SA · Seabridge Gold Inc.

The delay stems from a legal action by Tudor Gold Corp. questioning whether Seabridge's conditional mineral reserve (CMR) for the Mitchell Treaty Tunnels (MTT) extends to Tudor's pre-existing mineral claims. The MTT is critical KSM Project infrastructure, with 12.5 km traversing Tudor's claims to link Mitchell Valley mining to Treaty Valley processing. Seabridge already possesses a Licence of Occupation and permits for portals plus initial tunnel segments. Despite prior Ministry confirmations affirming CMR coverage, the decision-maker awaits legal resolution before approving full permit amendments. CEO Rudi Fronk expressed confidence in the CMR's authority to reserve land for such infrastructure, noting KSM's repeated provincial endorsements. No construction is imminent absent a Final Feasibility Study, and Seabridge remains open to solutions if Tudor's Goldstorm project advances to permitted status, avoiding premature route changes.