-
SEABRIDGE GOLD
Corporate PresentationApril 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
ofSeabridge, planned work at the Companys 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 Companys projects;
uncertainties involved in the interpretation of drilling results
and other tests and the estimation of gold reserves and resources;
risk of accidents, equipment breakdowns and labour disputes or
other unanticipated difficulties or interruptions; the possibility
of environmental issues at the Companys projects; the possibility
of cost overruns or unanticipated expenses in work programs;
theneed 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 Companys Annual Information Form filed with SEDAR
in Canada (available at www.sedar.com) for the year ended December
31, 2017 and in the Companys 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 Companys management or its independent
professional consultants on the date the statements are made.
2
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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
58.3M shares outstanding Low Share Dilution
$14 Enterprise Value per oz of gold reservesLow Valuation
All reserves are located in Canada KSM is shovel ready;
Environmental Assessment completedLow Political Risk
Recent resource additions and new discoveries could add
significant higher grade reserves to improve project
economicsExploration Upside
Iskut B.C.: District scale with high-grade epithermal gold
potential Snowstorm Nevada: On the intersection of 3 major gold
trendsNew Acquisitions
3
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SEABRIDGE GOLD
Gold ReservesReserves rank Seabridge among worlds top ten gold
companies
4
Source: Company data. Data as of March 31, 2018. Note: Companies
shown include North Americas largest gold companies and selected
gold project development companies.
-
15
30
45
60
75
New
mon
t
Poly
us
Barr
ick
New
cres
t
Gol
dcor
p
Angl
ogol
d
Seab
ridge
Kinr
oss
Agni
co-E
agle
Nov
aGol
d
Poly
met
al
Det
our
New
Gol
d
Yam
ana
Alam
os
Pret
ium
Buen
aven
tura
45M oz
Gol
d R
eser
ves
(m o
z)
-
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 March 31, 2018.Note: Companies
shown include North Americas largest gold companies and selected
gold project development companies.
-
0.20
0.40
0.60
0.80
Seab
ridge
Poly
us
New
mon
t
Angl
ogol
d
Det
our
Agni
co-E
agle
New
cres
t
Gol
dcor
p
Nov
aGol
d
Barr
ick
Pret
ium
Poly
met
al
New
Gol
d
Alam
os
Kinr
oss
Yam
ana
Buen
aven
tura
0.78 Reserve oz/share
Gol
d R
eser
ves
per C
omm
on S
hare
-
SEABRIDGE GOLD
Seabridge Designed to Provide Leverage to Gold (cont.)
6
Source: Company data. Data as of March 31, 2018.Note: Companies
shown include North Americas largest gold companies and selected
gold project development companies. Averages exclude Seabridge.
Gold reserves/share equates to value/share that competitors
cannot match
-
10x
20x
30x
40x
50x
60x
-
$200
$400
$600
$800
$1,000
$1,200
Seab
ridge
Poly
us
New
mon
t
Angl
ogol
d
Det
our
Agni
co-E
agle
New
cres
t
Gol
dcor
p
Nov
aGol
d
Barr
ick
Pret
ium
Poly
met
al
New
Gol
d
Alam
os
Kinr
oss
Yam
ana
Buen
aven
tura
Spot
Gol
d Va
lue
per C
omm
on S
hare
Ratio to Seabridge
$1,028
Spot Gold Value per Common Share Average: $114
Ratio to Seabridge Average: 20x
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SEABRIDGE GOLD
Seabridge Designed to Provide Leverage to Gold (cont.)
7
Source: Company data. Data as of March 31, 2018.Note: Companies
shown include North Americas largest gold companies and selected
gold project development companies. Averages exclude Seabridge.
Ratio of In-Situ Value per Share is calculated as: (Share Price) /
[((Spot Gold Price) * (Gold 2P Ounces)) / (Basic Shares
Outstanding)]
Significant Upside Potential From In-Situ Value of Reserves
-
10x
20x
30x
40x
50x
60x
70x
80x
90x
-
10%
20%
30%
40%
50%
60%
70%
80%
90%
Seab
ridge
Nov
aGol
d
Angl
ogol
d
Det
our
New
Gol
d
Pret
ium
Poly
us
Kinr
oss
New
cres
t
Yam
ana
Alam
os
Gol
dcor
p
Barr
ick
Poly
met
al
New
mon
t
Agni
co-E
agle
Buen
aven
tura
Shar
e Pr
ice
/ In-
Situ
Val
ue p
er S
hare
Ratio to Seabridge
1.05%
Spot Gold Value per Common Share Average: 18%
Ratio to Seabridge Average: 17x
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SEABRIDGE GOLD
Share Dilution Matters!
8
Source: Company data. Data as of March 31, 2018. Note: For a
breakdown of Seabridges 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 (M
illions)O
unce
s of
Gol
d (M
illion
s)
Proven & Probable Gold Reserves Measured & Indicated
Gold Resources Inferred Gold Resources Shares Outstanding
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SEABRIDGE GOLD
Historical Performance
9
Source: Company and index dataNote: Price Performance represents
performance over time from January 2000 through March 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 1718Seabridge
Newmont Barrick Goldcorp HUI Gold
In a rising gold market, Seabridge is a stock to own
Price Performance: +1,897% +367%+481% +166%(24%)+92%
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SEABRIDGE GOLD
Attractive Valuation
10
Source: Company data. Data as of March 31, 2018.(1) Enterprise
Value calculated as market capitalization (basic) plus net debt and
minority interestNote: Companies shown include North Americas
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
$350Po
lym
etal
New
mon
t
Barr
ick
Yam
ana
Gol
dcor
p
Pret
ium
Kinr
oss
New
cres
t
Poly
us
Alam
os
New
Gol
d
Det
our
Angl
ogol
d
Nov
aGol
d
Seab
ridge
Ente
rpris
e Va
lue
per R
eser
ve o
z
$14/oz
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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 agenciesCanada
11
Where would you rather be?
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SEABRIDGE GOLD
KSM Project, British Columbia, Canada KSM is the worlds 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
12
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SEABRIDGE GOLD
KSM Approved by BC and Canada
13
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SEABRIDGE GOLD
KSM Favorable Logistics
14
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SEABRIDGE GOLD
KSM Mitchell Zone
15
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SEABRIDGE GOLD
KSM Proven and Probable Reserves
16
Note: Reserves were calculated using $1200 gold, $2.70 copper
and $17.50 silver
Zone Mining MethodReserve Category
Millions Tonnes
Average Grades Contained Metal
Gold (gpT)
Copper (%)
Silver (gpT)
Gold (million ounces)
Copper (million pounds)
Silver (million ounces)
MitchellOpen 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
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SEABRIDGE GOLD
KSM 2016 Preliminary Feasibility Study
17
The PFS projects a large, long-life mine
Unit Years 1-7 LOM 53-Year Plan Average Grades:Gold gpt 0.82
0.55Copper % 0.24 0.21Silver gpt 2.8 2.6Molybdenum ppm 48 43
Average Annual Production:Gold oz 933,000 540,000Copper M lbs
205 156Silver M oz 2.6 2.2Molybdenum M lbs 1.6 1.2
Note: Numbers above have been rounded.
-
SEABRIDGE GOLD
2016 PFS: Before Tax Economic Analysis
18
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
19
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 $1,350Copper $/lb $2.75 $3.00
$2.20Silver $/oz $17.75 $25.00 $20.00Molybdenum $/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
of gold and 25.2 billion pounds of copper at grades significantly
higher than existing reserves
Deep Kerrs grades and size compare favorably with some of the
worlds 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
20
-
2000m Elev.
-2000m Elev.
4000m Elev.
CAVE MODELS
2000m
KSM PROJECTLONG SECTION
2016 NSR BLOCK MODEL
S N
> $ 48
24-48
16-24
NSR $/T
PIT MODELS
Proposed Exploration Aditprojected to section000m Elev.
Proposed Access Tunnelprojected to section
IRON CAP
MITCHELLSULPHURETSKERR
21
-
SEABRIDGE GOLD
PEA Mine Plan Reduces Waste by 2.4 Billion Tonnes
22
Note: Mine plans were constructed using $1200 gold, $2.70 copper
and $17.50 silver
Zone Mining MethodResource Category
Millions Tonnes
Average Grades Contained Metal
Gold (gpT)
Copper (%)
Silver (gpT)
Gold (million ounces)
Copper (million pounds)
Silver (million ounces)
MitchellOpen Pit
M&I 418 0.78 0.20 2.9 10.4 1,783 40Inferred 12 0.47 0.20 5.2
0.2 50 2
Block CaveM&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 CaveIndicated 122 0.64 0.24 4.1 2.5 643
16Inferred 77 0.46 0.22 3.5 1.1 384 9
Sulphurets Open PitIndicated 92 0.70 0.29 0.6 2.1 584 2Inferred
11 0.59 0.25 0.8 0.2 60 0
Kerr Block CaveIndicated 24 0.26 0.54 1.1 0.2 290 1Inferred 932
0.31 0.49 1.7 9.3 9,962 52
TotalsM&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
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SEABRIDGE GOLD
KSM 2016 Preliminary Economic Assessment
23
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
0.52Copper % 0.26 0.32Silver gpt 2.7 2.7
Average Annual Production:Gold oz 1,150,000 592,000Copper M lbs
307 286Silver 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
24
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
25
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 $1,350Copper $/lb $2.75 $3.00
$2.20Silver $/oz $17.75 $25.00 $20.00
US$/Cdn$ Exchange Rate 0.80 0.80 0.77
-
SEABRIDGE GOLD 27
-
IRON CAP PERSPECTIVE VIEW TO SW2018 NSR BLOCK MODEL ON
SECTIONS
North Area2017 Drilling
NSR $/T> 75
50 7525 5016 - 25
555m El. ConceptualCave Footprint
1200m El. ConceptualCave Footprint
870m El. ConceptualCave Footprint
ProposedAccess
Tunnels
IndicatedResource
-
SEABRIDGE GOLD 29
New Iron Cap Resources to Further Improve Economics
NSR Cutoff
(C$)
Resource Category
Tonnes (millions)
Average Grades Contained Metal
Gold (gpt)
Copper (%)
Silver (gpt)
Moly (ppm)
Gold (000
ounces)
Copper (million pounds)
Silver (000
ounces)
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
NSR Cutoff (C$)
Resource Category
Tonnes (millions)
Average Grades
Contained Metal
Gold (gpt)
Copper
(%)
Silver
(gpt)
Moly
(ppm)
Gold
(000
ounces)
Copper
(million
pounds)
Silver
(000
ounces)
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 NE2018 NSR BLOCK MODEL
500m
North Area2017 Drilling
555m El. Conceptual Cave
1200m El. Conceptual Cave
870m El. Conceptual CaveProposedAccess
Tunnels
Mineralizationis open downplunge to NW
NSR $/T> 75
50 7525 5016 2512 168 124 80 - 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 Canadas 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 operating open pit diamond mines
31
-
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
open pit bulk tonnage operations are feasible
Nearby mines provide real-time estimates for capital and
operating costs Additionally, with mines scheduled
to close over the next several years, a local and trained
workforce will be readily available
32
-
SEABRIDGE GOLD
Courageous Lake PFS Pre-Tax Summary
33
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 ounces 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
34
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
opportunities
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
35
-
SEABRIDGE GOLD
Courageous Lake Exploration Potential
Existing 6.5M oz reserve (91 million tonnes at 2.2 gpT Au)
covers only2 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
36
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SEABRIDGE GOLD
Walsh Lake Resources (March 2014)
37
Approximately twice the grade of Courageous Lakes 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
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SEABRIDGE GOLD
Courageous Lake 2018 Drilling Targets
38
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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.
2017 exploration program now underway to test Quartz Rise
high-grade target
SnipGold Acquisition
39
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SEABRIDGE GOLD
Iskut Location and Access
40
-
41
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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
42
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SEABRIDGE GOLD
Snowstorm Location
43
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SEABRIDGE GOLD
Seabridges Newest Shareholder
44
Seabridge Acquires Snowstorm Project June 2017
"We chose Seabridge as the best home for the Snowstorm project
because they share our vision of the projects geologic potential
and their exploration team has done an outstanding job of growing
the resources and reserves on their existing projects. Moreover,
Seabridges projects, particularly KSM, will provide us with
significant leverage to a higher gold price
- John Paulson, President of Paulson & Co.
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SEABRIDGE GOLD
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20
40
60
80
100
120
140
160
180
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
2016 2017-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
Gol
d Di
scov
erie
s (m
oz)
Discovery-Oriented G
old Budgets (US$ m)
Gold Discoveries vs. Exploration Spending
Gold Discoveries (m oz) Discovery-Oriented Gold Budgets (US$
m)
Industry Not Making New Gold Discoveries
45
Majors have limited options for new projects
(1) Source: SNL, GFMS and Paradigm Capital Inc.
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SEABRIDGE GOLD
From 1990 to 1999, the industry on average found 1.4 ounces 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 ounces
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 jurisdictionsKSM
New Discoveries are Lagging Production
46
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SEABRIDGE GOLD
Exploration spending in 2010-2015 was running at roughly twice
the level of 2000-2009 and three times the level of 1990-1999
Nonetheless, discoveries are down dramatically
Consequently, average finding costs have risen from $11 per
resource ounce in the 1990-1999 period to $147 per ounce in
2010-2016, a 1300% increase
Conclusion: Existing non-producing gold resources are
significantly underpriced in the market but for how long?
Cost of Finding New Ounces is Soaring
47
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SEABRIDGE GOLD
Gold Industry Production in Major Decline
48
Majors require new projects to replace depleting production
(2) Source: Consensus estimate. Includes CPM Group, GFMS and
Metals Focus
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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 over 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-of-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
Worlds largest mining companies under CA
Project continues to improve
Acceptable terms may need improved market conditions
49
Leverage to theGold Price Seabridge outperforms
in a gold bull market
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SEABRIDGE GOLD
Corporate Information
NYSE: SA TSX: SEA Included in GDXJ, S&P/TSX Global Mining
and Global Gold Indices
Listings
58.3 M shares outstanding 61.9 M fully dilutedShare
Structure
No debt Approximately $20 M in working capitalBalance Sheet
Interests are aligned with shareholders Insiders own over 30% of
common sharesManagement 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
50
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SEABRIDGE GOLD
Experienced Management
51
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 FronkCo-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 CompanyJay Layman
Director, President & COO
Over 30 years of exploration experience and is responsible for
the design and execution of Seabridges exploration and resource
delineation programs
Previously served as Exploration Manager and Vice President with
Placer DomeBill 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 WilliamsSenior 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 ReynoldsVP, CFO
Over 25 years of experience, responsible for developing and
managing Seabridge's environmental programs and community
engagement strategies
Brent MurphyVP, 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 ScottVP, Corporate Affairs
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SEABRIDGE GOLD
Board of Directors
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-UrienChair, 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 KrausChair, 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 SabineChair, Governance and Nominating Committee
32 years of investment banking experience Former director of
Osisko Mining and Romarco Minerals. Director of
Stillwater MiningGary Sugar
52
Slide Number 1Forward Looking StatementsThe Case for
SeabridgeGold ReservesSeabridge Designed to Provide Leverage to
GoldSeabridge Designed to Provide Leverage to Gold (cont.)Seabridge
Designed to Provide Leverage to Gold (cont.)Share Dilution
Matters!Historical PerformanceAttractive ValuationLow Political
RiskKSM Project, British Columbia, CanadaKSM Approved by BC and
CanadaKSM Favorable LogisticsKSM Mitchell ZoneKSM Proven and
Probable ReservesKSM 2016 Preliminary Feasibility Study2016 PFS:
Before Tax Economic Analysis2016 PFS: After Tax Economic
AnalysisNew Discoveries at Grades Higher Than ReservesSlide Number
21PEA Mine Plan Reduces Waste by 2.4 Billion TonnesKSM 2016
Preliminary Economic Assessment2016 PEA: Before Tax Economic
Analysis2016 PEA: After Tax Economic AnalysisSlide Number 26Slide
Number 27Slide Number 28Slide Number 29Slide Number 30Courageous
LakeCourageous Lake Project Location Courageous Lake PFS Pre-Tax
SummaryCourageous Lake PFS After Tax SummaryCL Value Enhancing
OpportunitiesCourageous Lake Exploration PotentialWalsh Lake
Resources (March 2014)Courageous Lake 2018 Drilling TargetsSnipGold
AcquisitionIskut Location and AccessSlide Number 41Snowstorm
AcquisitionSnowstorm LocationSeabridges Newest ShareholderIndustry
Not Making New Gold DiscoveriesNew Discoveries are Lagging
ProductionCost of Finding New Ounces is SoaringGold Industry
Production in Major DeclineFour Catalysts for a Higher
ValuationCorporate InformationExperienced ManagementBoard of
Directors
