Mr. Rudi Fronk reports

SEABRIDGE GOLD FILES SECOND QUARTER 2023 REPORT TO SHAREHOLDERS AND ITS FINANCIAL STATEMENTS AND MD&A

Seabridge Gold Inc. has filed its report to shareholders, interim financial statements, and management's discussion and analysis (MD&A) for the three-month period ended June 30, 2023, on SEDAR. These documents are available on the company website.

Recent highlights:

• $150-million (U.S.) note/royalty financing completed with Sprott Streaming;
• Substantially started activities at KSM kick into high gear;
• RBC Capital Markets leads a formal process to obtain a partner for KSM;
• 2023 drill programs at Iskut, 3 Aces and Snowstorm are all under way;
• Filing of 2022 sustainability report and inaugural climate change strategy report.

Financial results

During the three-month period ended June 30, 2023, Seabridge posted a net profit of $9.0-million (11 cents per share), compared with a net profit of $19.1-million (24 cents per share) for the same period in 2022. During the second quarter, Seabridge invested $47.7-million in mineral interests project spending, compared with $27.2-million in the second quarter of 2022. At June 30, 2023, net working capital was $147.2-million, compared with $88.4-million at Dec. 31, 2022.

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, located in Yukon. For a full breakdown of Seabridge's mineral reserves and mineral resources by category, please visit Seabridge's website.

Technical information

Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this news release, including any references to mineral resources or mineral reserves, was prepared in accordance with Canadian National Instrument 43-101, which differs significantly from the requirements of the U.S. Securities and Exchange Commission applicable to U.S. domestic issuers. Accordingly, the scientific and technical information contained or referenced in this news release may not be comparable with similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC.