Mr. Rudi Fronk reports

SEABRIDGE GOLD FILES UPDATED NI-43-101 COURAGEOUS LAKE TECHNICAL REPORT

Seabridge Gold Inc. has filed a new National Instrument 43-101 technical report for its 100-per-cent-owned Courageous Lake project located in Canada's Northwest Territories (SEDAR+ filing). The new technical report includes the results of an updated preliminary feasibility study (PFS) and a new preliminary economic assessment (PEA) that evaluate a conceptual expansion of the Courageous Lake open pit beyond the 2024 PFS mine plan. Results of the 2024 PFS and 2024 PEA were announced on Jan. 16, 2024, and can be found on-line.

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

Two thousand twenty-four Courageous Lake PFS

The 2024 PFS 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.

Commenting on the study, Rudi Fronk, Seabridge's chairman and chief executive officer, said: "Our work shows Courageous Lake as a profitable project in the current environment, in a safe jurisdiction, with considerable exploration upside. The project consists of an entire greenstone belt which has prospective shallow drill results and gold showings along its 54-kilometre length. As we move towards a joint venture on our KSM project, we will be directing more attention to Courageous Lake's potential to generate considerable additional shareholder value."

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

• 73-per-cent increase in after-tax net present value (NPV) at a 5-per-cent discount to $523-million (U.S.) from $303-million (U.S.) in 2012;
• 50-per-cent reduction in initial capital from $1,522,000 (U.S.) to $747-million (U.S.);
• Increased after-tax internal rate of return (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 grams per tonne (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 eight million ounces (Moz) to 11 Moz (145.2 million tonnes (Mt) at an average grade of 2.36 grams of gold per tonne).

Two thousand twenty-four Courageous Lake PEA

The 2024 PEA is a stand-alone 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.

Mr. Fronk noted that the 2024 PEA establishes the potential for a much longer mine life beyond the 2024 PFS. "The PFS uses less than 30 per cent of the estimated M&I [measured and indicated] gold resource. The PEA includes inferred resources 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."

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.

Qualified person

Tracey Meintjes, PEng, a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained in this news release on behalf of Seabridge Gold.

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

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