Seabridge Gold Files Third Quarter 2025 Report to Shareholders and Its Financial Statements and MD&A

Rhea-AI Summary

Seabridge Gold (NYSE: SA; TSX: SEA) filed its Report to Shareholders, Interim Financial Statements and MD&A for the three months ended September 30, 2025 on SEDAR+ and its website.

Key facts: Q3 net loss was $32.3 million ($0.32/sh) versus $27.6 million ($0.31/sh) a year earlier; investment in mineral interests was $52.9 million in Q3 versus $28.1 million a year earlier; net working capital rose to $83.2 million from $37.8 million at Dec 31, 2024. Exploration highlights include a 24,000 metre Iskut program and confirmation of a new large porphyry deposit at Snip North; KSM-related court activity and additional challenges from Tudor Gold were also reported.

Positive

• Net working capital of $83.2 million at Sept 30, 2025
• Q3 mineral investment increased to $52.9 million, supporting project advancement
• 24,000 metre Iskut drill program confirmed a new large porphyry at Snip North

Negative

• Net loss widened to $32.3 million in Q3 2025 from $27.6 million a year earlier
• Exploration and mineral spend rose, increasing near-term cash outflow ($52.9 million in Q3)
• Ongoing legal challenges: court petitions and three additional challenges from Tudor Gold create regulatory/permit uncertainty for KSM

Insights

Senior Mining Financial Analyst

Quarterly filing shows higher investment and working capital, wider loss; mixed operational progress at KSM and Iskut.

Seabridge reported a $32.3 million net loss for the three months ended September 30, 2025, wider than last year's $27.6 million loss, while spending on mineral interests rose to $52.9 million in the quarter from $28.1 million a year earlier. The accounts show materially higher capital allocation into exploration and development, which explains much of the near‑term loss and indicates active project advancement rather than operating cash burn from non‑project activities.

Operationally, the company cites continuing advances at KSM and the discovery at Snip North from the 2025 Iskut drill program, plus completion of the 2025 3 Aces program, which are concrete, monitorable activities tied to resource growth. Risks include unresolved legal challenges noted around KSM authorizations and the absence of detailed reserve changes in this summary; monitor court outcomes and the forthcoming MD&A line‑item disclosures over the next 90 days.

Toronto, Ontario--(Newsfile Corp. - November 12, 2025) - Seabridge Gold (TSX: SEA) (NYSE: SA) announced today that it has filed its Report to Shareholders, Interim Financial Statements and Management's Discussion and Analysis for the three months period ended September 30, 2025 on SEDAR+. To review these documents on the Company website, please see https://www.seabridgegold.com/investors/financial-reports.

Recent Highlights

• KSM field activities and partnership discussions continue to advance
• 24,000 meter drill program at Iskut in 2025 confirms a new large porphyry deposit at Snip North
• Court hearings completed on petitions challenging KSM's substantially started designation
• Three more challenges filed by Tudor Gold against KSM's Mitchell-Treaty-Tunnel authorizations
• 2025 exploration program completed at 3 Aces
• The Gold Market: Compensating for dollar debasement

Financial Results

During the three-month period ended September 30, 2025 Seabridge posted a net loss of $32.3 million ($0.32 per share) compared to a net loss of $27.6 million ($0.31 per share) for the same period last year. During the 3^rd quarter, Seabridge invested $52.9 million in mineral interests, compared to $28.1 million during the same period last year. At September 30, 2025, net working capital was $83.2 million compared to $37.8 million at December 31, 2024.

Seabridge holds a 100% interest in several North American gold projects. Seabridge's assets include the KSM and Iskut projects located in Northwest British Columbia, Canada's "Golden Triangle", the Courageous Lake project located in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project located in the Yukon Territory. For a full breakdown of Seabridge's mineral reserves and mineral resources by category please visit Seabridge's website at http://www.seabridgegold.com.

None of the Toronto Stock Exchange, New York Stock Exchange, or their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD
"Rudi Fronk"
Chair and 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/274247

FAQ

What were Seabridge Gold's (SA) Q3 2025 results reported on November 12, 2025?

Seabridge reported a Q3 net loss of $32.3 million ($0.32/sh) for the three months ended Sept 30, 2025.

How much did Seabridge (SA) invest in mineral interests in Q3 2025?

Seabridge invested $52.9 million in mineral interests during the three months ended Sept 30, 2025.

What change occurred to Seabridge's net working capital as of Sept 30, 2025?

Net working capital increased to $83.2 million at Sept 30, 2025 from $37.8 million at Dec 31, 2024.

What exploration progress did Seabridge (SA) report in the Nov 12, 2025 filing?

Seabridge reported a 24,000 metre Iskut drill program that confirmed a new large porphyry deposit at Snip North and completion of its 2025 3 Aces program.

Are there legal or permitting risks for Seabridge's KSM project in the Nov 12, 2025 report?

Yes; the company reported court hearings on petitions challenging KSM's substantially started designation and three additional challenges filed by Tudor Gold.

Where can investors view Seabridge Gold's Q3 2025 financial statements and MD&A?

The documents are available on SEDAR+ and on Seabridge Gold's investor financial reports page at https://www.seabridgegold.com/investors/financial-reports.