SA · Seabridge Gold Inc.

The designation of Seabridge’s KSM Project as a provincial priority project represents a material regulatory milestone with direct implications for project execution risk and timeline visibility. By assigning KSM to British Columbia’s priority project list, the Province commits dedicated inter-agency permitting coordination — a formal mechanism intended to resolve jurisdictional overlaps, align review timelines across ministries, and reduce procedural delays. This is particularly consequential for KSM, a capital-intensive, multi-phase development requiring numerous provincial permits including environmental assessment certification, water license approvals, and land use authorizations. The filing explicitly states that this support is expected to “streamline and expedite permitting timelines,” directly addressing a key investor concern historically associated with large-scale mining projects in Canada. While no binding schedule or enforceable deadlines are disclosed, the designation signals elevated political and administrative attention, potentially improving predictability around key path-dependent milestones such as the Environmental Assessment Certificate decision. Management’s commentary underscores the strategic weight of the recognition — citing alignment with BC’s Look West strategy and emphasizing long-standing collaboration with Indigenous governments. Importantly, the filing confirms continued consultation with three specific Indigenous entities, reinforcing social license continuity but without disclosing new agreements or consent outcomes. Given KSM’s status as Seabridge’s flagship asset and its centrality to the company’s valuation, any de-risking of the permitting pathway meaningfully affects near-to-medium-term development optionality and financing readiness.