Seabridge Gold announced updated Mineral Resource Estimates for the Iron Cap and Kerr deposits at its 100-owned KSM Project located in northwestern British Columbia. The underground block cave constraining shapes for Kerr and Iron Cap have been updated using the same metal prices used in the 2022 Mitchell and East Mitchell open pit constraining shapes (USD 1,820/oz Au, USD 4.20/lb Cu, USD 28/oz Ag, and USD 13.5/lb Mo at a currency exchange rate of 0.83 USD per 1.00 CDN). Inferred Mineral Resources increase by 5.9 Million Ounces of Gold, 3.3 Billion Pounds of Copper, 55.4 Million ounces of Silver and 51 million pounds of molybdenum.

Indicated Mineral Resources increase by 0.3 Million Ounces of Gold, 0.2 Billion Pounds of Copper, 3.5 Million ounces of Silver and 2 million pounds of molybdenum. The updated Mineral Resource Estimates within the underground block cave constraining shapes for Kerr and Iron Cap have a mining grade shut-off applied which is appropriate for the assumed block cave mining method. This is consistent with the unselective block cave mining method used in the 2022 PEA and is different from previous Mineral Resource statements at Kerr and Iron Cap which applied a grade cut-off.

Resource models supporting the updated Mineral Resource Estimates have not changed and they are the same models used in the previous resource statement as reported in the KSM  Preliminary Feasibility Study and Preliminary Economic Assessment, NI 43-101 Technical Report", with an effective date of August 08, 2022. The mineral resources within the 2022 PEA mine plans for Kerr and Iron Cap are subsets of, and consistent with, the updated Mineral Resources, and the mineral resources within the PEA mine plan are not impacted by the updated underground block cave constraining shapes. The changes to the Mineral Resources are not a result of any changes to the resource models, but rather using a shut-off grade strategy for the Kerr and Iron Cap underground resources and aligning the metal price assumptions for the constraining shapes with other deposits on the KSM Project.

The 2022 PEA mine plan is a subset to the mineral resources at Kerr and Iron Cap and is not impacted by the change to Mineral Resources. The increased mineral resources compared to the previous estimate would only be mined after the 33 years of mine life based on the open pit Mineral Reserves. Any future cash flows resulting from these additional mineral resources is not considered material.

The change in Mineral Resource is considered not material to the KSM Project or to Seabridge Gold.