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, 2013 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.
SEABRIDGE GOLD
2
3. The Case for Seabridge
SEABRIDGE GOLD
• KSM: 38.2M oz gold plus 10B lbs copper
(2.2 billion tonnes at 0.55 gpT Au and 0.21% Cu)
• Courageous Lake : 6.5M oz gold
(91 million tonnes at 2.2 gpT Au)
Proven and
Probable Reserves
Low Share Dilution • 48.2M shares outstanding
• $9 enterprise value per ounce of gold
Low Valuation reserves
Low Political Risk • All reserves are located in Canada
• New discoveries could add significant higher
Exploration Upside grade reserves to improve project economics
3
4. 120
90
60
30
-
Barrick
Newmont
Gold Reserves (M oz)
SEABRIDGE GOLD
Polyus
Newcrest
Anglogold
Goldcorp
45M oz
Seabridge
Kinross
Yamana
Agnico-Eagle
NovaGold
New Gold
Detour
Allied Nevada
Gabriel
Buenaventura
Polymetal
AuRico
Alamos
Gold Reserves
Reserves rank Seabridge among world’s top ten gold companies
4
Source: Company data. Data as of July 31st, 2014.
Note: Companies shown include North America’s largest gold companies and selected gold project development companies.
5. 1.20
1.00
0.80
0.60
0.40
0.20
-
0.93 oz/share
Seabridge
Newmont
Gold Reserves per Common Share
SEABRIDGE GOLD
Anglogold
Agnico-Eagle
Newcrest
Allied Nevada
Detour
Barrick
Goldcorp
NovaGold
Kinross
New Gold
Buenaventura
Yamana
Polyus
Gabriel
AuRico
Polymetal
Alamos
Low Share Dilution
5
Seabridge ranks 1st in reserves/share among leading gold companies
Source: Company data. Data as of July 31st, 2014.
Note: Companies shown include North America’s largest gold companies and selected gold project development companies.
6. Low Share Dilution (cont.)
Reserves and Resources continue to grow faster than shares outstanding
90
80
70
60
50
40
30
20
10
SEABRIDGE GOLD
6
Source: Company data. Data as of July 31st, 2014.
Note: For a breakdown of Seabridge’s mineral reserves and resources by project, tonnes and grade, please visit http://seabridgegold.net/resources.php
90
80
70
60
50
40
30
20
10
-
-
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Shares Outstanding (Millions)
Ounces of Gold (Millions)
7. $600
$500
$400
$300
$200
$100
-
Polymetal
Goldcorp
SEABRIDGE GOLD
Enterprise Value per Reserve oz Attractive Valuation
Buenaventura
Agnico-Eagle
Alamos
Yamana
Barrick
Newmont
AuRico
New Gold
Newcrest
Anglogold
Kinross
Detour
Polyus
NovaGold
Allied Nevada
Gabriel
Seabridge
7
Seabridge has a very low enterprise value per ounce of gold reserves
Source: Company data. Data as of July 31st, 2014.
(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
$9/oz
8. Low Political Risk
SEABRIDGE GOLD
• Illegal strikes and local opposition delay approved projects (Conga, Santa
Peru Anna, Tintaya)
• Open pit mining and use of cyanide banned in certain areas
• 100% tax on export earnings for some resource projects (Famatina, San Jose) Argentina
Ecuador • Increased taxes and royalties (Fruta del Norte)
• Creeping expropriation through imposed local and government ownership
Indonesia (Batu Hiju, Grassberg, Tujuh Bukit)
• Increased royalty structure and challenging power supply issues (all projects)
• Local opposition delays approved projects (El Morro, Pascua-Lama) Chile
Canada • Stable regulatory and tax regime
8
Where would you rather be?
9. KSM Project, British Columbia, Canada
SEABRIDGE GOLD
9
• 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
• BC Environmental Assessment
approved July 30, 2014. Federal
approval expected October 2014
• Signed Impact Benefit Agreement with
key Treaty Nation
• Newly discovered Deep Kerr deposit
adds significant upside potential
10. KSM is World Class!
40
30
20
10
SEABRIDGE GOLD
10
KSM is a world class gold-copper project
Source: Company data.
12
10
8
6
4
2
-
-
KSM
Donlin
Pueblo Viejo
Cerro Casale
Boddington
Caspiche
Pascua-Lama
Penasquito
Conga
Telfer
El Morro
Agua Rica
Galore Creek
Cu Reserves (B lbs)
Au Reserves (M oz)
Au Reserves Cu Reserves
14. KSM – Preliminary Feasibility Study
SEABRIDGE GOLD
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. KSM – PFS Pre-Tax Summary
SEABRIDGE GOLD
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 2012Spot
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
17. KSM Working Group Meetings
SEABRIDGE GOLD
17
Since 2008 Seabridge has been engaged with a working group consisting
of Treaty and First Nations and Canadian and U.S. Regulators
18. Earning our Social License
SEABRIDGE GOLD
• Seabridge has entered into a Benefits
Agreement with the Nisga’a Nation including
their support of the project
Treaty/First
Nation Support
• Seabridge continues to support the training of
the local labour force
Employment
Training
• Seabridge has received the support of the
Mayor and Councils of Smithers and Terrace
for the development of the KSM Project
Local
Community
Support
18
19. Support of Treaty and First Nations
SEABRIDGE GOLD
19
NISGA'A NATION AND SEABRIDGE GOLD ENTER INTO KSM
BENEFITS AGREEMENT
June 2014
"We appreciate Seabridge's open and direct approach to working with the Nisga'a
Nation. They began consulting with us very early on in the development of the KSM
Project design. They listened to our concerns and took them seriously. They have
been very responsive to our concerns around the environmental and social impacts
of the project on Nisga'a Treaty interests. As well, Seabridge has demonstrated a
real willingness to assist the Nisga'a Nation in creating genuine economic
opportunities and building the capacity of Nisga'a citizens.”
- Mitchell Stevens, President of the Nisga’a Nation
20. Gitxsan Summit
SEABRIDGE GOLD
20
Seabridge continues to meet with and inform Treaty and First Nations
on the local benefits that will be derived from the KSM Project.
21. Employment Training
SEABRIDGE GOLD
21
Seabridge continues to support employment training within local
communities for job skills that will be required at KSM
22. Terrace Open House
SEABRIDGE GOLD
22
Open and continued dialogue has resulted in the endorsement of
Seabridge and KSM by local communities
24. KERR ZONE
Plan View and
Cross Section Index
31 Oct. 2013
Hole trace histograms:
Red = Au assays
Green = Cu assays
SEABRIDGE GOLD
Conceptual
Pit Limits
(Mar. 2012)
400m
A K-13-34
Hole trace
histograms
K-13-31
K-13-24
A’
N
S 24
28. Deep Kerr Resources (March 2014)
Deep Kerr Inferred Resource
Tonnes Grade Inferred Grade Inferred Grade Inferred Grade Inferred
NSR
Cutoff
Value
($/tonne) (K) % (M lbs) g/t (K oz) g/t (K oz) ppm (K lbs)
8.0 749,928 0.42 6,917 0.30 7,325 1.7 41,349 24 40,146
12.0 675,228 0.45 6,730 0.32 6,921 1.7 37,897 26 38,175
16.0 597,280 0.49 6,472 0.34 6,515 1.8 34,644 27 35,962
20.0 514,667 0.53 6,052 0.36 5,914 1.8 30,319 28 32,087
24.0 442,221 0.58 5,640 0.39 5,485 1.9 26,670 29 28,654
28.0 376,888 0.62 5,168 0.41 4,976 2.0 23,919 30 24,849
32.0 317,108 0.67 4,700 0.44 4,477 1.9 19,570 31 21,504
36.0 272,175 0.71 4,279 0.46 4,012 1.9 16,699 31 18,621
SEABRIDGE GOLD
28
More than 2.5 times the average KSM copper grade
Copper Gold Silver Moly
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.
29. Deep Kerr - Favorable Comparison
SEABRIDGE GOLD
29
Favorable comparison to other world class gold-copper projects
Source: Most recent company reserve disclosures.
Grade
Owner/ Tonnes Copper Gold
Project Operator Location (Millions) % g/t
Batu Hiju Newmont Indonesia 439 0.40 0.28
Bingham Canyon Rio Tinto United States 704 0.49 0.20
Cadia East Newcrest Australia 1600 0.29 0.49
Grasberg Freeport Indonesia 488 0.93 0.88
Oyu Tolgoi Rio Tinto Mongolia 1040 0.46 0.31
34. Courageous Lake
• At 6.5M oz, (91 million tonnes at 2.2 gpT
Au) Courageous Lake (“CL”) is Canada’s
2nd largest undeveloped gold reserve
(KSM is 1st)
• Excellent open pit grade of 2.2 gpt Au
• 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
SEABRIDGE GOLD
34
35. 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
SEABRIDGE GOLD
35
36. Courageous Lake – PFS Pre-Tax Summary
SEABRIDGE GOLD
36
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
37. CL – Value Enhancing Opportunities
SEABRIDGE GOLD
• 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
37
38. Courageous Lake – Exploration Potential
• Existing 6.5M oz reserve (91 million
tonnes at 2.2 gpT Au) 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
SEABRIDGE GOLD
38
40. Walsh Lake Resources (March 2014)
Walsh Lake Inferred Resource
SEABRIDGE GOLD
40
Approximately twice the grade of Courageous Lake’s reserves
Cut-Off Gold
Grade 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 3.24 482
0.70 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
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.
41. Catalysts for Success
SEABRIDGE GOLD
41
EA/EIS Approval
• BC environmental
approval received
July 2014
• Federal approval
expected Oct 2014
Exploration Success
• Pursuing exploration
opportunities that will
improve project
economics
• $16M committed for
follow-up drilling at Deep
Kerr and to test other
potential higher grade
core targets
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
42. Corporate Information
SEABRIDGE GOLD
• NYSE: SA
• TSX: SEA
• Included in GDXJ
Listings
• 48.2 M shares outstanding
• 51.0 M fully diluted Share Structure
• No debt
• C$25M in working capital Balance Sheet
• Interests are aligned with shareholders
• Insiders own over 30% of common shares Management and Board
• Own ~35% of common shares
• Investors include Friedberg Mercantile, Royce, Van Eck, Weiss Financial Institutions
Strategic Investors • Royal Gold (holds option to acquire NSR at KSM for $160 million in cash)
42
43. Experienced Management
SEABRIDGE GOLD
43
• Over 30 years of 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 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
• 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
44. Board of Directors
• 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 Freeport Scott Barr
SEABRIDGE GOLD
• Over 40 years of accounting experience including senior audit partner with Deloitte Touche
Thomas Dawson
Chairman of Audit and
Nomination Committees
• 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-
Urien
• Currently serves as the Executive Chairman of The RMH Group, Inc.
• Former CEO (and previously COO and CFO) of Echo Bay Mines Richard Kraus
• Over 40 years of legal expertise in mining, securities, financing, an mergers and acquisitions
• Former CEO of Anvil Mining and current director of John Sabine
44
