Seabridge Gold Provides Update on Courageous Lake Project Spin-out

Core Viewpoint - Seabridge Gold Inc. is planning to spin out its 100% interest in the Courageous Lake gold project into a new entity called Valor Gold Corp, with the intention to distribute shares to existing shareholders [1][2]. Spin-Out Structure - The spin-out will be executed through a court-approved plan of arrangement under the Canada Business Corporations Act, with a shareholder meeting expected in June 2026 to approve the plan [2]. - Valor Gold will seek listings on the Toronto Stock Exchange and the OTCQB Venture Market, with potential plans for a NYSE listing in the future [3]. Financial Aspects - Valor Gold will have C$10 million in cash at the time of the spin-out to fund work programs and corporate general and administrative expenses [4]. Leadership - Mark J. Ashley has been appointed as the CEO and director of Valor, bringing over 40 years of experience in the mining industry and a proven track record in project development and operational execution [5][6]. Project Overview - Courageous Lake is one of Canada's largest undeveloped gold projects, with 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 [6]. - 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 [6]. Exploration Potential - Post-spin-out, Valor Gold plans to initiate a targeted drill program to explore for satellite deposits similar to Walsh Lake, which could enhance project economics [7].