Core Points - Seabridge Gold filed its Annual Information Form, Audited Consolidated Financial Statements, and Management's Discussion and Analysis for the year ended December 31, 2024 [1] - The company reported a net loss of $31.2 million ($0.35 per share) for 2024, compared to a net loss of $29.3 million ($0.35 per share) in 2023 [2] - Seabridge invested $106.3 million in mineral interests, property, and equipment in 2024, a decrease from $230.2 million in 2023 [2] - As of December 31, 2024, net working capital was $37.8 million, down from $54.5 million at the end of 2023 [2] Company Developments - Chairman and CEO Rudi Fronk highlighted significant accomplishments in 2024, including the Substantially Started Determination from the BC government and the discovery of a large gold and copper mineralization system at the Iskut project [3] - The primary corporate objective for 2025 is to secure a partner for the KSM project with the necessary technical, financial, and social skills [3] - In February 2025, Seabridge completed two equity financings totaling gross proceeds of $142.5 million (US$100 million) to strengthen its balance sheet [3] - The net proceeds from these financings will be allocated to various project-related expenses, including payments to BC Hydro and funding for a bankable feasibility study for the KSM project [3] Asset Overview - Seabridge holds a 100% interest in several North American gold projects, including the KSM and Iskut projects located in British Columbia's "Golden Triangle" [4] - Other projects include Courageous Lake in Northwest Territories, Snowstorm in Northern Nevada, and 3 Aces in Yukon Territory [4]

Core Viewpoint - Seabridge Gold has outlined its 2025 objectives, which are critical for measuring the company's performance and determining compensation for senior management and employees [1][3]. Group 1: 2025 Objectives - The company aims to enter a partnership agreement for the KSM project with a major mining company, assigning a 25% weighting to this objective [2]. - Securing a minimum of $100 million in new funding for early-stage construction activities at KSM has been completed, with a 20% weighting [2]. - A drill program of at least 8,000 meters at Iskut is planned to announce a maiden gold-copper mineral resource at the Snip North target in Q1 2026, with a 10% weighting [2]. - The company intends to exit 2025 with more gold resources per common share than reported at year-end 2024, based on including 100% of KSM, with a 6% weighting [2]. - Completing and filing responses to contest two petitions in BC Supreme Court regarding KSM's designation is assigned a 5% weighting [2]. - Satisfying regulatory requirements for the M245 permit application for the Mitchell Treaty Tunnels is also weighted at 5% [2]. - The company aims to improve key Health and Safety indicators, targeting a Total Reported Incident Frequency (TRIF) of less than or equal to 1.5 for 2025, with a 5% weighting [2]. - Developing a strategy to unlock shareholder value from Courageous Lake is weighted at 5% [2]. - A drill program of at least 2,500 meters at 3 Aces is planned, with a 5% weighting [2]. - The company will continue to enhance Cybersecurity systems, targeting the elimination of remaining gaps, with a 2% weighting [2]. - Mine closure activities at the former Johnny Mountain mine will continue to meet regulatory satisfaction, weighted at 2% [2]. - Compliance with permit conditions and regulatory inspections is also weighted at 2% [2]. - Strengthening social licenses with Treaty and First Nations and local communities is assigned a 2% weighting [2]. - Maturing risk management programs and systems is weighted at 2% [2]. - Developing internal processes for compliance with Canadian Sustainability Standards Board guidelines is also weighted at 2% [2]. - Further evaluation of potential discoveries at Snowstorm using AI technology is assigned a 2% weighting [2]. Group 2: Company Overview - Seabridge Gold holds a 100% interest in several North American gold projects, with its principal assets being the KSM and Iskut projects located in Northwest British Columbia's "Golden Triangle" [2]. - Other projects include Courageous Lake in the Northwest Territories, Snowstorm in Northern Nevada's Getchell Gold Belt, and the 3 Aces project in Yukon [2].

Group 1 - Seabridge Gold has been setting and publishing annual objectives for over 20 years, with a report card released at the end of each year to assess success [1] - In 2024, the company established fifteen specific objectives, which were published in April 2024 [1] - Seabridge holds a 100% interest in several North American gold projects, including the KSM and Iskut projects in British Columbia, Courageous Lake in Northwest Territories, Snowstorm in Northern Nevada, and 3 Aces in Yukon Territory [2] Group 2 - For detailed information on Seabridge's mineral reserves and resources, stakeholders are directed to the company's website [2]

Core Viewpoint - Seabridge Gold Inc. has successfully closed a bought deal offering and a private placement, raising a total of approximately US$100 million to support its KSM gold-copper project and other corporate activities [1][2][5]. Financing Details - The bought deal offering consisted of 6,540,000 common shares priced at US$12.25 per share, generating gross proceeds of approximately US$80 million [1]. - The private placement involved 1,640,000 common shares, yielding gross proceeds of approximately US$20 million [2]. Use of Proceeds - Net proceeds will be allocated to payments to BC Hydro for the KSM switching station, completion of field data collection for a bankable feasibility study, and funding ongoing activities at the KSM project [3]. - The financing will also support general corporate purposes [3]. Management Commentary - Seabridge's Chairman and CEO, Rudi Fronk, emphasized that the financing will maintain momentum at the KSM project while engaging with potential joint-venture partners [4]. - The program aims to gather necessary field data for the feasibility study and secure priority status with BC Hydro for low-cost green energy [4]. Company Overview - Seabridge Gold holds a 100% interest in several North American gold projects, with the KSM project being its principal asset located in British Columbia [7].

Equity Offering and Sales Agreement - Seabridge Gold Inc has entered into a Controlled Equity OfferingSM Sales Agreement with Cantor Fitzgerald & Co and RBC Capital Markets LLC allowing the company to sell common shares resulting in aggregate gross proceeds of up to US$100 million [1] - The shares will be sold through at-the-market distributions on the NYSE or other US trading markets with no sales in Canada [1] - The ATM Facility program can be in effect until Seabridge's US$750 million Shelf Registration Statement expires in February 2027 [2] Use of Proceeds - Net proceeds from the ATM Facility may be used for exploration and advancement of the company's projects potential future acquisitions working capital and general corporate purposes [2] Company Background - Seabridge Gold holds a 100% interest in several North American gold projects including the KSM project Iskut project Courageous Lake project Snowstorm project and 3 Aces project [5] - The company's principal asset the KSM project is located in Northwest British Columbia Canada's "Golden Triangle" [5] Offering Details - The offering will be made through a prospectus supplement to the company's existing Canadian short form base shelf prospectus and US registration statement on Form F-10 [3] - The Prospectus Supplement will be filed with Securities Commissions in Canada and the SEC [3] - The company has had similar ATM facilities in place for many years providing flexibility to raise funds efficiently [3]

Financial Performance - Net loss for the three months ended September 30, 2024, was CAD 27,551 thousand, compared to a loss of CAD 5,292 thousand for the same period in 2023, indicating a significant increase in losses [7]. - Earnings (loss) per common share for the three months ended September 30, 2024, was CAD (0.31), compared to CAD (0.06) for the same period in 2023 [7]. - The total comprehensive loss for the three months ended September 30, 2024, was CAD 15,731 thousand, compared to a loss of CAD 33,755 thousand for the same period in 2023 [7]. - The basic and diluted net income (loss) attributable to common shareholders for the three months ended September 30, 2024, was a net loss of $27.6 million, compared to a net loss of $5.3 million for the same period in 2023 [83]. Assets and Liabilities - As of September 30, 2024, total assets increased to CAD 1,427,720 thousand, up from CAD 1,350,959 thousand as of December 31, 2023, representing a growth of approximately 5.7% [5]. - Total liabilities decreased to CAD 564,866 thousand as of September 30, 2024, down from CAD 621,036 thousand as of December 31, 2023, a reduction of approximately 9.0% [5]. - Shareholders' equity increased to CAD 862,854 thousand as of September 30, 2024, from CAD 729,923 thousand as of December 31, 2023, reflecting an increase of approximately 18.2% [5]. - The company has secured note liabilities totaling $506.9 million as of September 30, 2024, with interest rates fixed at 6.5% per annum [94][113]. Cash Flow and Investments - The company reported a net cash used in investing activities of $93,517 thousand for the nine months ended September 30, 2024, compared to $138,910 thousand in the same period of 2023 [11]. - The net cash used in operating activities for the nine months ended September 30, 2024, was $11,420 thousand, an improvement from $14,196 thousand in the same period of 2023 [11]. - Cash and cash equivalents at the end of the period were $51,162 thousand, down from $118,962 thousand at the end of September 30, 2023 [11]. - The company’s total expected remaining contractual cash flow requirements for financial liabilities amount to $525.7 million [100]. Share Issuance and Equity - Share issuance net of costs for the three months ended September 30, 2024, was $24,100 thousand, significantly higher than $4,754 thousand for the same period in 2023 [11]. - In 2023, the company issued 2,516,839 shares at an average selling price of $17.36 per share, resulting in net proceeds of $42.8 million [70]. - For the nine months ended September 30, 2024, the company issued 2,750,609 shares at an average selling price of $20.57 per share, generating net proceeds of $55.4 million [70]. - The company recognized a $6.4 million premium as a liability upon the issuance of flow-through shares in June 2024 [71]. Operational Highlights - The company reported a revenue of $2.5 billion for Q3 2023, representing a 15% year-over-year increase [114]. - User base grew to 10 million active users, a 20% increase compared to the previous quarter [114]. - New product launches contributed to a 30% increase in sales in the last quarter [114]. - Market expansion efforts led to a 25% increase in international sales, particularly in Europe and Asia [114]. Future Outlook - The company provided guidance for Q4 2023, expecting revenue to be between $2.7 billion and $2.9 billion, indicating a growth of 8% to 16% [114]. - The company plans to enter two new markets by the end of 2024, targeting a potential revenue increase of $500 million [114]. - The long-term silver price forecast as of September 30, 2031, is US$37.05, compared to US$28.62 as of December 31, 2023 [47]. R&D and Acquisitions - The company invested $150 million in R&D for new technologies, aiming to enhance product offerings [114]. - The company completed an acquisition of a tech startup for $200 million to bolster its product development capabilities [114]. Tax and Indemnification - The potential tax indemnification to investors is estimated at $10.8 million, plus $3.5 million potential interest, with no provision recorded as the Company does not consider it probable that there will be an amount payable [26]. - The company has a potential tax indemnification estimated at $10.8 million, plus $3.5 million in potential interest, related to flow-through shares [108].

Core Viewpoint - Seabridge Gold reported a significant increase in net loss for Q3 2024, primarily due to non-cash losses from secured notes remeasurement, despite promising exploration results and a favorable gold market [2][3]. Financial Results - For the three-month period ended September 30, 2024, Seabridge posted a net loss of $27.6 million ($0.31 per share), compared to a net loss of $5.3 million ($0.06 per share) in the same period last year [2]. - The current net loss included a non-cash loss of $42.0 million from the remeasurement of secured notes, influenced by decreased discount rates, higher metal prices, and a change in valuation date [2]. - Seabridge invested $28.0 million in mineral interests, property, and equipment during Q3 2024, a decrease from $73.7 million in the same period last year [2]. - As of September 30, 2024, net working capital was $36.0 million, down from $54.5 million at December 31, 2023 [2]. Project Developments - Work and partnership discussions are ongoing at the KSM project, with its License of Occupation renewed for an additional 20 years for the Mitchell Treaty Tunnels [2]. - Promising drill results were obtained at Iskut's Snip North target, indicating potential for future exploration success [2]. - Exploration efforts at the 3 Aces project in 2024 are focused on evaluating targets [2]. Market Context - Gold is currently trading at an all-time high, which may positively influence the company's future performance and investment potential [2].

Core Viewpoint - Seabridge Gold has reported promising results from the first phase of exploration drilling at its Iskut project in British Columbia, indicating significant gold and copper mineralization at the Snip North target, suggesting the potential for a nearby porphyry intrusive source [1][2]. Exploration Results - Hole 17 intersected 303 meters of 0.75 grams per tonne (gpt) gold and 0.10% copper - Hole 18 intersected 478 meters of 0.49 gpt gold and 0.13% copper - Hole 20 intersected 532 meters of 0.48 gpt gold and 0.10% copper [1]. Geological Insights - The mineralization is characterized by extensive potassic alteration within a tuffaceous stratigraphy, indicating a potential porphyry Cu-Au mineral deposit [2][5]. - The mineralized package has dimensions of approximately 1.5 kilometers by 500 meters, with significant alteration suggesting a large intrusive source nearby [2][5]. Drilling Program Details - The drilling program aims to encounter intrusive rock with characteristics typical of porphyry deposits, focusing on copper and gold concentrations that may be mineable [2][4]. - Initial interpretations of the geology have evolved, indicating a series of ash tuff eruptions rather than a microcrystalline porphyritic intrusion [3]. Implications for Future Exploration - The extensive potassic alteration suggests a significant magmatic hydrothermal event, which is favorable for the presence of a robust Cu-Au porphyry source [5]. - The ongoing exploration is seen as a critical step towards unlocking the porphyry potential of the Iskut project, with the current findings viewed as a discovery in progress [2][4].

Core Insights - Seabridge Gold reported a significant increase in net profit for Q2 2024, reaching $45.2 million ($0.51 per share), compared to $9.0 million ($0.11 per share) in Q2 2023, primarily due to gains from remeasurement of secured note liabilities [3]. - The company has ongoing drilling programs and project developments, including a $12 million, 15,000-meter drill program at Iskut and a $6 million, 8,000-meter drill program at 3 Aces [3]. Financial Performance - For the three-month period ended June 30, 2024, Seabridge invested $30.1 million in mineral interests, property, and equipment, a decrease from $66.2 million in the same period of 2023 [3]. - As of June 30, 2024, the company's net working capital was $45.1 million, down from $54.5 million at the end of 2023 [3]. Project Developments - The KSM project received a "Substantially Started" designation from the British Columbia Government, indicating progress in development [3]. - The first mineral resource estimate for the Bronson gold-copper deposit has been completed, showcasing the company's ongoing exploration efforts [3][4].

Core Insights - Seabridge Gold is advancing its drilling program at the 3 Aces property, confirming exploration models and expanding mineralized targets [2][3][4] - The exploration model predicts continuity of high-grade gold mineralization along specific geological features, indicating potential for resource delineation [3][5] Drilling Program - The current core drilling program is expanding known mineralized zones in the Central Core Area (CCA) and identifying new target opportunities [2] - A second helicopter-portable reverse circulation drill has begun evaluating historical prospects outside the CCA [2] Geological Model - The new exploration model identifies gold-bearing zones localized along the limbs of second-order folds (F2), with mineralization best expressed at contacts between phyllite units and coarse interbedded sandstone and conglomerate [3] - Early drilling has encountered several zones of favorable arsenopyrite-bearing veins and breccias, likely expanding previously recognized gold-bearing zones in the CCA [4] Regional Exploration - Surface mapping and sampling are revealing evidence of F2 folds in unexplored areas, with initial work identifying arsenopyrite-bearing quartz veins and breccias [5] - Ongoing regional work is providing strong evidence of a potential district-scale opportunity at 3 Aces [5] Environmental and Reclamation Efforts - Seabridge has resumed reclamation activities at the site, focusing on exploration roads and environmental monitoring [6] Project Background - The 3 Aces project, acquired in March 2020, consists of 1,734 claims covering 357 km² in southeastern Yukon, with historical work indicating extensive gold-in-soil anomalies [7] - The project is believed to be indicative of an orogenic gold project consistent with other deposits globally [7][8]