Tudor Abandons Appeal of the BC Chief Gold Commissioner's Decision Pertaining to Seabridge Gold's KSM's Mitchell Treaty Tunnels (MTT)

Rhea-AI Summary

Seabridge Gold (NYSE: SA) announced that Tudor Gold filed a Notice of Abandonment of Appeal on March 19, 2026, relinquishing its challenge to the BC Chief Gold Commissioner's May 28, 2025 jurisdictional decision concerning the KSM Mitchell Treaty Tunnels (MTT).

The company said the abandonment affirms the Conditional Mineral Reserve (CMR) obligations that bar claim holders from obstructing the MTT; roughly 12.5 kilometers of the MTT pass through Tudor-held mineral claims.

Positive

• Abandonment of appeal reduces litigation uncertainty for the KSM project
• CMR legal effect affirmed, supporting uninterrupted MTT construction and operation
• MTT infrastructure spans 12.5 kilometers through Tudor claims, clarifying routing

Negative

• CMR restricts claim holders from obstructing MTT, limiting Tudor claim rights during operations

Argus Mar 19 session

-8.03% close to close Open Argus

Details

News Market Reaction – SA

On Mar 19, the day this news came out, SA closed 8.03% below the previous close.

Data tracked by StockTitan Argus for the Mar 19 session.

Key Figures

CGC decision date: May 28, 2025 Appeal initiation date: July 14, 2025 MTT length through Tudor claims: 12.5 kilometers +5 more

CGC decision date

May 28, 2025

Date Chief Gold Commissioner declined jurisdiction on Tudor’s application

Appeal initiation date

July 14, 2025

Date Seabridge reported Tudor’s appeal of CGC decision

MTT length through Tudor claims

12.5 kilometers

Portion of Mitchell Treaty Tunnels crossing Tudor-owned mineral claims

MTT tunnels count

Two parallel tunnels

Configuration of Mitchell Treaty Tunnels infrastructure

History of CMR confirmation

Over 11 years

BC Ministry of Mines confirmations of CMR’s legal effect

1-day price move

-12.45%

Change from previous close ahead of/around this announcement

52-week range

$9.40–$40.055

Pre-news 52-week low and high

Relative volume

2.15x

Today’s volume vs 20-day average

Historical Context

5 past events · Latest: Mar 10

5 events

1. Mar 10

   2026 objectives update

   24h Move

   +2.4%

   Outlined 10 weighted 2026 objectives tied to management compensation and performance.

2. Mar 02

   Metallurgy results

   24h Move

   -0.1%

   Reported strong metallurgical test results at Snip North supporting a maiden resource estimate.

3. Feb 12

   Finance leadership changes

   24h Move

   -7.8%

   Announced CFO retirement, new CFO appointment, and promotion within finance team.

4. Feb 10

   2025 report card

   24h Move

   +1.1%

   Reviewed performance against 2025 corporate objectives and highlighted core project portfolio.

5. Jan 21

   Courageous Lake spin-out

   24h Move

   -0.9%

   Provided update on planned Valor Gold spin-out and resource base at Courageous Lake.

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

Key Terms

conditional mineral reserve, notice of abandonment of appeal, mineral claims

3 terms

conditional mineral reserve regulatory

"that Seabridge's KSM MTT Conditional Mineral Reserve (CMR) in respect of the MTT"

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.

notice of abandonment of appeal regulatory

"Tudor Gold Corp. ("Tudor") has filed a Notice of Abandonment of Appeal with the"

A notice of abandonment of appeal is a formal statement that a party will no longer pursue a court challenge and is giving up its request for a higher court to review a decision. For investors, it matters because it usually makes the earlier ruling final, removing a layer of legal uncertainty and clarifying potential liabilities or costs — like someone deciding not to keep contesting a referee’s call, which lets the game move on and outcomes become certain.

mineral claims technical

"The CMR requires the current holders of the mineral claims through which the MTT pass"

Mineral claims are legal rights that let a person or company search for and extract specific minerals from a defined piece of land, similar to holding a deed for a plot but limited to what’s under the ground. They matter to investors because those rights determine whether a resource can be developed, how valuable a property is, and what legal, environmental or royalty obligations might affect future revenue and costs.

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

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Toronto, Ontario--(Newsfile Corp. - March 19, 2026) - Seabridge Gold Inc. (TSX: SEA) (NYSE: SA) ("Seabridge" or the "Company") announced today that Tudor Gold Corp. ("Tudor") has filed a Notice of Abandonment of Appeal with the Supreme Court of British Columbia, thereby abandoning its appeal of the Chief Gold Commissioner's (CGC) decision relating to her authority to hear an application challenging KSM's Mitchell Treaty Tunnels (MTT). The CGC's decision, issued on May 28, 2025, declined jurisdiction over an application brought by Tudor seeking a determination that Seabridge's KSM MTT Conditional Mineral Reserve (CMR) in respect of the MTT should not apply to Tudor or, in the alternative, that the KSM MTT CMR be cancelled. By abandoning the appeal, Tudor has accepted the CGC's decision regarding her jurisdiction. Seabridge reported the initiation of the appeal on July 14, 2025.

The CMR requires the current holders of the mineral claims through which the MTT pass not to obstruct, endanger, or interfere with the construction, operation, or maintenance of the MTT. The legal effect of the CMR has been confirmed by representatives of the BC Ministry of Mines on multiple occasions going back over 11 years. The MTT are a critical infrastructure component of the KSM Project, consisting of two parallel tunnels connecting the east and west sides of the mine site. Approximately 12.5 kilometers of the MTT will pass through mineral claims owned by Tudor.

Seabridge Chair and CEO Rudi Fronk stated: "We applaud Tudor's decision to abandon its appeal, which lacked any merit from the outset. This action reinforces our position that the authorizations issued in favour of the MTT do not give Seabridge any interest in Tudor's mineral rights."

About Seabridge Gold

Seabridge Gold holds a 100% interest in several North American gold projects. Its principal assets are the KSM and Iskut projects in British Columbia's Golden Triangle. Additional projects include Courageous Lake in the Northwest Territories, 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/289162

FAQ

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

What did Seabridge announce about Tudor abandoning the appeal on March 19, 2026 (SA)?

Yes — Tudor filed a Notice of Abandonment on March 19, 2026, ending its appeal. According to the company, Tudor thereby accepted the Chief Gold Commissioner
s May 28, 2025 jurisdictional decision concerning the KSM MTT.

How much of the Mitchell Treaty Tunnels (MTT) pass through Tudor claims for Seabridge (SA)?

Approximately 12.5 kilometers of the MTT pass through Tudor mineral claims. According to the company, that length reflects the sections subject to the Conditional Mineral Reserve obligations for the KSM project.

What does the Conditional Mineral Reserve (CMR) require from claim holders affected by the MTT (SA)?

The CMR requires current claim holders not to obstruct, endanger, or interfere with the MTT. According to the company, this legal effect has been confirmed by BC Ministry of Mines representatives over more than 11 years.

Does Tudor
s abandonment of the appeal change Seabridge's authority over Tudor mineral rights (SA)?

No — Seabridge says the abandonment does not give it any interest in Tudor
s mineral rights. According to the company, authorizations for the MTT do not transfer ownership of those claims.

When was the Chief Gold Commissioner
s decision that Tudor challenged originally issued (relevant to SA)?

The Chief Gold Commissioner issued the jurisdiction decision on May 28, 2025. According to the company, Tudor initially pursued and later abandoned an appeal of that decision.