Seabridge may13pres

S E A B R I D G E G O L D

Corporate Presentation May 2013


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.

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The Case for Seabridge

• 44.7M oz Au • 10B lbs Cu

Proven and Probable Reserves

• 45.6M shares outstanding Low Share Dilution

• $10 enterprise value per ounce of gold reserves Low Valuation

• All reserves are located in Canada Low Political Risk

• New discoveries could add significant higher grade reserves to improve project economics Exploration Upside

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Gold Reserves Reserves rank Seabridge among world’s top ten gold companies

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Source: Company data. Data as of April 26, 2013. Note: Companies shown include North America’s largest gold companies and selected gold project development companies.

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Low Share Dilution

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Seabridge ranks 1st in reserves per share among leading gold companies

Source: Bloomberg, Company data. Data as of April 26, 2013. Note: Companies shown include North America’s largest gold companies and selected gold project development companies.

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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 April 26, 2013. Note: For a breakdown of Seabridge’s mineral reserves and resources by project, tonnes and grade, please visit http://seabridgegold.net/resources.php

http://seabridgegold.net/resources.php

http://seabridgegold.net/resources.php


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Attractive Valuation

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

Source: Company data. Data as of April 26, 2013. Note: Companies shown include North America’s largest gold companies and selected gold project development companies (1) Enterprise Value calculated as market capitalization (basic) plus net debt and minority interest

$10/oz


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) Chile

• Stable regulatory and tax regime Canada

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Where would you rather be?


$15M

$9M

Exploration Potential

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The best holes ever drilled at KSM and Courageous Lake were new discoveries in 2012

• Defining a resource at Deep Kerr • Testing for other potential “game changing”

core zones KSM

• Defining an initial resource at Walsh Lake, where 2012 drilling identified a new deposit with grades that are expected to be significantly higher than existing reserves

Courageous Lake

2013 Budget

$24M


Kerr, Sulphurets and Mitchell

• Kerr, Sulphurets and Mitchell (“KSM”), is the world’s largest undeveloped gold/copper project (by reserves)

– KSM reserves at 38.2M oz Au and 10B lbs Cu

• Located in “mining friendly” British Columbia near past producers

• Highly favorable logistics – Access to inexpensive hydro power – Nearby highway network and year-round

operating seaport facility

• Estimated cash costs well below current industry averages

– Operating costs of $141/oz Au – Total costs of $598/oz Au – Less than $0.06/kwh to plug-into hydro power

located less than 30 km away

• Base Case exhibits outstanding capital efficiency

– 50+ year mine life – Payback of 6 years

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KSM is World Class!

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KSM is a World Class Gold-Copper Project

Source: Company data.

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KSM – Mitchell Zone

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KSM – Favorable Logistics

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KSM – Project Layout

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KSM – Preliminary Feasibility Study

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The PFS projects a large, long-life mine

Unit Years 1-7 LOM 55-Year Plan Average Grades:Gold gpt 0.79 0.55Copper % 0.23 0.21Silver gpt 2.39 2.74Molybdenum ppm 46.2 44.8

Average Annual Production:Gold oz 851,000 508,000Copper M lbs 195 147Silver M oz 2.1 2.2Molybdenum M lbs 1.3 1.1


KSM – PFS Pre-Tax Summary

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50+ year mine plan Case

Unit Base Alternate Recent 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

Note: For Operating and Total Costs, copper, silver and molybdenum revenues are taken as a by-product credits.


KSM – EA Review Timeline

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Stage I: Formation of Multiple Ore Deposits

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Stage II: Compression, Thrust, Faulting, erosion

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Stage III: Extension, Normal Faulting, Erosion

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KSM PROJECT

2013 DRILLING

TARGET AREAS

IRON CAP

MITCHELL

SULPHURETS

CAMP

KERR

SNOWFIELD

BRUCEJACK

VOK

NORTH MITCHELL

McQUILLAN

2 km

S E A B R I D G E G O L D 22


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

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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

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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

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Courageous Lake – 2012 PFS (July 2012)

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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


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

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Catalysts for Success

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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


Corporate Information

•NYSE: SA •TSX: SEA •Included in GDX and GDXJ

Listings

•45.6M shares outstanding •48.0M fully diluted Share Structure

•No debt •More than C$40M in cash 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, Bristol Financial Institutions

•Royal Gold (recently increased KSM royalty option) Strategic Investors

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Experienced Management

• 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

• With over 30 years of experience in the mining sector, joined Seabridge in 2011 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, where he was responsible for all exploration activity and investment in Latin America

Bill Threlkeld Senior VP

• 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 20 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

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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 Freeport Scott 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 Metals Louis 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 Gonzalez-Urien

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