SEABRIDGE GOLD Business Summary

Seabridge Gold Inc. operates as a premier resource development firm focused on the acquisition and advancement of major gold-copper deposits in North America. The company utilizes an "optionality" business model, generating value not through active mining production or traditional metal sales—resulting in zero operational revenue—but by expanding mineral reserves and de-risking assets through environmental permitting and engineering to attract major joint-venture partners. Its primary business segments are defined by its high-impact project portfolio, led by the flagship KSM (Kerr-Sulphurets-Mitchell) project in British Columbia, which holds one of the world's largest undeveloped gold-copper reserves and recently secured "substantially started" status to preserve its permits indefinitely. Other key assets include the Iskut project and the 3 Aces and Snowstorm exploration sites. In the competitive landscape, Seabridge contends with large-scale developers such as NovaGold Resources, Northern Dynasty Minerals, and Skeena Resources, distinguishing itself by maintaining the industry's highest gold reserves per share. The company is led by Co-founder, Chairman, and CEO Rudi P. Fronk, a 40-year mining veteran who established Seabridge alongside the late James Anthony to capitalize on long-term bullion cycles. The executive team includes President and COO Jay Layman, formerly of Newmont, who oversees the technical de-risking of the KSM site, and Senior VP of Exploration William Threlkeld, a geologist credited with significant resource expansions. As of March 1, 2026, the company is executing a planned finance leadership transition; long-standing CFO Chris Reynolds remains in his role through the end of the month, while incoming CFO Greg Martin and newly promoted VP of Finance Hassan Esmaeili prepare to lead the firm's next phase of joint-venture negotiations. Seabridge maintains a sophisticated institutional investor base, including Kopernik Global Investors and Pan Atlantic Bank and Trust, reflecting strong market confidence in its massive 2-billion-tonne resource inventory.