Mr. Rudi Fronk reports

TUNNEL STATUS FOR SEABRIDGE'S KSM PROJECT CHALLENGED BY TUDOR GOLD

Tudor Gold Corp. file a notice of appeal in the British Columbia Supreme Court against the Chief Gold Commissioner of British Columbia (CGC) and Seabridge Gold Inc. which appeals a decision of the CGC rejecting an application brought by Tudor that seeks, in effect, to rescind the legal mechanism which prioritizes Seabridge's rights to use land passing through Tudor's claims for the KSM project's Mitchell treaty tunnels (MTT). Tudor previously had applied for a decision from the CGC that KSM's conditional mineral reserve (CMR) in respect of the MTT should not apply to Tudor or, in the alternative, that the CMR be cancelled. The CGC rejected Tudor's application. The CGC's decision can be found on-line.

Seabridge's CMR requires that "a free miner must not obstruct, endanger or interfere with, or allow any other person to obstruct, endanger or interfere with, the construction, operation or maintenance of" the MTT. Tudor is a free miner. Tudor is, among other things, arguing that Seabridge's licence of occupation for the MTT gives it a competing claim to minerals in Tudor's claims and therefore must be adjudicated by the CGC. Seabridge does not claim any rights to the minerals in Tudor's Treaty Creek project, whether under its licence of occupation or otherwise. Accordingly, Seabridge considers the CGC's decision to reject Tudor's application to be correct. "After Tudor's initial submission to the CGC on Jan. 28, 2025, followed by four additional submissions through April 17, 2025, raising every argument Tudor could devise, the CGC concluded that she did not have the jurisdiction to make the decisions requested by Tudor. Tudor now appears to be trying to obtain a court decision that the CMR does not apply to it" said Seabridge's chair and chief executive officer, Rudi Fronk. "We are confident that the judge will dismiss Tudor's appeal."

If Tudor is successful with its appeal, the outcome would be that the court orders the CGC to take jurisdiction and make a decision in response to Tudor's application. It would then be up to the CGC to decide whether to accept Tudor's arguments that the CMR does not apply to Tudor. In the interim, the CMR remains in place. It is also worth noting that: (i) in 2014, early 2024 and again in April, 2025, the Ministry of Mines stated that the CMR applies to Tudor and that: (ii) in the decision under appeal by Tudor, the CGC stated that the CMR applies to Tudor, and that: (iii) in the decision under appeal by Tudor, the CGC decided not to exercise her discretion to cancel the CMR.

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 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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