2. Forward looking statements
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 other government 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, 2011 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.
2
3. The Case for Seabridge
• Proven and probable reserves: 44.7 million ounces of gold plus
10 billion pounds of copper
• Low share dilution: 45 million shares outstanding
• Low valuation: $16 enterprise value per ounce of
gold reserves
• Low political risk: all reserves are located in Canada
• Exploration upside: new discoveries could add significant higher
grade reserves to improve project economics
3
4. Proven and probable reserves ranks Seabridge among
world’s top ten gold companies
Gold reserves (millions of ounces)
45M oz
Companies shown include North America’s largest gold companies and selected gold project development companies.
Source: Company data. Data as of December 27, 2012.
4
5. Low Share Dilution - Seabridge ranks first in reserves per
common share among these leading gold companies
Proven and Probable gold reserves per common share
1.20 0.98 oz/share
1.00
0.80
0.60
0.40
0.20
-
Yamana
AuRico
Buenaventura
Detour
Barrick
Osisko
Gabriel
Newmont
Allied Nevada
Goldcorp
Agnico-Eagle
Newcrest
Seabridge
NovaGold
Alamos
Kinross
Nevsun
Anglogold
New Gold
Companies shown include North America’s largest gold companies and selected gold project development companies.
Source: Capital IQ, company data. Data as of December 27, 2012.
5
6. Gold reserves/resources have grown more than ten times
faster than shares outstanding…
90 90
80 80
70 70
Shares Outstanding (Millions)
60 60
Ounces of Gold (Millions)
50 50
40 40
30 30
20 20
10 10
- -
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Proven & Probable Gold Reserves Measured & Indicated Gold Resources Inferred Gold Resources Common Shares Outstanding
Source: Company data. Data as of December 27, 2012.
Note: For a breakdown of Seabridge’s mineral reserves and resources by project, tonnes and grade, please visit http://seabridgegold.net/resources.php
6
7. With one of the largest reserve bases in the industry,
Seabridge currently has one of the lowest valuations
Enterprise value/reserves (US$/oz)1
$900
$600
$300
$16/oz
-
Yamana
AuRico
Buenaventura
Detour
Barrick
Gabriel
Osisko
Newmont
Allied Nevada
Goldcorp
Agnico-Eagle
Newcrest
Seabridge
Alamos
NovaGold
Nevsun
Anglogold
Kinross
New Gold
Companies shown include North America’s largest gold companies and selected gold project development companies.
Source: Capital IQ, company data. Data as of December 27, 2012.
1Enterprise value is calculated as market capitalization (basic) plus net debt and minority interests.
7
8. Low political risk … jurisdiction does matter
• Peru – illegal strikes and local opposition delay approved projects (Conga,
Santa Anna, Tintaya)
• Argentina – open pit mining and use of cyanide banned in certain areas. 100%
tax on export earnings for some resource projects (Famatina and San Jose)
• Ecuador – increased taxes and royalties (Fruta del Norte)
• Indonesia – creeping expropriation through imposed local and government
ownership (Batu Hiju, Grassberg, Tujuh Bukit)
• Chile – increased royalty structure and challenging power supply issues
(all projects). Local opposition delays approved projects (El Morro)
• Canada – stable regulatory and tax regime
8
9. 2012 exploration discovered higher grade copper-gold zones
at KSM and higher grade gold at Courageous Lake
• $24 million in exploration planned for 2013
• At KSM, exploration will focus on defining resource at Deep Kerr as
well as testing for other potential “game changing” core zones
• At Courageous Lake, exploration will focus on defining resource at
Walsh Lake
9
10. Kerr, Sulphurets and Mitchell (“KSM”)
• World’s largest undeveloped gold/copper project
(by reserves). KSM reserves at 38.2 million ounces of
gold and 10 billion pounds of copper
• Located in “mining friendly” British Columbia near past
producers
• Highly favorable logistics including < 6 cents/kwh hydro
power less than 30 km away, nearby highway network
and year-round operating seaport facility
• Estimated cash operating costs ($141 per ounce) and
total costs ($598 per ounce) well below current industry
averages
• 55 year mine life with projected “base case” payback of
6 years = outstanding capital efficiency
10
11. KSM is a world class gold-copper project
Gold & Copper Reserves
Au Reserves Cu Reserves
Source: Company data.
11
15. Preliminary Feasibility Study projects large, long-life mine
Life of Mine
Years 1 – 7 55 Year Plan
Average Grades:
Gold (grams per tonne) 0.79 0.55
Copper (%) 0.23 0.21
Silver (grams per tonne) 2.39 2.74
Molybdenum (parts per million) 46.2 44.8
Average Annual Production:
Gold (ounces) 851,000 508,000
Copper (pounds) 195 million 147 million
Silver (ounces) 2.1 million 2.2 million
Molybdenum (pounds) 1.3 million 1.1 million
15
16. KSM’s grades and per tonne values are similar to other large
producing and devolpment porphyry projects
Cadia El Morro Boddington Minas Conga KSM
Owner Newcrest Goldcorp Newmont Newmont Seabridge
New Gold Buenaventura
Average Grades:
Gold (gpt) 0.58 0.50 0.56 0.65 0.55
Copper (%) 0.31 0.54 0.11 0.28 0.21
Silver (gpt) 0.53 n/a n/a 2.00 2.74
Molybdenum (ppm) n/a n/a n/a n/a 44.7
In-situ spot value per tonne $52.51 $64.42 $36.69 $55.24 $47.20
Contained Metal in Reserves:
Gold (million ounces) 22.2 8.3 19.5 12.6 38.2
Copper (billion pounds) 8.1 6.2 2.3 3.3 9.9
Silver (million ounces) 22 n/a n/a 38 191
Moly (million pounds) n/a n/a n/a n/a 213
Source: Company data.
Note: In-situ values based on $1,600/oz gold, $27/oz silver, $3.25/lb copper and $15/lb moly
16
17. Preliminary Feasibility Study pre-tax summary
55 year mine plan
PFS
PFS Alternate Recent Spot
Base Case Case Prices
Initial Capital Cost $5.3 billion $5.3 billion $5.3 billion
Net Cash Flow $20.5 billion $16.8 billion $31.2 billion
NPV @ 5% $4.5 billion $3.5 billion $7.7 billion
IRR (%) 11.5 10.4 14.7
Payback Period (years) 6.2 6.7 5.2
Operating Costs Per Ounce of Associated
Gold (life of mine) 141 263 60 copper, silver
and
Total Costs Per Ounce of Gold molybdenum
Produced (includes all capital) 598 720 535 significantly
enhances cash
and total costs
Metal Prices:
Gold ($/ounce) 1,330 1,320 1,650
Copper ($/pound) 3.45 3.00 3.75
Silver ($/ounce) 25.20 25.60 32.00
Molybdenum ($/pound) 15.00 15.00 15.00
US$/Cdn$ Exchange Rate 0.96 0.96 1.00
17
18. Low cost vs. gold industry
In the 2012 PFS, average estimated cash cost at KSM is $141/oz for the base case and
$60/oz at recent spot prices
Cash cost ($/oz)
1,500
1,000
500
KSM
Base Case:
$141/oz
-
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Percentile (%)
Source: World Gold Analyst. Actual cash costs for world’s 14 largest gold producers as at March 2012. Only gold majors logos shown.
Base case assumes gold at $1,330/oz, copper at $3.45/lb, silver at $25/oz and moly at $15/lb. Spot price assumes gold at $1650/oz, copper at $3.75/lb, silver at $32/oz and moly at $15/lb.
18
19. KSM Permit application to be filed in early 2013
• Three iterations of the KSM Preliminary Feasibility Study have
resulted in design changes based on feedback from Treaty, First
Nations and the public
• Confident that our permit application scheduled for the end of January
will be approved based on its technical merits.
• Project approval from federal and provincial regulators is expected
within 15 months of application submittal.
19
23. Courageous Lake
• At 6.5 million ounces Courageous Lake is Canada’s 2nd
largest undeveloped gold reserve (KSM is 1st)
• Located in Northwest Territories within 100 kilometers of
Diavik and Ekati (2 large operating open pit diamond mines)
• Excellent open pit grade of 2.2 grams of gold per tonne …
more than twice the grade of Osisko and Detour Gold
development projects
• Wholly owned 53 kilometer greenstone belt provides
excellent exploration potential
• Recently completed Preliminary Feasibility Study shows
viable project at current gold prices with exceptional leverage
to higher gold prices
23
24. Courageous Lake
• Project located on winter ice road,
in close proximity to 2 operating
large scale open pit diamond mines
• Diavik and Ekati demonstrate that
year round open-pit mine is feasible
• Nearby mines provide “real-time”
estimates for capital and operating
costs for bulk tonnage operation
• With nearby mines scheduled to
close within next several years, a
local and trained workforce will be
readily available
24
25. Courageous Lake
• Existing 6.5 million ounce reserve
covers only 2 kilometers of under
explored 53 kilometer greenstone belt
owned 100% by Seabridge
• Two former producing mines on belt
(Salmita and Tundra) had average
grades of approximately 1 ounce of
gold per tonne (30 gpt)
• Seabridge now exploring for
additional deposits that could extend
estimated 15 year mine life with
potentially higher grades mined in
early years
25
26. Courageous Lake Preliminary Feasibility Study
July 2012 (US$)
Recent Alternate
Base Case
Spot Case Case
Gold Price $1384 $1618 $1925
Initial Capital Cost $1,520 million $1,520 million $1,520 million
Mine Life 15 years 15 years 15 years
Average Annual Gold
Production 385,000 ozs 385,000 ozs 385,000 ozs
Net Cash Flow $1,507 million $2,785 million $4,519 million
NPV @ 5% $303 million $1,054 million $2,080 million
Internal Rate of Return 7.3% 12.5% 18.7%
Payback Period 11.2 years 7.4 years 4.0 years
Operating Costs (years 1 to 5) $674 $683 $689
Operating Costs (life of mine) $780 $789 $796
Total Costs (includes all capital) $1123 $1134 $1141
US$/Cdn$ Exchange Rate 0.98 0.99 0.99
26
27. Pursuing value enhancing opportunities at Courageous Lake
• Examining options to improve capital and operating costs
– Access to hydro-electric generated power
– Examine year round road access opportunities
• Exploring for higher grade material that could be exploited in the
early years of production
– History of high grade production along belt
• Exploring for additional bulk mineable deposits that could extend
project life beyond the current 15 year estimate
27
29. Driving value through joint ventures
• Projects being de-risked to drive joint venture terms
– Increasing reserves and resources
– Open dialogue with Treaty and First Nations on project design
and layout
– Advancing through environmental approval and permitting
process
– Pursuing exploration opportunities that will make a difference in
overall project economics and potential joint venture partners
• Transactions dependent on improved market conditions
29
30. Corporate information
• Listed on the NYSE and TSX Major Shareholders
• 45.6 million shares outstanding; Friedberg Mercantile Group
48.0 million fully diluted Royce & Associates
Officers, Directors and Employees
• Management and Board aligned Van Eck Associates
with shareholders Bristol Investment Partners
• Insiders own approximately 30% of Royal Gold, Inc.
common shares
• Institutions own approximately 40% of
common shares
• Strong balance sheet
– No debt
– >C$45 million in cash
30
