Seabridge Gold summarizes 2025 exploration at KSM

Executive Summary

• Seabridge Gold announced the spinout of its Courageous Lake gold project into a new independent entity, Valor Gold, to be distributed to shareholders, allowing the market to value the asset separately from the KSM project.
• The company provided a year-end update on the KSM project, highlighting the completion of 8,500 meters of geotechnical drilling to support the feasibility study, construction progress on the Treaty Creek terminal, and the expected issuance of the M-245 permit in Q1 2026.
• Significant drilling results were reported at the Iskut project (Snip North), defining a major porphyry system with 820 meters of 0.66 g/t Au and 0.14% Cu, with a resource estimate planned for early 2026.

Key Details

• Courageous Lake Spinout:
  • Seabridge is spinning out its wholly owned subsidiary, Seabridge Gold (NWT) Inc., to be renamed Valor Gold.
  • Valor Gold will own 100% of the Courageous Lake gold project in the Northwest Territories.
  • Shares will be distributed to Seabridge shareholders and listed on at least one major public stock exchange.
  • Valor Gold will have its own dedicated management team and board of directors.
  • Courageous Lake Resource Data:
    • Measured and Indicated Resources: 11.0 million ounces of gold (145.2 million tonnes at 2.36 g/t Au).
    • Inferred Resources: 3.3 million ounces of gold (40.6 million tonnes at 2.52 g/t Au).
    • Proven and Probable Reserves: 2.8 million ounces of gold (33.9 million tonnes at 2.6 g/t Au).
    • Described as one of the highest-grade open-pit gold projects in Canada.
• KSM Project Updates:
  • Partnership: Final site visits completed by three joint venture finalists in Q3 2025; advancing toward a partnership with a preferred candidate.
  • Drilling: Completed ~8,500 meters of geotechnical drilling across 117 holes (largest in company history) to support the feasibility study.
  • Infrastructure: Construction advanced on the Treaty Creek terminal (TCT) switching station, including completion of earthworks, concrete foundations, steel erection, and transmission line structures connecting to the Northwest transmission line.
  • Permitting: Met all regulatory requirements for the M-245 Joint Mines Act/Environmental Management Act amendment application. The permit is in final drafting stage and anticipated for issuance in Q1 2026. This permits construction of the Mitchell-Treaty tunnel (MTT).
  • Legal: Court hearing regarding the "substantially started" designation challenge took place Sept 22–Oct 3, 2025. Judge's decision expected in Q1 2026.
  • Reclamation: Advanced multiyear reclamation of the historic Johnny Mountain mine in partnership with the Tahltan Nation; ~2 more years of work expected.
• Iskut Project (Snip North) Drilling Results:
  • Completed 24,225 meters of diamond drilling in 2025.
  • Defined a major porphyry system over a strike length of 2,100 meters, dip projection of 600 meters, and up to 700 meters in width.
  • Key Intercept: Hole SN-25-30 intersected 820 meters of 0.66 g/t Au and 0.14% Cu.
  • System remains open at depth to the west and north.
  • Mineral resource estimate for Snip North planned for early 2026.
• Operational Metrics:
  • Peak activity supported >260 workers on site.
  • Received the David Barr Award.
  • Zero reportable environmental incidents in 2025.
  • Eight regulatory inspections conducted by five agencies with no major non-compliances.