1 1 1 1 1 1

April 2013

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, 2012 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.

Forward looking statements

2

The Case for Seabridge

3

• Proven and probable reserves: 44.7 million ounces of gold plus 10 billion pounds of copper

• Low share dilution: 45.6 million shares outstanding

• Low valuation: $11 enterprise value per ounce of gold reserves

• Low political risk: all reserves are located in Canada

• Exploration upside: new discoveries could add significant higher grade reserves to improve project economics

4

Proven and probable reserves ranks Seabridge among

world’s top ten gold companies

Gold reserves (millions of ounces)

-

30

60

90

120

150

Barr

ick

Ne

wm

on

t

Ne

wcre

st

Ang

logo

ld

Gold

co

rp

Kin

ross

Sea

brid

ge

Yam

ana

No

vaG

old

Agn

ico

-Eag

le

De

tou

r

Alli

ed

Neva

da

Gab

riel

Osis

ko

Bue

nave

ntu

ra

Ne

w G

old

AuR

ico

Ala

mos

Ne

vsun

Companies shown include North America’s largest gold companies and selected gold project development companies.

Source: Company data. Data as of March 28, 2013.

45M oz

5

Low Share Dilution - Seabridge ranks first in reserves per

common share among these leading gold companies

Proven and Probable gold reserves per common share

-

0.20

0.40

0.60

0.80

1.00

1.20

Sea

brid

ge

New

mo

nt

Ang

logo

ld

Barr

ick

Alli

ed

Neva

da

De

tou

r

New

cre

st

Agn

ico-E

ag

le

Gold

co

rp

NovaG

old

Kin

ross

Bue

nave

ntu

ra

Yam

ana

Gab

riel

AuR

ico

Osis

ko

Ala

mos

New

Gold

Nevsun

Companies shown include North America’s largest gold companies and selected gold project development companies.

Source: Capital IQ, company data. Data as of March 28, 2013.

0.98 oz/share

6

Gold reserves/resources have grown more than ten times

faster than shares outstanding…

Proven & Probable Gold Reserves Measured & Indicated Gold Resources Inferred Gold Resources Common Shares Outstanding

-

10

20

30

40

50

60

70

80

90

-

10

20

30

40

50

60

70

80

90

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Sh

are

s O

uts

tan

din

g (M

illion

s)

Ou

nce

s o

f G

old

(M

illio

ns)

Source: Company data. Data as of March 28, 2013.

Note: For a breakdown of Seabridge’s mineral reserves and resources by project, tonnes and grade, please visit http://seabridgegold.net/resources.php

7

With one of the largest reserve bases in the industry,

Seabridge currently has one of the lowest valuations

Enterprise value/reserves (US$/oz)1

$11/oz

Companies shown include North America’s largest gold companies and selected gold project development companies.

Source: Capital IQ, company data. Data as of March 28, 2013. 1Enterprise value is calculated as market capitalization (basic) plus net debt and minority interests.

8

Low political risk … jurisdiction does matter

• Peru – illegal strikes and local opposition delay approved projects (Conga, Santa Anna, Tintaya)

• Argentina – open pit mining and use of cyanide banned in certain areas. 100% tax on export earnings for some resource projects (Famatina and San Jose)

• Ecuador – increased taxes and royalties (Fruta del Norte)

• Indonesia – creeping expropriation through imposed local and government ownership (Batu Hiju, Grassberg, Tujuh Bukit)

• Chile – increased royalty structure and challenging power supply issues (all projects). Local opposition delays approved projects (El Morro)

• Canada – stable regulatory and tax regime

9

2012 exploration discovered higher grade copper-gold zones

at KSM and higher grade gold at Courageous Lake

• $24 million in exploration planned for 2013

• At KSM, exploration will focus on defining resource at Deep Kerr as well as testing for other potential “game changing” core zones

• At Courageous Lake, exploration will focus on defining resource at Walsh Lake

10

Kerr, Sulphurets and Mitchell (“KSM”)

• World’s largest undeveloped gold/copper project

(by reserves). KSM reserves at 38.2 million ounces of

gold and 10 billion pounds of copper

• Located in “mining friendly” British Columbia near past

producers

• Highly favorable logistics including < 6 cents/kwh hydro

power less than 30 km away, nearby highway network

and year-round operating seaport facility

• Estimated cash operating costs ($141 per ounce) and

total costs ($598 per ounce) well below current industry

averages

• 55 year mine life with projected “base case” payback of

6 years = outstanding capital efficiency

11

KSM is a world class gold-copper project

Gold & Copper Reserves

Source: Company data.

-

2

4

6

8

10

-

10

20

30

40

50

KS

M

Do

nlin

Pue

blo

Vie

jo

Ce

rro

Ca

sale

Bod

din

gto

n

Ca

sp

ich

e

Pascu

a-L

am

a

Pen

asqu

ito

Co

ng

a

Te

lfer

El M

orr

o

Agu

a R

ica

Galo

re C

ree

k

Cu

Re

se

rve

s (B

lbs)A

u R

ese

rve

s (

M o

z)

Au Reserves Cu Reserves

12

KSM – Mitchell zone

13

KSM – favorable logistics

14

KSM baseline project layout

15

Years 1 – 7 Life of Mine 55 Year Plan

Average Grades:

Gold (grams per tonne)

Copper (%)

Silver (grams per tonne)

Molybdenum (parts per million)

0.79

0.23

2.39

46.2

0.55

0.21

2.74

44.8

Average Annual Production:

Gold (ounces)

Copper (pounds)

Silver (ounces)

Molybdenum (pounds)

851,000

195 million

2.1 million

1.3 million

508,000

147 million

2.2 million

1.1 million

Preliminary Feasibility Study projects large, long-life mine

16

KSM’s grades and per tonne values are similar to other large

producing and devolpment porphyry projects

Cadia El Morro Boddington Minas Conga KSM

Owner

Newcrest

Goldcorp New Gold

Newmont

Newmont

Buenaventura

Seabridge

Average Grades: Gold (gpt) Copper (%) Silver (gpt) Molybdenum (ppm)

0.58 0.31 0.53 n/a

0.50 0.54 n/a n/a

0.56 0.11 n/a n/a

0.65 0.28 2.00 n/a

0.55 0.21 2.74 44.7

In-situ spot value per tonne Contained Metal in Reserves: Gold (million ounces) Copper (billion pounds) Silver (million ounces) Moly (million pounds)

$52.51

22.2 8.1 22 n/a

$64.42

8.3 6.2 n/a n/a

$36.69

19.5 2.3 n/a n/a

$55.24

12.6 3.3 38 n/a

$47.20

38.2 9.9 191 213

Source: Company data.

Note: In-situ values based on $1,600/oz gold, $27/oz silver, $3.25/lb copper and $15/lb moly

17 17

Preliminary Feasibility Study pre-tax summary

55 year mine plan

PFS Base Case

PFS Alternate

Case Recent Spot

Prices

Initial Capital Cost $5.3 billion $5.3 billion $5.3 billion

Net Cash Flow $20.5 billion $16.8 billion $31.2 billion

NPV @ 5% $4.5 billion $3.5 billion $7.7 billion

IRR (%) 11.5 10.4 14.7

Payback Period (years) 6.2 6.7 5.2

Operating Costs Per Ounce of Gold (life of mine)

141

263

60

Total Costs Per Ounce of Gold Produced (includes all capital)

598

720

535

Metal Prices: Gold ($/ounce) Copper ($/pound) Silver ($/ounce) Molybdenum ($/pound)

1,330 3.45

25.20 15.00

1,320 3.00

25.60 15.00

1,650 3.75

32.00 15.00

US$/Cdn$ Exchange Rate 0.96 0.96 1.00

Associated

copper, silver

and

molybdenum

significantly

enhances cash

and total costs

Low cost vs. gold industry

-

500

1,000

1,500

10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Cash cost ($/oz)

Percentile (%)

KSM

Base Case:

$141/oz

In the 2012 PFS, average estimated cash cost at KSM is $141/oz for the base case and $60/oz at recent spot prices

Source: World Gold Analyst. Actual cash costs for world’s 14 largest gold producers as at March 2012. Only gold majors logos shown.

Base case assumes gold at $1,330/oz, copper at $3.45/lb, silver at $25/oz and moly at $15/lb. Spot price assumes gold at $1650/oz, copper at $3.75/lb, silver at $32/oz and moly at $15/lb.

18

19

KSM Environmental Assessment/EIS application recently filed

• Three iterations of the KSM Preliminary Feasibility Study have

resulted in design changes based on feedback from Treaty, First

Nations and the public

• Confident that our Environmental Assessment/EIS application filed

with the regulators in early 2013 will be approved based on its

technical merits

• Project approval from federal and provincial regulators is expected

within 15 months of application submittal

20

20

21

22

23

Courageous Lake

• At 6.5 million ounces Courageous Lake is Canada’s 2nd

largest undeveloped gold reserve (KSM is 1st)

• Located in Northwest Territories within 100 kilometers of

Diavik and Ekati (2 large operating open pit diamond mines)

• Excellent open pit grade of 2.2 grams of gold per tonne …

more than twice the grade of Osisko and Detour Gold

development projects

• Wholly owned 53 kilometer greenstone belt provides

excellent exploration potential

• Recently completed Preliminary Feasibility Study shows

viable project at current gold prices with exceptional leverage

to higher gold prices

24

Courageous Lake

• Project located on winter ice road,

in close proximity to 2 operating

large scale open pit diamond mines

• Diavik and Ekati demonstrate that

year round open-pit mine is feasible

• Nearby mines provide “real-time”

estimates for capital and operating

costs for bulk tonnage operation

• With nearby mines scheduled to

close within next several years, a

local and trained workforce will be

readily available

25

Courageous Lake

• Existing 6.5 million ounce reserve

covers only 2 kilometers of under

explored 53 kilometer greenstone belt

owned 100% by Seabridge

• Two former producing mines on belt

(Salmita and Tundra) had average

grades of approximately 1 ounce of

gold per tonne (30 gpt)

• Seabridge now exploring for

additional deposits that could extend

estimated 15 year mine life with

potentially higher grades mined in

early years

26

Courageous Lake Preliminary Feasibility Study

July 2012 (US$)

Base Case

Recent

Spot Case

Alternate

Case

Gold Price $1384 $1618 $1925

Initial Capital Cost $1,520 million $1,520 million $1,520 million

Mine Life 15 years 15 years 15 years

Average Annual Gold

Production 385,000 ozs 385,000 ozs 385,000 ozs

Net Cash Flow $1,507 million $2,785 million $4,519 million

NPV @ 5% $303 million $1,054 million $2,080 million

Internal Rate of Return 7.3% 12.5% 18.7%

Payback Period 11.2 years 7.4 years 4.0 years

Operating Costs (years 1 to 5) $674 $683 $689

Operating Costs (life of mine) $780 $789 $796

Total Costs (includes all capital) $1123 $1134 $1141

US$/Cdn$ Exchange Rate 0.98 0.99 0.99

27 27

Pursuing value enhancing opportunities at Courageous Lake

• Examining options to improve capital and operating costs

– Access to hydro-electric generated power

– Examine year round road access opportunities

• Exploring for higher grade material that could be exploited in the

early years of production

– History of high grade production along belt

• Exploring for additional bulk mineable deposits that could extend

project life beyond the current 15 year estimate

28

29

Driving value through joint ventures

• Projects being de-risked to drive joint venture terms

– Increasing reserves and resources

– Open dialogue with Treaty and First Nations on project design

and layout

– Advancing through environmental approval and permitting

process

– Pursuing exploration opportunities that will make a difference in

overall project economics and potential joint venture partners

• Transactions dependent on improved market conditions

30

Corporate information

• Listed on the NYSE and TSX

• 45.6 million shares outstanding;

48.0 million fully diluted

• Management and Board aligned

with shareholders

• Insiders own over 30% of common shares

• Institutions own approximately 35% of

common shares

• Strong balance sheet

– No debt

– >C$40 million in cash

Friedberg Mercantile Group

Royce & Associates

Officers, Directors and Employees

Van Eck Associates

Bristol Investment Partners

Royal Gold, Inc.

Major Shareholders