Seabridge Gold provided a PEA for the copper-rich Kerr and Iron Cap deposits, part of its 100%-owned KSM project in BC. A stand-alone mine plan is designed to evaluate the future expansion potential of KSM, after Mitchell, East Mitchell and Sulphuret are depleted. Those three deposits were detailed as part of a recent PFS. This PEA study demonstrates an after tax NPV5% of US$5.8B, IRR of 18.9% and payback of 6.2 years, providing considerable value to Seabridge, tacking on an additional 39 years to the existing 33-year LOM. We have adjusted our model, incorporated these two deposits, and provided supplemental production to Mitchell and East Mitchell, increasing our target price to C$51.00/sh. This add-on project requires minimal infrastructure capital, as roads and other infrastructure, including a mill, would have already been built. Most new capital is underground block cave sustaining capital. While KSM is a world-class deposit, we believe it would likely need investment from a senior miner/strategic to help Seabridge overcome the capital spend and associated financial risk. Additional resources and potential production from copper-rich underground deposits help provide optionality to any potential partner, however the larger KSM project is not optimized. Our model mirrors the 33-yr PFS followed by the 39-yr PEA, although we do not anticipate this to be entirely reasonable, but more a result of NI 43-101 rules prohibiting two economic studies being active. It is likely some high-grade Cu production might be pulled forward to be blended with earlier production.