Corporate Presentation August 2018 SEABRIDGE GOLD Forward Looking - - PowerPoint PPT Presentation

SEABRIDGE GOLD Corporate Presentation August 2018

SEABRIDGE GOLD

Forward Looking Statements

All reserve and resource estimates reported by the Company were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Statements relating to the estimated or expected future production and operating results and costs and financial condition of Seabridge, planned work at the Company’s projects and the expected results of such work are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company’s projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk

• f accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of

environmental issues at the Company’s projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Company’s Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2017 and in the Company’s Annual Report Form 40-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml). Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management or its independent professional consultants on the date the statements are made.

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SEABRIDGE GOLD

The Case for Seabridge

• KSM: 38.8M oz gold plus 10.2B lbs copper (2.2B tonnes at 0.55 gpt

Au and 0.21% Cu)

• Courageous Lake: 6.5M oz gold (91M tonnes at 2.2 gpt Au)

Proven and Probable Reserves

• 59.4M shares outstanding

Low Share Dilution

• $15 Enterprise Value per oz of gold reserves

Low Valuation

• All reserves are located in Canada
• KSM is shovel ready; Environmental Assessment completed

Low Political Risk

• Recent resource additions and new discoveries could add significant

higher grade reserves to improve project economics Exploration Upside

• Iskut B.C.: District scale with high-grade epithermal gold potential
• Snowstorm Nevada: On the intersection of 3 major gold trends

New Acquisitions

3

SEABRIDGE GOLD

Gold Reserves

• Reserves rank Seabridge among world’s top ten gold companies

4

Source: Company data. Data as of July 31, 2018. Note: Companies shown include North America’s largest gold companies and selected gold project development companies.

• 15

30 45 60 75 Newmont Polyus Barrick Newcrest Goldcorp Anglogold Seabridge Kinross Agnico-Eagle Polymetal NovaGold Detour New Gold Yamana Alamos Pretium Buenaventura

45M oz Gold Reserves (m oz)

SEABRIDGE GOLD

Seabridge Designed to Provide Leverage to Gold

5

• Seabridge ranks 1st in reserves/share among leading gold companies

Source: Company data. Data as of July 31, 2018. Note: Companies shown include North America’s largest gold companies and selected gold project development companies.

• 0.20

0.40 0.60 0.80 Seabridge Polyus Newmont Anglogold Detour Agnico-Eagle Newcrest Goldcorp Barrick NovaGold Pretium Polymetal New Gold Alamos Kinross Yamana Buenaventura

0.76 Reserve oz/share Gold Reserves per Common Share

SEABRIDGE GOLD

Share Dilution Matters!

6

Source: Company data. Data as of July 31, 2018. Note: For a breakdown of Seabridge’s mineral reserves and resources by project, tonnes and grade, please visit http://seabridgegold.net/resources.php

• Reserves and Resources continue to grow faster than shares outstanding
• 10

20 30 40 50 60 70 80 90 100 110 120

• 10

20 30 40 50 60 70 80 90 100 110 120 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Shares Outstanding (Millions) Ounces of Gold (Millions) Proven & Probable Gold Reserves Measured & Indicated Gold Resources Inferred Gold Resources Shares Outstanding

SEABRIDGE GOLD

Historical Performance

7

Source: Company and index data Note: Price Performance represents performance over time from January 2000 through July 2018.

(100%) 400% 900% 1,400% 1,900% 2,400% 2,900% 3,400% 3,900% 4,400% 4,900% 5,400% 5,900% 6,400%

00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Seabridge Newmont Barrick Goldcorp HUI Gold

• In a rising gold

market, Seabridge is a stock to own…

Price Performance:

+2,070% +331% +425% +153% (32%) +80%

SEABRIDGE GOLD

Attractive Valuation

8

Source: Company data. Data as of July 31, 2018. (1) Enterprise Value calculated as market capitalization (basic) plus net debt and minority interest Note: Companies shown include North America’s largest gold companies and selected gold project development companies

• Seabridge has a very low enterprise value per oz of gold reserves
• $50

$100 $150 $200 $250 $300 $350 Yamana Newmont Barrick Polymetal Pretium Goldcorp Newcrest Kinross Alamos Polyus New Gold Detour Anglogold NovaGold Seabridge

Enterprise Value per Reserve oz $15/oz

SEABRIDGE GOLD

Low Political Risk

• Illegal strikes and local opposition delay approved projects (Conga, Santa

Anna, Tintaya)

Peru

• Open pit mining and use of cyanide banned in certain areas
• 100% tax on export earnings for some resource projects (Famatina, San Jose)

Argentina

• Increased taxes and royalties (Fruta del Norte)

Ecuador

• Creeping expropriation through imposed local and government ownership

(Batu Hijau, Grasberg, Tujuh Bukit)

Indonesia

• Increased royalty structure and challenging power supply issues (all projects)
• Local opposition delays approved projects (El Morro, Pascua-Lama)

Chile

• Stable regulatory and tax regime
• Established, reliable procedures for obtaining permits include deadlines for

government agencies

Canada

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• Where would you rather be?

SEABRIDGE GOLD

KSM Project, British Columbia, Canada

• KSM is the world’s largest undeveloped

gold/copper project (by reserves)

• Located in “mining friendly” British

Columbia near past producers

• Highly favorable logistics
• Estimated cash costs and total costs

well below current industry averages

• Base Case exhibits outstanding

capital efficiency

• BC Environmental Assessment

approved July 30, 2014. Federal approval received December 2014

• Signed Benefit Agreement with

key Treaty Nation

• Newly added Deep Kerr and Lower Iron Cap

deposits add significant upside potential

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SEABRIDGE GOLD

KSM – Approved by BC and Canada

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SEABRIDGE GOLD

KSM – Favorable Logistics

12

SEABRIDGE GOLD

KSM – Mitchell Zone

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SEABRIDGE GOLD

KSM Proven and Probable Reserves

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Note: Reserves were calculated using $1200 gold, $2.70 copper and $17.50 silver

Zone Mining Method Reserve Category Millions Tonnes Average Grades Contained Metal Gold (gpT) Copper (%) Silver (gpT) Gold (million

• unces)

Copper (million pounds) Silver (million

• unces)

Mitchell Open Pit Proven 460 0.68 0.17 3.1 10.1 1,767 45 Probable 481 0.63 0.16 2.9 9.7 1,677 44 Block Cave Probable 453 0.53 0.17 3.5 7.7 1,648 51 Iron Cap Block Cave Probable 224 0.49 0.20 3.6 3.5 983 26 Sulphurets Open Pit Probable 304 0.59 0.22 0.8 5.8 1,495 8 Kerr Open Pit Probable 276 0.22 0.43 1.0 2.0 2,586 9 Totals Proven 460 0.68 0.17 3.1 10.1 1,767 45 Probable 1,738 0.51 0.22 2.5 28.7 8,388 138 Total 2,198 0.55 0.21 2.6 38.8 10,155 183

SEABRIDGE GOLD

KSM – 2016 Preliminary Feasibility Study

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• The PFS projects a large, long-life mine

Unit Years 1-7 LOM 53-Year Plan Average Grades: Gold gpt 0.82 0.55 Copper % 0.24 0.21 Silver gpt 2.8 2.6 Molybdenum ppm 48 43 Average Annual Production: Gold

• z

933,000 540,000 Copper M lbs

205

156 Silver M oz 2.6 2.2 Molybdenum M lbs 1.6 1.2

Note: Numbers above have been rounded.

SEABRIDGE GOLD

2016 PFS: Before Tax Economic Analysis

16

Note: For Operating and Total Costs, copper, silver and molybdenum revenues are taken as a by-product credits. Total Costs include all Initial Capital, Sustaining Capital and Closure Costs. Numbers above have been rounded.

Case Unit Base Alternate Q3 2016 Spot Initial Capital Cost $M $5,000 $5,000 $4,800 Net Cash Flow $M $15,900 $26,300 $16,100 NPV @ 5% $M $3,300 $6,500 $3,500 Internal Rate of Return % 10.4% 14.6% 11.1% Payback Period years 6.0 4.1 5.6 Operating Costs (LOM) $/oz Au $277 $183 $404 Total Costs (includes all capital) $/oz Au $673 $580 $787 Metal Prices: Gold $/oz $1,230 $1,500 $1,350 Copper $/lb $2.75 $3.00 $2.20 Silver $/oz $17.75 $25.00 $20.00 Molybdenum $/oz $8.49 $10.00 $7.00 US$/Cdn$ Exchange Rate

• 0.80

0.80 0.77

SEABRIDGE GOLD

2016 PFS: After Tax Economic Analysis

17

Note: Taxes include B.C. Mineral Tax plus Canadian Federal and B.C. Corporate Income Taxes. Numbers above have been rounded.

Case Unit Base Alternate Q3 2016 Spot Initial Capital Cost $M $5,000 $5,000 $4,800 Net Cash Flow $M $10,000 $16,700 $10,100 NPV @ 5% $M $1,500 $3,700 $1,700 Internal Rate of Return % 8.0% 11.4% 8.5% Payback Period years 6.8 4.9 6.4 Metal Prices: Gold $/oz $1,230 $1,500 $1,350 Copper $/lb $2.75 $3.00 $2.20 Silver $/oz $17.75 $25.00 $20.00 Molybdenum $/lb $8.49 $10.00 $7.00 US$/Cdn$ Exchange Rate 0.80 0.80 0.77

SEABRIDGE GOLD

• Deep Kerr core zone found in 2013 now contains 2.0 billion

tonne inferred resource grading 0.41% copper and 0.31 g/T gold

• New inferred resource at Iron Cap zone estimated at 1.3 billion

tonnes at 0.48 g/T gold and 0.30% copper

• Additions to KSM resources since 2013 total 36.5 million ounces
• f gold and 25.2 billion pounds of copper at grades significantly

higher than existing reserves

• Deep Kerr’s grades and size compare favorably with some of the

world’s largest, most profitable, operating copper/gold mines

• New PEA demonstrates significant economic improvements to

KSM from Deep Kerr higher-grade resources

• Economic improvements from Iron Cap additions still to come

New Discoveries at Grades Higher Than Reserves

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2000m Elev.

• 2000m Elev.

4000m Elev.

CAVE MODELS

2000m

KSM PROJECT

LONG SECTION

2016 NSR BLOCK MODEL

S N

> $ 48 24-48 16-24

NSR $/T

PIT MODELS

Proposed Exploration Adit projected to section 000m Elev. Proposed Access Tunnel projected to section

IRON CAP MITCHELL SULPHURETS KERR

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SEABRIDGE GOLD

PEA Mine Plan – Reduces Waste by 2.4 Billion Tonnes

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Note: Mine plans were constructed using $1200 gold, $2.70 copper and $17.50 silver

Zone Mining Method Resource Category Millions Tonnes Average Grades Contained Metal Gold (gpT) Copper (%) Silver (gpT) Gold (million

• unces)

Copper (million pounds) Silver (million

• unces)

Mitchell Open Pit M&I 418 0.78 0.20 2.9 10.4 1,783 40 Inferred 12 0.47 0.20 5.2 0.2 50 2 Block Cave M&I 606 0.66 0.20 4.1 12.9 2,726 81 Inferred 87 0.40 0.13 3.1 1.1 259 9 Iron Cap Block Cave Indicated 122 0.64 0.24 4.1 2.5 643 16 Inferred 77 0.46 0.22 3.5 1.1 384 9 Sulphurets Open Pit Indicated 92 0.70 0.29 0.6 2.1 584 2 Inferred 11 0.59 0.25 0.8 0.2 60 Kerr Block Cave Indicated 24 0.26 0.54 1.1 0.2 290 1 Inferred 932 0.31 0.49 1.7 9.3 9,962 52 Totals M&I 1,262 0.69 0.22 3.4 28.0 6,026 139 Inferred 1,119 0.33 0.43 2.0 12.0 10,716 72

SEABRIDGE GOLD

KSM – 2016 Preliminary Economic Assessment

21

• The PEA incorporates Deep Kerr and Lower Iron Cap with170k tpd throughput capacity

Unit Years 1-7 LOM 51-Year Plan Average Grades: Gold gpt 0.78 0.52 Copper % 0.26 0.32 Silver gpt 2.7 2.7 Average Annual Production: Gold

• z

1,150,000 592,000 Copper M lbs

307 286

Silver M oz

3.3

2.8

Note: As the PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Numbers above have been rounded.

SEABRIDGE GOLD

2016 PEA: Before Tax Economic Analysis

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Note: For Operating and Total Costs, copper and silver revenues are taken as a by-product credits. Total Costs include all Initial Capital, Sustaining Capital and Closure Costs. As the PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Numbers above have been rounded.

Case Unit Base Alternate Q3 2016 Spot Initial Capital Cost $M $5,500 $5,500 $5,300 Net Cash Flow $M $26,300 $38,700 $24,100 NPV @ 5% $M $6,100 $10,200 $5,700 Internal Rate of Return % 12.7% 16.9% 12.9% Payback Period years 5.6 3.9 5.3 Operating Costs (LOM) $/oz Au

• $179
• $319

$32 Total Costs (includes all capital) $/oz Au $358 $218 $553 Metal Prices: Gold $/oz $1,230 $1,500 $1,350 Copper $/lb $2.75 $3.00 $2.20 Silver $/oz $17.75 $25.00 $20.00 US$/Cdn$ Exchange Rate 0.80 0.80 0.77

SEABRIDGE GOLD

2016 PEA: After Tax Economic Analysis

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Note: Taxes include B.C. Mineral Tax plus Canadian Federal and B.C. Corporate Income Taxes. As the PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Numbers above have been rounded.

Case Unit Base Alternate Q3 2016 Spot Initial Capital Cost $M $5,500 $5,500 $5,300 Net Cash Flow $M $16,700 $24,700 $15,300 NPV @ 5% $M $3,400 $6,000 $3,200 Internal Rate of Return % 10.0% 13.4% 10.1% Payback Period years 6.4 4.7 6.1 Metal Prices: Gold $/oz $1,230 $1,500 $1,350 Copper $/lb $2.75 $3.00 $2.20 Silver $/oz $17.75 $25.00 $20.00 US$/Cdn$ Exchange Rate 0.80 0.80 0.77

SEABRIDGE GOLD

25

IRON CAP PERSPECTIVE VIEW TO SW

2018 NSR BLOCK MODEL ON SECTIONS

North Area 2017 Drilling NSR $/T

> 75 50 – 75 25 – 50 16 - 25

555m El. Conceptual Cave Footprint 1200m El. Conceptual Cave Footprint 870m El. Conceptual Cave Footprint Proposed Access Tunnels

Indicated Resource

SEABRIDGE GOLD

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New Iron Cap Resources to Further Improve Economics

NSR Cutoff (C$) Resource Category Tonnes (millions) Average Grades Contained Metal Gold (gpt) Copper (%) Silver (gpt) Moly (ppm) Gold (000

• unces)

Copper (million pounds) Silver (000

• unces)

Moly (million pounds) 16 Indicated 370 0.43 0.23 4.2 48 5,112 1,874 49,931 48 Inferred 1,297 0.48 0.30 2.9 34 20,023 8,579 120,970 34 20 Indicated 298 0.49 0.24 4.4 50 4,688 1,574 42,095 50 Inferred 1,098 0.52 0.32 3.0 33 18,364 7,747 105,948 33 24 Indicated 227 0.55 0.26 4.5 46 4,007 1,299 32,785 46 Inferred 875 0.58 0.35 3.0 32 16,318 6,751 84,405 32 28 Indicated 166 0.62 0.27 4.7 35 3,302 986 25,029 35 Inferred 670 0.65 0.39 3.0 29 13,999 5,758 64,608 29 32 Indicated 118 0.70 0.29 4.6 26 2,666 757 17,519 26 Inferred 517 0.73 0.42 3.0 27 12,131 4,784 49,851 31

IRON CAP SECTION VIEW TO NE

2018 NSR BLOCK MODEL

500m

North Area 2017 Drilling

555m El. Conceptual Cave 1200m El. Conceptual Cave 870m El. Conceptual Cave Proposed Access Tunnels

Mineralization is open down plunge to NW

NSR $/T > 75 50 – 75 25 – 50 16 – 25 12 – 16 8 – 12 4 – 8 0 - 4

Limits of Inferred Resource

SEABRIDGE GOLD

Courageous Lake

• At 6.5M oz, (91 million tonnes at 2.2 gpT

Au) Courageous Lake (“CL”) is Canada’s 2nd largest undeveloped gold reserve (KSM is 1st)

• Excellent open pit grade of 2.2 gpt Au
• 2012 Preliminary Feasibility Study shows

viable project with exceptional leverage to higher gold prices

• Wholly owned 53 km greenstone belt

provides excellent exploration potential

• Located in Northwest Territories within

100 km of Diavik and Ekati, two large

• perating open pit diamond mines

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SEABRIDGE GOLD

Courageous Lake – Project Location

• Project located on winter ice road,

in close proximity to the Diavik and Ekati mines

– Demonstrating that year round

• pen pit bulk tonnage operations

are feasible

• Nearby mines provide “real-time”

estimates for capital and

• perating costs

– Additionally, with mines scheduled

to close over the next several years, a local and trained workforce will be readily available

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SEABRIDGE GOLD

Courageous Lake – PFS Pre-Tax Summary

31

• Exceptional leverage to gold price

Case Unit Base Alternate Gold Price $/oz $1,384 $1,925 Initial Capital Cost $M $1,520 $1,520 Mine Life years 15.0 15.0 Average Annual Gold Production

• unces

385,000 385,000 Net Cash Flow $M $1,507 $4,519 NPV @ 5% $M $303 $2,080 Internal Rate of Return % 7.3% 18.7% Payback Period years 11.2 4.0 Operating Costs (years 1-5) $/oz Au $674 $689 Operating Costs (LOM) $/oz Au $780 $796 Total Costs (includes all capital) $/oz Au $1,123 $1,141 US$/Cdn$ Exchange Rate

• 0.98x

0.99x

SEABRIDGE GOLD

Courageous Lake – PFS After Tax Summary

32

• Exceptional leverage to gold price

Note: Taxes include all Provincial taxes plus Federal Corporate Income Tax.

SEABRIDGE GOLD

CL – Value Enhancing Opportunities

• Access to hydro-electric generated power
• Examine year round road access
• pportunities

Improve Capital and Operating Costs

• Exploring for higher grade material that could

be exploited in the early years of production

• History of high grade production along belt

Higher Grades

• Exploring for additional bulk mineable

deposits that could extend project life beyond the current 15 year estimate

Additional Deposits

33

SEABRIDGE GOLD

Courageous Lake – Exploration Potential

• Existing 6.5M oz reserve (91 million

tonnes at 2.2 gpT Au) covers only 2 km of an under explored green- stone belt that stretches 53 km

– Owned 100% by Seabridge

• Two former producing mines on belt

(Salmita and Tundra) had average grades of ~1 opt Au (30 gpt)

• Seabridge now exploring for

additional deposits that could extend the estimated 15 year mine life

– With potentially higher grades

mined in early years

34

SEABRIDGE GOLD

Walsh Lake Resources (March 2014)

35

• Approximately twice the grade of Courageous Lake’s reserves

Note: Mineral resources which are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources have a high degree of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category.

Walsh Lake Inferred Resource

Cut-Off Gold Grade Tonnes Grade Inferred (g/T) (K) g/t (K oz) 0.20 6,647 2.37 506 0.30 5,987 2.60 500 0.40 5,477 2.81 495 0.40 5,022 3.03 489

0.60 4,624 3.24 482

0.70 4,278 3.45 475 0.80 3,986 3.65 468 0.90 3,727 3.84 460 1.00 3,512 4.02 454

SEABRIDGE GOLD

Courageous Lake 2018 Drilling Targets

36

2018 drill program discovers two new gold zones: Olsen: 40 meters @ 3.04 g/T Marsh Pond: 14 meters @ 3.08 g/T 24 meters @ 2.13 g/T 18 meters @ 1.72 g/T

SEABRIDGE GOLD

• In June 2016 Seabridge issued 695,000 shares to acquire

100% of SnipGold to obtain 100% of very large Iskut Project

• Iskut Project reports 2.2 million ounces of NI 43-101

measured and indicated gold resources at the Bronson Slope prospect

• Iskut historically produced high-grade gold and hosts many

unexplored targets for high-grade material

• Iskut is located 30 kilometers from KSM, offering optimal

synergies for Seabridge knowledge and infrastructure.

• 2018 exploration program to pursue high grade gold

mineralization encountered last year at Quartz Rise

SnipGold Acquisition

SEABRIDGE GOLD

Iskut Location and Access

38

39

SEABRIDGE GOLD

• In June, 2017 Seabridge acquired 100% of the Snowstorm gold

project in Nevada from Paulson & Co. for 700,000 common shares plus 500,000 common share purchase warrants

• Snowstorm sits on the intersection of three major Nevada gold

belts; Getchell, Carlin and the Northern Nevada Rift Zone

• Geologic, geochem and geophysical data documents

hydrothermal alteration zones and structural settings consistent with large Nevada gold deposits

• Snowstorm is contiguous and on strike with several large

producing gold projects including Getchell/Turquoise Ridge, Twin Creeks and Midas

• Annual holding costs less than US$300,000

Snowstorm Acquisition

40

SEABRIDGE GOLD

Snowstorm Location

41

SEABRIDGE GOLD

Seabridge’s Newest Shareholder

42

Seabridge Acquires Snowstorm Project June 2017

"We chose Seabridge as the best home for the Snowstorm project because they share our vision of the project’s geologic potential and their exploration team has done an outstanding job of growing the resources and reserves on their existing projects. Moreover, Seabridge’s projects, particularly KSM, will provide us with significant leverage to a higher gold price”

• John Paulson, President of Paulson & Co.

SEABRIDGE GOLD

• From 1990 to 1999, the industry on average found 1.4
• unces of gold reserves and resources for every ounce

produced

• For 2000 to 2009, only 0.7 ounces of gold reserves and

resources were found for every ounce produced

• For 2010 to 2016, the industry estimates that at best 0.3
• unces of gold may have been found per ounce produced
• The majors need new deposits with scale and capital

efficiency that can be permitted in safe jurisdictions…KSM checks all the boxes

New Discoveries are Lagging Production

43

Source: S&P Global Market Intelligence, Paradigm Capital

SEABRIDGE GOLD

Majors’ Gold Reserves are Declining

44 Source: S&P Global Market Intelligence, Seabridge Gold Inc.

124.6 86.5 43.4 73.1 46.6 33.2 16.7 nil 64.4 68.5 53.5 49.5 25.9 62.0 20.6 45.3 Barrick Newmont Goldcorp AngloGold Kinross Newcrest Agnico-Eagle Seabridge

2007 Reserves vs. 2017 Reserves for Select Major Gold Companies

2007 Reserves (m oz) 2017 Reserves (m oz)

SEABRIDGE GOLD

Gold Industry Production in Major Decline

45

• Majors require new projects to replace depleting production

(2) Source: Consensus estimate. Includes CPM Group, GFMS and Metals Focus

SEABRIDGE GOLD

Cheaper to Find Reserves Than Buy Them

46 Source: S&P Global Market Intelligence, Seabridge Gold Inc.

$203 $191 $221 $135 $857 $291 $327 nil $76 $63 $63 $97 $129 $38 $83 $6 Barrick Newmont Goldcorp AngloGold Kinross Newcrest Agnico-Eagle Seabridge

Cost Per Gold Ounce of Acquisition vs. Exploration from 2008 - 2017

Acquisition-derived reserves Exploration-derived reserves

SEABRIDGE GOLD

Seabridge Best in Class in Finding Reserves

47 Source: S&P Global Market Intelligence, Seabridge Gold Inc.

11.0 9.5 23.2 7.5 10.0 31.6 5.4 nil 27.6 36.9 23.9 27.9 8.9 22.3 11.0 45.3 Barrick Newmont Goldcorp AngloGold Kinross Newcrest Agnico-Eagle Seabridge

Gold Ounces Added by Acquisition vs. Exploration from 2008 - 2017

Au Oz Added by Acquisition (m oz) Au Oz Added by Exploration (m oz)

SEABRIDGE GOLD

Four Catalysts for a Higher Valuation

Enhanced De- Risking Premium

• Fewer safe jurisdictions
• More difficulty permitting
• KSM has permits and

social license in Canada

Outstanding Exploration Record

• Over 36 Mn oz Au and

25 Bn lbs Cu added

• ver past 4 years at

superior grades

• Industry exploration not

replacing production: in- ground resources will soon be re-valued

• KSM, CL, Iskut and

Snowstorm have best-

• f-class potential for

adding resources

Joint Ventures

• KSM is a top candidate

for a production JV on friendly terms

• Major companies now

more deal-capable

• World’s largest mining

companies under CA

• Project continues to

improve

• Acceptable terms may

need improved market conditions 48

Leverage to the Gold Price

• Seabridge outperforms

in a gold bull market

SEABRIDGE GOLD

Corporate Information

• NYSE: SA
• TSX: SEA
• Included in GDXJ, S&P/TSX Global Mining and Global Gold Indices

Listings

• 59.4 M shares outstanding
• 63.0 M fully diluted

Share Structure

• No debt
• > $25 million in working capital

Balance Sheet

• Interests are aligned with shareholders
• Insiders own over 30% of common shares

Management and Board

• Own ~25% of common shares
• Investors include National Bank, Century Management, Van Eck,

Weiss, TD Bank, Sprott, Fidelity, Paulson & Co.

Financial Institutions

• Royal Gold (holds option to acquire 2% gold/silver NSR at KSM for

$160 million in cash)

Strategic Investors

49

SEABRIDGE GOLD

Experienced Management

50

• Over 30 years of experience in the gold business, primarily as a senior officer and director of

publicly traded companies including Greenstone Resources, Columbia Resources, Behre Dolbear & Company, Riverside Associates, Phibro-Salomon, Amax, and DRX

Rudi Fronk

Co-Founder, Chairman & CEO

• Over 30 years of experience in the mining sector and responsible for designing and managing

the technical programs required to advance Seabridge's two main assets towards feasibility

• Former Vice President of Solutions and Innovation for Newmont Mining Company

Jay Layman

Director, President & COO

• Over 30 years of exploration experience and is responsible for the design and execution of

Seabridge’s exploration and resource delineation programs

• Previously served as Exploration Manager and Vice President with Placer Dome

Bill Threlkeld

Senior VP, Exploration

• Over 30 years of experience in mine engineering, design, strategic analysis and start-up
• Formerly a Group Executive, Mine Engineering at Newmont Mining Corporation

Peter Williams

Senior VP, Technical Services

• Has 25 years of mining industry and public accounting experience and is a CPA, CGA
• Currently a director of Paramount Gold Nevada Corp.

Christopher Reynolds

VP, CFO

• Over 25 years of experience, responsible for developing and managing Seabridge's

environmental programs and community engagement strategies

Brent Murphy

VP, Environmental Affairs

• Has practiced law in the areas of corporate finance and securities, corporate and mining since

1993 and has been counsel to Seabridge Gold since 1999

Bruce Scott

VP, Corporate Affairs

SEABRIDGE GOLD

Board of Directors

51

• Founder and Chairman of Mintec, Inc. and one of the original developers of MineSight™,

recognized as the pre-eminent reserves modeling and mine design software system with more than 300 installations worldwide

Frederick Banfield

• Over 30 years of experience, Mr. Gonzalez-Urien is one of the most highly regarded exploration

geologists in the mining industry. Ran global exploration for Placer Dome from 1989 through 2001

Eliseo Gonzalez-Urien Chair, Compensation Committee

• Currently serves as the Executive Chairman of The RMH Group, Inc.
• Former CEO (and previously COO and CFO) of Echo Bay Mines

Richard Kraus Chair, Audit Committee

• Over 40 years of legal expertise in mining, securities, financing, and mergers and acquisitions
• Former CEO of Anvil Mining and current director of Algold Resources Inc. and Uranium One

John Sabine Chair, Governance and Nominating Committee

• Over 30 years experience in resource-related environmental consulting
• As founder and CEO of Rescan, managed numerous EIS and permitting for major mining projects

including KSM

Clem Pelletier Chair, Technical Committee

• 32 years of investment banking experience
• Former director of Osisko Mining and Romarco Minerals. Director of Stillwater Mining

Gary Sugar