Northern BC Gold-Copper Developer Secures Up to US$100M Strategic Loan as Feasibility Work Advances
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Disclosure for Cantor Fitzgerald, Seabridge Gold Inc., July 20, 2026

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. Information may be available to Cantor that is not herein. This report is provided, for informational purposes only, to institutional investor clients of CFCC, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. This report is issued and approved for distribution in Canada, Cantor Fitzgerald Inc., a member of the Canadian Investment Regulatory Organization (“CIRO”), the Toronto Stock Exchange, the TSX Venture Exchange and the CIPF. This report is has not been reviewed or approved by Cantor Fitzgerald & Co., a member of FINRA. This report is intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity that is not a major institutional investor. Major Institutional Investors receiving this report should effect transactions in securities discussed in the report through Cantor Fitzgerald & Co. Non US Broker Dealer 15a-6 disclosure: This report is being distributed by (CF Canada/CF Europe/CF Hong Kong) in the United States and is intended for distribution in the United States solely to “major U.S. institutional investors” (as such term is defined in Rule15a-6 of the U.S. Securities Exchange Act of 1934 and applicable interpretations relating thereto) and is not intended for the use of any person or entity that is not a major institutional investor. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. It is prohibited for distribution to non-institutional clients including retail clients, private clients and individual investors. Major Institutional Investors receiving this report should effect transactions in securities discussed in this report through Cantor Fitzgerald & Co. This report has been prepared in whole or in part by research analysts employed by non-US affiliates of Cantor Fitzgerald & Co that are not registered as broker-dealers in the United States. These non-US research analysts are not registered as associated persons of Cantor Fitzgerald & Co. and are not licensed or qualified as research analysts with FINRA or any other US regulatory authority and, accordingly, may not be subject (among other things) to FINRA’s restrictions regarding communications by a research analyst with a subject company, public appearances by research analysts, and trading securities held by a research analyst account.

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On July 20, 2026, analyst Mike Kozak of Cantor Fitzgerald reiterated a Buy rating and a US$53.00/CA$66.00 price target on Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT), implying a return to target of 115% from the July 20, 2026 price of US$24.64/CA$34.47, following the company's arrangement of an unsecured short-term credit facility of up to US$100 million with an unnamed strategic investor.

The facility, finalized over the weekend, bears interest at 7.0% and matures on December 31, 2026. It is drawable in minimum tranches of US$10 million and is repayable in either cash or Seabridge shares at the company's election.

Kozak characterized the development as a "Modest Positive," noting that the non-equity dilutive facility allows Seabridge to continue Feasibility Study-level work — including design and engineering — at its 100%-owned KSM project while it finalizes a joint venture partnership agreement on project-accretive terms. He continues to expect that partnership to be a 2026 event.

Given the roughly five-month tenor of the facility and the strategic nature of the provider, the analyst views a joint venture partnership as likely a near-term event by year-end. Proceeds are earmarked for continued Feasibility Study work at KSM, including construction of roads to access future site infrastructure and the collection of geotechnical, metallurgical, and environmental data from drilling and bulk sampling through test pitting.

Seabridge's KSM project in Northern British Columbia is among the world's largest development-stage gold-copper projects. It is permitted to commence construction and is scoped to produce more than 1.0 million ounces of gold per year, plus by-products, over a multi-decade mine life. Total resources at KSM stand at 14.72 billion tonnes grading 0.68 g/t gold equivalent for 320.5 million ounces AuEq, including proven and probable reserves of 2.29 billion tonnes at 0.87 g/t AuEq for 63.9 million ounces AuEq, measured and indicated resources of 6.26 billion tonnes at 0.71 g/t AuEq for 143.5 million ounces AuEq, and inferred resources of 8.47 billion tonnes at 0.65 g/t AuEq for 177.0 million ounces AuEq.

The company held approximately CA$127 million in cash and equivalents, with 107.6 million shares outstanding, a market capitalization of US$2.652 billion, and a market float of US$2.188 billion. Shares have traded between US$14.13 and US$37.46 over the past 52 weeks, with an average 30-day volume of 841,000 shares.

The price target is based on an unchanged target multiple of 0.8x NAVPS at a 7.5% discount rate, assuming a 50/50 joint venture partnership at KSM on industry standard terms. Cantor Fitzgerald notes that KSM is likely to attract a host of potential buyers and/or JV partners.