In June 2000, Seabridge entered into an agreement with Placer Dome to acquire a 100% interest in KSM for (i) 500,000 Seabridge common shares valued at C$0.40 per share; (ii) 500,000 common share purchase warrants, exercisable by Placer Dome at C$2.00 per share for two years; and (iii) a 1% NSR on the Project, capped at C$4.5 million. Seabridge is obligated to purchase the 1% NSR from the royalty holder for C$4.5 million in the event that a positive feasibility study demonstrates a 10% after tax IRR. The transaction closed in June 2001 following Placer Dome obtaining a satisfactory release from the government of its environmental obligations associated with the project. Total historic (not National Instrument 43-101 compliant) mineral resources estimated at the project by Placer Dome at that time was 3.4 million ounces of gold and 2.7 billion pounds of copper.

The scientific and technical information in respect of the KSM Project herein was derived from the technical Report entitled KSM (Kerr – Sulphurets – Mitchell) Prefeasibility Study and Preliminary Economic Assessment dated effective August 8, 2022. This information was prepared by leading consulting firms and their Qualified Persons (as defined in NI 43-101), all of who are independent of Seabridge and are listed below along with their areas of responsibility:
(i) Tetra Tech, Inc. under the direction of Hassan Ghaffari P.Eng (surface infrastructure, capital estimate and financial analysis), John Huang P.Eng. (metallurgical testing review, permanent water treatment, mineral process design and operating cost estimation for process, general and administrative (“G&A”) and site services, and overall report preparation)
(ii) Wood Canada Limited, under the direction of Henry Kim P.Geo. (Mineral Resources)
(iii) Moose Mountain Technical Services under the direction of Jim Gray P.Eng. (open pit Mineral Reserves, open pit mining operations, mine capital and mine operating costs, MTT and rail ore conveyance design, tunnel capital costs)
(iv) N. Brazier Associates Inc. under the direction of W.N. Brazier P.Eng. (Electrical power supply, energy recovery plants)
(v) ERM Consultants Canada Ltd. under the direction of Rolf Schmitt P.Geo. (environment and permitting)
(vi) Klohn Crippen Berger Ltd. under the direction of David Willms P.Eng (design of surface water diversions, diversion tunnels, tailing management facility, water treatment dam and RSF and tunnel geotechnical)
(vii) BGC Engineering Inc. under the direction of Derek Kinakin P.Geo., P.L.Eng., P.G. (rock mechanics, geohazards and mining pit slopes)
(viii) WSP Golder Inc., under the direction of Ross Hammett P.Eng (Block Cave mining)