Seabridge Gold Provides Year End Update
106 Front Street East, Suite 400, Toronto, ON M5A 1E1, Canada
416-367-9292 www.seabridgegold.com
News Release
Trading Symbols: TSX: SEA FOR IMMEDIATE RELEASE
NYSE: SA DECEMBER 18, 2025
Seabridge Gold Provides Year End Update
Toronto, Ontario. Seabridge Gold Inc. (TSX: SEA) (NYSE: SA) (“Seabridge” or the “Company”)
provided today a year end update to shareholders on 2025 activities.
KSM Partnership
In 2025, management focused on completing due diligence exercises with a number of high-
quality potential partners. In Q3, final site visits were completed by three selected joint venture
finalists. Although we will miss our self-imposed year-end target for an announcement, we are
advancing towards a partnership with our preferred candidate and look forward to sharing
more information as soon as possible.
KSM Field Activities: Ready for Final Feasibility
The KSM Project recorded strong progress in 2025, achieving key steps in its development
pathway. An extensive field data collection program was completed including the largest
geotechnical drilling effort in our history, totaling approximately 8,500 meters of drilling across
117 drill holes to provide sufficient information to commence the project’s next major phase of
a Feasibility Study. Construction also advanced on the Treaty Creek Terminal (TCT) switching
station which connects KSM to renewable power from BC Hydro. Major milestones achieved in
2025 included completion of earthworks, concrete foundations, steel erection, and installation
of transmission line structures connecting the TCT to the Northwest Transmission Line.
Project support teams continued with high standards and performance, including receiving
the prestigious David Barr Award, having zero reportable environmental incidents, and
maintaining a strong emphasis on Indigenous engagement and collaboration. At peak activity,
the project supported more than 260 workers on site.
Courageous Lake Spin-Out: Optimizing Shareholder Value
Seabridge has made the decision to spin -out its wholly owned subsidiary, Seabridge Gold
(NWT) Inc. (to be renamed “Valor Gold”) which owns 100% of the Courageous Lake Gold Project,
located in Canada’s Northwest Territories. We intend to distribute all of the Valor Gold shares
to Seabridge shareholders and list them on at least one major public stock exchange. Valor will
have its own dedicated management team and Board of Directors. Seabridge will continue
focusing primarily on its KSM gold/copper project and its other exploration assets.
Following the spin-out, Valor Gold will be focused on advancing the Courageous Lake Project
through exploration, engineering and permitting. Courageous Lake is one of Canada’s largest
undeveloped gold projects with total contained gold inventory, comprising Measured and
Indicated Resources, of 11.0 million oz of gold (145.2 million tonnes at an average grade of 2.36
grams per tonne), plus an ad ditional 3.3 million ounces of gold in the inferred category (40.6
million tonnes at 2.52 grams per tonne). The rep orted measured and indicated resources
include 2.8 million ounces of proven and probable reserves (33.9 million tonnes at 2.6 grams
per tonne) which would make it one of the highest-grade open pit gold projects in Canada.
We believe Courageous Lake is being attributed little to no value in the price of Seabridge
shares today. Spin ning out Courageous Lake allows the market and our shareholders to
determine its value which we believe has been overshadowed for too long by KSM
2025 Exploration: Enhancing Gold Resources per Share
Our corporate strategy has focused from the beginning on increasing gold ownership per
share. The latest success in this strategy is unfolding just a few kilometers from KSM in BC’s
Golden Triangle.
At the Iskut Project, Seabridge completed 24,225 meters of diamond drilling this summer,
focused on following up the 2024 Snip North discovery and off -setting drill holes in a roughly
175-meter pattern. Drilling has defined a major porphyry system . Each of the holes drilled in
2025 intersected wide zones of mineralization including 820 meters of 0.66 gpt Au and 0.14%
Cu in hole SN -25-30. Snip North is now defined over a strike length of 2,100 meters, a dip
projection of 600 meters and up to 700 meters in wi dth. The limits of mineralization have not
yet been defined, and the system remains open at depth to the west and north.
Seabridge plans to issue a mineral resource estimate on Snip North in early 2026 and continue
drilling in 2026 to define the limits of the system and target a potentially higher-grade intrusive
porphyry source.
Permitting: Advancing of KSM
Working with our preferred partner candidate, we have been identifying and planning the next
steps in the development of KSM. Obtaining the necessary permits is a critical component of
this process.
In 2025, we met all regulatory requirements for the M -245 Joint Mines Act / Environmental
Management Act amendment application. The permit is currently in its final drafting stage
with the Ministry of Critical Minerals and Ministry of Environment and Parks (MCM/ENV), and is
anticipated to be issued in the first quarter of 2026 . This amendment will permit construction
of the Mitchell -Treaty Tunnel (MTT) along it s entire route as designated in our License of
Occupation and protected by our Conditional Mineral Reserve.
We maintained compliance with all major permits, conditions, reporting obligations,
regulatory inspections and requests across its five active projects. In 2025, eight inspections
were conducted by five separate regulatory agencies, with no major non -compliances
identified.
Seabridge advanced its multi-year reclamation of the historic Johnny Mountain Mine, a former
transboundary abandoned site, in close partnership with the Tahltan Nation. Acquired in 2016
with the purchase of Snip Gold, the site is expected to require approximately two more years
of reclamation work following the progress made in 2025.
Throughout 2025, Seabridge Gold strengthened its relationships with Indigenous groups,
including Treaty and First Nations, through proactive engagement, open communication,
cultural respect, and targeted support initiatives. The company maintained strong connections
with the Nisga’a and Tahltan Nations, and the Gitxsan Hereditary Chiefs’ office, and resumed
engagement with the Gitanyow Hereditary Chiefs’ office for the KSM Project.
Defending Our Property Rights
The court hearing at which petitioners challenged the Substantially Started Designation for
KSM granted by the BC government in 2024 took place from September 22 to October 3, 2025.
Thorough oral submissions were made to the judge during the hearing in defense of the
substantially started determination. BC’s and the Company’s submissions forcefully addressed
the deficiencies alleged by the plaintiffs in the BC EAO’s decision-making process to grant the
Substantially Started Designation. The judge’s decision is expected in Q1 2026.
A Successful 2025 and an Even Better 2026
We are proud of our accomplishments this year and with the expectation of our KSM partner
in place early next year, we expect to make 2026 our best year yet. We wish our shareholders a
prosperous and happy 2026. We will do our best to make it so.
About Seabridge Gold
Seabridge holds a 100% interest in several North American gold projects. Seabridge's principal
asset, the KSM project, and its Iskut projects are located in Northwest British Columbia,
Canada’s “Golden Triangle”, the Courageous Lake project is in Canada's Northwest Territories,
the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project is
in the Yukon Territory. For a full breakdown of Seabridge's Mineral Reserves and Mineral
Resources by category please visit Seabridge’s website at http://www.seabridgegold.com.
Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers
accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This document contains "forward -looking information" within the meaning of Canadian securities legislation and "forward -looking statements"
within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as
"forward-looking statements" are made as of the date of this document. Forward -looking statements relate to future events or future performance
and reflect current estimates, predictions, interpretations, expectations or beliefs regarding future events and include, but are not limited to,
statements with respect to: (i) the Company’s intention to spin-out Valor Gold by way of plan of arrangement and the distribution of the shares of its
subsidiary to the Company’s shareholders; (ii) the targeted listing of the shares of Valor Gold on a major public exchange; (iii) the anticipated focus of
Valor Gold post-spin-out being the advancement of Courageous Lake through exploration, engineering and permitting, (iv) the mineral resource and
mineral reserve estimates at the Courageous Lake Project and the Company’s belief that Courageous Lake’s measured and indicated resources and
proven and probable reserves would make one of the highest-grade open pit gold projects in Canada; (v) the Company’s belief that Courageous Lake
is being attributed little to no value in the price of Seabridge shares today ; (vi) the Company’s plans to issue a mineral resource estimate on Snip
North in early 2026; (vii) the Company’s plans to continue drilling in 2026 to define the limits of the Snip North system and target a potentially higher-
grade intrusive porphyry source ; (viii) the amendment to the M-245 Joint Mines Act / Environmental Management Act that permits construction of
the Mitchell-Treaty Tunnel (MTT) along its entire route being issued in Q1 2026; (ix) the Johnny Mountain mine site requiring approximately two more
years of reclamation work; and (x) the Company’s expectation that a KSM Partner will be in place in 2026 and make 2026 the be st year yet for the
Company.
All forward -looking statements are based on Seabridge's or its consultants' current beliefs as well as various assumptions made by them a nd
information currently available to them. Although management considers these assumptions to be reasonable based on i nformation currently
available to it, they may prove to be incorrect.
Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be a ccurate and
actual results and future events could differ materially from those anticipated in such statements. Important f actors that could cause actual results
to differ materially from Seabridge's plans or expectations include the risk that: the spin -out may not occur on the timeline anticipated or at all; the
structure of the spin-out is subject to change; the Company does not receive the necessary approvals for the transaction, including shareholder, TSX
and court approvals; the shares of Valor Gold may not be listed on a major public exchange; the anticipated exploration focus es of Valor Gold may
not be as anticipated; that changes occur in the underlying facts used to calculate a resource or reserve estimate that make declaration of a mineral
resource or mineral reserve problematic or the withdrawal of it necessary , difficulties in securing necessary authorizations , changes in the affairs of
the potential KSM Partners that may delay conclusion of a partnership forming on KSM, and other risks outlined in statements made by Seabridge
from time to time in the filings made by Seabridge with securities regulators. Seabridge disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities
legislation.
ON BEHALF OF THE BOARD
"Rudi Fronk"
Chair & C.E.O.
For further information please contact:
Rudi P. Fronk, Chair and C.E.O.
Tel: (416) 367-9292
Email: [email protected]