Rudi Fronk

When you look at KSM today at 190,000 tons of throughput a day, we have a 150-year mine life.

we found a deposit called Snip North, where we just had a maiden resource calculated of a 9.2 million oz of gold and about a billion pounds of copper at our second deposit at the Bronson Corridor deposit.

We've got a 15 million ounces of total resources there.

We now have about 5 and 1/2 million oz of gold at Bronson Slope and about a billion pounds of copper.

the total resources of gold at KSM are 180 million oz of gold uh and about 47 billion pounds of copper.

we have a 15 billion tons of economic resources defined under 43-101. Uh that's contained in five separate deposits.

And we have over a billion pounds of molybdenum. You add that all up at today's metal prices, it's a trillion dollars.

at your project, which we will get into, you've got gold, but also a major copper component.

We'll be making a concentrate that averages about 25 26% copper, but will also contain more than 2 oz of gold per ton of concentrate.

I mean KSM today is the largest undeveloped gold project in the world. And if you ignore the gold and look at our copper, it's the third largest undeveloped copper project in the world.

our measured indicated resources at KSM are just over 100 million oz of gold and right about 20 billion pounds of copper.

in terms of proven and probable reserves yeah between KSM and courageous lake it's just over 50 million ounces of 2P reserves

plus plus over 7 billion pounds of copper reserves um the the numbers are staggering

when we acquired a fifth deposit from our next-door neighbor, Pretium, uh called uh East Mitchell

KSM $13 billion MPV 5 at $2,200 gold.

$4,400 gold, uh I think 575 copper that showed an NPV after-tax of uh $33 billion.

at today's metal prices can show an NPV after-tax NPV north of $30 billion.

That at today's metal prices shows an NAV north of $3 billion

the NPV goes from 8 billion to over 30 billion.

When we did the original study in 2022, we used 1740 gold and 353 copper. That came up with an NAV of uh $8 billion and IRR of 16%.

At the higher metal prices, the NAV jumps to 33 billion and the IRR more than doubles to 34%.

the IRRa goes from eight from 16% to over 30%.

The payback period is about two years now at today's metal prices.

They work at uh $1,700 gold.

after we'd spent $440 million on the project. And then in July, the government granted us that designation.

we've now spent another almost $300 million on top of the $400 million we spent previously.

starting in 2022-2023, we went out and secured $750 million uh for uh for substantially started activities.

the 2022 feasibility pre-feasibility study came up with the initial capital of about 6.4 billion.

Okay, market cap today is about $2.3 billion US.

we we have worked hard to derisk KSM because our goal here is to bring in the major mining company as a partner. Uh we went out and spent uh over a billion dollars now on this project from day one

Seabridge is looking for a major miner partner to build and operate.

late last year we announced that we're now down to our preferred partner, one company from those three, and we are advancing in a very diligently way discussions towards that joint venture announcement.

About 3 years ago, we hired RBC Capital Markets to run a formal joint venture process.

we have worked hard to derisk KSM because our goal here is to bring in the major mining company as a partner

Of the $600 million we've spent over the past few years just on early site construction activities

since uh since inception, we've spent about a billion dollars plus on the project.

Uh cash on the balance sheet is more than hundred billion dollars Canadian.

When we received our substantially started designation in July of 2024, we filtered down those eight companies to three finalists.

You're hoping to have the partner by the end of 2025.

Phase one of the joint venture will be completion of a bankable feasibility study funded by our partner.

additional work and data has to be collected, geotechnical drilling, more samples for metallurgical testing, uh for also uh you know, determination of uh permanent structures. So, that work is ongoing this season

Obviously, naming our joint venture partner with the structure and terms that we're moving towards, and we're excited about that.

we also continue to drive the Treaty Creek access road that comes off of Highway 37 past our camp and up to where the tunnel portals were located.

on May 22nd we'll be holding a shareholders meeting where shareholders can vote on the spin out of Courageous Lake in a new public company called Valor Gold.

We completed a pre-feasibility study on that in early 2024.

we then updated our pre-feasibility study to show the project it as a renewed project

we still up to complete final feasibility study, which will be phase one of a joint venture

And then I'd love to be around for first production, which is probably, you know, seven years from now into the future

KSM has been designated as a critical metals project both provincially and federally. And most recently, we were identified as a priority project in BC

When we received our substantially started designation in July of 2024, we filtered down the joint venture process from seven or eight companies down to three finalists.

we achieved substantially started in July of 2024

Last year we got a uh a milestone uh achievement when we got substantially started designation from the EC government which means that the permits we now have are good for the life of the project.

the largest undeveloped gold project in the world in a jurisdiction that's safe in Canada and it's permitted

we have support from the Nisga'a Nation, the Tahltan Nation, the Gitxsan Hereditary Chiefs, BC Hydro, and all the local communities on our substantially started designation.

All three of those have supported the project uh not just verbally, but also in in writing over the years.

about half of that if not more has gone to the Tahltan and Nisga'a Nation and their related companies.

the government has spent over $700 million bringing in cheap hydropower to the district of the Northwest transmission line.

One asset we bought early on was a project called KSM in British Columbia

located in BC, it's a very large project

we have a major highway that goes right runs right next to our project. Along that highway, the government has spent over $700 million bringing in cheap hydropower to the district of the Northwest transmission line.

the permits we have and the approvals we have don't expire in July of 2026.

Our biggest shareholder is Albert Friedberg. Albert owns about um 18% of the company and has been a shareholder of ours since um since 2001.

David Iben who runs a uh uh a gold hedge fund down in Tampa, Florida. I think they own eight or nine% of the company now.

I own about I think 1.4 1.5 million shares. >> Okay. >> 95% of my net worth is in CB.

Van because we're part of the GDX and the GDXJ. I think the only company that's actually in both indices. Uh they probably own about eight or seven or eight% of the company now as well.

95% of your net worth is within your own stock. >> Yes. Uh yeah, we're all in on this one

Yes, I've been in the mining business for 46 years now. I'm a mining engineer. I built mines in third world countries.

And if you look at the results of our exploration team, our team has found more gold over the past 15 years than any company on the planet. Over 100 million ounces of gold through the drill bay.

in 1999, I launched Seabridge Gold with my partner at a time when gold was about $260 an ounce.

getting rid of block cave mining, open pit only, but showing a project that was far more robust than any other mine plans.

We've now secured 245 megawatts of power off that line.

It's actually a very uh no no no nasties in the ore making a very high-grade and high-valued concentrate.

We'll be making a concentrate that averages about 25 26% copper, but will also contain more than 2 oz of gold per ton of concentrate.

We're trading today at less than 10% of our NAV at current metal prices. The industry average today is about 55%.

We're trading today at less than $15 an ounce in the ground. The industry average is over $80 an ounce in the ground.

the market cap today is about $3 billion US.

So today we have uh 103 million shares outstanding.

each one of our shares is backed by over $9,000 worth of metal in the ground

today owns about I think about 18% of the company in the different buckets that he owns.

Very tightly held. Uh, insiders, what I consider insiders own over 30% of the company.

we are now in discussions with who we call our preferred partner.

we're now in final discussions with those three companies and expect to be able to announce a deal hopefully before the end of this year.

Number one, get that partnership done and announced, have the project move forward in the in the secure hands of a big company. Number two, then get to a construction decision

I do believe that in the not too distant future, and I would love to be able to talk about this at your conference, Rick.