Seabridge Gold Files Third Quarter 2025 Report to Shareholders and Its Financial Statements and MD&A

Executive Summary

• Seabridge Gold posted a net loss of $32.3 million ($0.32 per share) for the three months ended September 30, 2025, widening from a $27.6 million loss year‑over‑year.
• Capital expenditures rose to $52.9 million in Q3 2025, up from $28.1 million in the same period last year, reflecting accelerated investment in mineral interests.
• Net working capital improved to $83.2 million at September 30, 2025 (vs. $37.8 million on December 31, 2024), indicating a stronger liquidity position despite the loss.

Key Details

• Filed Report to Shareholders, Interim Financial Statements and MD&A for Q3 2025 on SEDAR+.
• Financial Results (Q3 2025):
• Net loss: $32.3 million, or $(0.32) per share.
• Prior year comparable net loss: $27.6 million, or $(0.31) per share.
• Capital Expenditures:
• Total investment in mineral interests: $52.9 million (Q3 2025).
• Prior year Q3 investment: $28.1 million.
• Liquidity:
• Net working capital at September 30, 2025: $83.2 million.
• Net working capital at December 31, 2024: $37.8 million.
• Operational Highlights (non‑financial):
• Ongoing KSM field activities and partnership discussions.
• 24,000 m drill program at Iskut in 2025 confirmed a new large porphyry deposit at Snip North.
• Court hearings concluded on petitions challenging KSM’s substantially started designation; three additional challenges filed by Tudor Gold against KSM’s Mitchell‑Treaty‑Tunnel authorizations.
• Completion of the 2025 exploration program at 3 Aces.
• Asset Portfolio: 100% interest in North American gold projects including KSM, Iskut (BC), Courageous Lake (NT), Snowstorm (NV) and 3 Aces (YT).

Notable Quotes

• “Rudi Fronk, Chair and CEO – ON BEHALF OF THE BOARD” (signature line).