Seabridge Gold

As a result of IFRS 18, amendments to IAS 7 were also issued to require that entities use the operating profit subtotal as the starting point for the indirect method of reporting cash flows from operating activities and also to remove presentation alternatives for interest and dividends paid and received.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

The Company has the option to buyback 50% of the Silver Royalty, once exchanged, on or before three years after commercial production has been achieved, for an amount that provides the noteholder a minimum guaranteed annualized return.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

If commercial production is not achieved at KSM prior to March 24, 2032, the NSR on the Maturity Date will increase to 1.25% The Company has the option to buyback 50% of the NSR to a 0.5% NSR (or to 0.625%) on or before three years after commercial production has been achieved, for an amount that provides the noteholder a minimum guaranteed annualized return.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

DSUs do not carry voting rights, and dividend equivalents declared on the Company s common shares are credited to the holder in the form of additional DSUs prior to settlement.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

During the six months ended June 30, 2026, additions to construction in progress at KSM consisted of $36.5 million assets under construction costs, $16.8 million of capitalized borrowing costs, and $1.1 million of capitalized depreciation expense.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

During the comparative six months ended June 30, 2025, additions to construction in progress consisted of $14.6 million assets under construction costs, $17.2 million of capitalized borrowing costs, and $1.3 million of capitalized depreciation expense.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

Subsequent to June 30, 2026, the Company entered into an unsecured non-revolving loan agreement with a strategic investor providing for a loan facility of up to US$100.0 million.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

The Company s strategy is to increase its mineral resources through exploration, rather than to develop and operate mines on its own.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

Although focused on gold exploration, the Company has made significant copper discoveries, in particular, at KSM and Bronson Corridor.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

Page 2 SECOND QUARTER 2026 HIGHLIGHTS The Province of British Columbia designated Seabridge s KSM Project as a provincial priority project.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

A degree of estimation uncertainty was required in determining the discount rate used in determining the fair value of the gold stream asset.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

htm EX-99.2 Document MANAGEMENT S DISCUSSION AND ANALYSIS For the three and six months ended June 30, 2026 CONTENTS COMPANY OVERVIEW 2 OUTLOOK 4 DISCUSSION OF PROJECTS 7 MINERAL INTERESTS 14 FINANCIAL RESULTS 14 FINANCIAL POSITION SUMMARY 18 LIQUIDITY AND CAPITAL RESOURCES 19 COMMITMENTS AND CONTINGENCIES 19 SECURED NOTES LIABILITIES 20 OTHER CONTINGENCIES 24 CONTROLS AND PROCEDURES 24 SUSTAINABILITY 26 SHARES ISSUED AND OUTSTANDING 26 RECENT ACCOUNTING PRONOUNCEMENTS 26 CRITICAL ACCOUNTING ESTIMATES 26 RISKS AND UNCERTAINTIES 26 CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS 27 Page 1 SEABRIDGE GOLD INC.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

This MD A contains forward-looking statements that are subject to risks and uncertainties, as discussed in the Cautionary Note Regarding Forward-Looking Statements in this MD A.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

See Litigation section below for further details.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

Page 8 LITIGATION RELATED TO THE KSM PROJECT KSM Project SSD On November 22, 2024, the TSKLH filed a petition against the Province seeking judicial review of the SSD for the KSM Project.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026

Tudor Gold Litigation and MTT Authorizations In July 2023, Tudor Gold Corp.

SEC original ↗Seabridge Gold — Earnings release (6-K exhibit)EX-99Aug 14, 2026