Mining Company Controls 'World's Largest Undeveloped Gold Project'
Research Report

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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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On September 14, 2025, Stonegate Capital Partners analyst Dave Storms, CFA, initiated coverage of Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) without providing a traditional rating but establishing valuation ranges of CA$41.85 to CA$57.85 using the enterprise value to net asset value methodology and CA$42.72 to CA$67.17 using the enterprise value to reserves methodology, representing significant upside from the current share price at the time of the report of CA$26.06.

The analyst cited the company's unmatched scale in gold and copper resources, substantial project de-risking through permitting achievements, and multiple near-term catalysts as key investment drivers.

Flagship KSM Project and Permitting Milestone

Seabridge Gold Inc. controls what Storms describes as "the world's largest undeveloped gold project and the third largest copper development resource" through its KSM project in British Columbia's Golden Triangle. The project achieved a critical milestone in July 2024 by obtaining its Substantially Started Designation, which "ensures permits remain valid for the life of the project — an exceptionally rare status for a development of this size."

The 2022 Pre-Feasibility Study outlined a 33-year mine life producing approximately one million ounces of gold and 178 million pounds of copper annually, with initial capital expenditure of US$6.4 billion and life-of-mine all-in sustaining costs of US$601 per ounce net of copper credits. KSM hosts proven and probable reserves of 47.3 million ounces of gold, 7.3 billion pounds of copper, and 160 million ounces of silver.

Financial Position and Capital Structure

As of the second quarter of 2025, Seabridge maintained cash and cash equivalents of CA$121.4 million, supported by a US$100.2 million equity financing completed in February 2025 and a CA$30.5 million flow-through financing in June 2025. The company also renewed its US$750 million base shelf prospectus and US$100 million at-the-market facility in early 2025, providing financial flexibility for ongoing operations.

Management allocated a CA$162.7 million budget for 2025, focusing on data collection for KSM's final feasibility study, early works construction, BC Hydro Treaty Creek substation development, and targeted exploration at Iskut and 3 Aces projects.

Diversified Project Portfolio and Growth Drivers

Beyond KSM, Seabridge controls Courageous Lake in the Northwest Territories, which hosts 2.8 million ounces of proven and probable gold reserves and 11.0 million ounces of measured and indicated resources. The 2024 Pre-Feasibility Study demonstrated robust economics with an after-tax net present value at 5% discount rate of US$523 million and internal rate of return of 20.6%.

The company's exploration portfolio includes the Iskut project, located 20 kilometers from KSM, where 2024 drilling confirmed the Snip North porphyry system. A maiden copper-gold resource is expected by early 2026 following an 8,000-meter drill campaign. Storms noted that management views Iskut as "a potential 'second KSM,'" which could materially enhance valuation.

Strategic Outlook and Near-Term Catalysts

Seabridge's strategy focuses on securing a major joint venture partner for KSM rather than self-developing the multi-billion-dollar project. The company has advanced its joint venture process to a shortlist of potential partners, targeting partner selection by year-end 2025.

Additional near-term catalysts include completion of a Bankable Feasibility Study in 2026, commissioning of the Treaty Creek substation in the fourth quarter of 2026, and continued exploration results from the 3 Aces and Snowstorm projects.

Investment Risks and Market Position

Storms identified several risk factors, including commodity price volatility, development and financing risks given the project's massive scale, and ongoing regulatory compliance requirements. However, he emphasized that "permitting remains one of the largest hurdles for major mining developments in North America," making Seabridge's Substantially Started designation a significant competitive advantage.

The analyst highlighted the company's environmental, social, and governance profile, noting that KSM will be powered by BC Hydro's hydroelectric grid, "delivering one of the lowest-carbon energy footprints of any large-scale mining project globally."

Valuation and Investment Thesis

Storms employed a comparative analysis framework, noting that current comparables trade at an enterprise value to net asset value of 0.74x at the median, compared to 0.38x for Seabridge. He concluded that "given the macro tailwinds, combined scale of KSM +Courageous Lake, and potential for further growth following the bankable feasibility study we believe this discount to comps is too steep."

The analyst's investment thesis rests on three pillars: unmatched scale and optionality in gold and copper resources, significant project de-risking through permitting achievements, and multiple potential inflection points over the next two years, including joint venture partner selection and resource expansion at exploration projects.