Mr. Rudi Fronk reports

SEABRIDGE GOLD RECEIVES ITS KSM SUBSTANTIALLY STARTED DESIGNATION FROM THE BC GOVERNMENT

Seabridge Gold Inc.'s wholly owned subsidiary, KSM Mining ULC (KSM Co.), has received its substantially started designation from the British Columbia government for its 100-per-cent-owned KSM project. This designation affirms the validity of the British Columbia environmental assessment certificate (EAC) for the life of the KSM project.

Under the British Columbia Environmental Assessment Act, a project's EAC expires if the project has not been substantially started by the deadline specified in its EAC. However, the British Columbia Minister of Environment and Climate Change Strategy may determine that a project has been substantially started before the deadline, in which case the EAC is no longer subject to expiry. KSM's EAC deadline was July 29, 2026. KSM Co. has spent over $1-billion since acquiring the KSM project in 2001, of which in excess of $800-million has been spent to advance the project after the issuance of the EAC in July, 2014.

Seabridge chairman and chief executive officer Rudi Fronk stated: "This is a significant regulatory milestone for the KSM project, positioning it to become a multigenerational economic anchor for northwestern B.C. We thank the government of British Columbia and especially the Environmental Assessment Office for their recognition of the significant work already completed at KSM. This decision reaffirms B.C.'s support of responsible mining projects and the development of a stronger critical mineral supply chain needed for effective climate action. KSM's large copper reserve can contribute to meeting North America's technology, defence and security objectives while the project can also promote the economic well-being of our indigenous partners. We greatly appreciate the support that we received from the Nisga'a and Tahltan Nations, the Gitxsan Hereditary Chiefs Office, the Village of Hazelton, the District of New Hazelton, the Town of Smithers, the District of Stewart, the City of Terrace, the Regional District of Kitimat-Stikine, B.C. Hydro, and the Mining Association of British Columbia."

Mr. Fronk concluded, "This decision provides the regulatory assurance we have needed to move forward with joint venture discussions for the KSM project."

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 near Stewart, B.C., Canada, the Courageous Lake project located in Canada's Northwest Territories, the Snowstorm project in the Getchell gold belt of northern Nevada and the 3 Aces project set in Yukon.

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