December 2014

1. S E A B R I D G E G O L D
Corporate Presentation
December 2014

2. S E A B R I D G E G O L D
Forward Looking Statements
All reserve and resource estimates reported by the Company were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission. Mineral resources which are not mineral reserves do not have demonstrated economic viability. Statements relating to the estimated or expected future production and operating results and costs and financial condition of Seabridge, planned work at the Company’s projects and the expected results of such work are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company’s projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company’s projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Company’s Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2013 and in the Company’s Annual Report Form 40-F filed with the U.S. Securities and Exchange Commission on EDGAR (available at www.sec.gov/edgar.shtml). Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management or its independent professional consultants on the date the statements are made.
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3. S E A B R I D G E G O L D
The Case for Seabridge
•KSM: 38.2M oz gold plus 10B lbs copper (2.2B tonnes at 0.55 gpt Au and 0.21% Cu)
•Courageous Lake: 6.5M oz gold (91M tonnes at 2.2 gpt Au)
Proven and Probable Reserves
•48.2M shares outstanding
Low Share Dilution
•$7 Enterprise Value per ounce of gold reserves
Low Valuation
•All reserves are located in Canada
Low Political Risk
•New discoveries could add significant higher grade reserves to improve project economics
Exploration Upside
3

4. S E A B R I D G E G O L D
Gold Reserves
Reserves rank Seabridge among world’s top ten gold companies
4
Source: Company data. Data as of November 30, 2014.
Note: Companies shown include North America’s largest gold companies and selected gold project development companies.
Gold Reserves (M oz)
-
30
60
90
120
Barrick
Newmont
Polyus
Newcrest
Anglogold
Goldcorp
Seabridge
Kinross
Yamana
Agnico-Eagle
NovaGold
New Gold
Detour
Allied Nevada
Gabriel
Buenaventura
Polymetal
AuRico
Alamos
45M oz

5. S E A B R I D G E G O L D
-
0.20
0.40
0.60
0.80
1.00
1.20
Seabridge
Newmont
Anglogold
Agnico-Eagle
Newcrest
Allied Nevada
Detour
Barrick
Goldcorp
NovaGold
Kinross
New Gold
Buenaventura
Yamana
Polyus
Gabriel
AuRico
Polymetal
Alamos
Low Share Dilution
5
Seabridge ranks 1st in reserves/share among leading gold companies
Source: Company data. Data as of November 30, 2014.
Note: Companies shown include North America’s largest gold companies and selected gold project development companies.
Gold Reserves per Common Share
0.92 oz/share

6. S E A B R I D G E G O L D
Low Share Dilution (cont.)
6
Source: Company data. Data as of November 30, 2014. Note: For a breakdown of Seabridge’s mineral reserves and resources by project, tonnes and grade, please visit http://seabridgegold.net/resources.php
Reserves and Resources continue to grow faster than shares outstanding - 102030405060708090- 10203040506070809020032004200520062007200820092010201120122013 Shares Outstanding (Millions) Ounces of Gold (Millions)

7. S E A B R I D G E G O L D
-
$100
$200
$300
$400
$500
$600
Polymetal
Goldcorp
Buenaventura
Agnico-Eagle
Barrick
Alamos
Yamana
Newmont
AuRico
New Gold
Newcrest
Polyus
Kinross
Anglogold
Detour
Allied Nevada
NovaGold
Gabriel
Seabridge
Enterprise Value per Reserve oz
Attractive Valuation
7
Seabridge has a very low enterprise value per ounce of gold reserves
Source: Company data. Data as of November 30, 2014.
(1) Enterprise Value calculated as market capitalization (basic) plus net debt and minority interest
Note: Companies shown include North America’s largest gold companies and selected gold project development companies
$7/oz

8. S E A B R I D G E G O L D
Low Political Risk
•Illegal strikes and local opposition delay approved projects (Conga, Santa Anna, Tintaya)
Peru
•Open pit mining and use of cyanide banned in certain areas
•100% tax on export earnings for some resource projects (Famatina, San Jose)
Argentina
•Increased taxes and royalties (Fruta del Norte)
Ecuador
•Creeping expropriation through imposed local and government ownership (Batu Hijau, Grasberg, Tujuh Bukit)
Indonesia
•Increased royalty structure and challenging power supply issues (all projects)
•Local opposition delays approved projects (El Morro, Pascua-Lama)
Chile
•Stable regulatory and tax regime
•Established, reliable procedures for obtaining permits include deadlines for government agencies
Canada
8
Where would you rather be?

9. S E A B R I D G E G O L D
KSM Project, British Columbia, Canada
9
• KSM is the world’s largest undeveloped
gold/copper project (by reserves)
• Located in “mining friendly” British
Columbia near past producers
• Highly favorable logistics
• Estimated cash costs and total costs
well below current industry averages
• Base Case exhibits outstanding
capital efficiency
• BC Environmental Assessment
approved July 30, 2014. Federal
approval expected December 2014
• Signed Impact Benefit Agreement with
key Treaty Nation
• Newly discovered Deep Kerr deposit
adds significant upside potential

10. S E A B R I D G E G O L D
KSM is World Class!
10
KSM is a world class gold-copper project
Source: Company data.
-
2
4
6
8
10
12
-
10
20
30
40
KSM
Donlin
Pueblo Viejo
Cerro Casale
Boddington
Caspiche
Pascua-Lama
Penasquito
Conga
Telfer
El Morro
Agua Rica
Galore Creek
Cu Reserves (B lbs)
Au Reserves (M oz)
-
2
4
6
8
10
12
-
10
20
30
40
KSM
Donlin
Pueblo Viejo
Cerro Casale
Boddington
Caspiche
Pascua-Lama
Penasquito
Conga
Telfer
El Morro
Agua Rica
Galore Creek
Cu Reserves (B lbs)
Au Reserves (M oz)
Au Reserves Cu Reserves
-
2
4
6
8
10
12
-
10
20
30
40
KSM
Donlin
Pueblo Viejo
Cerro Casale
Boddington
Caspiche
Pascua-Lama
Penasquito
Conga
Telfer
El Morro
Agua Rica
Galore Creek
Cu Reserves (B lbs)
Au Reserves (M oz)
Au Reserves
Cu Reserves
-
2
4
6
8
10
12
-
10
20
30
40
KSM
Donlin
Pueblo Viejo
Cerro Casale
Boddington
Caspiche
Pascua-Lama
Penasquito
Conga
Telfer
El Morro
Agua Rica
Galore Creek
Cu Reserves (B lbs)
Au Reserves Cu -
2
4
6
8
10
12
-
10
20
30
40
KSM
Donlin
Pueblo Viejo
Cerro Casale
Boddington
Caspiche
Pascua-Lama
Penasquito
Conga
Telfer
El Morro
Agua Rica
Galore Creek
Cu Reserves (B lbs)
Au Reserves (M oz)
Au Reserves Cu Reserves

11. S E A B R I D G E G O L D
KSM – Favorable Logistics
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12. S E A B R I D G E G O L D
KSM – Mitchell Zone
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13. S E A B R I D G E G O L D
KSM – Project Layout
13

14. S E A B R I D G E G O L D
KSM – Preliminary Feasibility Study
14
The PFS projects a large, long-life mine
Unit Years 1-7 LOM 55-Year Plan Average Grades: Goldgpt0.790.55Copper%0.230.21Silvergpt2.392.74Molybdenumppm46.244.8Average Annual Production: Goldoz851,000508,000CopperM lbs195147SilverM oz2.12.2MolybdenumM lbs1.31.1

15. S E A B R I D G E G O L D
KSM – PFS Pre-Tax Economic Analysis
15
50+ year mine plan
Note: For Operating and Total Costs, copper, silver and molybdenum revenues are taken as a by-product credits.
Case
Unit
Base
Alternate
May 2012 Spot
Initial Capital Cost
$M
$5,300
$5,300
$5,300
Net Cash Flow
$M
$20,500
$16,800
$31,200
NPV @ 5%
$M
$4,500
$3,500
$7,700
Internal Rate of Return
%
11.5%
10.4%
14.7%
Payback Period
years
6.2
6.7
5.2
Operating Costs (LOM)
$/oz Au
$141
$263
$60
Total Costs (includes all capital)
$/oz Au
$598
$720
$535
Metal Prices:
Gold
$/oz
$1,330
$1,320
$1,650
Copper
$/lb
$3.45
$3.00
$3.75
Silver
$/oz
$25.20
$25.60
$32.00
Molybdenum
$/lb
$15.00
$15.00
$15.00
US$/Cdn$ Exchange Rate
-
0.96x
0.96x
1.00x

16. S E A B R I D G E G O L D
KSM – PFS After Tax Economic Analysis
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50+ year mine plan
Note: (1) For Operating and Total Costs, copper, silver and molybdenum revenues are taken as a by-product credits.
(2) Taxes include all Provincial taxes plus Federal Corporate Income Tax.
Case
Unit
Base
Alternate
May 2012 Spot
Initial Capital Cost
$M
$5,300
$5,300
$5,300
Net Cash Flow
$M
$13,100
$10,900
$20,100
NPV @ 5%
$M
$2,500
$1,900
$4,700
Internal Rate of Return
%
9.4%
8.5%
12.2%
Payback Period
years
6.4
6.9
5.3
Metal Prices:
Gold
$/oz
$1,330
$1,320
$1,650
Copper
$/lb
$3.45
$3.00
$3.75
Silver
$/oz
$25.20
$25.60
$32.00
Molybdenum
$/lb
$15.00
$15.00
$15.00
US$/Cdn$ Exchange Rate
-
0.96x
0.96x
1.00x

17. S E A B R I D G E G O L D
KSM – EA Review Timeline
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18. S E A B R I D G E G O L D
KSM Working Group Meetings
18
Since 2008 Seabridge has been engaged with a working group consisting of Treaty and First Nations and Canadian and U.S. Regulators

19. S E A B R I D G E G O L D
Earning our Social License
•Seabridge has entered into a Benefits Agreement with the Nisga’a Nation including their support of the project
Treaty/First Nation Support
•Seabridge continues to support the training of the local labour force
Employment Training
•Seabridge has received the support of the Mayor and Councils of Smithers and Terrace for the development of the KSM Project
Local Community Support
19

20. S E A B R I D G E G O L D
Support of Treaty and First Nations
20
NISGA'A NATION AND SEABRIDGE GOLD ENTER INTO KSM
BENEFITS AGREEMENT
June 2014
"We appreciate Seabridge's open and direct approach to working with the Nisga'a
Nation. They began consulting with us very early on in the development of the KSM
Project design. They listened to our concerns and took them seriously. They have
been very responsive to our concerns around the environmental and social impacts
of the project on Nisga'a Treaty interests. As well, Seabridge has demonstrated a
real willingness to assist the Nisga'a Nation in creating genuine economic
opportunities and building the capacity of Nisga'a citizens.”
- Mitchell Stevens, President of the Nisga’a Nation

21. S E A B R I D G E G O L D
Gitxsan Summit
21
Seabridge continues to meet with and inform Treaty and First Nations on the local benefits that will be derived from the KSM Project.

22. S E A B R I D G E G O L D
Employment Training
22
Seabridge continues to support employment training within local communities for job skills that will be required at KSM

23. S E A B R I D G E G O L D
Terrace Open House
23
Open and continued dialogue has resulted in the endorsement of Seabridge and KSM by local communities

24. S E A B R I D G E G O L D
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25. S E A B R I D G E G O L D
KERR ZONE
Plan View and
Cross Section Index
31 Oct. 2013
Conceptual Pit Limits (Mar. 2012)
400m
Hole trace histograms:
Red = Au assays
Green = Cu assays
A
K-13-34
Hole trace
histograms
K-13-24
K-13-31
A’
N
S
25

26. S E A B R I D G E G O L D
26
26

27. S E A B R I D G E G O L D
27
27

28. S E A B R I D G E G O L D
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29. S E A B R I D G E G O L D
Deep Kerr Resources (March 2014)
29
More than 2.5 times the average KSM copper grade
Note: Mineral resources which are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources have a high degree of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category.
Copper Gold Silver Moly
Tonnes Grade Inferred Grade Inferred Grade Inferred Grade Inferred
($/tonne) (K) % (M lbs) g/t (K oz) g/t (K oz) ppm (K lbs)
8.0 749,928 0.42 6,917 0.30 7,325 1.7 41,349 24 40,146
12.0 675,228 0.45 6,730 0.32 6,921 1.7 37,897 26 38,175
16.0 597,280 0.49 6,472 0.34 6,515 1.8 34,644 27 35,962
20.0 514,667 0.53 6,052 0.36 5,914 1.8 30,319 28 32,087
24.0 442,221 0.58 5,640 0.39 5,485 1.9 26,670 29 28,654
28.0 376,888 0.62 5,168 0.41 4,976 2.0 23,919 30 24,849
32.0 317,108 0.67 4,700 0.44 4,477 1.9 19,570 31 21,504
36.0 272,175 0.71 4,279 0.46 4,012 1.9 16,699 31 18,621
NSR
Cutoff
Value
Deep Kerr Inferred Resource

30. S E A B R I D G E G O L D
Deep Kerr - Favorable Comparison
30
Favorable comparison to other world class gold-copper projects
Source: Most recent company reserve disclosures.
GradeOwner/TonnesCopperGoldProjectOperatorLocation(Millions)%g/tBatu HijauNewmontIndonesia4390.400.28Bingham CanyonRio TintoUnited States7040.490.20Cadia EastNewcrestAustralia16000.290.49Grasberg FreeportIndonesia4880.930.88Oyu TolgoiRio TintoMongolia10400.460.31

31. S E A B R I D G E G O L D
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32. S E A B R I D G E G O L D
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33. 33

34. S E A B R I D G E G O L D
34

35. S E A B R I D G E G O L D
Courageous Lake
•At 6.5M oz, (91 million tonnes at 2.2 gpT Au) Courageous Lake (“CL”) is Canada’s 2nd largest undeveloped gold reserve (KSM is 1st)
•Excellent open pit grade of 2.2 gpt Au
•Recently completed Preliminary Feasibility Study shows viable project with exceptional leverage to higher gold prices
•Wholly owned 53 km greenstone belt provides excellent exploration potential
•Located in Northwest Territories within 100 km of Diavik and Ekati, two large operating open pit diamond mines
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36. S E A B R I D G E G O L D
Courageous Lake – Project Location
•Project located on winter ice road, in close proximity to the Diavik and Ekati mines
–Demonstrating that year round open pit bulk tonnage operations are feasible
•Nearby mines provide “real-time” estimates for capital and operating costs
–Additionally, with mines scheduled to close over the next several years, a local and trained workforce will be readily available
36

37. S E A B R I D G E G O L D
Courageous Lake – PFS Pre-Tax Summary
37
Exceptional leverage to gold price
Case Unit Base Alternate Gold Price$/oz$1,384$1,925Initial Capital Cost$M$1,520$1,520Mine Lifeyears15.015.0Average Annual Gold Productionounces385,000385,000Net Cash Flow$M$1,507$4,519NPV @ 5%$M$303$2,080Internal Rate of Return%7.3%18.7% Payback Periodyears11.24.0Operating Costs (years 1-5)$/oz Au$674$689Operating Costs (LOM)$/oz Au$780$796Total Costs (includes all capital)$/oz Au$1,123$1,141US$/Cdn$ Exchange Rate-0.98x0.99x

38. S E A B R I D G E G O L D
Courageous Lake – PFS After Tax Summary
38
Exceptional leverage to gold price
Case
Unit
Base
Alternate
Gold Price
$/oz
$1,384
$1,925
Initial Capital Cost
$M
$1,520
$1,520
Mine Life
years
15.0
15.0
Average Annual Gold Production
ounces
385,000
385,000
Net Cash Flow
$M
$1,037
$2,973
NPV @ 5%
$M
$92
$1,285
Internal Rate of Return
%
5.8%
15.3%
Payback Period
years
11.4
4.2
US$/Cdn$ Exchange Rate
--
0.98
0.99
Note: Taxes include all Provincial taxes plus Federal Corporate Income Tax.

39. S E A B R I D G E G O L D
CL – Value Enhancing Opportunities
•Access to hydro-electric generated power
•Examine year round road access opportunities
Improve Capital and Operating Costs
•Exploring for higher grade material that could be exploited in the early years of production
•History of high grade production along belt
Higher Grades
•Exploring for additional bulk mineable deposits that could extend project life beyond the current 15 year estimate
Additional Deposits
39

40. S E A B R I D G E G O L D
Courageous Lake – Exploration Potential
•Existing 6.5M oz reserve (91 million tonnes at 2.2 gpT Au) covers only 2 km of an under explored green- stone belt that stretches 53 km
–Owned 100% by Seabridge
•Two former producing mines on belt (Salmita and Tundra) had average grades of ~1 opt Au (30 gpt)
•Seabridge now exploring for additional deposits that could extend the estimated 15 year mine life
–With potentially higher grades mined in early years
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41. S E A B R I D G E G O L D
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42. S E A B R I D G E G O L D
Walsh Lake Resources (March 2014)
42
Approximately twice the grade of Courageous Lake’s reserves
Note: Mineral resources which are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources have a high degree of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category.
Walsh Lake Inferred Resource
Cut-Off Gold Grade Tonnes GradeInferred (g/T) (K) g/t(K oz) 0.20 6,647 2.37506 0.30 5,987 2.60500 0.40 5,477 2.81495 0.40 5,022 3.03489 0.60 4,624 3.24482 0.70 4,278 3.45475 0.80 3,986 3.65468 0.90 3,727 3.84460 1.003,512 4.02454

43. S E A B R I D G E G O L D
Catalysts for Success
43
EA/EIS Approval
•BC environmental approval received July 2014
•Federal approval expected Dec 2014
Exploration Success
•Pursuing exploration opportunities that will improve project economics
•$16M committed for follow-up drilling at Deep Kerr and to test other potential higher grade core targets
Joint Ventures
•Projects being de-risked to drive joint venture terms
•IBA negotiations proceeding with Treaty and First Nations
•Transactions dependent on improved market conditions

44. S E A B R I D G E G O L D
Corporate Information
•NYSE: SA
•TSX: SEA
•Included in GDXJ
Listings
•48.2 M shares outstanding
•51.0 M fully diluted
Share Structure
•No debt
•C$15M in working capital
Balance Sheet
•Interests are aligned with shareholders
•Insiders own over 30% of common shares
Management and Board
•Own ~35% of common shares
•Investors include Friedberg Mercantile, Royce, Van Eck, Weiss
Financial Institutions
•Royal Gold (holds option to acquire NSR at KSM for $160 million in cash)
Strategic Investors
44

45. S E A B R I D G E G O L D
Experienced Management
45
•Over 30 years of experience in the gold business, primarily as a senior officer and director of publicly traded companies including Greenstone Resources, Columbia Resources, Behre Dolbear & Company, Riverside Associates, Phibro-Salomon, Amax, and DRX
Rudi Fronk Co-Founder, Chairman & CEO
•Over 30 years of experience in the mining sector and responsible for designing and managing the technical programs required to advance Seabridge's two main assets towards feasibility
•Former Vice President of Solutions and Innovation for Newmont Mining Company
Jay Layman Director, President & COO
•Over 30 years of exploration experience and is responsible for the design and execution of Seabridge’s exploration and resource delineation programs
•Previously served as Exploration Manager and Vice President with Placer Dome
Bill Threlkeld Senior VP, Exploration
•Over 30 years of experience in mine engineering, design, strategic analysis and start-up
•Formerly a Group Executive, Mine Engineering at Newmont Mining Corporation
Peter Williams Senior VP, Technical Services
•Has 20 years of mining industry and public accounting experience and has been a CGA since 1994
•Currently a director of Paramount Gold and Silver
Christopher Reynolds VP, CFO
•Over 25 years of experience, Mr. Murphy is responsible for developing and managing Seabridge's environmental programs and community engagement strategies
Brent Murphy VP, Environmental Affairs
•Has practiced law in the areas of corporate finance and securities, corporate and mining since 1993 and has been counsel to Seabridge Gold since 1999
Bruce Scott VP, Corporate Affairs

46. S E A B R I D G E G O L D
Board of Directors
•Founder and Chairman of Mintec, Inc. and one of the original developers of MineSight™, recognized as the pre-eminent reserves modeling and mine design software system with more than 300 installations worldwide
Frederick Banfield
•Over 45 years of mining related experience, predominately in senior technical project management and operational roles, including Newmont and Freeport
Scott Barr
•Over 40 years of accounting experience including senior audit partner with Deloitte Touche
Thomas Dawson Chairman of Audit and Nomination Committees
•Over 30 years of experience, Mr. Gonzalez-Urien is one of the most highly regarded exploration geologists in the mining industry. Ran global exploration for Placer Dome from 1989 through 2001
Eliseo Gonzalez- Urien
•Currently serves as the Executive Chairman of The RMH Group, Inc.
• Former CEO (and previously COO and CFO) of Echo Bay Mines
Richard Kraus
•Over 40 years of legal expertise in mining, securities, financing, and mergers and acquisitions
•Former CEO of Anvil Mining and current director of Algold Resources Inc. and Uranium One
John Sabine
46