Mr. Rudi Fronk reports

BC SUPREME COURT DECIDES SEABRIDGE GOLD'S KSM SUBSTANTIALLY STARTED DETERMINATION REASONABLE

The Supreme Court of British Columbia has issued its decision on two petitions challenging the determination by the B.C. Environmental Assessment Office that Seabridge Gold Inc.'s KSM project located in northwestern British Columbia was substantially started as of July 24, 2024. The court found that the determination was reasonable but that the EAO had not engaged in sufficient consultation with one of the petitioners, the Tsetsaut Skii km Lax Ha. The court has ruled that the EAO must provide a specific period of 90 days for TSKLH to provide written submissions on whether the project was substantially started, after which the EAO must reconsider the substantial started determination. The court also dismissed a second petition that was filed by SkeenaWild Conservation Trust against the substantially started determination.

Seabridge chair and chief executive officer Rudi Fronk noted that work at KSM would continue during the consultation process and EAO reconsideration of the substantially started determination.

"We are satisfied that the court has confirmed the reasonableness of the EAO determination. We will continue to execute our work plans for KSM and look forward to meeting with the EAO to receive an update on their additional consultation activities in due course. Meanwhile, the permanent physical improvements we have made at KSM which were considered appropriate for the determination have been significantly enhanced. We remain appreciative of the continued support of the Nisga'a and Tahltan nations and the Gitxsan Hereditary Chiefs Office for KSM."

Since its application for substantially started status in January, 2024, Seabridge has incurred an additional $208-million of expenditures on permanent works at KSM, bringing total expenditures at KSM to $1.2-billion.

About Seabridge Gold Inc.

Seabridge Gold holds a 100-per-cent interest in several North American gold projects. Its principal assets are the KSM and Bronson corridor projects in British Columbia's Golden Triangle. Additional projects include Snowstorm in Nevada's Getchell gold belt and the 3 Aces project in the Yukon.