyst. The 2022 Preliminary Feasibility Study (PFS) outlined a 33-year mine life with an all-in sustaining cost (AISC) of US$601/oz, net of copper credits, and an initial capital expenditure of US$5.3 billion.

The project received its Substantially Started Designation (SSD) in July 2024, securing its Environmental Assessment Certificate for the project's duration, Storms noted. Near-term goals include completing the KSM Site Investigation Program in the second half of 2025, supporting a future Bankable Feasibility Study (BFS), and advancing the ongoing joint venture process with a target for KSM partner selection by the end of 2025.

Situated in the Northwest Territories, Courageous Lake offers Seabridge a second Tier-1 scale project. It contains 2.8 million ounces (Moz) of proven and probable gold reserves, 11 Moz of measured and indicated resources, and 3.3 Moz of inferred resources. The 2024 PFS projected a 12.6-year mine life, producing approximately 201,000 ounces per year at an AISC of US$999/oz, with an after-tax NPV5% of US$523 million and an IRR of 20.6%, the research report said.

Activities in 2025 are focused on maintaining permits, engaging with the community, and initiating the renewal of exploration permits set to expire in 2027, he said.

"Seabridge offers exceptional leverage to metals prices," Storms wrote. "The company’s strategy is to secure a major JV partner for KSM, unlock value from Courageous Lake, and continue expanding its district-scale exploration pipeline. Importantly, Seabridge has consistently grown ounces of gold and copper per share faster than outstanding shares, maximizing leverage while minimizing dilution."

Supported by a strong leadership team, a robust balance sheet, a permitted flagship asset, and multiple near-term catalysts, Seabridge is well-positioned to become one of the most compelling development stories in the global gold and copper sector, Storms said.

The analyst did not employ a traditional rating In valuing the company's stock. Storms said the firm applied an EV/NAV range of 0.60x to 0.80x, resulting in a valuation range of CA$41.85 to CA$57.85, with a midpoint of CA$49.85. Using an EV/Reserves valuation method, we apply a multiple range of 20x to 30x, resulting in a valuation range of CA$42.72 to CA$67.17, with a midpoint of CA$54.94.

Analyst Summary

*From these analysts' ratings, Street Smart came up with an average rating of Buy / Outperform, with an average target price of US$39.42 / CA$54.40.

Ownership and Share Structure

Refinitiv provided a breakdown of the company's ownership and share structure, where management and insiders own approximately 3% of the company. According to Refinitiv, CEO and Chairman Rudi P. Fronk owns 1.22%.

Refinitiv reports that institutions own about 56% of the company. Friedberg Mercantile Group Ltd. owns 16.08%, Van Eck Associates Corp. owns 2.62%, Kopernik Global Investors L.L.C. owns 7.34%, and Paulson & Co. Inc. owns 2.06%.

According to Refinitiv, there are about 100.54 million shares outstanding, while the company has a market cap of CA$3.05 billion and trades in a 52-week range of CA$13.44 and CA$28.39.