Gold Developer Advances Massive World's Largest Undeveloped Project in BC
Research Report

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Disclosures for Stonegate Capital, Seabridge Gold Inc., November 20, 2025:

IMPORTANT DISCLOSURES AND DISCLAIMER (a) The research analyst and/or a member of the analyst’s household do not have a financial interest in the debt or equity securities of the subject company. (b) The research analyst responsible for the preparation of this report has not received compensation that is based upon Stonegate’s investment banking revenues. (c) Stonegate or any affiliate have not managed or co-managed a public offering of securities for the subject company in the last twelve months, received investment banking compensation from the subject company in the last 12 months, nor expects or receive or intends or seek compensation for investment banking services from the subject company in the next three months. (d) Stonegate’s equity affiliate, Stonegate Capital Partners, “SCP” has a contractual agreement with the subject company to provide research services, investor relations support, and investor outreach. SCP receives a monthly retainer for these non-investment banking services. (e) Stonegate or its affiliates do not beneficially own 1% or more of any class of common equity securities of the subject company. (f) Stonegate does not make a market in the subject company. (g) The research analyst has not received any compensation from the subject company in the previous 12 months. (h) Stonegate, the research analyst, or associated person of Stonegate with the ability to influence the content of the research report knows or has reason to know of any material conflicts of interest at the time of publication or distribution of the research report. (i) No employee of Stonegate has a position as an officer or director of the subject company. Ratings - Stonegate does not provide ratings for the covered companies. Distribution of Ratings - Stonegate does not provide ratings for covered companies. Price Chart - Stonegate does not have, nor has previously had, a rating for its covered companies. Price Targets - Stonegate does not provide price targets for its covered companies. However, Stonegate does provide valuation analysis. Regulation Analyst Certification: I, Dave Storms, CFA, hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report. For Additional Information Contact: Stonegate Capital Markets, Inc. Dave Storms, CFA [email protected] 214-987-4121 Please note that this report was originally prepared and issued by Stonegate for distribution to their market professional and institutional investor customers. Recipients who are not market professional or institutional investor customers of Stonegate should seek the advice of their independent financial advisor prior to taking any investment decision based on this report or for any necessary explanation of its contents. The information contained herein is based on sources which we believe to be reliable but is not necessarily complete and its accuracy cannot be guaranteed. Because the objectives of individual clients may vary, this report is not to be construed as an offer or the solicitation of an offer to sell or buy the securities herein mentioned. This report is the independent work of Stonegate Capital Markets and is not to be construed as having been issued by, or in any way endorsed or guaranteed by, any issuing companies of the securities mentioned herein. The firm and/or its employees and/or its individual shareholders and/or members of their families and/or its managed funds may have positions or warrants in the securities mentioned and, before or after your receipt of this report, may make or recommend purchases and/or sales for their own accounts or for the accounts of other customers of the firm from time to time in the open market or otherwise. While we endeavor to update the information contained herein on a reasonable basis, there may be regulatory, compliance, or other reasons that prevent us from doing so. The opinions or information expressed are believed to be accurate as of the date of this report; no subsequent publication or distribution of this report shall mean or imply that any such opinions or information remains current at any time after the date of this report. All opinions are subject to change without notice, and we do not undertake to advise you of any such changes. Reproduction or redistribution of this report without the expressed written consent of Stonegate Capital Markets is prohibited. Additional information on any securities mentioned is available on request.

As of the third quarter of 2025, Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) maintained a strong financial position, holding CA$103.1 million in cash and cash equivalents, according to an updated research note by Analyst Dave Storms for Stonegate Capital Partners on November 20.

This was bolstered by a US$100.2 million equity financing in February 2025 and a CA$30.5 million flow-through financing in June 2025. The company continues to focus its operating expenses on advancing its flagship KSM project and exploration at Iskut, 3 Aces, and Snowstorm, Storms noted. Additionally, Seabridge renewed its US$750 million base shelf prospectus and US$100 million ATM facility in early 2025.

"Seabridge's flagship KSM project in British Columbia's Golden Triangle remains the world's largest undeveloped gold project and the third largest copper development resource," Storms wrote.

The 2022 Preliminary Feasibility Study (PFS) for the project outlined a 33-year mine life with production at an all-in sustaining cost (AISC) of US$601/oz, net of copper credits, and an initial capital expenditure of US$5.3 billion. The project received its Substantially Started Designation (SSD) in July 2024, securing its Environmental Assessment Certificate for the project's duration, the analyst said.

Near-term goals include completing the Site Investigation program, a future Bankable Feasibility Study (BFS), and advancing the joint venture (JV) process, according to the research report. The company has indicated it expects to announce a partnership before the end of the year.

Situated in the Northwest Territories, Courageous Lake provides Seabridge with another Tier-1 scale project. It hosts 2.8 million ounces (Moz) of proven and probable gold reserves, 11 Moz of measured and indicated resources, and 3.3 Moz of inferred resources. The 2024 PFS outlined a 12.6-year mine life, producing approximately 201,000 ounces per year at an AISC of US$999/oz, with an after-tax NPV5% of US$523 million and an IRR of 20.6%, Storms said.

"Given the size and value of Courageous Lake we see the potential for a spin out of this asset to create value and expect a decision in the coming quarters," he wrote.

Exploration Portfolio

Seabridge also manages several high-impact exploration-stage projects that offer significant organic growth potential, Storms noted.

The Iskut project, located just 20 kilometers from KSM, has shown early signs of becoming a "second KSM" with the 2024 discovery of the Snip North porphyry system. A maiden Cu-Au resource is anticipated by early 2026 following an 8,000-meter, twenty-three diamond drill hole campaign, which is currently being evaluated and has shown promising early results. The 3 Aces project in Yukon, a high-grade orogenic gold system, recently completed a 3,000-meter drill campaign, while Snowstorm in Nevada will undergo a CA$1.8 million geophysical program to refine drill targets.

Outlook and Leadership

"Seabridge offers exceptional leverage to metal prices," the analyst wrote. The company's strategy is to secure a major JV partner for KSM, unlock value from Courageous Lake, and continue expanding its district-scale exploration pipeline.

Importantly, Seabridge has consistently grown ounces of gold and copper per share faster than outstanding shares, maximizing leverage while minimizing dilution.

"Backed by a strong leadership team, robust balance sheet, permitted flagship asset, and multiple near-term catalysts, Seabridge is well-positioned to emerge as one of the most compelling development stories in the global gold and copper sector," Storms said.

Valuation

In valuing Seabridge, Stonegate applied an EV/NAV range of 0.6x to 0.8x, resulting in a valuation of US$41.97 to US$58.16, with a midpoint of US$50.06. Using an EV/Reserves valuation method, the firm applied a multiple range of 20.0x to 30.0x, resulting in a valuation of US$42.85 to US$67.57, with a midpoint of US$55.21. The stock closed US$23.98 at the time of writing.