Courageous Lake

Courageous Lake, located in Canada’s Northwest Territories, is one of Canada’s largest undeveloped gold projects with a measured and indicated resource of 11.0 million oz of gold at a superior average grade of 2.36 grams per tonne gold. Seabridge acquired the project in 2000, substantially increased its resource base and designed a feasible mining project.

In February 2024, our NI-43-101 Technical Report was filed for the Courageous Lake project which included the results of an updated Preliminary Feasibility Study (the “2024 PFS”) and a new Preliminary Economic Assessment (the “2024 PEA”) that evaluated a conceptual expansion of the Courageous Lake open pit beyond the 2024 PFS mine plan.

Following completion of the 2024 Technical Report, Seabridge management concluded that the value of Courageous Lake was not being adequately reflected in the Seabridge share price and our shareholders were not getting the benefit of our investment in the project.

In 2025, the Seabridge Board approved the plan to spin-out Courageous Lake to our shareholders.

In June 2026, Seabridge completed the spin-out to its shareholders of 100% of its Courageous project to a completely independent new vehicle, Valor Gold Corp. For each share owned of Seabridge, shareholders received approximately 0.51 common shares of Valor. Shares of Valor Gold are now trading on the Toronto Stock Exchange under the symbol “VGC” and in the U.S. on the OTCQB under the symbol “VLGDF”.

We are proud of what we accomplished at Courageous Lake and the substantial value that we have realized for our shareholders.

For more information on Valor Gold and its Courageous Lake project, please visit https://valorgold.ca/.

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