Tunnel Status For Seabridge’s KSM Project Challenged by Tudor Gold T oronto, Canada …
News Release
Trading Symbols: TSX: SEA FOR IMMEDIATE RELEASE
NYSE: SA July 14, 2025
Tunnel Status For Seabridge’s KSM Project
Challenged by Tudor Gold
T
oronto, Canada … Seabridge Gold Inc. (TSX: SEA; NYSE: SA) (“Seabridge” or the
“Company”) announced today that Tudor Gold Corp. (“Tudor”) has filed a Notice of
Appeal in the British Columbia Supreme Court against the Chief Gold Commissioner
of British Columbia (the “CGC”) and Seabridge which appeals a decision of the CGC
rejecting an application brought by Tudor that seeks, in effect, to rescind the legal
mechanism which prioritizes Seabridge’s rights to use land passing through Tudor’s
claims for the KSM Project’s Mitchell Treaty Tunnels (“MTT”) . Tudor previously had
applied for a decision from the CGC that KSM’s conditional mineral reserve (the “CMR”)
in respect of the MTT should not apply to Tudor or, in the alternative, that the CMR be
cancelled. The CGC rejected Tudor’s application. The CGC’s decision can be found
here.
Sea
bridge’s CMR requires that “a free miner must not obstruct, endanger or interfere
with, or allow any other person to obstruct, endanger or interfere with, the
construction, operation or maintenance of” the MTT. Tudor is a free miner. Tudor is,
among other things, arguing that Seabridge’s Licence of Occupation for the MTT gives
it a competing claim to minerals in Tudor’s claims and therefore must be adjudicated
by the CGC. Seabridge does not claim any rights to the minerals in Tudor’s Treaty
Creek Project, whether under its Licence of Occupation or otherwise . Accordingly,
Seabridge considers the CGC’s decision to reject Tudor’s application to be correct.
“After Tudor’s initial submission to the CGC on January 28, 2025, followed by four
additional submissions through April 17, 2025 raising every argument Tudor could
devise, the CGC concluded that she did not have the jurisdiction to make the decisions
requested by Tudor. Tudor now appears to be trying to obtain a court decision that
the CMR does not apply to it” said Seabridge’s Chair and CEO, Rudi Fronk. “We are
confident that the judge will dismiss Tudor’s appeal.”
I
f Tudor is successful with its appeal, the outcome would be that the court orders the
CGC to take jurisdiction and make a decision in response to Tudor’s application. It
would then be up to the CGC to decide whether to accept Tudor’s arguments that the
CMR does not apply to Tudor. In the interim, the CMR remains in place. It is also worth
noting that: (i) in 2014, early 2024 and again in April, 2025, the Ministry of Mines stated
that the CMR applies to Tudor and that: (ii) in the decision under appeal by Tudor, the
CGC stated that the CMR applies to Tudor, and that: (iii) in the decision under appeal
by Tudor, the CGC decided not to exercise her discretion to cancel the CMR.
About Seabridge Gold
Seabridge holds a 100% interest in several North American gold projects. Seabridge's
principal asset, the KSM project, and its Iskut project, are located in Northwest British
Columbia, C anada’s “ Golden T riangle”, t he C ourageous L ake project loc ated in
Canada's Northwest Territories, t he Snowstorm p roject in t he Getchell Gold B elt of
Northern Nevada and t he 3 A ces p roject se t i n the Y ukon Territory. F or a full
breakdown of Seabridge's Mineral Reserves and Mineral Resources by category please
visit the Company'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 "forwa rd-looking information" within th e meaning of Canadian securities
legislation and "forward-looking statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995. This informat ion 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 f uture events and include, but are not limited t o, st atements wit h
respect to: (i) Seabridge considering the CGC’s decision to be correct; and (ii) Seabridg e being confident
that the court will dismiss Tudor’s appeal.
All forward-looking statements are based on Seabridge's or its advisors’ current beliefs as well as various
assumptions made by them and information currently available to them. Althoug h management
considers these assumptions to be reasonable based on information 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 accurate and actual results and f uture events could differ materially from
those anticipated in such statements. Important factors that could cause act ual results to differ
materially from Seabridge's plans or expectations incl ude the risk that: (i) the CGC decision to reject
Tudor’s application is found to be incorrect; and (ii) the court decides that the CMR does not apply to
Tudor, and (ii) that the court allows the appeal, 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.
We caution readers not to place undue reliance on these forward -looking statements as a number of
important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives,
expectations, anticipations, estimates assumptions and intentions expressed in such forward -looking
statements.
ON
BEHALF OF THE BOARD
"Rudi Fronk"
Chairman & C.E.O.
F
or further information please contact:
Rudi P. Fronk, Chairman and C.E.O.
Tel: (416) 367-9292 • Fax: (416) 367-2711
Email: [email protected]