Core Viewpoint - Seabridge Gold Inc. provided a year-end update for 2025, highlighting significant progress in its KSM Project and the decision to spin out its Courageous Lake subsidiary to optimize shareholder value [1][5]. KSM Partnership - In 2025, management focused on due diligence with potential partners, completing final site visits by three joint venture finalists, and is progressing towards a partnership announcement [2]. KSM Field Activities - The KSM Project made substantial progress, completing an extensive field data collection program with approximately 8,500 meters of drilling across 117 drill holes, and advancing construction on the Treaty Creek Terminal [3]. Project Support and Performance - The project maintained high standards, receiving the David Barr Award, achieving zero reportable environmental incidents, and supporting over 260 workers at peak activity [4]. Courageous Lake Spin-Out - The company plans to spin out its subsidiary, Seabridge Gold (NWT) Inc. (to be renamed "Valor Gold"), which owns the Courageous Lake Gold Project, distributing shares to Seabridge shareholders [5][6]. Courageous Lake Project Details - Courageous Lake is one of Canada's largest undeveloped gold projects, with a total contained gold inventory of 11.0 million ounces and additional inferred resources of 3.3 million ounces [6]. Exploration Strategy - The corporate strategy emphasizes increasing gold ownership per share, with recent drilling at the Iskut Project defining a major porphyry system and significant mineralization [7][8]. Permitting and Regulatory Compliance - The company met all regulatory requirements for the M-245 Joint Mines Act amendment, with the permit expected to be issued in Q1 2026, allowing construction of the Mitchell-Treaty Tunnel [11]. Indigenous Engagement - Seabridge strengthened relationships with Indigenous groups through proactive engagement and support initiatives, maintaining strong connections with various Nations [14]. Legal Proceedings - A court hearing regarding the Substantially Started Designation for KSM took place in late 2025, with a decision expected in Q1 2026 [15]. Future Outlook - The company anticipates a successful 2026, expecting to finalize a KSM partner early in the year and aiming for significant advancements in its projects [16].

Core Viewpoint - Seabridge Gold plans to spin out its subsidiary owning the Courageous Lake project, aiming to unlock its value overshadowed by the KSM project [1][8] Project Overview - Courageous Lake is one of Canada's largest undeveloped gold projects, with an estimated 11 million oz. of gold in the measured and indicated category and an additional 3.3 million oz. in the inferred category [2] - The project has 2.8 million oz. of proven and probable reserves at an average grade of 2.6 g/t, making it one of the highest-grade open-pit gold projects in Canada [2] Spin-Out Details - The new entity, named Valor Gold, will focus on exploration, engineering, and permitting for the Courageous Lake project, with shares distributed to Seabridge shareholders [3] Economic Assessment - An updated preliminary feasibility study indicates a potential open-pit gold mine with an average annual production of 201,000 oz. over a mine life of approximately 12.6 years [4] - At a gold price of $1,850/oz., the project's after-tax net present value (NPV) is $523 million, with an internal rate of return (IRR) of 20.6% and a payback period of 2.8 years; at $2,500/oz., the NPV increases to $1.1 billion, IRR to 38.2%, and payback to 1.6 years [5] Expansion Potential - A new preliminary economic assessment suggests potential for mine life extension by evaluating additional inferred resources and satellite pits, such as the Walsh Lake deposit, which has an inferred resource of 555,000 oz. of gold [6][7] - Less than 15% of the 500 km² land package has been explored, indicating significant upside potential [7] Management Perspective - The company believes Courageous Lake holds substantial value and additional district potential in a Tier 1 jurisdiction, which is not currently reflected in Seabridge's share price [8]