Seabridge Gold owns several gold and copper projects located in Canada, including its flagship KSM project. KSM has over 44 million ounces of gold reserves and 10 billion pounds of copper reserves, ranking it among the largest undeveloped gold and copper projects globally. Recent drilling has also discovered the Deep Kerr zone below the main KSM deposits, indicating potential to significantly increase reserves. Seabridge has a strong balance sheet with low share dilution, and trades at a very low valuation compared to peers given the quality and size of its reserves. The presentation outlines the positive economics demonstrated by the preliminary feasibility study for KSM and discusses the project's permitting process and support from local First Nations groups.
MUTUAL FUNDS (ICICI Prudential Mutual Fund) BY JAMES RODRIGUESWilliamRodrigues148
Mutual funds are investment vehicles that pool money from multiple investors to purchase a diversified portfolio of stocks, bonds, or other securities. They are managed by professional portfolio managers or investment companies who make investment decisions on behalf of the fund's investors.
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, 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.
SEABRIDGE GOLD
2
3. The Case for Seabridge
Proven and
Probable Reserves
• 44.7M oz Au
• 10B lbs Cu
Low Share Dilution
• 47.1M shares outstanding
Low Valuation
Low Political Risk
Exploration Upside
SEABRIDGE GOLD
• $8 enterprise value per ounce of gold reserves
• All reserves are located in Canada
• New discoveries could add significant higher
grade reserves to improve project economics
3
4. Gold Reserves
Reserves rank Seabridge among world’s top ten gold companies
Gold Reserves (M oz)
150
120
90
45M oz
60
30
Alamos
AuRico
Buenaventura
Polymetal
Osisko
Gabriel
Allied Nevada
Detour
New Gold
Agnico-Eagle
NovaGold
Yamana
Seabridge
Kinross
Goldcorp
Anglogold
Polyus
Newcrest
Newmont
Barrick
-
Source: Company data. Data as of January 27th, 2014.
Note: Companies shown include North America’s largest gold companies and selected gold project development companies.
SEABRIDGE GOLD
4
5. Low Share Dilution
Gold Reserves per Common Share
Seabridge ranks 1st in reserves/share among leading gold companies
1.20
0.95 oz/share
1.00
0.80
0.60
0.40
0.20
New Gold
Alamos
Osisko
Polymetal
Gabriel
Polyus
AuRico
Yamana
Buenaventura
Kinross
NovaGold
Goldcorp
Agnico-Eagle
Detour
Newcrest
Allied Nevada
Barrick
Anglogold
Newmont
Seabridge
-
Source: Company data. Data as of January 27th, 2014.
Note: Companies shown include North America’s largest gold companies and selected gold project development companies.
SEABRIDGE GOLD
5
6. Low Share Dilution (cont.)
Resources have grown more than 10x faster than shares outstanding
80
80
70
70
60
60
50
50
40
40
30
30
20
20
10
Ounces of Gold (Millions)
90
10
-
Shares Outstanding (Millions)
90
2003
2004
Proven & Probable Gold Reserves
2005
2006
2007
2008
Measured & Indicated Gold Resources
2009
2010
2011
Inferred Gold Resources
2012
Common Shares Outstanding
Source: Company data. Data as of January 27th, 2014.
Note: For a breakdown of Seabridge’s mineral reserves and resources by project, tonnes and grade, please visit http://seabridgegold.net/resources.php
SEABRIDGE GOLD
6
7. Attractive Valuation
Enterprise Value per Reserve oz
Seabridge has a very low enterprise value per ounce of gold reserves
$500
$400
$300
$200
$8/oz
$100
Seabridge
Allied Nevada
Gabriel
NovaGold
Detour
Kinross
Polyus
Anglogold
Newcrest
AuRico
Newmont
New Gold
Barrick
Osisko
Alamos
Goldcorp
Yamana
Agnico-Eagle
Buenaventura
Polymetal
-
Source: Company data. Data as of January 27th, 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
SEABRIDGE GOLD
7
8. Low Political Risk
Where would you rather be?
Peru
Argentina
Ecuador
Indonesia
Chile
Canada
SEABRIDGE GOLD
• Illegal strikes and local opposition delay approved projects (Conga, Santa
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)
• Increased taxes and royalties (Fruta del Norte)
• Creeping expropriation through imposed local and government ownership
(Batu Hiju, Grassberg, Tujuh Bukit)
• Increased royalty structure and challenging power supply issues (all projects)
• Local opposition delays approved projects (El Morro, Pascua-Lama)
• Stable regulatory and tax regime
8
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
• Newly discovered Deep Kerr deposit
adds significant upside potential
SEABRIDGE GOLD
9
10. 0
40
40 40
40
20 20
20
10
-
-- -
Source: Company data.
SEABRIDGE GOLD
Au Au Reserves Cu Cu Reserves
Au
Reserves
Cu Reserves
Reserves
Cu Reserves
12
10
30 30
30
8
20
6
4
-
10 10
10
10 10
10
8
88 8
6
66 6
4
44 4
2
Cu Reserves (B lbs)
Cu Reserves (B lbs)
Cu Reserves (B lbs)
Cu Reserves (B lbs)
0
KSM
Pueblo Viejo
KSM
KSM
KSM
Donlin
Cerro Casale
Donlin
Donlin
Donlin
Pueblo Viejo
Boddington
Pueblo Viejo
Pueblo Viejo
Pueblo Viejo
Cerro Casale
Caspiche
Cerro Casale
Cerro Casale
Cerro Casale
Boddington
Pascua-Lama
Boddington
Boddington
Boddington
Caspiche
Penasquito
Caspiche
Caspiche
Caspiche
Pascua-Lama
Conga
Pascua-Lama
Pascua-Lama
Pascua-Lama
Penasquito
Telfer
Penasquito
Penasquito
Penasquito
Conga
Morro
ElConga
Conga
Conga
Telfer
Agua Rica
Telfer
Telfer
Telfer
El Morro
Galore Creek
El Morro
El Morro
El Morro
Agua Rica
Agua Rica
Agua Rica
Agua Rica
Galore Creek
Galore Creek
Galore Creek
Galore Creek
0
Donlin
30
Au Reserves (M oz)
Au Reserves (M oz)
Au Reserves (M oz)
Au Reserves (M oz)
0
Au Reserves
Cu Reserves (B lbs)
KSM
KSM is World Class!
KSM is a World Class Gold-Copper Project
12
12 12
12
10
2
22 2
-
-- -
10
14. KSM – Preliminary Feasibility Study
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
851,000
508,000
Average Annual Production:
Gold
oz
Copper
M lbs
195
147
Silver
M oz
2.1
2.2
Molybdenum
M lbs
1.3
1.1
SEABRIDGE GOLD
14
15. KSM – PFS Pre-Tax Summary
50+ year mine plan
Unit
Base
Case
Alternate
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
May 2012 Spot
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
$15.00
0.96x
0.96x
1.00x
US$/Cdn$ Exchange Rate
-
Note: For Operating and Total Costs, copper, silver and molybdenum revenues are taken as a by-product credits.
SEABRIDGE GOLD
15
17. KSM Working Group Meetings
Since 2008 Seabridge has been engaged with a working group consisting
of Treaty and First Nations and Canadian and U.S. Regulators
SEABRIDGE GOLD
17
18. Earning our Social License
Treaty/First
Nation Support
• Seabridge has reached an agreement in
principle on key elements of Benefits
Agreement with the Nisga’a Nation
Employment
Training
• Seabridge continues to support the training of
the local labour force
Local
Community
Support
• Seabridge has received the support of the
Mayor and Councils of Smithers and Terrace
for the development of the KSM Project
SEABRIDGE GOLD
18
19. Support of Treaty and First Nations
NISGA'A NATION AND SEABRIDGE GOLD CONFIRM
AGREEMENT IN PRINCIPLE ON KEY ELEMENTS OF KSM
BENEFITS AGREEMENT
August 2013
"Seabridge has demonstrated a real willingness to assist the
Nisga'a Nation in creating genuine economic opportunities for, and
building the capacity of, Nisga'a citizens, [and] we look forward to
continuing our participation in the environmental assessment
process for the KSM Project.“
- Mitchell Stevens, President of the Nisga’a Nation
SEABRIDGE GOLD
19
20. Gitxsan Summit
Seabridge continues to meet with and inform Treaty and First Nations
on the local benefits that will be derived from the KSM Project.
SEABRIDGE GOLD
20
21. Employment Training
Seabridge continues to support employment training within local
communities for job skills that will be required at KSM
SEABRIDGE GOLD
21
22. Terrace Open House
Open and continued dialogue has resulted in the endorsement of
Seabridge and KSM by local communities
SEABRIDGE GOLD
22
24. N
KERR ZONE
Plan View and
Cross Section Index
31 Oct. 2013
K-13-34
A
A’
K-13-31
K-13-24
Conceptual
Pit Limits
(Mar. 2012)
Hole trace
histograms
Hole trace histograms:
Red = Au assays
Green = Cu assays
400m
SEABRIDGE GOLD
S
24
28. Deep Kerr Resources (February 2014)
More than 2.5 times the average KSM copper grade
Deep Kerr Inferred Resource
NSR
Cutoff
Value
($/tonne)
Tonnes
Grade
Inferred
Grade
Inferred
Grade
Inferred
Grade
Inferred
(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
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.
SEABRIDGE GOLD
28
29. Deep Kerr - Favorable Comparison
Favorable comparison to other world class gold-copper projects
Grade
Copper
Gold
%
g/t
Project
Owner/
Operator
Location
Tonnes
(Millions)
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
Source: Most recent company reserve disclosures.
SEABRIDGE GOLD
29
32. Courageous Lake
• 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
SEABRIDGE GOLD
32
33. 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
33
34. Courageous Lake – 2012 PFS (July 2012)
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
SEABRIDGE GOLD
34
35. CL – Value Enhancing Opportunities
Improve Capital
and Operating
Costs
• Access to hydro-electric generated power
• Examine year round road access
opportunities
Higher
Grades
• Exploring for higher grade material that could
be exploited in the early years of production
• History of high grade production along belt
Additional
Deposits
• Exploring for additional bulk mineable
deposits that could extend project life beyond
the current 15 year estimate
SEABRIDGE GOLD
35
36. 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
SEABRIDGE GOLD
36
38. Catalysts for Success
Joint Ventures
Exploration Success
EA/EIS Approval
• Advancing through
environmental
approval and
permitting process
• Approval expected
mid 2014
SEABRIDGE GOLD
• 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
• Projects being de-risked to
drive joint venture terms
• IBA negotiations
proceeding with Treaty and
First Nations
• Transactions dependent on
improved market conditions
38
39. Corporate Information
Listings
Share Structure
Balance Sheet
Management and Board
Financial Institutions
Strategic Investors
SEABRIDGE GOLD
• NYSE: SA
• TSX: SEA
• Included in GDXJ
• 47.1M shares outstanding
• 49.9 M fully diluted
• No debt
• More than C$30M in working capital
• Interests are aligned with shareholders
• Insiders own over 30% of common shares
• Own ~35% of common shares
• Investors include Friedberg Mercantile, Royce, Van Eck, Weiss
• Royal Gold (holds option to acquire NSR at KSM for $160 million in cash)
39
40. Experienced Management
Rudi Fronk
Co-Founder, Chairman & CEO
Jay Layman
Director, President & COO
Bill Threlkeld
Senior VP, Exploration
Peter Williams
Senior VP, Technical Services
Christopher Reynolds
VP, CFO
Brent Murphy
VP, Environmental Affairs
Bruce Scott
VP, Corporate Affairs
SEABRIDGE GOLD
• 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
• 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
• 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
• Over 30 years of experience in mine engineering, design, strategic analysis and start-up
• Formerly a Group Executive, Mine Engineering at Newmont Mining Corporation
• 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
• Over 25 years of experience, Mr. Murphy is responsible for developing and managing Seabridge's
environmental programs and community engagement strategies
• 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
40
41. Board of Directors
Frederick Banfield
• 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
Scott Barr
• Over 45 years of mining related experience, predominately in senior technical project management and
operational roles, including Newmont and Freeport
Thomas Dawson
Chairman of Audit and
Nomination Committees
• Over 40 years of accounting experience including senior audit partner with Deloitte Touche
Louis Fox
• Over 25 years experience in precious metals trading, merchanting and merchant banking activities
including J. Aron & Co,, Goldman Sachs and Gerald Metals
Eliseo Gonzalez-Urien
• 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
Richard Kraus
SEABRIDGE GOLD
• Currently serves as the Executive Chairman of The RMH Group, Inc.
• Former CEO (and previously COO and CFO) of Echo Bay Mines
41