Results of 3 More Drill Holes Reported
Research Report

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Disclosures for RBC Capital Markets, SeaBridge Gold Inc., September 15, 2025

RBC Dominion Securities Inc. Michael Siperco (Analyst) (416) 842-3804 [email protected] John Robertson (Associate) (416) 842-9998 [email protected] Required disclosures 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. Please note that current conflicts disclosures may differ from those as of the publication date on, and as set forth in, this report. To access current conflicts disclosures, clients should refer to https://www.rbccm.com/GLDisclosure/PublicWeb/ DisclosureLookup.aspx?entityId=1 or send a request to RBC CM Research Publishing, P.O. Box 50, 200 Bay Street, Royal Bank Plaza, 29th Floor, South Tower, Toronto, Ontario M5J 2W7. 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. Explanation of RBC Capital Markets Equity rating system An analyst's 'sector' is the universe of companies for which the analyst provides research coverage. Accordingly, the rating assigned to a particular stock represents solely the analyst's view of how that stock will perform over the next 12 months relative to the analyst's sector average. Ratings Outperform (O): Expected to materially outperform sector average over 12 months. Sector Perform (SP): Returns expected to be in line with sector average over 12 months. Underperform (U): Returns expected to be materially below sector average over 12 months. Restricted (R): RBC policy precludes certain types of communications, including an investment recommendation, when RBC is acting as an advisor in certain merger or other strategic transactions and in certain other circumstances. Not Rated (NR): The rating, price targets and estimates have been removed due to applicable legal, regulatory or policy constraints which may include when RBC Capital Markets is acting in an advisory capacity involving the company. Risk Rating The Speculative risk rating reflects a security's lower level of financial or operating predictability, illiquid share trading volumes, high balance sheet leverage, or limited operating history that result in a higher expectation of financial and/or stock price volatility. Distribution of ratings For the purpose of ratings distributions, regulatory rules require member firms to assign ratings to one of three rating categories - Buy, Hold/Neutral, or Sell - regardless of a firm's own rating categories. Although RBC Capital Markets' ratings of Outperform (O), Sector Perform (SP), and Underperform (U) most closely correspond to Buy, Hold/Neutral and Sell, respectively, the meanings are not the same because our ratings are determined on a relative basis. Distribution of ratings RBC Capital Markets, Equity Research As of 30-Jun-2025 Investment Banking Serv./Past 12 Mos. Rating Count Percent Count Percent BUY [Outperform] 866 58.87 283 32.68 HOLD [Sector Perform] 561 38.14 151 26.92 SELL [Underperform] 44 2.99 5 11.36 Rating and price target history for: Seabridge Gold Inc., SA US as of 12-Sep-2025 (in USD) 22 20 18 16 14 12 10 8 Q2 Q3 2023 Q1 Q2 Q3 2024 Q1 Q2 Q3 2025 Q1 Q2 Q3 18-Sep-2023 Rtg:I:O Target: 25.00 08-Apr-2024 Rtg:O Target: 27.00 29-May-2024 Rtg:O Target: 30.00 04-Jun-2025 Rtg:O Target: 35.00 09-Sep-2025 Rtg:O Target: 40.00 Legend: O: Outperform; SP: Sector Perform; U: Underperform; R: Restricted; I: Initiation of Research Coverage; D: Discontinuation of Research Coverage; NR: Not Rated; NA: Not Available; RL: Recommended List - RL: On: Refers to date a security was placed on a recommended list, while RL Off: Refers to date a security was removed from a recommended list; Rtg: Rating. Created by: BlueMatrix References to a Recommended List in the recommendation history chart may include one or more recommended lists or model portfolios maintained by RBC Wealth Management or one of its affiliates. RBC Wealth Management recommended lists include the Guided Portfolio: Prime Income (RL 6), the Guided Portfolio: Dividend Growth (RL 8), the Guided Portfolio: ADR (RL 10), and the Guided Portfolio: All Cap Growth (RL 12). The abbreviation 'RL On' means the date a security was placed on a Recommended List. The abbreviation 'RL Off' means the date a security was removed from a Recommended List. As of April 3, 2023, U.S. RBC Wealth Management's quarterly reports will serve as the primary communication for its models and will highlight any changes to the model made during the quarter. Equity valuation and risks For valuation methods used to determine, and risks that may impede achievement of, price targets for covered companies, please see the most recent company-specific research report at www.rbcinsightresearch.com or send a request to RBC Capital Markets Research Publishing, P.O. Box 50, 200 Bay Street, Royal Bank Plaza, 29th Floor, South Tower, Toronto, Ontario M5J 2W7. 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, longerdated 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. Conflicts policy RBC Capital Markets Policy for Managing Conflicts of Interest in Relation to Investment Research is available from us on request. To access our current policy, clients should refer to https://www.rbccm.com/global/file-414164.pdf or send a request to RBC Capital Markets Research Publishing, P.O. 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Seabridge Gold Inc.'s (SEA:TSX; SA:NYSE.MKT) latest drill results from the Snip North target at its Iskut project in British Columbia further confirmed and expanded the copper-gold porphyry-style mineralization present, reported RBC Capital Markets Analyst Michael Siperco in a Sept. 15 research note. Iskut is about 50 kilometers from Seabridge's flagship KSM project and adjacent to Skeena Resources Ltd's (SKE:TSX.V) Snip project.

"The mineralized zone now measures 1,800 meters (1,800m) by 600m by 600m, roughly +10% versus prior, and demonstrates consistent grade from the results disclosed to date," Siperco wrote.

112% Return Implied

RBC maintained its US$40 per share target price on the Canadian mining junior, trading at the time of Siperco's report at about US$18.83 per share, the analyst noted. From this price, the return to target is 112%.

Seabridge remains rated Outperform.

Interpretation of the Results

The newly reported drill results are for three drill holes, part of this year's program at Snip North, the purpose of which is to follow up on last year's exploration data to better understand the deposit and expand the mineralized footprint.

Siperco provided a highlight intercept from each of the newly reported holes:

• Hole SN-25-28: 0.42 grams per ton gold (0.42 g/t Au) and 0.13% copper (Cu) over 513m
• Hole SN-25-29: 0.54 g/t Au and 0.09% Cu over 478m
• Hole SN-25-30: 0.72 g/t Au and 0.13% over 715m

The grades and widths are consistent with previous results, noted Siperco. According to Seabridge, these latest data indicate a wide, higher-grade zone. Also, hole SN-25-30 may have encountered mineralization that could be indicative of the intrusive body and thus could guide future drilling, noted management.

So far this year, Seabridge completed 18,000m of the total 2025 Snip North drill campaign and added another 3,000m. After it finishes this program, the company intends to release an initial resource estimate, in early 2026.

Project Portfolio at a Glance

The bulk of the value of Seabridge's portfolio is from KSM, "a world-class gold/copper project with strong leverage to higher metal prices," Siperco described. At spot prices, RBC's net present value (NPV) of KSM would be US$15.2 billion, 70% higher than its current valuation. The rest of the portfolio offers growing optionality and potential to provide funding beyond 2025, the analyst highlighted.

RBC values the whole Iskut project, offering "promising longer-term upside," on a discounted in situ basis at US$60 million (US$60M), or about 1% of NAV, noted Siperco." Already Iskut has an Inferred resource at the Bronson Slope deposit of 5,400,000 ounces (5.4 Moz) of gold and 1,100,000,000 pounds of copper.

"Progress toward defining an economic deposit on the property could see significant further value surface versus our model," Siperco wrote.

Courageous Lake, another of Seabridge's projects, this one in the Northwest Territories, also offers potential upside. Though still in an early stage and needing permitting and further study, the project "could see renewed interest at higher metal prices," the analyst pointed out. Siperco added that the economics of large-scale projects with a potentially long life seem to be improving with higher prices, especially ones in tier 1 jurisdictions.

A prefeasibility study of Courageous Lake updated last year outlined a US$747M project producing 201,000 ounces of gold per year at an all-in sustaining cost of US$999 per ounce (US$999/oz) over about 13 years. The after-tax net present value discounted at 5% is US$523M and the internal rate of return is 21%, at a gold price of US$1,850/oz.

"Valued at about US$150M on an enterprise value:ounce basis, the market ascribes limited value to the project within Seabridge," Siperco wrote.

Courageous Lake hosts reserves of 2.8 Moz of 2.6 g/t gold and a Measured and Indicated plus Inferred resource of 14.3 Moz at about 2.4 g/t gold. These could possibly extend the mine life to about 30 years.

Possible Positive Future Events

Siperco presented three potential key catalysts for Seabridge. One would be a positive outcome of the court hearing scheduled for this month regarding the challenge made to British Columbia's Environmental Assessment Office (EAO) having designated KSM "Substantially Started" in 2024.

A ruling in favor of the EAO could "reconfirm KSM's environmental permits for the entire 33-year mine life," Siperco wrote.

A second potential stock-boosting event would be Seabridge landing a partner to advance KSM toward a feasibility study and construction decision. The company is actively seeking a senior producer that could provide funding through feasibility and a construction decision, with an option to acquire control.

A partner with this ability "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," Siperco commented.

RBC's Outperform rating on the mining company assumes it lands a partner to develop KSM and assumes the feasibility study further confirms KSM's economic potential, noted Siperco.

Seabridge continues carrying out the US$150M worth of work at KSM planned for this year and already funded. The company already spent more than US$800M at the property since the environmental assessment certificate was issued in 2014. Of this total, US$400M were used since 2021 to cover early project construction, including investment in access road construction, a permanent camp and early environmental work.

The third material catalyst for Seabridge would be further advancing, partnering on or selling Courageous Lake to fund KSM activities.