Courageous Lake is one of Canada’s largest undeveloped gold projects with a measured and indicated resource of 8.0 million oz of gold at an average grade of 2.3 gpt. 

The project's first Preliminary Feasibility Study (PFS) was released in July 2012 and estimated proven and probable reserves of 6.5 million oz of gold in a single open pit known as the FAT deposit. The PFS predicts average annual production of 385,000 ounces at an estimated cash operating cost of $780 per oz and a mine life of 15 years (see news release of July 24, 2012). The project also has excellent exploration potential along the 54 km long length of the Courageous Lake Greenstone Belt owned 100% by Seabridge. 

Our opportunity at Courageous Lake is to joint venture or sell the project to a successful gold developer. Recent increases in the gold price, coupled with a weaker Canadian dollar since the 2012 PFS was prepared, have undoubtedly enhanced its value. Seabridge is examining various options to unlock this value while working with the existing data to evaluate different design alternatives which could increase its economic return and reduce its footprint.

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)