Corporate PresentationFebruary 2020

Forward Looking Statements

2

All reserve and resource estimates reported by the Company were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability.

Statements relating to the estimated or expected future production and operating results and costs and financial condition of Seabridge, planned work at the Company’s projects and the expected results of such work are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company’s projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company’s projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and othergovernment requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Company’s Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2018 and in the Company’s Annual Report Form 40-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml).

Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management or its independent professional consultants on the date the statements are made.

The Case for Seabridge

3

• KSM: 38.8M oz gold plus 10.2B lbs copper (2.2B tonnes at 0.55 gpt Au and 0.21% Cu)

• Courageous Lake: 6.5M oz gold (91M tonnes at 2.2 gpt Au)Proven and Probable

Reserves

• 63.3M shares outstanding Low Share Dilution

• $19 Enterprise Value per oz of gold reservesLow Valuation

• All reserves are located in Canada• KSM is shovel ready; Environmental Assessment completedLow Political Risk

• Recent resource additions and new discoveries could add significant higher grade reserves to improve project economicsExploration Upside

• Iskut B.C.: District scale with district scale porphyry potential• Snowstorm Nevada: On the intersection of 3 major gold trendsNew Acquisitions

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30

60

90

120

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ick

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ium

Buen

aven

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45M oz

Gol

d R

eser

ves

(m o

z)Gold Reserves

4

Reserves rank Seabridge among world’s top ten gold companies

Source: Company data. Data as of January 31, 2020. Note: Companies shown include North America’s largest gold companies and selected gold project development companies.

Seabridge Designed to Provide Leverage to Gold

5

Gol

d R

eser

ves

per C

omm

on S

hare

-

0.20

0.40

0.60

0.80

Seab

ridge

Poly

us

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oldc

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Angl

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d

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0.72 Reserve oz/share Seabridge ranks 1st in reserves/share among leading gold companies

Source: Company data. Data as of January 31, 2020.Note: Companies shown include North America’s largest gold companies and selected gold project development companies.

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10

20

30

40

50

60

70

80

90

100

110

120

130

-

10

20

30

40

50

60

70

80

90

100

110

120

130

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Shares Outstanding (M

illions)O

unce

s of

Gol

d (M

illion

s)

Proven & Probable Gold Reserves Measured & Indicated Gold Resources Inferred Gold Resources Shares Outstanding

Share Dilution Matters!

6

Reserves and Resources continue to grow faster than shares outstanding

Source: Company data. Data as of December 31, 2018.Note: For a breakdown of Seabridge’s mineral reserves and resources by project, tonnes and grade, please visit http://seabridgegold.net/resources.php

Historical Performance

7

(100%)

400%

900%

1,400%

1,900%

2,400%

2,900%

3,400%

3,900%

4,400%

4,900%

5,400%

5,900%

6,400%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Seabridge Newmont Goldcorp Barrick HUI Gold

Price Performance:

In a rising gold market, Seabridge is a stock to own…

+2,540% +459%+256%+13%+121%

Source: Company and index dataNote: Price Performance represents performance over time from January 2000 through January 2020

Attractive Valuation

8

Seabridge has a very low enterprise value per oz of gold reserves

-

$75

$150

$225

$300

$375

$450

$525

$600

Bar

rick

Pre

tium

Yam

ana

Pol

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al

New

mon

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orp

Kin

ross

Pol

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New

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Ang

logo

ld

Ala

mos

Det

our

Nov

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d

New

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d

Sea

brid

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Ente

rpris

e Va

lue

per R

eser

ve o

z

$19/oz

Source: Company data. Data as of January 31, 2020.(1) Enterprise Value calculated as market capitalization (basic) plus net debt and minority interest.Note: Companies shown include North America’s largest gold companies and selected gold project development companies

Low Political Risk

9

Where would you rather be?

• Illegal strikes and local opposition delay approved projects (Conga, Santa Anna, Tintaya)Peru

• Open pit mining and use of cyanide banned in certain areas• 100% tax on export earnings for some resource projects (Famatina, San Jose)Argentina

• Increased taxes and royalties (Fruta del Norte)Ecuador

• Creeping expropriation through imposed local and government ownership(Batu Hijau, Grasberg, Tujuh Bukit)Indonesia

• Increased royalty structure and challenging power/water supply issues• Local opposition delays approved projects (El Morro, Pascua-Lama)Chile• Stable regulatory and tax regime• Established, reliable procedures for obtaining permits include deadlines for

government agenciesCanada

KSM - A Rare, World Class Project in a Top Mining Jurisdiction

10

• KSM is the world’s largest undeveloped gold/copper project (by reserves)

• Located in mining friendly British Columbia near existing and past producers

– Adjacent to established infrastructure– Access to regional workforce and supplies– Updated mine plan shows outstanding capital efficiency – Established, reliable procedures for obtaining permits

Environmental & Social Approval Obtained • B.C. Environmental Assessment certificate

issued July 2014• Federal Environmental approval received

December 2014• Established social license with local communities

– Signed Impact Benefit Agreements with Nisg̱a’a and Tahltan Nations

– Letters of support received from Terrace, Smithers and the Gitxsan Nation

– Non opposition agreement with Gitanyow Nation

Source: British Columbia Ministry of Energy, Mines and Petroleum Resources (EMPR), company filings, Wood Mackenzie

BRITISH COLUMBIA

37

KSM Project

Producing MineDevelopment Project

Highway

Primary owner

16

1

KSMSeabridge (100%)

BrucejackPretium (100%)(425 Employees)

SnowfieldPretium (100%)

HuckleberryImperial Metals (100%)

EndakoCenterra Gold (75%)

Galore CreekNewmont (50%) / Teck (50%)

Schaft CreekTeck (75%)

Red ChrisNewcrest (70%) / Imperial (30%)(380 Employees)

SilvertipCoeur Mining (100%)(167 Employees)

16

WolverineConuma (100%)(325 Employees)

BruleConuma (100%)(285 Employees)

Willow CreekConuma (100%)(190 Employees)

Mount MilliganCenterra Gold (100%)(485 Employees)

BlackwaterNew Gold (100%)

New ProsperityTaseko (100%)

Mount PolleyImperial Metals (100%)

GibraltarTaseko (75%)(625 Employees)

YellowheadTaseko (100%)

Myra FallsNyrstar (100%)(236 Employees)

Highland ValleyTeck (100%)(1,300 Employees)

New AftonNew Gold (100%)(410 Employees)

Copper MountainCopper Mountain Mining (75%)(445 Employees)

Fording RiverTeck (100%)(1,100 Employees)

GreenhillsTeck (80%)(600 Employees)Line CreekTeck (100%)(490 Employees)

ElkviewTeck (95%) (920 Employees)

Coal MountainTeck (100%)

(%)

TatoggaGT Gold (100%)

KSM – Approved by BC and Canada

11

Significant Existing Local Infrastructure

12

• Northwest Transmission Line completed in 2014– ~31.5 km between powerline to KSM process plant

• Paved Highway 37 allows efficient transport to and from port and mine – in use to support Brucejack and Red Chris

• Two nearby ports at Stewart B.C.• Two nearby regional airports and a local airstrip• Recent federal and provincial government additional

funding to complete bringing fiber-optic communications to the Tahltan Territory

N

KSM

BRITISH COLUMBIA

ALASKA

Port of Stewart

Port of Prince Rupert

Kitimat

37

37A

37

16

Forrest Kerr Hydroelectric

CN Rail

NorthwestTransmission Line

Smithers Reginal Airport

Seabridge Asset

AirportAirstrip

Highway

RailwayHydroelectric Asset

Transmission Lines

Fiber Optic CablePorts / Port Towns

0 10050

kilometers

Northwest Reginal Airport

Bob Quinn Airstrip

KSM – Mitchell Zone

13

COMMENTARY

Based on NSR values calculated in block model using:

US$1,200/oz Au

US$2.70/lb Cu

US$17.50/oz Ag

Utilizes varying process recoveries for the different mining areas and applicable off-site charges for defining ore and waste in the open pit

NSR values used as a dynamic cut-off grade for defining ore and waste; minimum of C$9.00/t

Zone Mining Method Reserve Category

Millions Tonnes

Average Grades Contained Metal

Gold (gpT)

Copper (%)

Silver (gpT)

Gold (million ounces)

Copper (million pounds)

Silver (million ounces)

Mitchell Open Pit

Proven 460 0.68 0.17 3.1 10.1 1,767 45 Probable 481 0.63 0.16 2.9 9.7 1,677 44

Block Cave Probable 453 0.53 0.17 3.5 7.7 1,648 51

Iron Cap Block Cave Probable 224 0.49 0.20 3.6 3.5 983 26 Sulphurets Open Pit Probable 304 0.59 0.22 0.8 5.8 1,495 8 Kerr Open Pit Probable 276 0.22 0.43 1.0 2.0 2,586 9

Totals Proven 460 0.68 0.17 3.1 10.1 1,767 45 Probable 1,738 0.51 0.22 2.5 28.7 8,388 138

Total 2,198 0.55 0.21 2.6 38.8 10,155 183

The 2016 PFS defined Proven & Probable Reserves of ~39 Moz of Au and +10B lbs of Cu; significantly better ore has been found since

2016 PFS excluded the delineated Inferred Mineral Resources at Deep Kerr and Iron Cap Lower Zone

1414

2016 PFS: Proven and Probably Reserves

KSM – 2016 Preliminary Feasibility Study

15

The PFS projects a large, long-life mine

Note: Numbers above have been rounded.

2016 PFS: Before Tax Economic Analysis

16

Note: For Operating and Total Costs, copper, silver and molybdenum revenues are taken as a by-product credits. Total Costs include all Initial Capital, Sustaining Capital and Closure Costs. Numbers above have been rounded.

2016 PFS: After Tax Economic Analysis

17

Note: Taxes include B.C. Mineral Tax plus Canadian Federal and B.C. Corporate Income Taxes. Numbers above have been rounded.

New Discoveries at Grades Higher Than Reserves

18

• Deep Kerr core zone found in 2013 now contains 2.0 billion tonne inferred resource grading 0.41% copper and 0.31 g/T gold

• New inferred resource at Iron Cap zone estimated at 1.9 billion tonnes at 0.45 g/T gold and 0.30% copper

• Additions to KSM resources since 2013 total 44.4 million ounces of gold and 29.3 billion pounds of copper at grades significantly higher than existing reserves

• Deep Kerr and Iron Cap’s grades and size compare favorably with some of the world’s largest, most profitable, operating copper/gold mines

• New PEA demonstrates significant economic improvements to KSM from Deep Kerr higher-grade resources

• Economic improvements from Iron Cap additions still to come

19

2016 PEA: Production Plan

20

COMMENTARY

• Based on same Mineral Resource Estimate used in 2016 PFS, except that the Inferred Mineral Resources are included in the PEA project design and projected economics

• 2016 PEA mine plan captures an additional 6.5 billion pounds of copper at essentially the same tonnage throughput

• Result is significant economic improvement over 2016 PFS mine plan

Since the 2016 PEA, exploration success has dramatically increased Iron Cap’s Indicated and Inferred Resources; now

423 Mt and 1,900 Mt, respectively

The 2016 PEA mine plan captures an additional 6.5B lbs Cu

KSM – 2016 Preliminary Economic Assessment

21

The PEA incorporates Deep Kerr and Lower Iron Cap with170k tpd throughput capacity

Note: As the PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Numbers above have been rounded.

2016 PEA: Before Tax Economic Analysis

22

Note: For Operating and Total Costs, copper and silver revenues are taken as a by-product credits. Total Costs include all Initial Capital, Sustaining Capital and Closure Costs. As the PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Numbers above have been rounded.

2016 PEA: After Tax Economic Analysis

23

Note: Taxes include B.C. Mineral Tax plus Canadian Federal and B.C. Corporate Income Taxes. As the PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Numbers above have been rounded.

Multi-Generational District Potential

24

• Mining focuses on highest grade and most economic portions of significant deposits

• Opportunity for additional drilling to establish more high grade material and further improve economics

Proven & ProbableGrade Contained

Zone Tonnes Au Cu Au Cu(Mt) (g/t) (%) (Moz) (Mlbs)

Mitchell 1,394 0.61 0.17 27.5 5,092Iron Cap 224 0.49 0.20 3.5 983Sulphurets 304 0.59 0.22 5.8 1,495Kerr 276 0.22 0.43 2.0 2,586Total 2,198 0.55 0.21 38.8 10,155

Measured & Indicated(1)Mitchell 1,795 0.60 0.16 34.3 6,638Iron Cap 423 0.41 0.22 5.6 2,051Sulphurets 382 0.58 0.21 7.1 1,766Kerr 378 0.22 0.41 2.7 3,445Total 2,977 0.52 0.21 49.7 13,900

InferredMitchell 478 0.38 0.10 6.4 1,232Iron Cap 1,899 0.45 0.30 27.5 12,556Sulphurets 182 0.46 0.14 2.7 563Kerr 2,002 0.31 0.41 19.7 17,672Total 4,561 0.38 0.32 56.3 32,023

7.5 billion tonnes and growingNote: Blue lines indicate KSM property boundaries.Note: Pretium owns 100% of the adjacent Snowfield property.(1) Inclusive of Mineral Reserves.

25

New Iron Cap Resources to Further Improve Economics

26

NSR Cutoff (C$) Resource Category Tonnes

(millions)

Contained Metal

Gold (gpt)

Copper (%)

Silver (gpt)

Gold (000

ounces)

Copper (million pounds)

Silver (000

ounces)

16 Indicated 423 0.41 0.22 4.6 5,576 2,051 62,559 Inferred 1,899 0.45 0.30 2.6 27,474 12,556 158,741

20 Indicated 361 0.44 0.24 4.7 5,107 1,910 54,550 Inferred 1,675 0.48 0.31 2.6 25,849 11,444 140,016

24 Indicated 274 0.50 0.25 5.1 4,405 1,510 44,927 Inferred 1,373 0.53 0.34 2.7 23,396 10,289 119,186

28 Indicated 195 0.56 0.27 5.3 3,511 1,160 33,228 Inferred 1,070 0.59 0.36 2.7 20,297 8,490 92,883

32 Indicated 132 0.64 0.28 5.5 2,716 815 23,341 Inferred 808 0.67 0.39 2.8 17,405 6,945 72,738

36 Indicated 87 0.72 0.29 5.6 2,014 556 15,664 Inferred 594 0.75 0.43 2.9 14,323 5,629 55,383

NSR Cutoff (C$)

Resource Category

Tonnes (millions)

Contained Metal

Gold (gpt)

Copper

(%)

Silver

(gpt)

Gold

(000

ounces)

Copper

(million

pounds)

Silver

(000

ounces)

16

Indicated

423

0.41

0.22

4.6

5,576

2,051

62,559

Inferred

1,899

0.45

0.30

2.6

27,474

12,556

158,741

20

Indicated

361

0.44

0.24

4.7

5,107

1,910

54,550

Inferred

1,675

0.48

0.31

2.6

25,849

11,444

140,016

24

Indicated

274

0.50

0.25

5.1

4,405

1,510

44,927

Inferred

1,373

0.53

0.34

2.7

23,396

10,289

119,186

28

Indicated

195

0.56

0.27

5.3

3,511

1,160

33,228

Inferred

1,070

0.59

0.36

2.7

20,297

8,490

92,883

32

Indicated

132

0.64

0.28

5.5

2,716

815

23,341

Inferred

808

0.67

0.39

2.8

17,405

6,945

72,738

36

Indicated

87

0.72

0.29

5.6

2,014

556

15,664

Inferred

594

0.75

0.43

2.9

14,323

5,629

55,383

At Current Spot Prices Resource Additions Significantly Improve Economics – Iron Cap to Come

27

Mine Plans: Pre-Tax Financial Results Unit 2016 PFS 2016 PEA 2020 PEA

Initial Capital Cost $M $4,800 $5,300Net Cash Flow $M $23,700 $34,500NPV @ 5% $M $5,900 $9,100Internal Rate of Return % 14.3% 16.4%Payback Period years 4.2 4.0Operating Costs (LOM) $/oz Au $293 -$155Total Costs (includes all capital) $/oz Au $671 $359Metal Price Assumptions:

Gold $/oz $1,500 $1,500Copper $/lb $2.60 $2.60

Silver $/oz $18.50 $18.50

US$/Cdn$ Exchange Rate 0.76 0.76

Note: For Operating and Total Costs, copper and silver revenues are taken as a by-product credits. Total Costs include all Initial Capital, Sustaining Capital and Closure Costs. As the PEA is preliminary in nature, it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Numbers above have been rounded.

??

Courageous Lake

28

• At 6.5M oz, (91 million tonnes at 2.2 gpTAu) Courageous Lake (“CL”) is Canada’s 2nd largest undeveloped gold reserve (KSM is 1st)

• Excellent open pit grade of 2.2 gpt Au

• 2012 Preliminary Feasibility Study shows profitable project with exceptional leverage to higher gold prices

• Wholly owned 53 km greenstone belt provides excellent exploration potential

• Located in Northwest Territories within 100 km of Diavik and Ekati, two large operating open pit diamond mines

Courageous Lake – Project Location

29

• Project located on winter ice road, in close proximity to the Diavik and Ekati mines– Demonstrating that year round

open pit bulk tonnage operations are feasible

• Nearby mines provide “real-time” estimates for capital and operating costs– Additionally, with mines scheduled

to close over the next several years, a local and trained workforce will be readily available

Courageous Lake – PFS Pre-Tax Summary

30

Exceptional leverage to gold price

Courageous Lake – PFS After-Tax Summary

31

Exceptional leverage to gold price

Courageous Lake – PFS Pre-Tax Summary at Recent Spot Prices

32

Weaker C$ and higher gold price significantly improves projects economics Case

Unit Base Recent Spot

Gold Price $/oz $1,384 $1,500

Initial Capital Cost $M $1,520 $1,165

Mine Life years 15.0 15.0

Average Annual Gold Production ounces 385,000 385,000

Net Cash Flow $M $1,507 $3,648

NPV @ 5% $M $303 $1,705

Internal Rate of Return % 7.3% 19.7%

Payback Period years 11.2 3.9

Operating Costs (years 1-5) $/oz Au $674 $526

Operating Costs (LOM) $/oz Au $780 $607

Total Costs (includes all capital) $/oz Au $1,123 $867

US$/Cdn$ Exchange Rate - 0.98x 0.75x

CL – Value Enhancing Opportunities

33

• Access to hydro-electric generated power• Examine year round road access

opportunities

Improve Capital and Operating

Costs

• Exploring for higher grade material that could be exploited in the early years of production

• History of high grade production along belt

HigherGrades

• Exploring for additional bulk mineable deposits that could extend project life beyond the current 15 year estimate

Additional Deposits

Courageous Lake – Exploration Potential

34

• Existing 6.5M oz reserve (91 million tonnes at 2.2 gpT Au) covers only2 km of an under explored green-stone belt that stretches 53 km– Owned 100% by Seabridge

• Two former producing mines on belt (Salmita and Tundra) had average grades of ~1 opt Au (30 gpt)

• Seabridge now exploring for additional deposits that could extend the estimated 15 year mine life– With potentially higher grades

mined in early years

Walsh Lake Resources (March 2014)

35

Approximately 50% higher grade than Courageous Lake’s reserves

Walsh Lake Inferred Resource

Note: Mineral resources which are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources have a high degree of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category.

Cut-Off GoldGrade Tonnes Grade Inferred(g/T) (K) g/t (K oz)

0.20 6,647 2.37 506

0.30 5,987 2.60 500

0.40 5,477 2.81 495

0.40 5,022 3.03 489

0.60 4,624 3.24 4820.70 4,278 3.45 475

0.80 3,986 3.65 468

0.90 3,727 3.84 460

1.00 3,512 4.02 454

Courageous Lake 2018 Drilling Targets

36

2018 drill program discovers two new gold zones:

Olsen:40 meters @ 3.04 g/T

Marsh Pond:14 meters @ 3.08 g/T24 meters @ 2.13 g/T18 meters @ 1.72 g/T

SnipGold Acquisition

37

• In June 2016 Seabridge issued 695,000 shares to acquire 100% of SnipGold to obtain 100% of very large Iskut Project

• Iskut Project reports 2.2 million ounces of NI 43-101 measured and indicated gold resources at the Bronson Slope prospect

• Iskut historically produced high-grade gold and hosts many unexplored targets for high-grade gold and porphyry deposits

• Iskut is located 30 kilometers from KSM, offering optimal synergies for Seabridge knowledge and infrastructure

• 2019 exploration program confirms large porphyry target below Quartz Rise lithocap – 2020 drill program to test new target

Iskut Location and Access

3838

•3939

Snowstorm Acquisition

40

• In June 2017 Seabridge acquired 100% of the Snowstorm gold project in Nevada from Paulson & Co. for 700,000 common shares plus 500,000 common share purchase warrants

• Snowstorm sits on the intersection of three major Nevada gold belts: Getchell, Carlin and the Northern Nevada Rift Zone

• Geologic, geochem and geophysical data documents hydrothermal alteration zones and structural settings consistent with large Nevada gold deposits

• Snowstorm is contiguous and on strike with several large producing gold projects including Getchell/Turquoise Ridge, Twin Creeks and Midas

• Seabridge’s 2020 drill program focused on Twin Creeks and Turquoise Ridge type targets

Snowstorm/Goldstorm Location

4141

New Discoveries are Lagging Production

42

• From 1990 to 1999, the industry on average found 1.4 ounces of gold reserves and resources for every ounce produced

• For 2000 to 2009, only 0.7 ounces of gold reserves and resources were found for every ounce produced

• For 2010 to 2016, the industry estimates that at best 0.3 ounces of gold may have been found per ounce produced

• The majors need new deposits with scale and capital efficiency that can be permitted in safe jurisdictions…KSM checksall the boxes

Source: S&P Global Market Intelligence, Paradigm Capital

124.6

86.5

43.4

73.1

46.6

33.2

16.7 17.9

nil

76.6

65.9

52.346.9

25.5

48.6

22.1 18.7

45.3

Barri

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New

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dcor

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Angl

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Seab

ridge

2007 Reserves vs. 2018 Reserves for Select Major Gold Companies

2007 Reserves (m oz) 2018 Reserves (m oz)

Majors’ Gold Reserves are Declining

43

Source: S&P Global Market Intelligence, Seabridge Gold Inc.

Gold Industry Production in Major Decline

44

Majors require new projects to replace depleting production

(2) Source: Consensus estimate. Includes CPM Group, GFMS and Metals Focus

$203 $191$221

$135

$857

$291

$327

$282

nil

$76 $63 $63$97

$129

$38

$83 $82

$6

Bar

rick

New

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New

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Agn

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Sea

brid

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Cost Per Gold Ounce of Acquisition vs. Exploration from 2008 - 2017

Acquisition-derived reserves Exploration-derived reserves

Cheaper to Find Reserves Than Buy Them

45

Source: S&P Global Market Intelligence, Seabridge Gold Inc.

Seabridge Best in Class in Finding Reserves

46

Source: S&P Global Market Intelligence, Seabridge Gold Inc.

11.09.5

23.2

7.510.0

31.6

5.4 5.4

nil

27.6

36.9

23.9

27.9

8.9

22.3

11.0 11.2

45.3

Bar

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New

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dcor

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Gold Ounces Added by Acquisition vs. Exploration from 2008 - 2017

Au Oz Added by Acquisition (m oz) Au Oz Added by Exploration (m oz)

Four Catalysts for a Higher Valuation

47

Enhanced De-Risking Premium •Fewer safe jurisdictions•More difficulty permitting•KSM has permits and social license in Canada

Outstanding Exploration Record•Over 44 Mn oz Au and29 Bn lbs Cu added over past 5 years at superior grades

•Industry exploration not replacing production:in-ground resources will soon be re-valued

•KSM, CL, Iskut and Snowstorm have best-of-class potential for adding resources

Joint Ventures•KSM is a top candidate for a production JV on friendly terms

•Major companies now more deal-capable

•World’s largest mining companies under CA

•Project continues to improve

•Acceptable terms may need improved market conditions

Leverage to theGold Price• Seabridge outperforms

in a gold bull market

Corporate Information

48

• NYSE: SA• TSX: SEA• Included in GDXJ, S&P/TSX Composite, Global Mining and Global Gold

Listings

• 63.3 M shares outstanding• 66.8 M fully dilutedShare Structure

• No debt• > $20 million in working capitalBalance Sheet

• Interests are aligned with shareholders• Insiders own over 30% of common sharesManagement and Board

• Own ~25% of common shares• Investors include National Bank, Century Management, Van Eck, Weiss,

TD Bank, Sprott, Fidelity, Paulson & Co.Financial Institutions

• Royal Gold (holds option to acquire 2% gold/silver NSR at KSM for $160 million in cash)Strategic Investors

Experienced Management

49

Over 30 years of experience in the gold business, primarily as a senior officer and director of private and publicly traded companies including Gedex, Greenstone Resources, Columbia Resources, Behre Dolbear & Company, Riverside Associates and DRX.

Rudi FronkCo-Founder, Chairman & CEO

Over 30 years of experience in the mining sector and responsible for designing and managing the technical programs required to advance Seabridge's two main assets towards feasibility.Former Vice President of Solutions and Innovation for Newmont Mining Company

Jay LaymanDirector, President & COO

Over 30 years of exploration experience and is responsible for the design and execution of Seabridge’s exploration and resource delineation programs.Previously served as Exploration Manager and Vice President with Placer Dome

Bill ThrelkeldSenior VP, Exploration

Over 30 years of experience in mine engineering, design, strategic analysis and start-up.Formerly a Group Executive, Mine Engineering at Newmont Mining Corporation

Peter WilliamsSenior VP, Technical Services

Over 25 years of experience, responsible for developing and managing Seabridge's environmental programs and community engagement strategies

Brent MurphySenior VP, Environmental Affairs

Has 25 years of mining industry and public accounting experience and is a CPA.Currently a director of Paramount Gold Nevada Corp.

Christopher ReynoldsVice President Finance and CFO

Has practiced law in the areas of corporate finance and securities, corporate and mining since 1993 and has been counsel to Seabridge Gold since 1999

Bruce ScottVice President, Corporate Affairs

Over 25 years of mining experience in various technical, operational and leadership roles from early stage studies to mine operations through to mine reclamation.Previously with Newmont Mining

Mike SkurskiVice President, Technical Services

20 years’ experience as a Biologist and Environmental Specialist in BC and Canada’s north.Responsible for the environmental and reclamation programs for Seabridge for the past 9 years.

Elizabeth MillerVice President, Environment and

Social Responsibility

Board of Directors

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• Founder and Chairman of Mintec, Inc. and one of the original developers of MineSight™, recognized as the pre-eminent reserves modeling and mine design software system with more than 300 installations worldwideFrederick Banfield

• Over 30 years of experience, Mr. Gonzalez-Urien is one of the most highly regarded exploration geologists in the mining industry. Ran global exploration for Placer Dome from 1989 through 2001

Eliseo Gonzalez-UrienChair, Compensation

Committee

• Currently serves as the Executive Chairman of The RMH Group, Inc.• Former CEO (and previously COO and CFO) of Echo Bay Mines

Richard KrausChair, Audit Committee

• Former Vice President, Supply Chain Management at both Barrick and Newmont• Past General Manager at Barrick’s Hemlo OperationsMelanie Miller

• Over 40 years of legal expertise on mining, securities, financing and mergers and acquisitions• Former CEO of Anvil Mining and current director of Algold Resources Inc. and Uranium One

John SabineChair, Governance and Nominating Committee

• Over 30 years experience in resource-related environmental consulting• As founder and CEO of Rescan, managed numerous EIS and permitting for major mining projects including KSM

Clem PelletierChair, Technical Committee

• 32 years of investment banking experience• Former director of Osisko Mining and Romarco Minerals. Director of Stillwater MiningGary Sugar

Slide Number 1Forward Looking StatementsThe Case for SeabridgeGold ReservesSeabridge Designed to Provide Leverage to GoldShare Dilution Matters!Historical PerformanceAttractive ValuationLow Political RiskKSM - A Rare, World Class Project in a Top Mining JurisdictionKSM – Approved by BC and CanadaSignificant Existing Local InfrastructureKSM – Mitchell Zone2016 PFS: Proven and Probably ReservesKSM – 2016 Preliminary Feasibility Study2016 PFS: Before Tax Economic Analysis2016 PFS: After Tax Economic AnalysisNew Discoveries at Grades Higher Than ReservesSlide Number 192016 PEA: Production PlanKSM – 2016 Preliminary Economic Assessment2016 PEA: Before Tax Economic Analysis2016 PEA: After Tax Economic AnalysisMulti-Generational District PotentialSlide Number 25New Iron Cap Resources to Further Improve Economics At Current Spot Prices Resource Additions Significantly Improve Economics – Iron Cap to ComeCourageous LakeCourageous Lake – Project Location Courageous Lake – PFS Pre-Tax SummaryCourageous Lake – PFS After-Tax SummaryCourageous Lake – PFS Pre-Tax Summary at Recent Spot PricesCL – Value Enhancing OpportunitiesCourageous Lake – Exploration PotentialWalsh Lake Resources (March 2014)Courageous Lake 2018 Drilling TargetsSnipGold AcquisitionIskut Location and AccessSlide Number 39Snowstorm AcquisitionSnowstorm/Goldstorm LocationNew Discoveries are Lagging ProductionMajors’ Gold Reserves are DecliningGold Industry Production in Major DeclineCheaper to Find Reserves Than Buy ThemSeabridge Best in Class in Finding ReservesFour Catalysts for a Higher ValuationCorporate InformationExperienced ManagementBoard of Directors