Mr. Rudi Fronk reports

SEABRIDGE GOLD'S UPDATED PFS FOR COURAGEOUS LAKE CONFIRMS SIGNIFICANTLY IMPROVED PROJECT

Seabridge Gold Inc. has released the results of an updated preliminary feasibility study for its 100-per-cent-owned Courageous Lake project located in Canada's Northwest Territories. The 2024 PFS all open pit mine plan shows a considerably more sustainable and profitable mining operation than its 2012 predecessor, with reduced initial capital, lower strip ratio, higher grade and smaller mine footprint.

The 2024 PFS led by Ausenco demonstrates the production of 2.5 million ounces of gold over the initial 12.6 year life of mine. A stand-alone analysis of the potential expansion below the 2024 PFS mine plan will be included as a Preliminary Economic Assessment ("2024 PEA") forming a separate part of Technical Report (the "Report") prepared in accordance with NI 43-101, and which includes evaluating the potential extension of the mine. The Report will be filed within the next 45 days.

Commenting on the study, Seabridge Chairman and CEO Rudi Fronk said: "We now have a second valuable 10 million plus ounce gold resource project in a safe jurisdiction. The project consists of an entire greenstone belt which has prospective shallow drill results and gold showings along its 54 km length. As we move towards a joint venture on our KSM project, we will be shifting our attention to Courageous Lake's potential to generate considerable additional shareholder value."

Mr. Fronk noted that the PEA establishes the potential for a much longer mine life. "The PFS uses less than 30 per cent of the estimated M&I gold resource. The PEA includes inferred resource requiring more drilling as well as additional engineering work to qualify as a PFS. However, we are confident that the PEA reflects the potential for a greatly extended mine life and that the entire estimated M&I resource represents a meaningful call on gold for our shareholders."

Notable improvements in the 2024 PFS compared to the 2012 PFS include:

• 73 per cent increase in after-tax NPV5 per cent to US$523 million from US$303 million in 2012
• 50 per cent reduction in initial capital from US$1,522 million to US$747 million
• Increased after-tax IRR from 7.3 per cent to 20.6 per cent
• Reduced capital payback period from 11.2 years to 2.8 years
• Average gold reserve grade increased 19 per cent from 2.2 g/t to 2.6 g/t
• Life of mine strip ratio reduced by 39 per cent from 12.5 to 7.58
• 38 per cent increase in estimated measured and indicated gold resources from 8.0 million to 11.0 million ounces.

2024 PFS

The 2024 PFS was led by Ausenco Engineering Canada ULC ("Ausenco"), together with the support of Moose Mountain Technical Services ("MMTS"), SRK Consulting (Canada) Inc. ("SRK"), ERM Consultants Canada Ltd. ("ERM"), Tetra Tech Canada Inc. ("Tetra Tech"), and WN Brazier Associates Inc. ("Brazier"), all of which are independent of Seabridge Gold.

The 2024 PFS open pit mine plan produces 2.5 million ounces of gold over 12.6 years with a Base Case after-tax NPV5 per cent of US$523 million using the 3-year trailing average gold price of US$1,850/oz and consensus long term forecast forex of 0.74 US$/C$. Sensitivity of the economic results to the gold price assumption is shown in Table 1.

The 2024 PFS mines 33.9 million tonnes of proven and probable reserves at an average grade of 2.61 grams of gold per tonne feeding a 7.5 ktonnes per day processing plant (2.7 million tonnes per year). The 12.6-year mine life produces 2.5 million ounces at an average annual rate of 201 koz of payable gold per year. Average life of mine cash operating costs are US$863 per ounce, and all-in sustaining costs (AISC) are US$999/Oz (lowest quartile of the World Gold Council AISC cost curve).

A summary of the 2024 PFS results are shown in Table 2.

The Courageous Lake property is located 240 km northeast of Yellowknife NWT, Canada and is situated within the Courageous Lake greenstone belt (CLGB) in the Slave Structural Province. The property is a collection of mineral leases and mining claims that trend north-south along the approximately 54 km length of the CLGB. The property includes the past gold producing properties of the Salmita mine operated by Giant Yellowknife Mines, and the Tundra mine operated by Royal Oak Mines.

The project site will be accessed via spur winter road connecting to the Tibbitt to Contwoyto Winter Road (TCWR) that is normally open from late January/early February until the end of March of each year and services the nearby Ekati and Diavik mines.

The 2024 PFS mine plan uses an open pit truck and shovel operation. Mill feed is processed onsite by crushing, grinding and flotation. Flotation concentrate is pressure oxidized and cyanide leached to produce a gold dore. Waste rock will be generated during the mining of economical ore and will be directly hauled to the co-placement storage facility (CPSF) along with flotation tailings. Flotation tailings will be co-placed with waste rock while neutralized leach tailings will be placed in a separate facility.

2024 Mineral Resource Estimate

The Courageous Lake Project includes two deposits: the Courageous Lake deposit, and the Walsh Lake deposit. Only the Courageous Lake deposit is used in the 2024 PFS.

The Courageous Lake Mineral Resource estimate is derived from a database containing 616 drill holes with assays collected from 127,168.61 m of drillcore. Courageous Lake grade interpolation was carried out using both indicator probabilities and relative elevations within 13 mineralized domains to constrain the inverse distance squared interpolations within blocks with dimensions of 5m x 5 m x 5 m.

Measured and indicated resources are estimated at 145.2 million tonnes at an average grade of 2.36 grams per tonne containing 11.0 million ounces. For comparison, the 2012 PFS reported measured and indicated gold resources of 8.0 million ounces contained in 107.3 million tonnes at an average grade of 2.31 grams per tonne. The increase in contained tonnes and grade is a result of the incorporation of drilling completed after the 2012 Mineral Resource Estimate, as well as refinement to the modelling methodology.

The Walsh Lake Mineral Resource estimate uses a database containing 92 drill holes with 17,533.7 m of assayed length. Walsh Lake grade uses Indicator probabilities and inverse distance squared interpolation to estimate the gold grades into blocks with dimensions of 3 m x 3 m x 3 m.

Mineral Resource estimates for each of the deposits that comprise the Courageous Lake Project are summarized in Table 3 and Table 4.

Mine Planning

Lerchs-Grossman ("LG") pit shell optimizations were used to define the mine plans in the 2024 PFS. The pit optimizations incorporated estimated costs for mining, processing, tailings management, general and administrative and process recoveries. Waste to ore cut-offs were determined using a gold price of US$1,400 per ounce. The 2024 PFS pit was restricted from mining below the base of the permafrost to minimize the ingress of saline groundwater.

Estimated proven and probable Mineral Reserves, including mining dilution within the ultimate pit limit uses a Net Smelter Return (NSR) cut-off grade of C$49.66/t milled.

The 2024 PFS produces an average of 250,000 ounces of gold per year in the first five years of operation and an average of 201,000 ounces per year over the life of mine. High grade ore is exposed with minimal pre-stripping.

Mineral Processing

Seabridge has conducted seven metallurgical testing programs since 2003. The selected flowsheet includes a three-stage crushing circuit with the crushed product reporting to the crushed material stockpile. Mineralized material is reclaimed to a grinding circuit consisting of a ball mill circuit operating in closed circuit with a cyclone cluster. Classified material reports sequential stages of rougher flotation, where concentrate is separated from the gangue material and fed to cleaner flotation. In the cleaning circuit, the concentrate grades are upgraded prior to further size reduction in a regrind ball mill operating in closed circuit with a cyclone cluster. Cleaner tailings combine with rougher tailings for thickening before being discharged to the CPSF.

Overflow from regrind cyclones undergoes acidulation and pre-oxidation stages followed by the pressure oxidation circuit to oxidize the concentrate. The oxidized slurry is leached with cyanide and then washed in six stages through a CCD circuit. The resulting pregnant solution is processed using a Merrill-Crowe treatment by adding zinc powder to precipitate gold and silver. The precious metals precipitate will be smelted on site to produce gold-silver dore bars. Overall gold recovery is projected at 89.3 per cent.

Capital Costs

The 2024 PFS initial capital cost estimate is US$747 million. Sustaining capital is estimated at US$293 million, and closure capital is estimated to be US$72 million.

Operating Costs

Average mine, process, G&A and water treatment operating costs over the project's life are estimated at US$61.0 per tonne milled. A breakdown of estimated unit operating costs is as follows:

The LOM Cash Cost is US$863/oz of payable gold, and the LOM AISC is US$999/oz of payable gold.

2024 PEA Expansion

The 2024 PEA is a standalone mine plan that evaluates a conceptual expansion of the Courageous Lake open pit below the base of the permafrost after the 2024 PFS reserve has been completely mined out. None of the Mineral Resources used in the 2024 PEA mine plan have been used in the 2024 PFS.

The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the results of the PEA will be realized. Mineral Resources in the PEA mine plan are not Mineral Reserves and do not have demonstrated economic viability.

The 2024 PEA results summarized in Table 8 show 3.26 million ounces of payable gold are produced over a 15.9-year mine plan at an average annual rate of 205,000 ounces of gold per year with an NPV5 per cent of US$194 million and an AISC of US$ 1,316/Oz.

Table 9 shows the sensitivity of the 2024 PEA economic results to gold price assumptions.

Qualified Persons

A team of the Qualified Persons has reviewed and verified the technical information contained in this press release in their area of expertise and are independent of the Company, including:

• Kevin Murray, P.Eng., of Ausenco is an independent QP for the metallurgical test work and recovery model, process and infrastructure capital and operating cost estimation, and project financials.
• Jonathan Cooper, P.Eng., of Ausenco, is an independent QP for hydrology.
• Aleksandar Spasojevic, P.Eng., of Ausenco, is an independent QP for the co-placement storage facility and leach residue tailings facility.
• Allan Strandberg, P.Eng., of Ausenco, is an independent QP for site access and ice road.
• Harold Rolf Schmitt, P.Geo., of ERM, is an independent QP for environmental and permitting studies.
• Jesse Aarsen, P.Eng., of MMTS is an independent QP for the mineral reserve estimate, mine planning and mining cost estimation. Sue Bird, P.Eng., of MMTS is an independent QP for the geology and mineral resource estimate.
• Neil Brazier, P.Eng., of Brazier is an independent QP for power generation.
• Hassan Ghafari, P.Eng., of Tetra Tech is an independent QP for airstrip.
• Cameron Clayton, P.Eng., P.Geo., of Tetra Tech is an independent QP for pit dimensions and slope design.
• Soren Jensen, P.Eng., of SRK is an independent QP for water quality and water treatment.
• Tracey Meintjes, P.Eng., Seabridge's Senior Vice President, Technical Services, is a Qualified Person and has reviewed and approved the technical and scientific content of this news release outside the information for which the QPs listed above are responsible.

About Seabridge Gold

Seabridge holds a 100 per cent interest in several North American gold projects. Seabridge's principal asset, the KSM project, and its Iskut projects are located in Northwest British Columbia, Canada's "Golden Triangle", the Courageous Lake project is in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project is in the Yukon Territory. For a full breakdown of Seabridge's Mineral Reserves and Mineral Resources by category please visit the Seabridge's website at http://www.seabridgegold.com.

About Ausenco

Ausenco is a global company redefining what's possible. Its team is based across 26 offices in 15 countries, with projects in over 80 locations worldwide. Combining their deep technical expertise with a 30-year track record, Ausenco provides innovative, value-add consulting studies, project delivery, asset operations and maintenance solutions to the mining & metals and industrial sectors.

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