Mr. Rudi Fronk reports

SEABRIDGE GOLD PREPARES TO FINISH TESTING ITS 3 ACES PROJECT EXPLORATION MODEL

Preparations at Seabridge Gold Inc.'s wholly owned 3 Aces project in Canada's Yukon are under way to drill test its comprehensive exploration model. This drilling was planned for last summer; however, delivery of a Class 4 quartz exploration permit came late in the year and only a limited program was finished. This year's program plans to complete geophysical surveys and about 7,500 metres of core and reverse circulation drilling within the central core area of the 3 Aces project.

Commenting on this year's program, Rudi Fronk, Seabridge chairman and chief executive officer, noted: "Previous operators defined discrete zones of high-grade gold but encountered challenges connecting and extending these zones. Our team has recognized structural controls that may be able to resolve the continuity issue. Last season's work gave us confidence in the grade controls predicted by our exploration model and we are looking forward to expanding that understanding and moving towards resource delineation."

Seabridge's exploration model predicts high-grade gold localized in the limbs of second-order folds (F2), preferentially at the contacts between thick phyllite sequences and coarse interbedded sandstones and conglomerates. Multiple F2 synforms and antiforms have been identified in the central core area that have not been systematically evaluated, offering numerous opportunities to expand higher-grade gold distribution.

Four different target areas are planned for drill testing in 2023: Spades, Hearts, Hearts West and Clubs. In these areas, Seabridge intends to evaluate three different settings where its model predicts gold continuity:

• Down plunge of known gold mineralization with the goal of identifying additional dilation zones between phyllite and sandstone contacts along an F2 fold limb where higher-grade mineralization could have accumulated.
• Contact zones between phyllite and sandstone formations subparallel to historical gold zones and set near the apex of an F2 fold limb.
• Untested synform-antiform pairs occurring within mineralized F2 folds.

The exploration program will also continue geophysical surveys to better refine identified targets prior to drilling.

Seabridge will resume its previously initiated reclamation activities at the site, focused on exploration roads. Environmental monitoring activities focusing on wildlife management, water sampling and understanding environmental baseline conditions will continue in support of exploration activities.

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. Historical work has identified a broad area of gold-in-soil extending more than 20 kilometres and past drilling has encountered extensive gold. The company believes the 3 Aces target 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.

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.

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