SEA:TSX; SA:NYSE.MKT

Seabridge Gold Inc.

Seabridge Gold Inc. is designed to provide its shareholders with exceptional leverage to a rising gold price. From 1999 through 2002, when the gold price was lower, Seabridge acquired nine North American projects with substantial gold resources, including Courageous Lake and KSM. Subsequent exploration by Seabridge has significantly expanded its acquired gold resource base.

Seabridge considers each of its common shares to represent an indirect ownership interest in its reserves and resources. Our aim is to increase the value of this ownership interest by growing reserves and resources faster than shares outstanding. Project acquisitions, exploration and engineering programs are carefully designed and monitored to ensure that equity dilution required to fund these activities is more than offset by additional reserves and resources.

Seabridge is pursuing three value-enhancing strategies. First, the Company continues to search for gold projects in North America which would be accretive in terms of gold resources. Second, Seabridge funds exploration and engineering work considered likely to expand resources and upgrade them to reserves. Third, Seabridge sells or partners its projects when they reach the production stage, to limit risk and share dilution.

Seabridge Gold recently completed an updated Preliminary Feasibility Study for its 100% owned KSM Project located in British Columbia, Canada capturing 47.3 million ounces of gold, 7.3 billion pounds of copper and 160 million ounces of silver in proven and probable reserves. The study projects a 33 year open-pit only mine life generating an after tax net present value (at 5%) of US$7.9 billion and a life of mine total cost (including all capital, reclamation and closure costs) of US$601 per ounce of gold produced after base metal credits. Over the 33 year mine life, average annual metal production is estimated at 1.0 million ounces of gold, 178 million pounds of copper and 3.0 million ounces of silver.

SEA:TSX SA:NYSE.MKT

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Expert Comments:

Dan Amoss, Jim Rickards' Strategic Intelligence

(3/14/23)

"Seabridge Gold Inc.'s KSM is one of the most attractive gold-copper acquisition targets in the world. . .hold your position in the company."

Gold Co. Gets Results From First Holes at Yukon Project
(2/17/23)

Drill Results Support US$88M Valuation for Mining Project
(1/19/23)

Jefferson Research

(1/19/23)

"Seabridge Gold Inc. is showing strong operating efficiency, and valuation suggests a lower amount of price risk. . .all five dimension measures, including balance sheet quality, earnings quality and cash flow quality, remained unchanged in Q3/22."

Gold Co. IDs Source of Golden Triangle Deposit
(1/12/23)

B.C. Au-Cu Project Shows Potential for Resource Growth
(1/11/23)

Dan Amoss, Jim Rickards' Strategic Intelligence

(1/10/23)

"Each share of Seabridge Gold Inc. has a claim on 0.57 oz of gold reserves and 127 lbs of copper. At current metals prices, that adds up to roughly $1,500 per share in reserves. . .if you only assume shareholders will extract $0.05 on the dollar, over time, of the company's reserves per share, then Seabridge would be worth about $75. Hold your position in it."

Joe Reagor, ROTH Capital Partners

(1/9/23)

"Seabridge Gold Inc. announced the results of its 10-hole drill program at Iskut in 2022. We believe the results were encouraging and supportive of our inclusion of a valuation of $88M for the Iskut project."

Mike Kozak, Cantor Fitzgerald

(1/9/23)

"Seabridge Gold Inc.'s 2022 drill program identified a large, mineralized quartz-magnetite breccia pipe, thought to be the source of the Bronson Slope deposit at the Iskut project. Drill results were highlighted by SBS-22-05 that returned 289m at 0.7 g/t Au and 0.28% Cu and SBS-22-01 that returned 446m at 0.28 g/t Au and 0.14% Cu."

Capital Cube

(1/5/23)

"Seabridge Gold Inc.'s closing price is above the 50-day moving average since Jan. 3, 2023 (as of close), reflecting a bullish sentiment on the stock. The 200-day moving average reflects a bullish sentiment as well. . .the company has a strong working capital position. . .the working capital is CA$154.33M."

Target Price Raised on Mining Co. With PFS-Stage Asset

(12/19/22)

Gold Co. Drilling in B.C., Yukon Sees Profit

(12/15/22)

Explorer Drills for High-Grade Gold at Untapped Yukon Project

(10/21/22)

More Expert Comments

Jefferson Research (12/15/22) "The operating efficiency rating for Seabridge Gold Inc. remains strong. . .the valuation rating suggests a lower amount of price risk."

Lucas N. Pipes, B. Riley Securities (11/21/22) "Following our more substantive model overhaul on Liberty Gold Corp. following Q3/22 results, we are updating our valuation for KSM from $3,919M to $4,724M and increasing our price target. . .the company is currently demonstrating a substantial start of its flagship KSM operations, which, besides developing critical path infrastructure, extends the environmental assessment certificate until the end of the project."

Mike Kozak, Cantor Fitzgerald (8/29/22) "Last week we visited Seabridge Gold Inc.'s 100%-owned massive KSM gold-copper project. . .activities required to achieve the 'substantially started' designation are fully funded and well underway at the project. . .KSM must be considered to be 'substantially started' by July 29, 2026 in order to extend the life of the environmental assessment certificate into perpetuity."

	David Talbot, Red Cloud Securities (8/4/22) "Seabridge Gold Inc. provided a preliminary economic assessment (PEA) for the copper-rich Kerr and Iron Cap deposits, part of its 100%-owned KSM project. . .this PEA study demonstrates an after tax NPV5% of $5.8B, internal rate of return of 18.9% and payback of 6.2 years, providing considerable value to Seabridge, tacking on an additional 39 years to the existing 33-year life of mine."

Mike Kozak, Cantor Fitzgerald (8/3/22) "Seabridge Gold Inc. reported results from a preliminary economic assessment (PEA) evaluating a standalone underground block cave operation at the Kerr and Iron Cap deposits, part of the company's 100%-owned massive KSM gold-copper project. . .over a 39-year mine life, the standalone PEA outlines mining a total of 1.7 Bt of ore at an average production rate of 368 Koz Au and 366 Mlb Cu per year."

Jefferson Research (7/14/22) "Seabridge Gold Inc. is showing strong earnings quality, operating efficiency and balance sheet quality, and valuation suggests a lower amount of price risk. . .the reported net income increased during Q1/22 to -$6.3M from -$8.5M, and the quality of that reported net income improved."

	David Talbot, Red Cloud Securities (6/29/22) "Seabridge Gold Inc. updated its prefeasibility study for its 100%-owned KSM project. . .improvements in mine design from an open pit operation and removal of capital intensive, block cave development have reduced the environmental footprint, waste rock and increased mill throughput by 50%. . .it incorporates a well thought out strategy and has been issued with the goal of helping attract a larger senior producer to develop the project."

Mike Kozak, Cantor Fitzgerald (6/28/22) "The prefeasibility study (PFS) results Seabridge Gold Inc. released this morning were in line with our estimates but show a considerable improvement over the company's 2016 PFS. . .the 'cleaner' and far simpler open-pit only mine plan, in our view, makes the KSM project far more attractive to potential large-tier partners."

	Chris Temple, The National Investor (5/16/22) "We have a Buy recommendation on Seabridge Gold Inc."

Jim Marrone, SingularResearch (4/22/22) "Seabridge Gold Inc.'s recently updated mineral resource estimates for its Mitchell and East Mitchell (formerly Snowfield) deposits are expected to have a significant positive impact on project economics at KSM. . .these resource estimates will be used in an updated KSM preliminary feasibility study expected in June 2022 that will, for the first time, incorporate the East Mitchell deposit into KSM's mine plans."

	Peter Krauth, Gold Resource Investor (4/18/22) "Seabridge Gold Inc. updated its resource estimates for Mitchell and East Mitchell deposits, including 2021 drilling. These will be used in an updated KSM preliminary feasibility study expected in June. . .the company has been climbing along with the sector, and still looks attractive to accumulate on weakness."

	David Talbot, Red Cloud Securities (4/18/22) "Seabridge Gold Inc. increased Measured and Indicated resources at its Mitchell and East Mitchell (formerly Snowfield) deposits by 16% for gold, 35% for copper, 26% for silver and 22% for molybdenum. We view this update positively as we see this resource update leading to a likely increase in Proven and Probable reserves, better grades early in the mine life and a deferral of the capital-intensive underground block cave development at KSM."

	Joe Reagor, ROTH Capital Partners (4/14/22) "Seabridge Gold Inc. announced an updated resource estimate for the Mitchell and East Mitchell deposits at KSM. The update showed significant conversion of Inferred resources to Measured and Indicated, which should benefit the project's economic outlook in the upcoming prefeasibility study."

Mike Kozak, Cantor Fitzgerald (4/14/22) "In Seabridge Gold Inc.'s updated 43-101 resource estimate on its 100%-owned KSM project, across all categories, contained metal (gold, copper, silver, molybdenum) on a gold equivalent basis increased by 8.4% over the previous 2020 resource estimate. . .Measured & Indicated and Inferred resources at the consolidated KSM project now stand at 5.4 Bt at 0.73 g/t Au eq (126 Moz Au eq) and 5.7 Bt at 0.71 g/t Au eq (129 Moz Au eq), respectively."

Don Maclean, Paradigm Capital (4/13/22) "When we picked up coverage of Seabridge Gold Inc. in August 2014 at CA$10.38/share we knew that its 100%-owned KSM project in British Columbia was a whale. . .we respected its strategic size, one of the largest undeveloped copper-gold deposits on the planet (and remains so); the leverage this provided investors to higher metal prices and management's plans for continuing to optimize KSM. That it has done, consistently, year after year."

Mike Kozak, Cantor Fitzgerald (3/31/22) "Seabridge Gold Inc. offers among the highest beta/torque to underlying gold prices given the leverage inherent in its massive KSM gold-copper project. . .we also note the recent investment from Ontario Teachers' Pension Plan into the company and its agreement to access low-cost green hydro power via BC Hydro. Both developments have made Seabridge far more attractive to future joint venture partners."

Clive Maund, CliveMaund.com (3/30/22) "One big gold stock looking attractive here is Seabridge Gold Inc. . .precious metals stocks have hardly reacted back at all in recent weeks. This is a positive divergence which strongly suggests that the sector is headed higher again and probably very soon."

	David Talbot, Red Cloud Securities (3/2/22) "Seabridge Gold Inc. is planning to go greener during its construction phase, as it has signed an agreement with BC Hydro to supply electricity for construction of its 100%-owned KSM project. We view this news very positively as previous studies had incorporated the use of much higher-cost diesel power for construction activities, with grid connection only anticipated later for operations."

	Joe Reagor, ROTH Capital Partners (3/1/22) "Seabridge Gold Inc.'s agreement with BC Hydro to connect to grid power for construction is positive. . .irst and foremost, it allows the company to move towards 'substantially started' status, which is key to maintaining its environmental permits. Second, the hydro power should provide both lower cost and substantially cleaner energy for project construction."

Mike Kozak, Cantor Fitzgerald (2/28/22) "Seabridge Gold Inc. is raising US$225M (CA$285M) from Sprott Resource Streaming and Royalty and Ontario Teachers' Pension Plan via a secured note (6.5% coupon) exchangeable for a 60% gross silver royalty at KSM once commercial production is achieved. This is an excellent and highly creative financing package for Seabridge and its massive KSM gold-copper project."

	Peter Krauth, Gold Resource Investor (2/2/22) "Seabridge Gold Inc. confirms that additional drilling from last year's program validated the integration of Snowfield into the KSM mine plan; modeling shows Snowfield is the upper part of the Mitchell deposit, with similarities that enable combined surface mining for initial production. This should help enhance reserves, annual production and payback, while deferring capex."

Peter Krauth, Gold Resource Investor (12/16/21) "In Q2/22, expect a new KSM preliminary feasibility study from Seabridge Gold Inc., which could boost gold reserves, annual production and payback while reducing major capital expenditures. Next year we could see a possible joint venture with a major for the KSM project; the company should leverage higher if gold rises in 2022."

Mike Kozak, Cantor Fitzgerald (11/10/21) "We highlight Seabridge Gold Inc., that offers the highest beta/torque to underlying gold prices given the leverage inherent in its massive KSM gold-copper project in British Columbia, Canada, containing total in situ resources of 235 Moz Au eq. . .precious metals are surging higher. . .gold and silver have reconnected with their historical positive correlation to inflation expectations."

	David Talbot, Red Cloud Securities (11/7/21) "Seabridge Gold Inc.'s updated prefeasibility study is anticipated in Q2/22 and is expected to incorporate the Snowfield acquisition into the greater KSM project. . .there is plenty of potential to enhance the project through an increase in reserves and production, which could potentially reduce payback and further defer capital expenditures associated with block caving should the open-pittable Snowfield and Mitchell deposits materially grow."

Mike Kozak, Cantor Fitzgerald (11/1/21) "Seabridge Gold Inc. released the first batch of assay results from the 2021 exploration program at its 100%-owned KSM project. . .highlight results include SF-21-05: 435m at 1.4 g/t Au eq (from surface), M-21-151: 445m at 1.31 g/t Au eq (from surface), and M-21-152: 312m at 1.25 g/t Au eq (from surface). . .an integrated mine plan is currently being evaluated by the company that will likely result in the lower-risk, at-surface Snowfield deposit displacing the underground block cave component of the mine plan."

	Peter Krauth, Gold Resource Investor (5/5/21) "Seabridge Gold Inc. announced it sold its residual interest in the Red Mountain project in northwestern British Columbia for $18M to Sprott Resource Streaming and Royalty. It's a noncore asset, of which the company has sold $75M worth so far this year. . .very undervalued against its peers, Seabridge is a true bargain worth accumulating on weakness."

	Joe Reagor, ROTH Capital Partners (4/7/21) "Seabridge Gold Inc. announced that it had encountered low-grade gold mineralization at its Snowstorm project in some of the completed holes from this program. . .these low-grade intercepts could be an indication of a higher-grade gold deposit within the project. As a result, we are increasing our valuation of Snowstorm from $10M to $20M."

Experts Following This Company

	John Doody, Analyst – Gold Stock Analyst
Mike Kozak, Analyst – Cantor Fitzgerald
	Peter Krauth, Pres – Gold Resource Investor
Don Maclean, Senior Analyst – Paradigm Capital
Jim Marrone, Analyst – SingularResearch
Clive Maund – CliveMaund.com
Lucas N. Pipes, Analyst – B. Riley Securities
	Joe Reagor, Analyst – ROTH Capital Partners
Jim Rickards – Strategic Intelligence
	David Talbot, Analyst – Red Cloud Securities
	Chris Temple, Editor and Publisher – The National Investor

Company News

1/17/2023 – Seabridge Gold Completes Initial Drill Program at 3 Aces Project

1/9/2023 – Seabridge Gold's Iskut Drill Program Expands its Bronson Deposit and Identifies its Source

The information provided above is from analysts, newsletters, the company and other contributors.

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