Seabridge Gold Files Second Quarter 2023 Report to Shareholders and Its Financial Statements and MD&A

Rhea-AI Summary

Seabridge Gold (SEA) Announces Strong Financial Results and Progress on Key Projects

Positive

• Completed US$150 million note/royalty financing with Sprott Streaming
• Substantial progress at KSM project
• Formal process underway to obtain a partner for KSM
• Drill programs at Iskut, 3 Aces, and Snowstorm in progress
• Net profit of $9.0 million ($0.11 per share) for the three months period ended June 30, 2023
• Net working capital at $147.2 million at June 30, 2023

Negative

• Net profit declined from $19.1 million ($0.24 per share) for the same period in 2022
• Increased project spending at $47.7 million in the second quarter of 2023 compared to $27.2 million in 2022

Toronto, Ontario--(Newsfile Corp. - August 14, 2023) - 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 June 30, 2023 on SEDAR. To review these documents on the Company website, please see https://www.seabridgegold.com/investors/financial-reports.

Recent Highlights

• US$150 million note/royalty financing completed with Sprott Streaming
• Substantially started activities at KSM kick into high gear
• RBC Capital Markets leads a formal process to obtain a partner for KSM
• 2023 drill programs at Iskut, 3 Aces and Snowstorm are all underway
• Filing of 2022 sustainability report and inaugural climate change strategy report

Financial Results

During the three-month period ended June 30, 2023 Seabridge posted a net profit of $9.0 million ($0.11 per share) compared to a net profit of $19.1 million ($0.24 per share) for the same period in 2022. During the second quarter, Seabridge invested $47.7 million in mineral interests project spending compared to $27.2 million in the second quarter of 2022. At June 30, 2023, net working capital was $147.2 million compared to $88.4 million at December 31, 2022.

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.

Technical Information

Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this press release, ‎including any ‎references to mineral resources or mineral reserves, was prepared in accordance with Canadian ‎National Instrument 43-101 ‎‎("NI 43-101"), which differs significantly from the requirements of the U.S. Securities and ‎Exchange Commission (the "SEC") ‎applicable to U.S. domestic issuers. Accordingly, the scientific and technical ‎information contained or referenced in this press ‎release may not be comparable to similar information made ‎public by U.S. companies subject to the reporting and ‎disclosure requirements of the SEC.‎

ON BEHALF OF THE BOARD
"Rudi Fronk"
Chairman and C.E.O.

For further information please contact:
Rudi P. Fronk, Chairman 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/177146

FAQ

What are the recent highlights of Seabridge Gold (SEA)?

Seabridge Gold completed a US$150 million note/royalty financing with Sprott Streaming and made substantial progress at the KSM project.

What were the financial results for Seabridge Gold (SEA) for the three months period ended June 30, 2023?

Seabridge Gold posted a net profit of $9.0 million ($0.11 per share) and had net working capital of $147.2 million at June 30, 2023.

What projects does Seabridge Gold (SEA) have?

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