Core Insights - Seabridge Gold Inc. maintains a strong financial position with cash and cash equivalents of $103.1 million as of 3Q25, bolstered by a US$100.2 million equity financing in February 2025 and a $30.5 million flow-through financing in June 2025 [1][7] - The company is focused on advancing its flagship KSM project and exploration activities at Iskut, 3 Aces, and Snowstorm [1] - Seabridge has renewed its US$750 million base shelf prospectus and US$100 million ATM facility in early 2025 [1] Financial Position - Cash and cash equivalents stand at $103.1 million at the end of the quarter [7] - Secured note liabilities amount to $583.1 million, which supports ongoing programs [7] Project Developments - The KSM project is advancing towards partnership and feasibility, with Treaty Creek substation construction on schedule for 4Q26 and field programs progressing towards a bankable study [7] - Drilling at Iskut Snip North has confirmed a significant Cu Au porphyry, including 819.7 meters at 0.66 g/t Au and 0.14% Cu, with a maiden resource targeted for 1Q26 [7]

Core Insights - Gold has experienced a significant rally in 2025, gaining over 50% year-to-date, driven by strong demand from central banks and retail investors [1] - The price of gold reached a record high of nearly $4,400 per ounce before experiencing profit-taking, with expectations of US interest rate cuts and inflation fears contributing to its recent rise [2] - The top 20 gold projects collectively contain over 900 million ounces of gold, valued at approximately $3.7 trillion at current prices, despite many facing challenges in moving to production [3] Project Summaries - **KSM Project**: Seabridge Gold's Kerr-Sulphurets-Mitchell (KSM) is the largest project with 88.7 million ounces of contained metal, federally approved for a decade, and has seen over C$550 million invested in early-stage construction [4] - **Grasberg Mine**: Operated by Freeport McMoRan, this mine ranks second with 87.7 million ounces and has faced operational challenges, including a deadly accident [5] - **Olympic Dam**: BHP's complex in South Australia ranks third with 78.9 million ounces and plans to invest A$840 million in expansion projects [6] - **Pebble Project**: Northern Dynasty Minerals' Pebble project has 68.8 million ounces but has been stalled for over a decade due to environmental concerns [7] - **Nevada Gold Mines**: A joint venture between Barrick and Newmont, this project ranks fifth with 66.7 million ounces and has a complex history of mergers and acquisitions [8] - **South Deep**: Gold Field's South Deep mine in South Africa has 52.1 million ounces and is expected to remain operational past 2100 [9] - **Muruntau**: Operated by Uzbekistan's Navoi Mining, this project has 48.2 million ounces and plans to increase output by 30% over the next five years [10] - **Sukhoi Log**: Polyus' project in Siberia has 48 million ounces and is currently under construction with an estimated cost of $6 billion [11] - **Norte Abierto**: A joint venture in Chile with 44 million ounces, formed from the merger of two mines owned by Barrick and Newmont [12] - **Olimpiada**: Polyus' largest asset has 43.9 million ounces and is undergoing expansion to extend its operational life [13] - **Donlin**: This Alaskan project has 40 million ounces and is undergoing a feasibility study after a change in ownership [15] - **Detour Lake**: Agnico Eagle's project in Ontario has 34.8 million ounces and is advancing plans for underground development [16] - **Cascabel**: SolGold's project in Ecuador has 31.2 million ounces and is backed by major industry players [17] - **Reko Diq**: Barrick's project in Pakistan has 29 million ounces and is expected to start production by the end of 2028 [18] - **Cadia East**: Newmont's mine in Australia has 28.6 million ounces and is advancing underground development [19] - **Pueblo Viejo**: A joint venture in the Dominican Republic with 25 million ounces, currently undergoing a $1.4 billion expansion [20] - **Natalka**: Polyus' project in Russia has 23.4 million ounces and is expanding its processing capabilities [21] - **KCGM**: This Australian project has 22.8 million ounces and is considered a key asset following a merger [23] - **Filo del Sol**: A project straddling Chile and Argentina with 22.3 million ounces, recently acquired by BHP and Lundin Mining [24] - **Pascua-Lama**: Barrick's project in Chile has 21.9 million ounces but faces significant environmental challenges [25]

Core Viewpoint - Seabridge Gold reported a net loss for Q3 2025, while increasing investments in mineral interests and improving net working capital compared to the previous year [3][4]. Financial Results - Seabridge Gold posted a net loss of $32.3 million ($0.32 per share) for the three-month period ended September 30, 2025, compared to a net loss of $27.6 million ($0.31 per share) for the same period last year [3]. - The company invested $52.9 million in mineral interests during Q3 2025, up from $28.1 million in Q3 2024 [3]. - As of September 30, 2025, Seabridge's net working capital was $83.2 million, an increase from $37.8 million at December 31, 2024 [3]. Company Assets - Seabridge Gold holds a 100% interest in several North American gold projects, including the KSM and Iskut projects in Northwest British Columbia, the Courageous Lake project in the Northwest Territories, the Snowstorm project in Northern Nevada, and the 3 Aces project in the Yukon Territory [4]. Operational Updates - KSM field activities and partnership discussions are ongoing, with a 24,000 meter drill program at Iskut in 2025 confirming a new large porphyry deposit at Snip North [7]. - Court hearings have been completed on petitions challenging KSM's substantially started designation, with three additional challenges filed by Tudor Gold against KSM's Mitchell-Treaty-Tunnel authorizations [7]. - The 2025 exploration program at the 3 Aces project has been completed [7].

Financial Performance - Net loss for the three months ended September 30, 2025, was CAD 32,270 thousand, compared to a loss of CAD 27,551 thousand in the same period of 2024[4]. - Comprehensive loss for the nine months ended September 30, 2025, was CAD 12,665 thousand, a decrease from a comprehensive income of CAD 46,868 thousand in the same period of 2024[4]. - The Company reported a net loss of $32.3 million for the three months ended September 30, 2025, compared to a net loss of $27.6 million for the same period in 2024[60]. Assets and Equity - Total assets increased to CAD 1,706,936 thousand as of September 30, 2025, up from CAD 1,452,737 thousand at the end of 2024, representing a growth of 17.5%[3]. - Shareholders' equity increased to CAD 1,056,769 thousand as of September 30, 2025, up from CAD 843,018 thousand at the end of 2024, reflecting a growth of 25.3%[6]. - The Company’s total long-term assets and receivables increased to $170.45 million as of September 30, 2025, from $119.95 million at the end of 2024[18]. Cash Flow and Liquidity - Cash and cash equivalents rose significantly to CAD 103,104 thousand, compared to CAD 49,815 thousand at the end of 2024, marking a 106.5% increase[3]. - Cash used in operating activities for the nine months ended September 30, 2025, was CAD 7,353 thousand, a decrease from CAD 11,420 thousand in the same period of 2024[8]. - The Company raised $37.5 million through its ATM offering during the nine months ended September 30, 2025, compared to $75.9 million in 2024[68]. Investments and Expenditures - Investment in mineral interests, property, and equipment for the nine months ended September 30, 2025, totaled CAD 88,250 thousand, compared to CAD 78,598 thousand in the same period of 2024, indicating a 12.1% increase[8]. - The Company made $138.98 million in additions to mineral interests, construction in progress, and property and equipment during the nine months ended September 30, 2025[20]. - During the nine months ended September 30, 2025, the company incurred $27.8 million of qualifying exploration expenditures[49]. Liabilities - As of September 30, 2025, accounts payable and accrued liabilities increased to $36,299 from $11,281 as of December 31, 2024, primarily due to non-trade payables[22]. - The Company’s secured note liabilities amounted to $583.1 million as of September 30, 2025, with a fixed interest rate of 6.5% per annum[65][72]. - The carrying amount for the 2023 Secured Note increased to $273.1 million as of September 30, 2025, from $248.8 million at the end of 2024, reflecting a total change in fair value of $24.3 million[41]. Production and Market Performance - The forecast silver production remains at 166,144 thousand ounces, with the silver spot price increasing to $46.18 as of September 30, 2025, from $28.91 at December 31, 2024[30]. - The average gold price per ounce increased to US$3,806.55 as of September 30, 2025, compared to US$2,610.85 as of December 31, 2024[40]. - The forecasted production includes 10,500 thousand ounces of gold, 29,876 thousand ounces of silver, and 19,322 million pounds of copper as of September 30, 2025[40]. Employee Compensation and Expenses - Employee compensation for Q3 2025 increased to $1,412,000 from $1,300,000 in Q3 2024, representing an 8.6% increase[13]. - Stock-based compensation rose to $1,049,000 in Q3 2025, up from $833,000 in Q3 2024, marking a 26% increase[13]. - Total corporate and administrative expenses for Q3 2025 were $4,671,000, compared to $4,000,000 in Q3 2024, reflecting a 16.8% increase[13]. Regulatory and Compliance - The Company is currently assessing the impact of new IFRS amendments effective from January 1, 2026, and January 1, 2027, on its financial statements[12][13]. - The nominal discount rate for calculating reclamation obligations was 2.5% as of September 30, 2025, down from 2.9% at December 31, 2024[23].

Core Viewpoint - Aben Gold Corp. has received Class 1 Quartz Approval for exploration activities at the Justin Gold Project, allowing for a planned summer 2026 field program [1][2] Group 1: Project Approval and Plans - The Class 1 Quartz Approval has been granted by the Liard First Nations, Ross River Dena Council, and the Government of the Yukon, enabling exploration and diamond drilling activities in 2026 [1] - The approval does not impact the pending Class 3 Quartz Program application submitted in June 2023, which is still under consultation [1] Group 2: Exploration Activities - Planned exploration activities include grid soil sampling, rock sampling, geological mapping, and diamond drilling, primarily targeting the Lost Ace and POW zones [6] - The exploration aims to build upon the established mineralization potential and recent geophysical data, guiding future exploration efforts [7][10] Group 3: Historical Results and Data - Historical drilling results at the POW Zone include 1.25 g/t Au over 60.0 meters in hole JN11009 and 2.52 g/t Au and 29.53 g/t Ag over 12.0 meters in hole JN11010 [8] - A total of 4,972 meters have been drilled across 21 holes, indicating the presence of both intrusion-related and orogenic gold systems [10] - A 2017 bulk sample analysis recovered 1,135 gold grains, with 1,049 classified as pristine, suggesting proximity to the lode source [12] Group 4: Company Overview - Aben Gold Corp. is a Canadian gold exploration company with a flagship project, the 7,400-hectare Justin Gold Project, located in the Tintina Gold Belt [15] - The company also owns the Forrest Kerr Gold Project in British Columbia and aims to increase shareholder value through new discoveries and developing exploration projects in favorable jurisdictions [15][16]

Core Insights - Teuton Resources Corp. reports successful results from the 2025 drill program at the Goldstorm deposit, confirming high-grade mineralization continuity and expanding known zones [1][4][5] Exploration Results - The final drill hole GS-25-191-W1 intersected a northeastward extension of the 300 Horizon Zone, linking mineralized intercepts between the 300H and 300N zones [2][3] - Significant mineralized intercepts include: - 4.12 g/t gold, 16.48 g/t silver, and 0.01% copper over 8.90m in GS-25-191 [3] - 1.63 g/t gold, 4.89 g/t silver, and 0.02% copper over 10.70m, stepping out 52m to the south [3] - 1.88 g/t gold, 1.71 g/t silver, and 0.01% copper over 5.90m, providing continuity between mineralized domains [3][7] 2025 Exploration Program Overview - The program targeted gaps between the 300N and 300H Zones and aimed to identify additional high-grade SC-1 Zone-like structures [4] - Drilling confirmed and expanded several high-grade corridors within and surrounding the 300N and 300H Zones [5] Future Plans - An updated Mineral Resource estimate for Treaty Creek is underway, incorporating approximately 15,000 meters of drill data from 2024 and 2025 [11] - The updated estimate will utilize a smaller block model for better resolution of high-grade gold mineralization, targeted for completion in Q4 2025 [11] - Plans for underground ramp development to access the high-grade SC-1 Zone are contingent on permit approvals, with excavation expected to commence in Q3 2026 [12] Additional Exploration Opportunities - Tudor Gold is assessing opportunities to increase gold Mineral Resources at Treaty Creek in 2026, particularly following up on drill hole PS-23-10 at the Perfectstorm Zone [13]

Core Viewpoint - Seabridge Gold Inc. successfully challenged a tax ruling, recovering $4.4 million from the Canada Revenue Agency (CRA) after the Supreme Court of British Columbia reversed CRA's denial of BC Mineral Exploration Tax Credits for 2010 and 2011, with further recoveries anticipated [1][4]. Financial Recovery - The company received a refund related to $15.8 million of exploration expenditures claimed as qualifying mining exploration expenses under the BC Income Tax Act, which were initially denied by CRA [3]. - The Supreme Court ruling indicated that over 92% of the claimed expenses qualified as mining exploration expenses, leading to the return of funds plus interest [4]. Future Tax Claims - Seabridge is appealing a CRA decision that denied tax benefits for exploration expenses incurred from 2014 to 2016, which were also claimed as flow-through mining expenditures [5]. - The company believes that the reasoning from the recent Supreme Court decision should apply to the 2014-2016 expenditures, and it is working with tax counsel to reverse the reassessments and recover $9.4 million paid to CRA [7]. Industry Context - The CEO highlighted the complexities of navigating Canadian mining regulations, emphasizing the importance of understanding tax and mineral rights, permitting, and ESG factors [2]. - The company aims for a more supportive stance from CRA regarding the mining industry in the future [2]. Company Overview - Seabridge Gold holds a 100% interest in several North American gold projects, including the KSM project and Iskut project in British Columbia, and others in the Northwest Territories and Yukon [8].

  Victoria, British Columbia, Canada, October 17, 2025.  Teuton Resources Corp.  (“Teuton” or “the Company”) (“TUO”-TSX-V) ("TFE"- Frankfurt) is pleased to report that Joint Venture (“JV”) partner Tudor Gold ("Tudor") has announced, in a news release dated October 16, 2025, encouraging results from the fourth hole of the 2025 exploration drill program at the Treaty Creek Project, located in the Golden Triangle of Northwest British Columbia.  Teuton owns a 20% carried interest (carried until a production dec ...

Core Viewpoint - Teuton Resources Corp. reports positive exploration results from its joint venture partner Tudor Gold at the Treaty Creek Project, indicating significant mineralization and potential for further resource estimation [1][4]. Exploration Results - The third drill hole, GS-25-190, intersected a 70-meter extension of the 300 Horizon Zone, linking it with the 300 North Zone along a potential structural corridor [2][3]. - Drill hole GS-25-190 yielded a mineralized intercept of 73.50 meters at 1.70 g/t gold, including higher-grade intervals of 2.58 g/t gold over 8.00 meters and 4.41 g/t gold over 10.50 meters [6][8]. Future Development Plans - Tudor Gold has filed a permit application for an underground ramp to access high-grade gold zones, which will facilitate more efficient drilling and resource definition [4][18]. - An updated Mineral Resource estimate is expected to be completed in Q4 2025, incorporating approximately 15,000 meters of drilling data from 2024 and 2025 [5]. Additional Drill Results - Earlier drill holes GS-25-188 and GS-25-189 also reported significant mineralization, with GS-25-188 showing 2.57 g/t AuEQ over 54.00 meters and GS-25-189 showing 7.06 g/t AuEQ over 3.00 meters [12][19][22]. - The results from these holes indicate strong potential for additional high-grade mineralization corridors between the SC-1 Zone and 300N [17][18]. Company Background - Teuton Resources holds a 20% carried interest in the Treaty Creek Project and a 0.98% Net Smelter Royalty in the Goldstorm Deposit, with Tudor Gold responsible for exploration costs until a production decision is made [1][29]. - The Treaty Creek Project is part of the prolific "Golden Triangle" area in British Columbia, known for its rich mineral deposits [31][30].

Core Viewpoint - Goldrea Resources Corp. has entered into an option agreement to acquire a 70% interest in Hanstone Gold's Snip North property, expanding its mineral land package significantly in the Golden Triangle region of British Columbia [1][2]. Group 1: Agreement Details - The option agreement, dated September 29, 2025, allows Goldrea to acquire 70% of the Snip North property, which spans 3,400 hectares, increasing Goldrea's total mineral land to 8,500 hectares if the option is exercised [1]. - To earn the 70% interest, Goldrea must incur exploration expenditures totaling $1.25 million over four years, with specific annual spending requirements [2]. - Goldrea has already allocated $100,000 of its 2025 exploration budget to the property to maintain its good standing until November 30, 2026 [2]. Group 2: Joint Venture and Future Plans - Upon earning the 70% interest, Goldrea will enter a joint venture with Hanstone, with Goldrea serving as the initial operator [2]. - The CEO of Goldrea highlighted the significance of this joint venture in enhancing the company's holdings in the Golden Triangle, emphasizing the potential for financing a major exploration program in 2026 due to favorable gold and copper markets [3].