BC Supreme Court Decides Seabridge Gold's KSM Substantially Started Determination Reasonable

Seabridge Gold (NYSE:SA) announced that the Supreme Court of British Columbia found the BC Environmental Assessment Office’s “substantially started” determination for the KSM project reasonable.

Rhea-AI Summary

Seabridge Gold (NYSE:SA) announced that the Supreme Court of British Columbia found the BC Environmental Assessment Office’s “substantially started” determination for the KSM project reasonable. However, the Court ordered a 90-day consultation period with Tsetsaut Skii km Lax Ha before EAO reconsideration. A separate SkeenaWild petition was dismissed. Since January 2024, Seabridge reports $208 million of additional permanent-works spending at KSM, bringing total expenditures to $1.2 billion, and plans to continue work during the consultation and review.

Positive

• Court found KSM “substantially started” determination reasonable
• SkeenaWild Conservation Trust petition against determination dismissed
• KSM work programs to continue during consultation and reconsideration
• $208 million additional KSM permanent-works spending since January 2024
• Total KSM expenditures reach $1.2 billion

Negative

• EAO must undertake 90-day consultation with TSKLH before reconsidering
• Substantially started determination subject to EAO reconsideration after consultation

Argus Jun 9 session

-0.11% close to close Open Argus

Details

News Market Reaction – SA

On Jun 9, the first trading day after this news, SA closed 0.11% below the previous close.

Data tracked by StockTitan Argus for the Jun 9 session.

Key Figures

Additional KSM expenditures: $208 million Total KSM expenditures: $1.2 billion Consultation period: 90 days +1 more

Additional KSM expenditures

$208 million

Spent on permanent works at KSM since application for Substantially Started Status in January 2024

Total KSM expenditures

$1.2 billion

Cumulative expenditures at KSM referenced in the article

Consultation period

90 days

Court-ordered period for TSKLH written submissions on substantially started status

Substantially started date

July 24, 2024

Date as of which KSM was determined substantially started by the EAO

Historical Context

5 past events · Latest: Jun 08

5 events

1. Jun 08

   Sustainability report

   24h Move

   -4.7%

   Release of 2025 ESG-focused Sustainability Report across core projects.

2. Jun 03

   Spin-out closing

   24h Move

   -0.7%

   Closing of Valor Gold spin-out and transfer of Courageous Lake.

3. May 27

   Industry award

   24h Move

   -1.6%

   Resource and Mining Excellence Award recognizing KSM and regional impact.

4. May 22

   Shareholder meeting

   24h Move

   +0.2%

   Shareholders approve spin-out of Courageous Lake into Valor Gold.

5. May 13

   Quarterly results

   24h Move

   -5.1%

   Q1 2026 results with net loss and increased investment in mineral interests.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

environmental assessment office

1 terms

environmental assessment office regulatory

"the determination by the BC Environmental Assessment Office ("EAO") that Seabridge Gold's KSM project"

An environmental assessment office is a government or regulatory unit that reviews proposed projects to judge their likely effects on air, water, land and wildlife, and decides whether extra studies, changes or approvals are needed. For investors, its decisions act like a permit or safety check for a project — they can change timelines, add costs, or create legal conditions that affect whether a development or operation can proceed and how profitable it may be.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Court Requires BC to Consult Further with TSKLH before Reconsidering Determination

Toronto, Ontario--(Newsfile Corp. - June 8, 2026) - Seabridge Gold Inc. (TSX: SEA) (NYSE: SA) ("Seabridge") reports today that the Supreme Court of British Columbia ("the Court") issued its decision on two petitions challenging the determination by the BC Environmental Assessment Office ("EAO") that Seabridge Gold's KSM project located in northwestern British Columbia was substantially started as of July 24, 2024. The Court found that the determination was reasonable but that the EAO had not engaged in sufficient consultation with one of the petitioners, the Tsetsaut Skii km Lax Ha ("TSKLH"). The Court has ruled that the EAO must provide a specific period of 90 days for TSKLH to provide written submissions on whether the project was substantially started, after which the EAO must reconsider the substantial started determination. The Court also dismissed a second petition that was filed by SkeenaWild Conservation Trust against the Substantially Started determination. The decision can be found in its entirety here.

Seabridge Chair and CEO Rudi Fronk noted that work at KSM would continue during the consultation process and EAO reconsideration of the Substantially Started determination. "We are satisfied that the Court has confirmed the reasonableness of the EAO determination. We will continue to execute our work plans for KSM and look forward to meeting with the EAO to receive an update on their additional consultation activities in due course. Meanwhile, the permanent physical improvements we have made at KSM which were considered appropriate for the determination have been significantly enhanced. We remain appreciative of the continued support of the Nisga'a and Tahltan Nations, and the Gitxsan Hereditary Chiefs Office, for KSM."

Since its application for Substantially Started Status in January, 2024, Seabridge has incurred an additional $208 million of expenditures on permanent works at KSM, bringing total expenditures at KSM to $1.2 billion

About Seabridge Gold
Seabridge Gold holds a 100% interest in several North American gold projects. Its principal assets are the KSM and Bronson Corridor projects in British Columbia's Golden Triangle. Additional projects include Snowstorm in Nevada's Getchell Gold Belt, and the 3 Aces project in the Yukon. Further information on Seabridge's mineral reserves and resources is available at www.seabridgegold.com.

Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD
"Rudi Fronk"
Chair & C.E.O.

For further information please contact:
Rudi P. Fronk, Chair and C.E.O.
Tel: (416) 367-9292 • Fax: (416) 367-2711 / Email: info@seabridgegold.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300673

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did the BC Supreme Court decide about Seabridge Gold’s KSM project on June 8, 2026 (NYSE:SA)?

The Court held the KSM “substantially started” determination was reasonable but required more consultation with TSKLH. It ordered a 90-day written-submission period and subsequent EAO reconsideration, while dismissing a separate SkeenaWild petition related to the same determination.

How does the BC Supreme Court ruling affect future environmental assessment steps for Seabridge’s KSM project (SA)?

The ruling requires the EAO to allow 90 days for TSKLH submissions and then reconsider the substantially started determination. According to Seabridge, KSM work will continue during this consultation and review, pending the EAO’s updated decision afterward.

Did the BC Supreme Court stop work on Seabridge Gold’s KSM project after the June 2026 decision?

Work on KSM is expected to continue during the mandated consultation and EAO reconsideration. According to Seabridge, permanent physical improvements at KSM, which supported the original determination, have been further enhanced while operations proceed under existing approvals.

What happened to the SkeenaWild Conservation Trust petition against Seabridge Gold’s KSM substantially started status?

The Supreme Court of British Columbia dismissed the SkeenaWild Conservation Trust petition challenging the substantially started determination. This leaves only the TSKLH consultation issue for the EAO to address before it revisits its decision on KSM’s status.

How much has Seabridge Gold invested in the KSM project as of the June 2026 court update (SA)?

Seabridge reports total KSM expenditures of about $1.2 billion, including $208 million added to permanent works since January 2024. According to Seabridge, these physical improvements were considered in the substantially started determination and have continued to expand.

What is the 90-day consultation requirement involving Tsetsaut Skii km Lax Ha for Seabridge’s KSM project?

The Court ordered the EAO to provide Tsetsaut Skii km Lax Ha 90 days to submit written views on whether KSM was substantially started. After this period, the EAO must reconsider its determination, incorporating those submissions into its updated decision.