Seabridge Gold Plans to Spin-Out 11.0 Million Ounce Courageous Lake Gold Project

Core Viewpoint - Seabridge Gold Inc. plans to spin out its subsidiary Seabridge Gold (NWT) Inc., which will be renamed Valor Gold, to focus on the Courageous Lake Gold Project, allowing Seabridge to concentrate on its KSM project and other exploration assets [1][3] Group 1: Spin-Out Details - Valor Gold will own 100% of the Courageous Lake Gold Project and will focus on exploration, engineering, and permitting [1] - Shares of Valor Gold are expected to be distributed to Seabridge shareholders and listed on at least one major public stock exchange [1][9] - Seabridge management will oversee Courageous Lake until a dedicated team is established for Valor Gold [7] Group 2: Project Overview - Courageous Lake is one of Canada's largest undeveloped gold projects, with a total contained gold inventory of 11.0 million ounces in Measured and Indicated Resources and an additional 3.3 million ounces in the inferred category [2] - The project includes 2.8 million ounces of proven and probable reserves, making it one of the highest-grade open pit gold projects in Canada [2] Group 3: Financial Projections - At a gold price of US$2,500 per ounce, the after-tax NPV (5%) of Courageous Lake increases to US$1.1 billion, with an IRR of 38.2% and a payback period of 1.6 years [5] - The 2024 PFS indicates a mine life of 12.6 years, with total payable gold of 2.5 million ounces and an average annual payable gold of 201,000 ounces [13] Group 4: Future Plans - Valor Gold plans to conduct a targeted drill program to explore for satellite deposits similar to the Walsh Lake deposit, which could enhance the project's economics [8] - The spin-out is expected to be completed through a plan of arrangement under the Canada Business Corporations Act, with updates anticipated in Q1 2026 [9]