Valor Gold was established through Seabridge Gold’s June 2026 spinout of the Courageous Lake Gold Project, creating a dedicated vehicle around an advanced Northwest Territories gold asset with 11.0Moz of measured and indicated resources, an additional 3.3Moz inferred at Courageous Lake, and a higher-grade non-refractory resource at Walsh Lake. The 2024 PFS provides a technically supported baseline but retains meaningful capital and processing complexity, making the current investment case increasingly dependent on whether resource conversion, non-refractory satellite deposits and mine-plan re-optimization can support a more manageable development sequence. Following summer relogging and resampling, Valor has now defined five priority non-refractory target areas and expects approximately 12,000 metres of additional Walsh Lake drilling as part of its early-2027 program.