Mr. Rudi Fronk reports

SEABRIDGE GOLD ANNOUNCES US$100 MILLION IN FINANCINGS INCLUDES US$20 MILLION FROM STRATEGIC INVESTOR

Seabridge Gold Inc. has entered into an agreement with RBC Capital Markets and Cantor Fitzgerald Canada Corp., as co-lead underwriters and joint bookrunners on behalf of a syndicate of underwriters, to purchase, on a bought deal basis, 6.54 million common shares of the company (the offered shares) at the price of $12.25 (U.S.) per offered share (the issue price) for aggregate gross proceeds of approximately $80-million (U.S.). The underwriters will have an option to purchase up to an additional 15 per cent of the offered shares issued in the offering at the issue price to cover overallotments, exercisable in whole or in part, at any time until 30 days after the closing of the offering.

Concurrent with the offering, Seabridge has also entered into a subscription agreement with a strategic investor to purchase 1.64 million common shares of the company on substantially the same terms as the offering for aggregate gross proceeds of approximately $20-million (U.S.). Seabridge expects to raise aggregate gross proceeds of approximately $100-million (U.S.) (equivalent to approximately $143-million) between both the offering and the private placement.

The financing is expected to close on or about Feb. 19, 2025, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE). The net proceeds of the financing will be used by the company to make the payments to B.C. Hydro contracted for completion of the KSM switching station; complete a program to collect all remaining anticipated field data for, and undertake early value engineering to support, a KSM bankable feasibility study; finance other costs associated with ongoing activities at the company's 100-per-cent-owned KSM gold-copper project in northeast British Columbia, Canada; and for general corporate purposes.

Seabridge chairman and chief executive officer Rudi Fronk commented: "We have committed to approximately $150-million in work at our KSM project in 2025 to continue moving it forward and to maintain our commitment to our indigenous partners and local communities. The work includes critical path items to position KSM for a future partnership and establish the path of future work."

The offering will be made by way of a prospectus supplement to the company's base shelf prospectus and related U.S. registration statement on Form F-10 (SEC (Securities and Exchange Commission) file No. 333-283616). The prospectus supplement has been filed with the securities commissions in each of the provinces of Ontario, British Columbia, Alberta, Manitoba, Saskatchewan, Nova Scotia and Yukon, and the United States Securities and Exchange Commission (the SEC). Access to the base shelf prospectus, the prospectus supplement and any amendment to the documents is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment. The prospectus supplement (together with the related base shelf prospectus) will be available on SEDAR+ and on the SEC's website. Alternatively, the prospectus supplement may be obtained, when available, upon request by contacting the company at 106 Front St. East, suite 400, Toronto, Ont., Canada, M5A 1E1, telephone 416-367-9292; RBC Dominion Securities Inc., 180 Wellington St. West, eighth floor, Toronto, Ont., M5J 0C2, attention: distribution centre, by e-mail at Distribution.RBCDS@rbccm.com; RBC Capital Markets LLC, attention: equity capital markets, 200 Vesey St., New York, N.Y., 10281, by telephone at 877-822-4089 or by e-mail at equityprospectus@rbccm.com; Cantor Fitzgerald Canada Corp., attention: equity capital markets, 181 University Ave., suite 1500, Toronto, Ont., M5H 3M7, e-mail: ecmcanada@cantor.com; or Cantor Fitzgerald & Co., attention: capital markets, 110 East 59th St., sixth floor, New York, N.Y., 10022, or by e-mail at prospectus@cantor.com.

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

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