Courageous Lake is one of Canada’s largest undeveloped gold projects with a measured and indicated resource of 11.0 million oz of gold at an average grade of 2.36 grams per tonne gold.

In February 2024, a new NI-43-101 Technical Report was filed for Seabridge’s 100%-owned Courageous Lake project located in Canada’s Northwest Territories. The new Technical Report includes the results of an updated Preliminary Feasibility Study (the “2024 PFS”) and a new Preliminary Economic Assessment (the “2024 PEA”) that evaluates a conceptual expansion of the Courageous Lake open pit beyond the 2024 PFS mine plan.

The 2024 PFS shows a considerably more sustainable and profitable mining operation than its 2012 predecessor, with reduced initial capital, lower strip ratio, higher grade and a smaller mine footprint. Notable improvements in the 2024 PFS compared to the 2012 PFS include:

  • 73% increase in after-tax NPV5% to US$523 million from US$303 million in 2012
  • 50% reduction in initial capital from US$1,522 million to US$747 million
  • Increased after-tax IRR from 7.3% to 20.6%
  • Reduced capital payback period from 11.2 years to 2.8 years
  • Average gold reserve grade increased 19% from 2.2 g/t to 2.6 g/t
  • Life of mine strip ratio reduced by 39% from 12.5 to 7.58
  •  38% increase in estimated measured and indicated gold resources from 8.0 million to 11.0 million ounces (145.2 million tonnes at an average grade of 2.36 grams of gold per tonne)

The 2024 PEA is a standalone mine plan that evaluates a conceptual expansion of the Courageous Lake open pit below the base of the permafrost after the 2024 PFS reserve has been completely mined out. None of the Mineral Resources used in the 2024 PEA mine plan have been used in the 2024 PFS.

The 2024 PEA establishes the potential for a much longer mine life beyond the 2024 PFS. The PFS uses less than 30% of the estimated M&I gold resource. The PEA includes inferred resources requiring more drilling as well as additional engineering work to qualify as a PFS. Seabridge is confident that the PEA reflects the potential for a greatly extended mine life and that the entire estimated M&I resource represents a meaningful call on gold for our shareholders.

More detail in respect of the Courageous Lake 2024 PFS and 2024 PEA is set forth in the Company’s news release of January 16, 2024 and the full Technical Report is available on the SEDAR+ website at ww.sedarplus.ca.

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)