2. SEABRIDGE GOLD
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, 2012 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. SEABRIDGE GOLD
The Case for Seabridge
• 44.7M oz Au
• 10B lbs Cu
Proven and Probable
Reserves
• 45.6M shares outstandingLow Share Dilution
• $14 enterprise value per ounce of gold reservesLow Valuation
• All reserves are located in CanadaLow Political Risk
• New discoveries could add significant higher grade
reserves to improve project economicsExploration Upside
3
4. SEABRIDGE GOLD
Gold Reserves
Reserves rank Seabridge among world’s top ten gold companies
4
Source: Company data. Data as of August 28, 2013. Note: Companies shown include North America’s largest gold companies and selected gold project development companies.
GoldReserves(Moz)
-
30
60
90
120
150
Barrick
Newmont
Newcrest
Polyus
Anglogold
Goldcorp
Kinross
Seabridge
Yamana
NovaGold
Agnico-Eagle
Detour
AlliedNevada
Gabriel
Osisko
Polymetal
Buenaventura
NewGold
AuRico
Alamos
45M oz
5. SEABRIDGE GOLD
Low Share Dilution
5
Seabridge ranks 1st in reserves per share among leading gold companies
Source: Bloomberg, Company data. Data as of August 28, 2013. Note: Companies shown include North America’s largest gold companies and selected gold
project development companies.
GoldReservesperCommonShare
-
0.20
0.40
0.60
0.80
1.00
1.20 Seabridge
Newmont
Anglogold
Barrick
Detour
AlliedNevada
Newcrest
Agnico-Eagle
Goldcorp
NovaGold
Kinross
Buenaventura
Yamana
Polyus
Gabriel
Polymetal
AuRico
Osisko
Alamos
NewGold
0.98 oz/share
6. SEABRIDGE GOLD
-
10
20
30
40
50
60
70
80
90
-
10
20
30
40
50
60
70
80
90
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
SharesOutstanding(Millions)
OuncesofGold(Millions)
Low Share Dilution (cont.)
6
Proven & Probable Gold Reserves Measured & Indicated Gold Resources Inferred Gold Resources Common Shares Outstanding
Resources have grown more than ten times faster than shares outstanding
Source: Company data. Data as of August 28, 2013. Note: For a breakdown of Seabridge’s mineral reserves and resources by project, tonnes and grade,
please visit http://seabridgegold.net/resources.php
7. SEABRIDGE GOLD
EnterpriseValueperReserveozAttractive Valuation
7
Seabridge has a very low enterprise value per ounce of gold reserves
Source: Company data. Data as of August 28, 2013. Note: Companies shown include North America’s largest gold companies
(1) Enterprise Value calculated as market capitalization (basic) plus net debt and minority interest. and selected gold project development companies.
-
$150
$300
$450
$600
$750 Alamos
Polymetal
NewGold
Buenaventura
Goldcorp
Yamana
Agnico-Eagle
Barrick
Newmont
Osisko
AuRico
Newcrest
Kinross
Detour
Anglogold
Polyus
Gabriel
NovaGold
AlliedNevada
Seabridge
$14/oz
8. SEABRIDGE GOLD
Low Political Risk
• 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 Hiju, Grassberg, Tujuh Bukit)Indonesia
• Increased royalty structure and challenging power supply issues (all projects)
• Local opposition delays approved projects (El Morro, Pascua Lama)Chile
• Stable regulatory and tax regimeCanada
8
Where would you rather be?
9. SEABRIDGE GOLD
Kerr, Sulphurets and Mitchell
9
• Kerr, Sulphurets and Mitchell (“KSM”),
is the world’s largest undeveloped
gold/copper project (by reserves)
• Located in “mining friendly” British
Columbia near past producers
• Highly favorable logistics
• Estimated cash costs and total costs
well below current industry averages
• Base Case exhibits outstanding
capital efficiency
• Environmental Assessment approval
expected mid 2014
• Nearing completion of Impact Benefit
Agreement with key Treaty Nation
14. SEABRIDGE GOLD
KSM – Preliminary Feasibility Study
14
The PFS projects a large, long-life mine
Unit Years 1-7 LOM 55-Year Plan
Average Grades:
Gold gpt 0.79 0.55
Copper % 0.23 0.21
Silver gpt 2.39 2.74
Molybdenum ppm 46.2 44.8
Average Annual Production:
Gold oz 851,000 508,000
Copper M lbs 195 147
Silver M oz 2.1 2.2
Molybdenum M lbs 1.3 1.1
15. SEABRIDGE GOLD
KSM – PFS Pre-Tax Summary
15
50+ year mine plan
Note: For Operating and Total Costs, copper, silver and molybdenum revenues are taken as a by-product credits.
Case
Unit Base Alternate May 2012 Spot
Initial Capital Cost $M $5,300 $5,300 $5,300
Net Cash Flow $M $20,500 $16,800 $31,200
NPV @ 5% $M $4,500 $3,500 $7,700
Internal Rate of Return % 11.5% 10.4% 14.7%
Payback Period years 6.2 6.7 5.2
Operating Costs (LOM) $/oz Au $141 $263 $60
Total Costs (includes all capital) $/oz Au $598 $720 $535
Metal Prices:
Gold $/oz $1,330 $1,320 $1,650
Copper $/lb $3.45 $3.00 $3.75
Silver $/oz $25.20 $25.60 $32.00
Molybdenum $/lb $15.00 $15.00 $15.00
US$/Cdn$ Exchange Rate - 0.96x 0.96x 1.00x
24. SEABRIDGE GOLD
Courageous Lake
24
• At 6.5M oz, Courageous Lake (“CL”) is Canada’s
2nd largest undeveloped gold reserve
(KSM is 1st)
• Excellent open pit grade of 2.2 gpt Au
– More than twice the grade of Osisko and Detour Gold’s
new mines
• Recently completed Preliminary Feasibility Study
shows viable 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
25. SEABRIDGE GOLD
Courageous Lake – Project Location
• 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
25
26. SEABRIDGE GOLD
Courageous Lake – 2012 PFS (July 2012)
26
Exceptional leverage to gold price
Case
Unit Base Alternate
Gold Price $/oz $1,384 $1,925
Initial Capital Cost $M $1,520 $1,520
Mine Life years 15.0 15.0
Average Annual Gold Production ounces 385,000 385,000
Net Cash Flow $M $1,507 $4,519
NPV @ 5% $M $303 $2,080
Internal Rate of Return % 7.3% 18.7%
Payback Period years 11.2 4.0
Operating Costs (years 1-5) $/oz Au $674 $689
Operating Costs (LOM) $/oz Au $780 $796
Total Costs (includes all capital) $/oz Au $1,123 $1,141
US$/Cdn$ Exchange Rate - 0.98x 0.99x
27. SEABRIDGE GOLD
CL – Value Enhancing Opportunities
• 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
Higher Grades
• Exploring for additional bulk mineable deposits
that could extend project life beyond the
current 15 year estimate
Additional Deposits
27
28. SEABRIDGE GOLD
Courageous Lake – Exploration Potential
• Existing 6.5M oz reserve covers
only 2 km of an under explored
greenstone 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
28
30. SEABRIDGE GOLD
Catalysts for Success
30
EA/EIS Approval
•Advancing through
environmental approval
and permitting process
•Approval expected
mid 2014
Exploration Success
•Pursuing exploration
opportunities that will
improve project economics
•$24M committed for
exploration drilling and
ultimately increase
resources
Joint Ventures
•Projects being de-risked to
drive joint venture terms
•IBA negotiations proceeding
with Treaty and First Nations
•Transactions dependent on
improved market conditions
31. SEABRIDGE GOLD
Corporate Information
• NYSE: SA
• TSX: SEA
• Included in GDXJ
Listings
• 45.6M shares outstanding
• 48.0M fully dilutedShare Structure
• No debt
• More than C$25M in cashBalance Sheet
• Interests are aligned with shareholders
• Insiders own over 30% of common sharesManagement and Board
• Own ~35% of common shares
• Investors include Friedberg Mercantile, Royce, Van Eck, BristolFinancial Institutions
• Royal Gold (recently increased KSM royalty option)Strategic Investors
31
32. SEABRIDGE GOLD
Experienced Management
32
• Has over 30 years experience in the gold business, primarily as a senior officer and director
of publicly traded companies including Greenstone Resources, Columbia Resources, Behre
Dolbear & Company, Riverside Associates, Phibro-Salomon, Amax, and DRX
Rudi Fronk
Co-Founder, Chairman
& CEO
• Over 30 years of experience in the mining sector and is 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 Layman
Director, 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 Threlkeld
Senior 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 Williams
Senior VP, Technical
Services
• Has 20 years of mining industry and public accounting experience and has been a CGA
since 1994
• Currently a director of Paramount Gold and Silver
Christopher Reynolds
VP, CFO
• With over 25 years of experience, Mr. Murphy is responsible for developing and managing
Seabridge's environmental programs and community engagement strategies
Brent Murphy
VP, Environmental Affairs
• 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 Scott
VP, Corporate Affairs
33. SEABRIDGE GOLD
Board of Directors
• Founded Seabridge in 1999 and served as Chairman of the Board from 2002-2012
• Former advisor to a number of major corporations and venture capitalists focusing
primarily on corporate strategy, and was a policy consultant to several government
ministries
James Anthony
Co-Founder
• 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 worldwide
Frederick Banfield
• Over 45 years of mining related experience, predominately in senior technical project
management and operational roles, including Newmont and FreeportScott Barr
• Over 40 years of accounting experience including senior audit partner with Deloitte Touche
Thomas Dawson
Chairman of Audit and
Nomination Committees
• Over 25 years experience in precious metals trading, merchanting and merchant banking
activities including J. Aron & Co,, Goldman Sachs and Gerald MetalsLouis Fox
• With 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 González-Urien
33
