FCMI Parent Co. → SEABRIDGE GOLD INC SA

Item 4 of the Statement is hereby supplemented as follows: PAHL acquired the 4,419,179 Common Shares reported in this Schedule 13D (Amendment No. 17), for investment purposes. On March 3, 2025, PAHL completed the unwinding of a cash-settled total return swap transaction between PAHL and National Bank of Canada ("NBC") originally entered into on July 16, 2014 and previously disclosed in this Statement (the "TRS"). Following the unwinding of the TRS, PAHL purchased the 4,419,179 Common Shares to replace its economic exposure to the Issuer with full equity ownership in the Issuer. PAHL used cash from its working capital to acquire the 4,419,179 Common Shares through the facilities of the New York Stock Exchange. FCMI Parent acquired the 120,000 Common Shares reported in this Schedule 13D (Amendment No. 17), for investment purposes by way of a private placement.