Seabridge Gold Files 2025 Annual Information Form, Year End Audited Financial Statements and MD&A

Executive Summary

• Seabridge Gold filed its 2025 Annual Information Form, audited consolidated financial statements and MD&A on SEDAR+, with the Form 40‑F to be filed on EDGAR shortly.
• The company reported a net loss of $53.2 million ($0.53 per share) for 2025, widening from a $31.2 million loss in 2024, driven largely by a non‑cash $60.1 million remeasurement loss on Secured Notes.
• Seabridge invested $137.0 million in mineral interests, property and equipment during 2025 and disclosed plans to spin out the Courageous Lake project into a new publicly listed company (Valor Gold Corp.) while pursuing a partner for the KSM project.

Key Details

• Financial filings: Annual Information Form, audited consolidated financial statements, MD&A for year ended Dec 31 2025 filed on SEDAR+; Form 40‑F to be filed on EDGAR.
• Net loss 2025: $53.2 million ($0.53 per share) vs. $31.2 million ($0.35 per share) in the prior year.
• Capital expenditures 2025: $137.0 million invested in mineral interests, property and equipment (vs. $106.3 million in 2024).
• Net working capital (ex‑distribution assets): $109.8 million at Dec 31 2025 vs. $44.8 million at Dec 31 2024 (excluding $6.9 million flow‑through share premium).
• Secured Note remeasurement loss: Non‑cash $60.1 million loss due to fair‑value changes of USD‑denominated Secured Notes, which may be repaid or exchanged for royalties at KSM upon commercial production.
• Spin‑out plan: Proposes 100 % spin‑out of the Courageous Lake project into Valor Gold Corp., a new publicly listed entity, to unlock value and allow focused development of KSM and Iskut projects.
• Operational highlights: Advancement of BC Hydro switching station for low‑cost green hydro power at KSM; confirmation of a large gold‑copper deposit at Snip North (Iskut project).
• 2026 objectives: Secure a partner with technical, financial and social capabilities to advance KSM to production; negotiations ongoing with preferred partner.
• Project portfolio: 100 % interest in KSM, Iskut (British Columbia Golden Triangle), Courageous Lake (Northwest Territories), Snowstorm (Northern Nevada), and 3 Aces (Yukon).

Notable Quotes

“2025 was a year of important accomplishments. The BC Hydro switching station… keeps available low cost, green hydro power for KSM ahead of other projects in the area.” – Rudi Fronk, Chair & CEO

“To surface value for shareholders, we propose to spin‑out 100 % of the prospective Courageous Lake project to our shareholders through a new company, Valor Gold Corp., that is expected to be listed publicly.” – Rudi Fronk, Chair & CEO