Mr. Rudi Fronk reports

SEABRIDGE GOLD ANNOUNCES AGREEMENT RENEWING AT-THE-MARKET OFFERING

Seabridge Gold Inc. has entered into a controlled equity offering sales agreement dated Jan. 24, 2025, with Cantor Fitzgerald & Co. and RBC Capital Markets LLC. Pursuant to the sales agreement, the company will be entitled, at its discretion and from time to time during the term of the sales agreement, to sell, through the lead agent, such number of common shares of the company that would result in aggregate gross proceeds to the company of up to $100-million (U.S.). Sales of the common shares, if any, will be made in at-the-market distributions, as defined in National Instrument 44-102 (Shelf Distributions), directly on the New York Stock Exchange or on any other existing trading market in the United States. No offers or sales of common shares will be made in Canada through the facilities of the Toronto Stock Exchange or other trading markets.

The program can be in effect until Seabridge's current $750-million (U.S.) shelf registration statement expires in February, 2027. Net proceeds from the ATM facility, if any, may be used to advance non-flow-through eligible exploration and advancement of the company's projects, for potential future acquisitions, and for working capital and general corporate purposes.

Seabridge chairman and chief executive officer Rudi Fronk noted that the company has had similar ATM facilities in place for many years: "This agreement replaces a previous agreement which has lapsed. We have found that our ATM programs in the past have provided us with considerable flexibility to raise funds on an efficient basis, when needed. Any share issuance under the ATM is fully disclosed in our financial statements."

The offering will be made by way of a prospectus supplement dated Jan. 24, 2025, to the company's existing Canadian short form base shelf prospectus and U.S. registration statement on Form F-10 dated Jan. 17, 2025. The prospectus supplement will be filed with securities commissions in Canada and the U.S. Securities and Exchange Commission. The offering documents will contain important detailed information about the securities being offered. Before you invest, you should read the offering documents, and the documents incorporated therein, for more complete information about the company and the offering. Copies of the sales agreement and the offering documents will be available at no charge by visiting the company's profiles on the SEDAR+ website maintained by the Canadian Securities Administrators or the SEC's website, as applicable.

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 project are located in the Golden Triangle in northwestern British Columbia, Canada, the Courageous Lake project is located in Canada's Northwest Territories, the Snowstorm project is located in the Getchell gold belt of northern Nevada, and the 3 Aces project is set in the Yukon territory.

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