Seabridge Gold Inc. Courageous Lake Spin-Out Update

Seabridge Gold Inc. has provided an update on the spin-out of its Courageous Lake gold project into a new entity, Valor Gold Corp. The spin-out, structured as a plan of arrangement, involves distributing all shares of Valor to Seabridge shareholders. A shareholder meeting is scheduled for May 22, 2026, to approve the arrangement. The information circular detailing the arrangement, Valor, and the Courageous Lake Project has been filed on SEDAR+ and will be filed with the SEC. Seabridge aims to unlock the value of the Courageous Lake project, which is considered overshadowed by its larger KSM project. Valor will be capitalized with C$10 million, funded by a gold stream advance and a share subscription from Seabridge. The project boasts significant gold resources and reserves, with potential for further exploration. The management and board of Valor have been detailed, including key appointments like CEO Mark Ashley. The completion of the spin-out is subject to shareholder and court approvals, as well as stock exchange listings for Valor. Seabridge shareholders are urged to review the information circular and vote on the arrangement.