Mr. Rudi Fronk reports

SEABRIDGE DEVELOPS NEW GOLD DEPOSITION MODEL FOR 3 ACES PROJECT

Seabridge Gold Inc.'s 2023 drill results at its wholly owned 3 Aces project in Canada's Yukon have successfully confirmed the key parametres controlling gold deposition on the property and provided a clear set of directions for follow-up evaluation and resource delineation. Last year's program completed 7,759 metres of core and reverse circulation drilling within the central core area of the 3 Aces project.

An updated three-dimensional model has now been built that brings together results from the company's drilling and historical drill programs to indicate the likelihood of continuous mineralization between previously isolated historical deposits in the central core area (CCA). Its 2023 drill program confirmed these extensions of historical discoveries, including localized high-grade zones, within the favourable parts of the regional fold architecture. At contacts between thick phyllite sequences and coarse interbedded sandstone and conglomerate, second generation folding (F2) has produced discrete dilation zones on F2 synforms and antiforms where continuous gold mineralization and locally high-grade intervals are found.

Commenting on this year's program, Rudi Fronk, Seabridge chairman and chief executive officer, noted: "Previous operators encountered challenges connecting and extending target zones in the CCA. Our team's comprehensive and detailed work has recognized controls that appear to have resolved this continuity issue. This year's breakthrough now gives us the tools to identify additional promising targets and expand known gold zones at 3 Aces. We now see a path for bringing the property's extensive gold mineralization into resource configurations."

Drill testing in 2023 was completed around the historical Spades, Hearts and Clubs zones. Detailed surface and drill hole observations have provided better control on the stratigraphy and location of the F2 structures. Gold concentrations are found consistently in the F2 structures. Where these fold structures encounter the significant competency differences between phyllite and sandstone, open spaces are created through dilation of the rock mass, providing a trap for the deposition of gold-bearing massive quartz veins or quartz-arsenopyrite breccia. These fold features are also recognized outside of the preferred stratigraphic contact, but generally contain narrower intervals at lower gold grades. Following these marginal grade fold features toward stratigraphic contacts is expected to lead to new discoveries.

While the stratigraphic contact and F2 structures remain the principal control on gold concentrations, the company continues to evaluate other potential traps in the system.

Select drill results from the 2023 program are included in the attached table.

Results reported herein are estimated to be 80 per cent or better of true widths for the targeted feature, having been constrained by the stratigraphic section defined on the property.

Rigorous quality control/quality assurance protocols were used in this drilling program, consisting of blind blank, duplicate and certified reference standards inserted in the sample submissions. Assays were preformed by Bureau Veritas laboratory in Vancouver, B.C., with all intervals being analyzed by 50-gram lead collection fire assay fusion and 35-element ICP-EM. Select intervals are reanalyzed using 500-gram samples screened through 150-mesh screens producing fire assays for the coarse fraction and fine fraction with gold reported for both fractions and the total of the sample.

Exploration activities on the 3 Aces project are being conducted under the supervision of William E. Threlkeld, registered professional geologist, senior vice-president of the company and a qualified person as defined by National Instrument 43-101. Mr. Threlkeld has reviewed and approved this news release.

About Seabridge Gold Inc.

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 in Canada's Northwest Territories, the Snowstorm project in the Getchell gold belt of northern Nevada and the 3 Aces project.

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