Mr. Rudi Fronk reports

SEABRIDGE GOLD FILES 2023 ANNUAL INFORMATION FORM, YEAR END AUDITED FINANCIAL STATEMENTS AND MD&A

Seabridge Gold Inc. has filed its annual information form, audited consolidated financial statements, and management's discussion and analysis for the year ended Dec. 31, 2023, on SEDAR+. These documents are also available on the company's website. Seabridge's Form 40-F will be filed shortly with the Securities and Exchange Commission on EDGAR. The company's shareholders may, upon written request, receive a hard copy of the company's complete 2023 audited consolidated financial statements free of charge.

Financial results

During the year ended Dec. 31, 2023, Seabridge posted a net loss of $29.3-million (35 cents per share) compared with a net loss of $7.4-million (nine cents per share) for the previous 12-month period. During 2023, Seabridge invested $69.7-million in mineral interests, compared with $55.1-million in 2022. At Dec. 31, 2023, net working capital was $54.5-million compared with $88.4-million at Dec. 31, 2022.

The reported net loss for 2023 was mostly due to a non-cash $29.7-million loss associated with the remeasurement of the secured note liabilities that are structured to convert into royalties at KSM upon commercial production. Under international financial reporting standards, remeasurement of the secured note liabilities results in changes in the fair value at each reporting date, due to changes in input variables such as market interest rates and metal prices. However, these changes in fair value are unrealized. The secured notes will either be put back to the company at the prescribed amount under the rights of the noteholders, or they will be exchanged for the prescribed royalties at maturity. For details on the accounting for the secured notes, please see Note 12 to the 2023 audited financial statements.

Seabridge holds a 100-per-cent interest in several North American gold projects. Seabridge's principal assets, the KSM project and its Iskut project, are located in the Golden Triangle in British Columbia, Canada, the Courageous Lake project is in Canada's Northwest Territories, the Snowstorm project is in the Getchell gold belt of northern Nevada, and the 3 Aces project is set in the Yukon territory.