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
• $10 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 July 28th, 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 July 28 28th, 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 July 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 July 28th, 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
-
$100
$200
$300
$400
$500
$600
$700
Alamos
NewGold
Polymetal
Buenaventura
Goldcorp
Yamana
Agnico-Eagle
Newmont
Barrick
Osisko
AuRico
Newcrest
Kinross
Detour
Anglogold
Polyus
Gabriel
NovaGold
AlliedNevada
Seabridge
$10/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)Chile
• Stable regulatory and tax regimeCanada
8
Where would you rather be?
9. SEABRIDGE GOLD
$15M
$9M
Exploration Potential
9
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
10. SEABRIDGE GOLD
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
10
23. SEABRIDGE GOLD
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
23
24. 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
24
25. 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
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
29. SEABRIDGE GOLD
Catalysts for Success
29
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
30. SEABRIDGE GOLD
Corporate Information
• NYSE: SA
• TSX: SEA
• Included in GDX and GDXJ
Listings
• 45.6M shares outstanding
• 48.0M fully dilutedShare Structure
• No debt
• More than C$30M 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
30
31. SEABRIDGE GOLD
Experienced Management
31
• 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 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
32. 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 2001Eliseo Gonzalez-Urien
32
