Seabridge Gold Provides Update on Courageous Lake Spin-Out Information Circular available on SEDAR+ Meeting Date: May 22nd, 2026

Seabridge Gold announced a planned spin-out of its Courageous Lake gold project into a new listed company, Valor Gold Corp, with a shareholder vote set for May 22, 2026. The Circular has been filed on SEDAR+ and with the SEC; Valor would receive 55,000,000 shares (to be distributed to Seabridge shareholders at ~1 Valor per 1.952 Seabridge shares) and C$10 million of initial funding (C$5.1M subscription + C$4.9M stream advance). Courageous Lake hosts 11.0M oz M&I and 3.3M oz inferred gold, and Seabridge retains a 10% gold stream at US$4,000/oz. The move is positioned to unlock value by creating a focused, TSX/OTCQB‑listed gold company, but completion remains subject to shareholder, court and exchange approvals and standard execution risks.