Can you please introduce Seabridge Gold and provide a rundown of the highlights of 2023?

Seabridge Gold was founded in October 1999 with the goal of creating a leading investment platform to capitalize on very low gold prices. Over the past 24 years, our company has delivered exceptional performance, with our share price increasing by over 5,000% against the backdrop of a 500% increase in the price of gold during the same period. This outperformance was achieved by our ability to grow ounces in the ground faster than shares outstanding. Today, with over 2 oz of gold in the ground per common share, Seabridge leads the industry in ounces of gold per common share.

Recognizing that an ounce of gold is worth more in your pocket than in the ground, we are now advancing to the second phase of our strategy by looking to partner our giant KSM project with a major mining company that possesses the technical, financial, and social skills to build and operate KSM. To this end, in 2023 we initiated a formal KSM joint venture process to secure a partner, while at the same time continuing early site construction to ensure our permits remain valid for the life of the project. What was the strategy behind the US$150 million sale of an NSR royalty in May 2023?

In addition to its size, capital efficiency, and location, what sets KSM apart from other large undeveloped gold/copper projects is its environmental approvals and construction permits in hand. However, to ensure that the approvals remain in place for the life of the project, KSM needs to be Substantially Started by July 2026.

In 2021 we decided to start early-site construction activities to ensure that we achieve a Substantially Started designation. We have now raised US$375 million in two secured note transactions from Sprott Royalties without share dilution. Both of the notes issued to Sprott and their partners will convert into royalties at commercial production.

By the end of 2023, we spent in excess of C$400 million on the construction of roads and bridges, camps, power, and fish habitats. We filed our Substantially Started application with the government of British Columbia in January 2024. What are the biggest challenges you have faced in developing the KSM project?

The biggest challenge in developing KSM is its immense scale. With over 11 billion tons of economic mineral resources, coupled with a projected construction cost of US$6.4 billion, there is a limited number of potential partners capable of building and operating the mine. Thus, we need the right JV partner.

Another challenge is the regulatory process. We commenced the environmental assessment (EA) process in early 2008 but did not achieve final approvals until late 2014. The EA process is time-consuming and expensive. What are Seabridge’s priorities for 2024?

Firstly, we are focused on securing the ‘Substantially Started’ designation for KSM, which is critical to maintaining our permits throughout the project's duration. We submitted our application for this designation in January 2024.

Secondly, our goal is to secure a JV partner for KSM. Our objective in a JV is to maintain a meaningful interest in the project while minimizing our capital exposure. In Q3 2023 we had five large mining companies visit KSM and discussions are advancing with several of these companies. To facilitate our JV process, we have engaged RBC Capital Markets as our advisor.

Finally, our commitment to exploration remains steadfast. We have three promising early-stage projects in our portfolio: Iskut in British Columbia, 3 Aces in the Yukon, and Snowstorm in Nevada. Each of these projects has the potential to be a game-changer for our company.

In conclusion, if you believe the price of gold is set to go higher, or you are just looking for portfolio insurance, Seabridge common shares have a 24-year track record of outperforming the gold price and other gold equities when the price of gold is rising. I personally have over 90% of my net worth invested in Seabridge common shares, underscoring my confidence in the company's future and the value we intend to deliver to our shareholders.