Mr. Rudi Fronk reports

SEABRIDGE GOLD PROVIDES UPDATED MINERAL RESOURCE ESTIMATE FOR KSM'S KERR AND IRON CAP DEPOSITS

Seabridge Gold Inc. has released updated mineral resource estimates for the Iron Cap and Kerr deposits at its 100-per-cent-owned KSM project located in northwestern British Columbia. The underground block cave constraining shapes for Kerr and Iron Cap have been updated using the same metal prices used in the 2022 Mitchell and East Mitchell open-pit constraining shapes ($1,820 (U.S.)/ounce gold, $4.20 (U.S.)/pound copper, $28 (U.S.)/oz silver and $13.5 (U.S.)/lb molybdenum at a currency exchange rate of 0.83 U.S. cent per $1).

Inferred mineral resources increase by 5.9 million ounces of gold, 3.3 billion pounds of copper, 55.4 million ounces of silver and 51 million pounds of molybdenum.

Indicated mineral resources increase by 300,000 ounces of gold, 200 million pounds of copper, 3.5 million ounces of silver and two million pounds of molybdenum.

The updated mineral resource estimates within the underground block cave constraining shapes for Kerr and Iron Cap have a mining grade shut-off applied which is appropriate for the assumed block cave mining method. This is consistent with the unselective block cave mining method used in the 2022 preliminary economic assessment and is different from previous mineral resource statements at Kerr and Iron Cap which applied a grade cut-off.

Resource models supporting the updated mineral resource estimates have not changed and they are the same models used in the previous resource statement as reported in the KSM preliminary feasibility study and preliminary economic assessment, National Instrument 43-101 technical report, with an effective date of Aug. 8, 2022.

Seabridge chairman and chief executive officer Rudi Fronk said the resource restatements reflect gains from a consistent application of metal price parameters. "As we move towards a joint venture on KSM, it makes sense to normalize our resource estimates across all of KSM's deposits."

The mineral resources within the 2022 PEA mine plans for Kerr and Iron Cap are subsets of, and consistent with, the updated mineral resources, and the mineral resources within the PEA mine plan are not impacted by the updated underground block cave constraining shapes.

The changes to the mineral resources are not a result of any changes to the resource models, but rather using a shut-off grade strategy for the Kerr and Iron Cap underground resources and aligning the metal price assumptions for the constraining shapes with other deposits on the KSM project. The 2022 PEA mine plan is a subset to the mineral resources at Kerr and Iron Cap and is not impacted by the change to mineral resources. The increased mineral resources compared with the previous estimate would only be mined after the 33 years of mine life based on the open-pit mineral reserves. Any future cash flows resulting from these additional mineral resources is not considered material. The change in mineral resource is considered not material to the KSM project or to Seabridge Gold.

Qualified person

Henry Kim, PGeo, the independent qualified person and principal resource geologist with Wood Canada Ltd., has reviewed and approved the scientific and technical information contained in this press release. Details of the data verification performed to support the mineral resource estimates, and identification of any known legal, political, environmental or other risks that could materially affect the potential development of the mineral resources, are provided in the technical report dated Aug. 8, 2022.

About Seabridge Gold Inc.

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 northwestern 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 Yukon.

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