Drilling Expands Au-Cu Deposit at BC Project
Research Report

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Disclosures for Cantor Fitzgerald, Seabridge Gold Inc., December 10, 2025

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Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced the results of 16 holes drilled in the Snip North target at its Iskut gold-copper project in British Columbia, and they are "encouraging," reported Cantor Fitzgerald Analyst Mike Kozak in a Dec. 10 research note.

"[The results] suggest a large, near-surface and seemingly continuous gold-copper porphyry," Kozak wrote.

13% Potential Return

Cantor maintained its CA$46 per share (CA$46/share) target price on Seabridge, trading at about CA$40.66/share at the time of Kozak's report, the analyst noted. From that price, the return to target is 13%.

Seabridge remains a Buy.

The company has 104.8 million shares outstanding. Its market cap is CA$3.1 billion. Its 52-week range is CA$9.40–31.35/share.

Mineralization Expanded

The newly reported results are for 16 holes from Seabridge's 21,000-meter (21,000m) 2025 drill program at Iskut's Snip North target, reported Kozak. These 16 holes are stepouts from previously reported holes drilled during the 2024 discovery program.

The results expanded Snip North's mineralized envelope to 2,100m x 700m x 600m from 1,700m x 600m x 600m, Kozak wrote.

Highlight intervals include:

• 719m of 0.6 grams per ton gold (0.6 g/t Au) and 0.06% copper (Cu)
• 709m of 0.35 g/t Au and 0.1% Cu
• 598m of 0.49 g/t Au and 0.07% Cu

Mineralization at Snip North remains open in multiple directions and at depth.

Kozak reiterated that Iskut is about 20 kilometers north of Seabridge's massive flagship KSM gold-copper open-pit and underground project.

Upcoming Catalyst

Seabridge plans to complete a maiden mineral resource estimate for Snip North early next year.

Based on the drilling to date, Cantor estimates an initial, likely conservative Snip North resource of 2,000,000,000 tons of 0.4 g/t Au and 0.1% Cu, Kozak wrote. This would contain 25,000,000 ounces of Au and 5,000,000,000 pounds of Cu.