Seabridge Gold Inc. (SA)

[Belek]

FROM MAGGIE'S MONEY MOUNTAIN MARCH 2015 MONTHLY UPDATE

Our shares of Seabridge Gold (SA) were crushed during the first quarter of the year as the
prices of metals struggled to find support. Even in the face of results from the 2014 drilling
program that Rudi Fronk describer to me as “nothing short of spectacular” during a recent
exchange we had with each other.

I continue to believe that Seabridge is one of the most undervalued businesses in the market
today and have no desire or intention to sell our holdings anytime in the near future as I see the
potential upside as “nothing short of spectacular” to steal a phrase from Rudi.

As a note of interest, I have been feeling like a “voice in the wilderness” regarding our holding
of this stock until earlier this week. As I have mentioned from time to time, I receive a massive
amount of premium research from paid services. One of the analysts for whom I have the
highest level of respect is Dr. Steve Sjuggerud. This week, Dr. Sjuggerud recommended shares
of Seabridge in one of his investment services and I am thrilled to have him recognize the value
in this business that I have been touting for so long.
Dr. Sjuggerud is very widely followed and should bring a lot of buying support to the stock so it
will be very interesting to me to see the daily trading volume in the shares over the coming week.

It also looks like the price of gold might have finally found some solid support during the past
few days and rising prices for gold and copper are what we really need to propel the share price
higher.

If you don’t own shares of Seabridge Gold, buy it now. If you own a small position and have
cash available now, feel free to add. Be careful not to oversize your position relative to you total
portfolio value.