Mr. Rudi Fronk reports

SEABRIDGE GOLD RECEIVES CLASS 4 EXPLORATION PERMIT FOR ITS 3 ACES PROJECT DRILLING NOW UNDERWAY AT THE HEARTS ZONE

Seabridge Gold Inc. has received its Class 4 quartz exploration permit from the Yukon Government Department of Energy, Mines and Resources for its 100-per-cent-owned 3 Aces project. This permit allows Seabridge to conduct a gold focused exploration program with the following activities:

• Camp operations to support exploration personnel;
• Field activities, consisting of line cutting, trenching, geological mapping and the completion of geophysical surveys;
• Drilling.

Seabridge thanks the Yukon government, the Liard First Nation (LFN) and Ross River Dena Council (RRDC) for working together to issue this permit. The company looks forward to establishing in the Yukon the same reputation for operating excellence that the company has established with the indigenous peoples of northwest British Columbia and provincial regulators.

3 Aces was acquired by Seabridge in March, 2020, as a district scale, orogenic-gold project consisting of 1,734 claims covering 357 square kilometres (35,700 hectares) located in a readily accessible part of southeastern Yukon. The target concept for this project is consistent with some of the biggest and richest gold deposits in the world, including the California mother lode belt, Juneau gold belt, Murentau in Uzbekistan and Obuasi in Ghana. Historical work has identified a broad area of gold-in-soil occurrences extending more than 20 kilometres (12.4 miles) along strike.

Field programs completed by Seabridge in 2021 identified four separate target areas for drill testing. To fit the limited season still available in 2022, the current plan is designed to begin testing the company's three-dimensional model of these four targets at the Hearts zone to confirm that gold-bearing veins are hosted on the axis of secondary anticlinal folds and specific thrust faults. The current program will generate 1,500 to 1,800 metres of core to improve three-dimensional controls on these structures and institute sampling protocols to confirm the reliability and repeatability of gold assays.

Commenting on this year's program, Rudi Fronk, Seabridge chairman and chief executive officer, noted that work by previous operators established the presence of high-grade gold material but results were inconsistent along strike and at depth. "We think our new model may be able to resolve the continuity issue and prepare us for a much larger resource delineating program next year."

Environmental monitoring activities focusing on wildlife management, water sampling and understanding environmental baseline conditions will also be conducted to support the exploration activities. Additionally, Seabridge will continue its previously initiated reclamation activities at the site, focusing on unused exploration roads.

Seabridge holds a 100-per-cent interest in several North American gold projects. Seabridge's assets include the KSM and Iskut projects located in northwest British Columbia, Canada's Golden Triangle, the Courageous Lake project located in Canada's Northwest Territories, the Snowstorm project in the Getchell gold belt of northern Nevada and the 3 Aces project set in Yukon. For a full breakdown of Seabridge's mineral reserves and mineral resources by category, please visit the company's website.

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