How Do Analysts See This Gold Developer With a Major Golden Triangle Asset?
Analyst Consensus Report

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1. Street Smart Average Price Target Formula

Street Smart Consulting has attained an average price target and rating for this company from our system's formula. The system calculates an average of all analyst target prices, which are originally in Canadian or U.S. dollars, then converts them to both dollar amounts. For the recommendation, it selects whichever rating (Buy, Sell, Hold, etc.) appears most frequently among analysts. When there's a tie for the most common recommendation, all tied ratings are included.

2. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Disclosures for Cantor Fitzgerald, Seabridge Gold, April 27, 2026:

Disclaimers The opinions, estimates, and projections contained in this report are those of Cantor Fitzgerald Canada Corporation (“CFCC”) as of the date hereof and are subject to change without notice. Cantor makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, Cantor makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Cantor that is not herein. This report is provided, for informational purposes only, to institutional investor clients of CFCC, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. This report is issued and approved for distribution in Canada, Cantor Fitzgerald Inc., a member of the Canadian Investment Regulatory Organization (“CIRO”), the Toronto Stock Exchange, the TSX Venture Exchange, and the CIPF. This report has not been reviewed or approved by Cantor Fitzgerald & Co., a member of FINRA. This report is intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity that is not a major institutional investor. Major Institutional Investors receiving this report should effect transactions in securities discussed in the report through Cantor Fitzgerald & Co. Non-US Broker Dealer 15a-6 disclosure: This report is being distributed by (CF Canada/CF Europe/CF Hong Kong) in the United States and is intended for distribution in the United States solely to “major U.S. institutional investors” (as such term is defined in Rule15a-6 of the U.S. Securities Exchange Act of 1934 and applicable interpretations relating thereto) and is not intended for the use of any person or entity that is not a major institutional investor. This material is intended solely for institutional investors and investors who Cantor reasonably believes are institutional investors. It is prohibited for distribution to non-institutional clients including retail clients, private clients, and individual investors. Major Institutional Investors receiving this report should effect transactions in securities discussed in this report through Cantor Fitzgerald & Co. This report has been prepared in whole or in part by research analysts employed by non-US affiliates of Cantor Fitzgerald & Co that are not registered as broker-dealers in the United States. These non-US research analysts are not registered as associated persons of Cantor Fitzgerald & Co. and are not licensed or qualified as research analysts with FINRA or any other US regulatory authority and, accordingly, may not be subject (among other things) to FINRA’s restrictions regarding communications by a research analyst with a subject company, public appearances by research analysts, and trading securities held by a research analyst account.

Potential conflicts of interest The author of this report is compensated based in part on the overall revenues of Cantor, a portion of which are generated by investment banking activities. Cantor may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Cantor and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Cantor makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies. Disclosures as of April 27, 2026 Cantor has provided investment banking services or received investment banking related compensation from Seabridge Gold Inc. within the past 12 months. The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of Seabridge Gold Inc. The analyst responsible for this report has visited the material operations of Seabridge Gold Inc. (KSM and Iskut). No payment or reimbursement was received for the related travel costs. Analyst certification The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein. Definitions of recommendations BUY: The stock is attractively priced relative to the company’s fundamentals and we expect it to appreciate significantly from the current price over the next 6 to 12 months. BUY (Speculative): The stock is attractively priced relative to the company’s fundamentals, however investment in the security carries a higher degree of risk. HOLD: The stock is fairly valued, lacks a near term catalyst, or its execution risk is such that we expect it to trade within a narrow range of the current price in the next 6 to 12 months. The longer term fundamental value of the company may be materially higher, but certain milestones/catalysts have yet to be fully realized. SELL: The stock is overpriced relative to the company’s fundamentals, and we expect it to decline from the current price over the next 6 to 12 months. TENDER: We believe the offer price by the acquirer is fair and thus recommend investors tender their shares to the offer. UNDER REVIEW: We are temporarily placing our recommendation under review until further information is disclosed. Member-Canadian Investor Protection Fund. Customers' accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request.

Disclosures for RBC Capital Markets, Seabridge Gold inc., April 27, 2026:

Non-U.S. analyst disclosure One or more research analysts involved in the preparation of this report (i) may not be registered/qualified as research analysts with the NYSE and/or FINRA and (ii) may not be associated persons of the RBC Capital Markets, LLC and therefore may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Conflicts disclosures The analyst(s) responsible for preparing this research report received compensation that is based upon various factors, including total revenues of the member companies of RBC Capital Markets and its affiliates, a portion of which are or have been generated by investment banking activities of the member companies of RBC Capital Markets and its affiliates. With regard to the MAR investment recommendation requirements in relation to relevant securities, a member company of Royal Bank of Canada, together with its affiliates, may have a net long or short financial interest in excess of 0.5% of the total issued share capital of the entities mentioned in the investment recommendation. Information relating to this is available upon request from your RBC investment advisor or institutional salesperson. Please note that current conflicts disclosures may differ from those as of the publication date on, and as set forth in, this report. To access current conflicts disclosures, clients should refer to https://www.rbccm.com/GLDisclosure/PublicWeb/DisclosureLookup.aspx?entityId=1 or send a request to RBC CM Research Publishing, P.O. Box 50, 200 Bay Street, Royal Bank Plaza, 29th Floor, South Tower, Toronto, Ontario M5J 2W7. RBC Capital Markets, LLC makes a market in the securities of Seabridge Gold Inc.. RBC Dominion Securities Inc. makes a market in the securities of Seabridge Gold Inc.. A member company of RBC Capital Markets or one of its affiliates expects to receive or intends to seek compensation for investment banking services from Seabridge Gold Inc. in the next three months. RBC Capital Markets is currently providing Seabridge Gold Inc. with investment banking services. RBC Capital Markets has delivered a written fairness opinion to the Board of Directors of Seabridge Gold Inc.(TSX:SEA) in relation to the spin-out of the Courageous Lake gold project into a newly created company, Valor Gold Corp., dated as of March 4, 2026 and press released on April 27, 2026.

Equity valuation and risks For valuation methods used to determine, and risks that may impede achievement of, price targets for covered companies, please see the most recent company-specific research report at www.rbcinsightresearch.com or send a request to RBC Capital Markets Research Publishing, P.O. Box 50, 200 Bay Street, Royal Bank Plaza, 29th Floor, South Tower, Toronto, Ontario M5J 2W7. Seabridge Gold Inc. Valuation Our US$71.00 price target is based on an average 0.40x target multiple applied to our NAV8% estimate, a discount to covered developer peers, reflecting the stage of the project, potential partnership, longer-dated potential upside from unmodeled resources/projects and construction costs/complexity. Our price target supports our Outperform rating on the stock, and the Speculative Risk qualifier reflects the early-stage nature of the project and construction risk ahead. Risks to rating and price target • Partnership risk: Our target and recommendation largely depend on Seabridge finding first a partner to advance and fund a feasibility study, and then to assume operatorship of the project through construction and production. If a suitable partner is not found, or partnership terms differ from our assumptions, we see risk to our valuation and potential for material delays in advancement. • Gold price: The project is most sensitive to the prevailing price of gold (and to a lesser extent, copper), outperforming in rising markets and underperforming when falling. • Construction capex: Whether $6.4bn as outlined in the 2022 PFS, or our $7.8bn estimate on a smaller-scale initial project, KSM is highly sensitive to start-up capital. • Remoteness and climate: While the paved highway, port, and airstrip provide access to the project, KSM is still a relatively remote project. Weather conditions will present challenges during construction and mine operations. • Permitting: Environmental approvals are in place; however, significant additional permitting will need to take place prior to production. • Project financing: Funding options for Seabridge/KSM will ultimately depend on the potential partnership agreement, development plan, revised capex figures, and future market conditions (including metal prices). • Project opposition: KSM has seen past criticism from local groups and non-government organizations, primarily related to the impact on waters, rivers, and salmon spawning grounds.

Conflicts policy RBC Capital Markets Policy for Managing Conflicts of Interest in Relation to Investment Research is available from us on request. To access our current policy, clients should refer to https://www.rbccm.com/global/file-414164.pdf or send a request to RBC Capital Markets Research Publishing, P.O. Box 50, 200 Bay Street, Royal Bank Plaza, 29th Floor, South Tower, Toronto, Ontario M5J 2W7. We reserve the right to amend or supplement this policy at any time. Dissemination of research RBC Capital Markets endeavors to make all reasonable efforts to provide research content simultaneously to all eligible clients, having regard to local time zones in overseas jurisdictions. RBC Capital Markets provides eligible clients with access to Research Reports on the Firm's proprietary INSIGHT website, via email and via third-party vendors. Please contact your investment advisor or institutional salesperson for more information regarding RBC Capital Markets' research. For a list of all recommendations on the company that were disseminated during the prior 12-month period, please click on the following link: https://rbcnew.bluematrix.com/sellside/MAR.action The 12 month history of Quick Takes can be viewed at RBC Insight. Analyst certification All of the views expressed in this report accurately reflect the personal views of the responsible analyst(s) about any and all of the subject securities or issuers. No part of the compensation of the responsible analyst(s) named herein is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the responsible analyst(s) in this report. Third-party disclaimers The Global Industry Classification Standard ("GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor's Financial Services LLC (“S&P”) and is licensed for use by RBC. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. RBC Capital Markets disclaims all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any statements made to the media or via social media that are in turn quoted in this report, or otherwise reproduced graphically for informational purposes.

Disclaimer April 27, 2026 Josh Wolfson (416) 842-9893; [email protected] 4 Seabridge Gold Inc RBC Capital Markets is the business name used by certain branches and subsidiaries of the Royal Bank of Canada, including RBC Dominion Securities Inc., RBC Capital Markets, LLC, RBC Europe Limited, RBC Capital Markets (Europe) GmbH, Royal Bank of Canada, Hong Kong Branch, Royal Bank of Canada, Singapore Branch and Royal Bank of Canada, Sydney Branch. The information contained in this report has been compiled by RBC Capital Markets from sources believed to be reliable, but no representation or warranty, express or implied, is made by Royal Bank of Canada, RBC Capital Markets, its affiliates or any other person as to its accuracy, completeness or correctness. All opinions and estimates contained in this report constitute RBC Capital Markets' judgement as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility. Nothing in this report constitutes legal, accounting or tax advice or individually tailored investment advice. This material is prepared for general circulation to clients and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The investments or services contained in this report may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about the suitability of such investments or services. This report is not an offer to sell or a solicitation of an offer to buy any securities. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. RBC Capital Markets research analyst compensation is based in part on the overall profitability of RBC Capital Markets, which includes profits attributable to investment banking revenues. Every province in Canada, state in the U.S., and most countries throughout the world have their own laws regulating the types of securities and other investment products which may be offered to their residents, as well as the process for doing so. As a result, the securities discussed in this report may not be eligible for sale in some jurisdictions. RBC Capital Markets may be restricted from publishing research reports, from time to time, due to regulatory restrictions and/or internal compliance policies. If this is the case, the latest published research reports available to clients may not reflect recent material changes in the applicable industry and/or applicable subject companies. RBC Capital Markets research reports are current only as of the date set forth on the research reports. This report is not, and under no circumstances should be construed as, a solicitation to act as securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. To the full extent permitted by law neither RBC Capital Markets nor any of its affiliates, nor any other person, accepts any liability whatsoever for any direct, indirect or consequential loss arising from, or in connection with, any use of this report or the information contained herein. No matter contained in this document may be reproduced or copied by any means without the prior written consent of RBC Capital Markets in each instance. Additional information is available on request.

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StreetSmart Research™

Seabridge Gold Inc.

(SEA:TSX - SA:NYSE.MKT)

Consensus Average Rating & Price Target

Price targets are based on the original currency and converted to US and/or CA using current exchange rates at the time of publication.

Rating: Buy / Outperform

Target: US $55.54 / CA $76.09

How Avg Analyst Ratings Are Calculated

04/27/2026

Josh Wolfson – RBC Capital Markets

Price at Time of Rating: US $30.19 / CA $41.36

Rating: Outperform

Target Price: US $71.00 / CA $97.27

04/27/2026

Mike Kozak – Cantor Fitzgerald

Price at Time of Rating: US $29.96 / CA $41.04

Rating: Buy

Target Price: US $48.18 / CA $66.00

04/20/2026

Nick Giles – B. Riley Securities

Price at Time of Rating: US $32.96 / CA $45.16

Rating: Buy

Target Price: US $47.45 / CA $65.00

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) is a Canadian mining company behind one of the country's largest undeveloped mining ventures — the KSM project, located in the Golden Triangle region of northwest British Columbia

The company has dedicated over two decades to the project, investing approximately CA$1 billion in the approvals process and establishing significant infrastructure developments such as transmission connections, roads, drilling operations, and water-diversion tunnels. This extensive preparation has advanced the KSM project beyond the exploration phase.

Throughout this period, Seabridge has engaged in thorough consultations with Indigenous communities, fostering strong partnerships. This includes securing benefits agreements with the Nisga'a and Tahltan Nations and channeling close to CA$400 million towards contracts with Indigenous-affiliated businesses, demonstrating a commitment to local community involvement and economic participation.

Seabridge Gold is also taking significant steps to enhance the value of its Courageous Lake gold project located in the Northwest Territories by spinning out a new company, Valor Gold Corp. This initiative, first unveiled in December 2025, involves distributing 55 million shares of Valor to Seabridge's current shareholders. This distribution will occur at a ratio of approximately one Valor share for every 1.952 shares held in Seabridge. The decision will be put to a shareholder vote scheduled for May 22 at the Fairmont Royal York Hotel in Toronto, followed by a final court hearing on May 27 in Vancouver, pending approval.

CEO Rudi Fronk explains that the motivation behind this move is to correct the undervaluation of the Courageous Lake project, which has been overshadowed by Seabridge’s larger and more developed flagship KSM project.

¹From the following analysts' ratings, Street Smart came up with an average rating of Buy / Outperform, with an average target price of US$55.54 / CA$76.09.

Mike Kozak — Cantor Fitzgerald

According to an updated note on April 27, Cantor Fitzgerald Analyst Mike Kozak noted that the company had provided an update on its plan, initially announced on December 16, 2025, to spin out its Courageous Lake open-pit gold project located in Northwest Territories, Canada. The spinout will result in the creation of a new entity named "Valor Gold," which is expected to start trading on the TSX and OTCQB exchanges around early to mid-June.

The details of the Courageous Lake spin-out include Seabridge distributing one Valor Gold share for every 1.952 Seabridge shares held by its shareholders, Kozak said. This distribution is contingent upon approval from Seabridge shareholders at a special meeting scheduled for May 22. Following this, a final order hearing to approve the transaction is set for May 27, with the completion of the transaction anticipated shortly thereafter.

As part of the financial arrangements for the new company, Seabridge will provide Valor Gold with CA$10 million in cash. This funding will come from purchasing 0.7 million Valor shares at CA$7.29 per share, totaling CA$5.1 million, and buying a 10% gold stream at a fixed price of US$4,000 per ounce for CA$4.9 million.

Kozak said the spinout is seen as a positive move for Seabridge, as Valor Gold is expected to have 55 million shares outstanding, implying a market capitalization of around CA$400 million based on the indicative financing price of CA$7.29 per share. This strategic decision is viewed favorably because it potentially unlocks immediate value for Seabridge shareholders.

The Courageous Lake project, previously overshadowed by Seabridge’s massive KSM gold-copper project in British Columbia, is now estimated to contribute approximately CA$400 million in market cap to Valor Gold, which translates to about CA$2.75 per Seabridge share.

In light of these developments, the reiteration of a "Buy" rating and a target price of CA$66 per share (a return of 119% at the time the note was written) on Seabridge remains in effect, underscoring the anticipated positive impact of the spin-out on shareholder value.

Josh Wolfson — RBC Capital Partners

Seabridge Gold Inc. has provided an update on the planned spin-out of its Courageous Lake project, named Valor, which is progressing as scheduled and is set to occur in June, according to an updated research note on April 27 from RBC Capital Markets Analyst Josh Wolfson.

The update aligns with the company's previous guidance for the first half of 2026. The spinout is viewed as neutral in terms of its impact on Seabridge's operations, as Courageous Lake represents less than 1% of the company's Net Asset Value (NAV), valued in-situ at US$152 million.

Under the terms of the planned arrangement, Seabridge will acquire 700,000 shares of Valor at CA$7.29 each, totaling CA$5.1 million. Additionally, Seabridge will secure a gold stream agreement, granting it the right to purchase 10% of Valor's quarterly gold production at a fixed price of US$4,000 per ounce, provided the average gold price over the quarter exceeds US$4,000 per ounce.

This agreement involves an advance payment of CA$4.9 million and the issuance of 54.3 million shares of Valor Gold to Seabridge, Wolfson noted. Following the spinout, Valor Gold will hold CA$10 million in cash to support ongoing project development and general administrative expenses.

Seabridge shareholders are poised to receive shares in Valor Gold at a ratio of 1:1.953 relative to their Seabridge holdings, the note said. Valor Gold has also initiated the process to be listed on the TSX and OTCQB in the United States.

A special shareholder meeting is scheduled for May 22 to vote on the approval of the arrangement, the analyst noted.

The Courageous Lake project, as detailed in the updated 2024 Pre-Feasibility Study (PFS), envisions a smaller, less capital-intensive operation than previously planned. The project is expected to produce an average of 201,000 ounces of gold annually at an All-In Sustaining Cost (AISC) of US$999 per ounce over a 13-year mine life.

The revised plan includes a 7,500 tons per day (tpd) processing plant with an initial capital expenditure of US$747 million. The reserve grade has been updated to 2.6 grams per tonne (g/t), supporting contained metal of 2.8 million ounces (Moz), compared to 2.2 g/t and 6.5 Moz in the 2021 PFS. Measured and Indicated (M&I) resources are reported at 11 million ounces of gold, with only 25% included in the PFS mine design, the analyst said.

The project's economics project a post-tax Net Present Value (NPV) at a 5% discount rate of US$523 million and an Internal Rate of Return (IRR) of 21% at a gold price of US$1,850 per ounce.

RBC Capital Markets rates the stock Outperform with a price target of US$71 per share, a 135% return from the share price when the note was written.

Nick Giles — B. Riley Securities

According to FactSet, B. Riley Securities Analyst Nick Giles gave Seabridge a Buy rating with a CA$65 on April 20, a 44% return when the note was written.

Ownership and Share Structure²

Management and insiders hold approximately 3% of the company, while institutions own about 62%. The remainder is held by retail investors.

Friedberg Mercantile Group Ltd. holds 15.05%, Van Eck Associates Corp. holds 6.66%, Pan Atlantic Bank and Trust holds 9.94%, and Kopernik Global Investors L.L.C. holds 6.5%.

There are around 104.35 million shares outstanding, with the company having a market cap of CA$4.04 billion and trading within a 52-week range of CA$15.56 to CA$54.29.