FCMI PARENT CO. PROVIDES UPDATE ON SEABRIDGE SHAREHOLDINGS

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, March 3, 2025 /CNW/ - FCMI Parent Co. ("FCMI Parent") announced today that it has acquired, through its affiliate, Pan Atlantic Holdings Ltd. ("PAHL"), an additional 4,419,179 common shares of Seabridge Gold Inc. ("Seabridge") representing 4.41% of the issued and outstanding common shares. The common shares were acquired a price of US$10.64 per share, or $47,020,064.56 in the aggregate, through the facilities of the New York Stock Exchange. PAHL acquired the common shares to replace its previous economic exposure to common shares held pursuant to a cash-settled total return swap with full equity ownership in Seabridge.

FCMI Parent and PAHL now beneficially own 4,972,625 and 10,673,611 common shares, representing 4.96% and 10.65% of the issued and outstanding common shares, respectively. FCMI Parent and PAHL collectively own 15,646,236 common shares, representing 15.61% of the issued and outstanding common shares. FCMI Parent is ultimately beneficially owned and controlled by Albert D. Friedberg ("Albert") and members of his immediate family. Albert, Nancy Friedberg ("Nancy") and one of their foundations (collectively with FCMI Parent, PAHL, Albert and Nancy, the "FCMI Group") own in the aggregate 588,624 common shares, representing 0.59% of the issued and outstanding common shares. In aggregate the FCMI Group now has beneficial ownership of 16,234,860 common shares, representing 16.20% of the outstanding common shares.

Prior to giving effect to the acquisition of common shares, the FCMI Group beneficially owned an aggregate of 11,815,681 common shares, representing 11.79% of the issued and outstanding common shares. Since the filing of FCMI Parent's previous early warning report on February 25, 2016, the FCMI Group's securityholding increased from 10,203,681 common shares (representing approximately 10.18% of the issued and outstanding common shares) to 11,815,681 common shares (representing approximately 11.79% of the issued and outstanding common shares) and, following the acquisition on March 3, 2025, increased to 16,234,860 common shares (representing approximately 16.20% of the issued and outstanding common shares).

The FCMI Group acquired the common shares for investment purposes only and to replace the economic exposure it held through a cash-settled total return swap with full equity ownership in Seabridge.

SOURCE FCMI Parent Co.

For further information or to obtain copy of the early warning report filed by FCMI Parent, please contact Dan Scheiner at [phone], FCMI Parent Co., 220 Bay Street, Suite 600, Toronto, Ontario, M5J 2W4