Seabridge Gold Provides Year End Update

Rhea-AI Summary

Seabridge Gold (NYSE: SA) provided a year-end update on December 18, 2025 covering 2025 field work, permitting, a planned spin-out, partner search progress and legal and reclamation items.

Key facts: KSM completed ~8,500 metres of geotechnical drilling (117 holes) and advanced Treaty Creek Terminal construction; a partner selection announcement was delayed into 2026. Seabridge will spin out its Courageous Lake asset (to be renamed Valor Gold) and intends to distribute Valor shares to Seabridge shareholders. Courageous Lake contains 11.0M oz M&I gold, 3.3M oz inferred, and 2.8M oz P&P reserves. At Iskut/Snip North, 24,225 metres of drilling defined a porphyry with a highlight of 820m @ 0.66 g/t Au and 0.14% Cu.

Critical near‑term dates: permit amendment expected Q1 2026; court decision on Substantially Started designation expected Q1 2026.

Positive

• KSM geotechnical drilling ~8,500 metres across 117 holes in 2025
• Treaty Creek Terminal construction completed earthworks and foundations
• Courageous Lake resource: 11.0M oz M&I gold
• Courageous Lake reserves: 2.8M oz proven and probable
• Iskut Snip North: 24,225 metres drilled in 2025 with 820m @ 0.66 g/t Au

Negative

• Partner announcement missed self-imposed year-end target (delayed into 2026)
• M-245 permit amendment not yet issued; expected Q1 2026
• Court decision on Substantially Started designation pending in Q1 2026
• Johnny Mountain reclamation requires approximately two more years

Key Figures

KSM geotechnical drilling 8,500 meters across 117 drill holes 2025 field data collection for Feasibility Study

KSM site workforce More than 260 workers Peak activity during 2025 program

Courageous Lake M&I resources 11.0 million oz gold 145.2M tonnes at 2.36 g/t in Measured & Indicated

Courageous Lake inferred resources 3.3 million oz gold 40.6M tonnes at 2.52 g/t in inferred category

Courageous Lake reserves 2.8 million oz proven & probable 33.9M tonnes at 2.6 g/t grade

Iskut 2025 drilling 24,225 meters diamond drilling Snip North follow-up in BC’s Golden Triangle

Snip North key interval 820 m at 0.66 g/t Au & 0.14% Cu Hole SN-25-30 in 2025 program

Snip North dimensions 2,100 m strike, 600 m dip, up to 700 m width Mineralized system definition in 2025

Market Reality Check

$29.58 Last Close

Volume Pre-news volume of 786,207 shares is below the 20-day average of 1,048,181 (relative volume 0.75x). normal

Technical Shares traded above the 200-day MA before this update ($29.18 vs $17.63).

Peers on Argus

Ahead of this update, SA was nearly flat at -0.10%. Peers showed mixed moves: Aris Mining -1.85%, Centerra Gold -2.81%, DRDGOLD -0.65%, while Collective Mining and i-80 Gold rose 3.79% and 2.01% respectively, suggesting stock-specific factors rather than a uniform sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 16	Spin-out announcement	Positive	+2.4%	Planned spin-out of Courageous Lake into Valor Gold with share distribution.
Dec 10	Exploration update	Positive	-0.9%	Snip North drilling expanded mineralized footprint with long Au-Cu intervals.
Nov 20	Research coverage	Neutral	-5.0%	Stonegate coverage update highlighting cash position, financings, and KSM progress.
Nov 19	Safety award	Positive	+3.1%	KSM Mining received AME David Barr Award for health and safety leadership.
Nov 12	Quarterly results	Neutral	+4.1%	Q3 2025 financials with higher mineral investment and stronger working capital.

Pattern Detected

Recent news has produced a mix of aligned and divergent price reactions, with both operational and financial updates sometimes moving contrary to their generally constructive tone.

Recent Company History

Over the past two months, Seabridge has reported several milestones. On Nov 12, 2025, Q3 results showed a net loss of $32.3M and increased mineral investment, with shares rising 4.13%. Subsequent news highlighted a health-and-safety award, continued Snip North expansion, and a coverage update referencing $103.1M cash. On Dec 16, 2025, the company detailed the Courageous Lake spin-out with 11.0M oz M&I and 3.3M oz Inferred. Today’s year-end update ties these developments together with progress at KSM and Iskut.

Market Pulse Summary

This announcement consolidates a year of progress at KSM, Iskut, and Courageous Lake, highlighting extensive 2025 drilling, large gold inventories of 11.0M oz Measured & Indicated and 3.3M oz Inferred, and a planned spin-out of the Courageous Lake project. It also notes permitting advances for KSM and ongoing court challenges. Investors may track the anticipated KSM partnership, Valor Gold listing, and the planned Snip North resource estimate in early 2026 as key upcoming milestones.

Key Terms

feasibility study technical

"to commence the project's next major phase of a Feasibility Study."

A feasibility study is an assessment that evaluates whether a proposed project or idea is practical and likely to succeed before investing significant time and resources. It considers factors like costs, potential benefits, and challenges, helping stakeholders decide if moving forward makes sense. Think of it as a detailed plan that gauges if a new venture is worth pursuing.

geotechnical drilling technical

"the largest geotechnical drilling effort in our history, totaling"

Geotechnical drilling is the process of boring into the ground to collect soil, rock and groundwater samples and measure underground conditions, much like taking core slices to see what’s inside a cake. Investors care because the results reveal whether a site is stable, buildable and what extra costs or delays—such as deeper foundations, remediation or added safety measures—might be needed, affecting project budgets, timelines and risk.

measured and indicated resources technical

"comprising Measured and Indicated Resources, of 11.0 million oz of gold"

Measured and indicated resources are two levels of confidence in estimates of a mineral deposit’s size and quality: ‘measured’ is the highest-confidence estimate, while ‘indicated’ is a somewhat less certain but still reliable estimate. Think of measured like ingredients weighed on a kitchen scale and indicated like amounts estimated by eye; together they tell investors how much material is likely present and how predictable future extraction and costs may be, which affects project valuation and risk assessment.

inferred category technical

"plus an additional 3.3 million ounces of gold in the inferred category"

An inferred category is a label assigned to a product, document, customer group, or piece of data based on indirect evidence or patterns rather than an explicit declaration. Investors care because these inferred labels influence automated analyses, risk assessments and market signals—similar to guessing a book’s genre from its cover and blurbs; if that guess is wrong, it can skew demand forecasts, valuation models and investment decisions.

proven and probable reserves technical

"include 2.8 million ounces of proven and probable reserves (33.9 million"

Proven and probable reserves are estimates of how much of a natural resource (like oil, gas or a mineral) a company can realistically extract: “proven” means there’s strong evidence it can be recovered, while “probable” means there’s a reasonable but lower level of confidence. Investors care because these estimates shape expected future production, revenue and risk—think of proven reserves as items you can see in your pantry and probable reserves as likely items tucked in bags you expect to find.

grams per tonne technical

"145.2 million tonnes at an average grade of 2.36 grams per tonne"

Grams per tonne (g/t) is a measure of how many grams of a precious or base metal are contained in one tonne of rock or ore. It tells investors the concentration of the metal: higher g/t means more metal packed into the same amount of material, which can lower production costs and raise the potential value of a mine. Think of it like the amount of sugar in a slice of cake—the more sugar per slice, the sweeter (and more valuable) each slice is.

porphyry system medical

"Drilling has defined a major porphyry system."

A porphyry system is a large, naturally occurring concentration of metal-bearing minerals—most commonly copper, molybdenum and gold—formed around a zone of igneous rock. Think of it like a chocolate-chip cookie where valuable "chips" are spread throughout a vast mass: grade is often low but the volume can make a project economically huge, so discovering one can transform an exploration company's value and long-term production outlook.

conditional mineral reserve technical

"protected by our Conditional Mineral Reserve.We maintained compliance"

A conditional mineral reserve is an estimate of how much of a mineral resource can likely be mined and sold, but only if specific conditions are met first — for example further technical studies, permits, financing or changes in market prices. For investors it signals potential value that is not yet guaranteed: like a house under conditional sale, it could become real profit if the remaining hurdles are cleared, or lose value if they are not.

AI-generated analysis. Not financial advice.

Toronto, Ontario--(Newsfile Corp. - December 18, 2025) - Seabridge Gold Inc. (TSX: SEA) (NYSE: SA) ("Seabridge" or the "Company") provided today a year end update to shareholders on 2025 activities.

KSM Partnership

In 2025, management focused on completing due diligence exercises with a number of high-quality potential partners. In Q3, final site visits were completed by three selected joint venture finalists. Although we will miss our self-imposed year-end target for an announcement, we are advancing towards a partnership with our preferred candidate and look forward to sharing more information as soon as possible.

KSM Field Activities: Ready for Final Feasibility

The KSM Project recorded strong progress in 2025, achieving key steps in its development pathway. An extensive field data collection program was completed including the largest geotechnical drilling effort in our history, totaling approximately 8,500 meters of drilling across 117 drill holes to provide sufficient information to commence the project's next major phase of a Feasibility Study. Construction also advanced on the Treaty Creek Terminal (TCT) switching station which connects KSM to renewable power from BC Hydro. Major milestones achieved in 2025 included completion of earthworks, concrete foundations, steel erection, and installation of transmission line structures connecting the TCT to the Northwest Transmission Line.

Project support teams continued with high standards and performance, including receiving the prestigious David Barr Award, having zero reportable environmental incidents, and maintaining a strong emphasis on Indigenous engagement and collaboration. At peak activity, the project supported more than 260 workers on site.

Courageous Lake Spin-Out: Optimizing Shareholder Value

Seabridge has made the decision to spin-out its wholly owned subsidiary, Seabridge Gold (NWT) Inc. (to be renamed "Valor Gold") which owns 100% of the Courageous Lake Gold Project, located in Canada's Northwest Territories. We intend to distribute all of the Valor Gold shares to Seabridge shareholders and list them on at least one major public stock exchange. Valor will have its own dedicated management team and Board of Directors. Seabridge will continue focusing primarily on its KSM gold/copper project and its other exploration assets.

Following the spin-out, Valor Gold will be focused on advancing the Courageous Lake Project through exploration, engineering and permitting. Courageous Lake is one of Canada's largest undeveloped gold projects with total contained gold inventory, comprising Measured and Indicated Resources, of 11.0 million oz of gold (145.2 million tonnes at an average grade of 2.36 grams per tonne), plus an additional 3.3 million ounces of gold in the inferred category (40.6 million tonnes at 2.52 grams per tonne). The reported measured and indicated resources include 2.8 million ounces of proven and probable reserves (33.9 million tonnes at 2.6 grams per tonne) which would make it one of the highest-grade open pit gold projects in Canada.

We believe Courageous Lake is being attributed little to no value in the price of Seabridge shares today. Spinning out Courageous Lake allows the market and our shareholders to determine its value which we believe has been overshadowed for too long by KSM

2025 Exploration: Enhancing Gold Resources per Share

Our corporate strategy has focused from the beginning on increasing gold ownership per share. The latest success in this strategy is unfolding just a few kilometers from KSM in BC's Golden Triangle.

At the Iskut Project, Seabridge completed 24,225 meters of diamond drilling this summer, focused on following up the 2024 Snip North discovery and off-setting drill holes in a roughly 175-meter pattern. Drilling has defined a major porphyry system. Each of the holes drilled in 2025 intersected wide zones of mineralization including 820 meters of 0.66 gpt Au and 0.14% Cu in hole SN-25-30. Snip North is now defined over a strike length of 2,100 meters, a dip projection of 600 meters and up to 700 meters in width. The limits of mineralization have not yet been defined, and the system remains open at depth to the west and north.

Seabridge plans to issue a mineral resource estimate on Snip North in early 2026 and continue drilling in 2026 to define the limits of the system and target a potentially higher-grade intrusive porphyry source.

Permitting: Advancing of KSM

Working with our preferred partner candidate, we have been identifying and planning the next steps in the development of KSM. Obtaining the necessary permits is a critical component of this process.

In 2025, we met all regulatory requirements for the M-245 Joint Mines Act / Environmental Management Act amendment application. The permit is currently in its final drafting stage with the Ministry of Critical Minerals and Ministry of Environment and Parks (MCM/ENV), and is anticipated to be issued in the first quarter of 2026. This amendment will permit construction of the Mitchell-Treaty Tunnel (MTT) along its entire route as designated in our License of Occupation and protected by our Conditional Mineral Reserve.

We maintained compliance with all major permits, conditions, reporting obligations, regulatory inspections and requests across its five active projects. In 2025, eight inspections were conducted by five separate regulatory agencies, with no major non-compliances identified.

Seabridge advanced its multi-year reclamation of the historic Johnny Mountain Mine, a former transboundary abandoned site, in close partnership with the Tahltan Nation. Acquired in 2016 with the purchase of Snip Gold, the site is expected to require approximately two more years of reclamation work following the progress made in 2025.

Throughout 2025, Seabridge Gold strengthened its relationships with Indigenous groups, including Treaty and First Nations, through proactive engagement, open communication, cultural respect, and targeted support initiatives. The company maintained strong connections with the Nisga'a and Tahltan Nations, and the Gitxsan Hereditary Chiefs' office, and resumed engagement with the Gitanyow Hereditary Chiefs' office for the KSM Project.

Defending Our Property Rights

The court hearing at which petitioners challenged the Substantially Started Designation for KSM granted by the BC government in 2024 took place from September 22 to October 3, 2025. Thorough oral submissions were made to the judge during the hearing in defense of the substantially started determination. BC's and the Company's submissions forcefully addressed the deficiencies alleged by the plaintiffs in the BC EAO's decision-making process to grant the Substantially Started Designation. The judge's decision is expected in Q1 2026.

A Successful 2025 and an Even Better 2026

We are proud of our accomplishments this year and with the expectation of our KSM partner in place early next year, we expect to make 2026 our best year yet. We wish our shareholders a prosperous and happy 2026. We will do our best to make it so.

About Seabridge Gold

Seabridge holds a 100% interest in several North American gold projects. Seabridge's principal asset, the KSM project, and its Iskut projects are located in Northwest British Columbia, Canada's "Golden Triangle", the Courageous Lake project is in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project is 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.

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

Forward-Looking Statements

This document contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as "forward-looking statements" are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, interpretations, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the Company's intention to spin-out Valor Gold by way of plan of arrangement and the distribution of the shares of its subsidiary to the Company's shareholders; (ii) the targeted listing of the shares of Valor Gold on a major public exchange; (iii) the anticipated focus of Valor Gold post-spin-out being the advancement of Courageous Lake through exploration, engineering and permitting, (iv) the mineral resource and mineral reserve estimates at the Courageous Lake Project and the Company's belief that Courageous Lake's measured and indicated resources and proven and probable reserves would make one of the highest-grade open pit gold projects in Canada; (v) the Company's belief that Courageous Lake is being attributed little to no value in the price of Seabridge shares today; (vi) the Company's plans to issue a mineral resource estimate on Snip North in early 2026; (vii) the Company's plans to continue drilling in 2026 to define the limits of the Snip North system and target a potentially higher-grade intrusive porphyry source; (viii) the amendment to the M-245 Joint Mines Act / Environmental Management Act that permits construction of the Mitchell-Treaty Tunnel (MTT) along its entire route being issued in Q1 2026; (ix) the Johnny Mountain mine site requiring approximately two more years of reclamation work; and (x) the Company's expectation that a KSM Partner will be in place in 2026 and make 2026 the best year yet for the Company.

All forward-looking statements are based on Seabridge's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Seabridge's plans or expectations include the risk that: the spin-out may not occur on the timeline anticipated or at all; the structure of the spin-out is subject to change; the Company does not receive the necessary approvals for the transaction, including shareholder, TSX and court approvals; the shares of Valor Gold may not be listed on a major public exchange; the anticipated exploration focuses of Valor Gold may not be as anticipated; that changes occur in the underlying facts used to calculate a resource or reserve estimate that make declaration of a mineral resource or mineral reserve problematic or the withdrawal of it necessary, difficulties in securing necessary authorizations, changes in the affairs of the potential KSM Partners that may delay conclusion of a partnership forming on KSM, and other risks outlined in statements made by Seabridge from time to time in the filings made by Seabridge with securities regulators. Seabridge disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.

	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 Email: info@seabridgegold.com

 

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278433

FAQ

What did Seabridge Gold (SA) announce on December 18, 2025 about a partner for KSM?

Seabridge said due diligence progressed and a preferred partner is advancing, but the partner announcement was delayed past the year-end 2025 target.

What are the Courageous Lake (Valor Gold) resources and will Valor be distributed to SA shareholders?

Seabridge plans to spin out Courageous Lake as Valor Gold and distribute all Valor shares to Seabridge shareholders; resources reported: 11.0M oz M&I and 3.3M oz inferred gold.

How much drilling did Seabridge complete at Iskut/Snip North in 2025 and what were the results?

Seabridge completed 24,225 metres of diamond drilling at Iskut in 2025; a highlight was 820m @ 0.66 g/t Au and 0.14% Cu in hole SN-25-30.

What KSM permitting and legal milestones should investors watch for in early 2026?

Investors should watch for the M-245 permit amendment expected in Q1 2026 and the judge's decision on the Substantially Started designation also expected in Q1 2026.

What construction progress did Seabridge report for the Treaty Creek Terminal (TCT) in 2025?

Seabridge reported TCT progress including earthworks, concrete foundations, steel erection, and transmission line structure installation in 2025.

Will the Courageous Lake spin-out affect Seabridge's focus and listing plans?

Post spin-out, Seabridge will focus on KSM and other exploration assets while Valor Gold will have its own management and seek listing on at least one major exchange.