SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025

Commission File Number 1-32135

SEABRIDGE GOLD INC.

(Name of Registrant)

106 Front Street East, Suite 400, Toronto, Ontario,Canada M5A 1E1

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will fileannual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

SEABRIDGE GOLD INC.

(the “Company”)

See the Exhibit Index heretofor a list of the documents filed herewith and forming a part of this Form 6-K.

Exhibits99.1 and 99.2 hereto are incorporated by reference as exhibits to the Company’s registration statements on Form S-8 (FileNo. 333-211331) and Form F-10 (File No. 333-283616),as may be amended and supplemented.

DOCUMENTS FILED AS PARTOF THIS FORM 6-K

SIGNATURE

Pursuant to the requirementsof the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereuntoduly authorized.

Date: August 13, 2025

EXHIBIT INDEX

4

Exhibit99.1

SEABRIDGEGOLD INC.

UNAUDITED CONDENSEDCONSOLIDATED INTERIM

FINANCIAL STATEMENTS

AS AT JUNE 30,2025

SEABRIDGE GOLD INC.

Interim Condensed Consolidated Statements of Financial Position

(Unaudited, expressed in thousands of Canadian dollars)

Subsequent events (Note 10), commitments and contingencies (Note15)

The accompanying notes form an integral part of these unauditedcondensed consolidated interim financial statements.

SEABRIDGE GOLD INC.

Interim Condensed Consolidated Statements of Operationsand Comprehensive Income (Loss)

(Unaudited, expressed in thousands of Canadian dollars except commonshare and per common share amounts)

The accompanying notes form an integral part of these unauditedcondensed consolidated interim financial statements.

SEABRIDGE GOLD INC.

Interim Condensed Consolidated Statements of Changes inShareholders’ Equity

(Unaudited, expressed in thousands of Canadian dollars exceptnumber of shares)

The accompanying notes form an integral part of theseunaudited condensed consolidated interim financial statements.

SEABRIDGE GOLD INC.

Interim Condensed Consolidated Statements of Cash Flows

(Unaudited, expressed in thousands of Canadian dollars)

The accompanying notes form an integral part of these unauditedcondensed consolidated interim financial statements.

SEABRIDGE GOLD INC.

Notes to the condensed consolidated interimfinancial statements

As at and for the six months ended June 30, 2025and 2024

(Amounts in notes and in tables are in millions of Canadian dollars,except where otherwise indicated) (Unaudited)

Seabridge Gold Inc. is comprisedof Seabridge Gold Inc. (“Seabridge” or the “Company”) and its subsidiaries, KSM Mining ULC, Seabridge Gold (NWT)Inc., Seabridge Gold (Yukon) Inc., Seabridge Gold Corp., SnipGold Corp. and Snowstorm Exploration (LLC), and is a Company engaged in acquiring,exploring, and advancing mineral properties, with an emphasis on gold resources, located in Canada and the United States of America. TheCompany was incorporated under the laws of British Columbia, Canada on September 14, 1979 and continued under the laws of Canada on October31, 2002. Its common shares are listed on the Toronto Stock Exchange trading under the symbol “SEA” and on the New York StockExchange under the symbol “SA”. The Company is domiciled in Canada and the address of its registered office is 10th Floor,595 Howe Street, Vancouver, British Columbia, Canada V6C 2T5 and the address of its corporate office is 106 Front Street East, 4th Floor,Toronto, Ontario, Canada M5A 1E1.

These unaudited interim condensedconsolidated financial statements (“consolidated interim financial statements”) were prepared in accordance with IAS 34, InterimFinancial Reporting, as issued by the International Accounting Standards Board (“IASB”), using accounting policies consistentwith those used by the Company in preparing the annual consolidated financial statements as at and for the year ended December 31, 2024and should be read in conjunction with the Company’s annual consolidated financial statements. They do not include all of the informationrequired for a complete set of financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”).However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changesin the Company’s financial position and performance since the last annual financial statements. These consolidated interim financialstatements were authorized for issue by the Company’s board of directors on August 13, 2025.

The Company holds a 4.8% (December31, 2024 - 4.2%) interest in Paramount which is classified as investment in associate and accounted for using the equity methodon the basis that the Company has the ability to exert significant influence through its representation on Paramount’s board ofdirectors.

In June 2025, the Company participatedin a non-brokered registered direct offering and purchased 833,333 common shares of Paramount at US$0.60 per common share. During thesix months ended June 30, 2025, the Company recorded its proportionate share of Paramount’s net loss of $0.2 million (six monthsended June 30, 2024 - $0.02 million net loss) within equity loss of associate on the interim condensed consolidated statements ofoperations and comprehensive income (loss). As at June 30 2025, the carrying value of the Company’s investment in Paramount was$1.4 million (December 31, 2024 - $0.9 million).

Mineral interests, propertyand equipment additions by project are as follows:

The estimate of the provisionfor reclamation obligations as at June 30, 2025 was calculated using the estimated discounted cash flows of future reclamation costs of$7.1 million (December 31, 2024 - $7.3 million) and the expected timing of cash flow payments required to settle the obligations in theremainder of 2025 and 2026. As at June 30, 2025, the undiscounted future cash outflows are estimated at $7.4 million (December 31, 2024- $7.7 million) primarily over the next two years. The nominal discount rate used to calculate the present value of the reclamation obligationswas 2.6% at June 30, 2025 (December 31, 2024 - 2.9%). For the six months ended June 30, 2025, reclamation disbursements amounted to $0.3million (2024 - $0.8 million).

As at June 30, 2024 the Companyhas placed a total of $22.1 million (December 31, 2024 - $22.3 million) on deposit with financial institutions or with government regulatorsthat are pledged as security against reclamation liabilities. The deposits are recorded on the consolidated statements of financial positionas reclamation deposits. As at June 30, 2025 and December 31, 2024, the Company had $10.0 million of uncollateralized surety bond, issuedpursuant to arrangements with an insurance company, in support of environmental closure costs obligations related to the KSM Project.

On February25, 2022, the Company, through its wholly-owned subsidiary, KSM Mining ULC (“KSMCo”) signed a definitive agreement to sella secured note (“2022 Secured Note”) that is to be exchanged at maturity for a silver royalty on its 100% owned KSM to institutionalinvestors (“Investors”) for US$225 million. The transaction closed on March 24, 2022. The key terms of the 2022 Secured Noteinclude:

To satisfythe interest payment on the 2022 Secured Note, during 2025, the Company issued 585,395 common shares in respect of the interest incurredduring the six months ended June 30, 2025 (year ended December 31, 2024 - 1,101,403 common shares).

A number ofthe above noted options within the agreement represent embedded derivatives. Management has elected to not separate these embedded derivativesfrom the underlying host secured note and instead account for the entire secured note as a financial liability at fair value through profitor loss.

The 2022 SecuredNote was recognized at its estimated fair value at initial recognition of $282.3 million (US$225 million) using a discounted cash flowmodel with a Monte Carlo simulation. This incorporated several scenarios and probabilities of the EAC expiring, achieving commercial productionand securing project financing, silver prices forecast and the discount rates. As at June 30, 2025, the fair value of the 2022 SecuredNote is determined based on the assumption that the EAC will not expire.

In accordancewith IFRS 13, the fair value of a financial liability with a demand feature cannot be less than the amount payable on demand, discountedfrom the first date that the amount could be required to be paid. Based on an analysis of probabilities of potential outcomes for thetimeline to secure project financing, it was concluded that the Silver Financing Put would become exercisable in 2027, therefore, as atJune 30, 2025, the fair value of the 2022 Secured Note was recorded as the fair value of the Silver Financing Put, of $304.5 million,and for the six months ended June 30, 2025, the Company recorded a $9.3 million gain, inclusive of foreign exchange. As at December 31,2024, the fair value of the 2022 Secured Note was recorded as the fair value of the Silver Financing Put, of $313.8 million, and for theyear ended December 31, 2024, the Company recorded an overall $19.4 million loss.

The followingkey inputs and assumptions were used in the determination of fair value:

The carryingamount for the 2022 Secured Note is as follows:

Sensitivity Analysis:

As at June30, 2025, the fair value of the 2022 Secured Note was recorded as the fair value of the Silver Financing Put, therefore the fair valueis not sensitive to changes in silver price forward curve or the forecasted silver production. The fair value recorded would be higherthan the value of the put option in the event that silver price forward curve or forecasted silver production were 28% higher, or discountrates were 1.4% lower.

As at June30, 2025, the fair value of the 2022 Secured Note would increase by $5.3 million if the discount rate was 1% lower and the fair valuewould decrease by $5.2 million if the discount rate was 1% higher.

On May 11,2023, the Company announced that it, through its wholly-owned subsidiary, KSM Mining ULC (“KSMCo”), had agreed to the principalterms of a royalty agreement under which Sprott Resource Streaming and Royalty Corp. (“Sprott”) would pay KSMCo US$150 millionand KSMCo would grant Sprott up to 1.2% net smelter royalty (“NSR”) on the KSM project. Thereafter, the Company and Sprottagreed to restructure the proposed transaction as the sale of a secured note and, on June 28, 2023, the Company and KSMCo, signed a definitiveagreement to sell a secured note (“2023 Secured Note”) that is to be exchanged at maturity for a net smelter returns royalty(the “NSR”) on its 100% owned KSM Project (“KSM”) to Sprott for US$150 million. The transaction closed on June29, 2023. The key terms of the 2023 Secured Note include:

This Sprottput right expires once such project financing is in place. If Sprott exercises this put right, Sprott’s right to purchase the NSRterminates.

If Sprottexercises this put right, Sprott’s right to purchase the NSR terminates.

A number ofthe above noted options within the agreement represent embedded derivatives. Management has elected to not separate these embedded derivativesfrom the underlying host secured note, and instead account for the entire secured note as a financial liability at fair value throughprofit or loss.

The 2023 SecuredNote was recognized at its estimated fair value at initial recognition of $198.8 million (US$150 million) using a discounted cash flowmodel with a Monte Carlo simulation. This incorporated several scenarios and probabilities of the EAC expiring, achieving commercial productionand securing project financing, metal prices forecast and discount rates. As at June 30, 2025, the fair value of the 2023 Secured Noteis determined based on the assumption that the EAC will not expire.

In accordancewith IFRS 13, the fair value of a financial liability with a demand feature cannot be less than the amount payable on demand, discountedfrom the first date that the amount could be required to be paid. Based on an analysis of probabilities of potential outcomes for thetimeline to secure project financing, it was concluded that the NSR Financing Put would become exercisable in 2027, however as at June30, 2025 and December 31, 2024, the fair value of the 2023 Secured Note was greater than the fair value of the NSR Financing Put embeddedin the note and the Company recorded the higher value recognizing a $22.6 million loss (year ended December 31, 2024 - $30.7 million gain)on the remeasurement of the 2023 Secured Note liability.

The followingkey inputs and assumptions were used in the determination of fair value:

The carryingamount for the 2023 Secured Note is as follows:

Sensitivity Analysis:

For the fair value of the 2023Secured Note, reasonably possible changes at the reporting date to one of the significant inputs, holding other inputs constant, wouldhave the following effects:

The Company is authorized to issuean unlimited number of preferred shares and common shares with no par value. No preferred shares have been issued or were outstandingat June 30, 2025 or December 31, 2024.

The Company manages its capital structureand makes adjustments to it, based on the funds available to the Company, in order to support the acquisition, exploration and developmentof mineral properties. The Board of Directors does not establish quantitative return on capital criteria for management but rather relieson the expertise of the Company’s management to sustain future development of the business.

The properties in which the Companycurrently has an interest are in the pre-operating stage, as such the Company is dependent on external financing to fund its activities.In order to carry out the planned exploration and pay for administrative costs, the Company will spend its existing working capital andraise additional amounts as needed.

Management reviews its capital managementapproach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There were no changesin the Company’s approach to capital management during 2025. The Company considers its capital to be share capital, stock-based compensation,contributed surplus and deficit. The Company is not subject to externally imposed capital requirements.

On June 19, 2025, the Companyissued 1,200,000 flow-through common shares at $25.38 per common share for aggregate gross proceeds of $30.5 million. The Company committedto renounce its ability to deduct qualifying exploration expenditures for the equivalent value of the gross proceeds of the flow-throughfinancing and transfer the deductibility to the purchasers of the flow-through shares. The effective date of the renouncement is December31, 2025. At the time of issuance of the flow-through shares, $6.2 million premium was recognized as a liability on the consolidated statementsof financial position. During the six months ended June 30, 2025, the Company incurred $2.7 million of qualifying exploration expendituresand $0.5 million of the premium was recognized through other income on the interim condensed consolidated statements of operations andcomprehensive income (loss).

On February 13, 2025, the Companyentered into an agreement to sell, on a bought deal basis, 6,540,000 common shares of the Company, at US$12.25 per common share, for grossproceeds of US$80.1 million. The financing closed on February 19, 2025. Also on February 13, 2025, the Company entered into a privateplacement subscription agreement with a strategic investor to sell 1,640,000 common shares of the Company at US$12.25 per common share,for gross proceeds of US$20.1 million. The private placement closed concurrently with the bought deal. In aggregate, 8,180,000 commonshares were issued, at a price of US$12.25 per common share, for gross proceeds of $142.5 million (US$100.2 million).

During the first quarter of2023, the Company entered into an agreement with two securities dealers, for an At-The-Market (“ATM”) offering program, entitlingthe Company, at its discretion, and from time to time, to sell up to US$100 million in value of common shares of the Company. This programwas in effect until the Company’s US$750 million Shelf Registration Statement, that was due to expire in January 2025, was replacedwith a new US$750 million Shelf Registration Statement, replacing the one due to expire. In the first quarter of 2025, a US$100 millionprospectus supplement was filed and the Company entered into an agreement with two securities dealers for a new ATM offering program,entitling the Company, at its discretion, and from time to time, to sell up to US$100 million in value of common shares of the Company.This program can be in effect until the Company’s US$750 million Shelf Registration Statement expires in February 2027.

During the first quarter of2025, the Company issued 126,750 shares, at an average selling price of $17.79 per share, for netproceeds of $2.2 million under the Company’s ATM. During 2024, the Company issued 3,645,859 shares, at an average sellingprice of $21.25 per share, for net proceeds of $75.9 million under the Company’s ATM. As at June 30, 2025, US$97.4 million was availableunder the ATM. Subsequent to the quarter end, the Company issued 90,000 shares, at an average sellingprice of $22.89 per share, for net proceeds of $2.0 million under the Company’s At-The-Market offering.

On June 5, 2024, the Companyissued 575,000 flow-through common shares at $31.26 per common share for aggregate gross proceeds of $18.0 million. The Company committedto renounce its ability to deduct qualifying exploration expenditures for the equivalent value of the gross proceeds of the flow-throughfinancing and transfer the deductibility to the purchasers of the flow-through shares. The effective date of the renouncement was December31, 2024. At the time of issuance of the flow-through shares, $6.4 million premium was recognized as a liability on the consolidated statementsof financial position. During the year ended December 31, 2024, the Company incurred $3.1 million of qualifying exploration expendituresand $1.1 million of the premium was recognized through other income on the interim condensed consolidated statements of operations andcomprehensive income (loss). During the six months ended June 30 2025, the Company incurred $14.9 million of qualifying exploration expendituresand the remaining $5.3 million premium was recognized through other income on the interim condensed consolidated statements of operationsand comprehensive income (loss).

On December 23, 2024, the Companyissued 195,500 flow-through common shares at $25.67 per common share for aggregate gross proceeds of $5.0 million. The Company committedto renounce its ability to deduct qualifying exploration expenditures for the equivalent value of the gross proceeds of the flow-throughfinancing and transfer the deductibility to the purchasers of the flow-through shares. The effective date of the renouncement was December31, 2024. At the time of issuance of the flow-through shares, $1.7 million premium was recognized as a liability on the consolidated statementsof financial position. During the year ended December 31, 2024, the Company incurred $0.2 million of qualifying exploration expendituresand $0.1 million of the premium was recognized through other income on the interim condensed consolidated statements of operations andcomprehensive income (loss). During the six months ended June 30 2025, the Company incurred $1.1 million of qualifying exploration expendituresand $0.4 million of the remaining premium was recognized through other income on the interim condensed consolidated statements of operationsand comprehensive income (loss).

In 2024, the Company’sStock option plan was cancelled. The Company provides compensation to directors and employees in the form of RSUs and DSUs. Pursuant tothe Company’s RSU and DSU Plan, the Board of Directors has the authority to grant RSUs and DSUs, and to establish terms includingthe vesting criteria and the life of the RSUs and the DSUs. The RSU and DSU transactions were as follows:

During the current quarter,two members of the Board of Directors retired and their RSUs and DSUs vested and were exchanged for 34,000 common shares of the Company.Also, during the current quarter, 10,000 DSUs were granted to a new Board member.

In December 2024, 54,500 DSUswere granted to Board members, 272,420 RSUs were granted to senior management, and 44,000 RSUs were granted to other employees of theCompany. The vesting of the RSUs granted to senior management is dependent on certain corporate objectives including a positive constructiondecision at KSM, and the Company’s share price outperforming certain market benchmarks. The fair value of RSUs granted with vestingdependent on market conditions was valued using a Monte-Carlo simulation. The total fair value of the RSU and DSU grants, of $6.0 million,was estimated as at the grant date and will be amortized over the expected service period of the grants. The expected service period rangesfrom one year to five years from the date of the grant and is also dependent on the corporate objectives being met.

In December 2023, 379,300 RSUswere granted to the Board members, members of senior management, and to other employees of the Company. Of those, 277,500 was grantedto senior management, with vesting dependent on certain corporate objectives including the completion of a bankable feasibility studyat KSM, and the Company’s share price outperforming certain market benchmarks. The fair value of RSUs granted with vesting dependenton market conditions was valued using a Monte-Carlo simulation. The total fair value of the RSU grants, of $4.6 million, was estimatedas at the grant date and will be amortized over the expected service period of the grants. The expected service period ranges from oneyear to three years from the date of the grant and is also dependent on the corporate objectives being met. Of the RSUs granted to seniormanagement, 69,375 RSUs, with vesting dependent on market conditions, expired on December 31, 2024.

In December 2022, 310,266 RSUswere granted to the Board members, members of senior management, and to other employees of the Company. Of those, 232,266 was grantedto senior management, with vesting dependent on certain corporate objectives including the Company submitting its formal application tothe regulator for the KSM Project to be designated as Substantially Started, notification from the regulator that the KSM Project hasbeen designated as Substantially Started, and announcement of KSM joint venture agreement, or other transformative transaction affectingthe ownership and control of KSM. The fair value of the total RSU grants, of $5.1 million, was estimated as at the grant date to be amortizedover the expected service period of the grants. The expected service period ranges from nine months to three years from the date of thegrant and is dependent on the corporate objectives being met. During the first quarter of 2024, upon the Company submitting its formalapplication to regulators for the KSM Project to be designated as Substantially Started, 58,066 RSUs vested and were exchanged for commonshares of the Company. During the third quarter of 2024, and upon the Company receiving the Substantially Started Designation for theKSM Project, further 58,067 RSUs vested and were exchanged for common shares of the Company.

During the second quarter of2024, the remaining 50,000 outstanding share options with an exercise price of $17.72 were exercised and were exchanged for common sharesof the Company.

Basic and diluted net earningsattributable to common shareholders of the Company for the three and six months ended June 30, 2025 was $12.3 million and $22.9 million,respectively (three and six months ended June 30, 2024 - $45.2 million and $37.1 million, respectively).

Earnings (loss) per share has beencalculated using the weighted average number of common shares and common share equivalents issued and outstanding during the period.Stock options are reflected in diluted earnings per share by application of the treasury method. The following table details the weightedaverage number of outstanding common shares for the purpose of computing basic and diluted loss per common share for the following periods:

Adjustment for other non-cash itemswithin operating activities:

Fair value is the price that wouldbe received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurementdate. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value.

Level 1: Inputs are quoted prices (unadjusted)in active markets for identical assets or liabilities.

Level 2: Inputs are quoted prices inmarkets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that areobservable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricingcurves used to value currency and commodity contracts, volatility measurements used to value option contracts and observable credit defaultswap spreads to adjust for credit risk where appropriate), or inputs that are derived principally from or corroborated by observable marketdata or other means.

Level 3: Inputs are unobservable (supportedby little or no market activity).

The fair value hierarchy gives thehighest priority to Level 1 inputs and the lowest priority to Level 3 inputs.

The Company’s fair values offinancial assets and liabilities were as follows:

The carrying value of cash and cashequivalents, short-term deposits, amounts receivable and accounts payable and accrued liabilities approximate their fair values due tothe short-term maturity of these financial assets and liabilities.

The Company’s financial riskexposures and the impact on the Company’s financial instruments are summarized below:

Credit Risk

The Company’s credit risk isprimarily attributable to short-term deposits, convertible notes receivable, and receivables included in amounts receivable and prepaidexpenses. The Company has no significant concentration of credit risk arising from operations. The short-term deposits consist of CanadianSchedule I bank guaranteed notes, with terms up to one year but are cashable in whole or in part with interest at any time to maturity,for which management believes the risk of loss to be remote. Management believes that the risk of loss with respect to financial instrumentsincluded in amounts receivable and prepaid expenses to be remote.

Liquidity Risk

The Company’s ability to fundits operations and capital expenditures and other obligations as they become due is dependent upon market conditions. During the firstquarter of 2025, the Company replaced its US$750 million base shelf prospectus and related registration statement, that was expiring inlate January 2025, with a new US$750 million base shelf prospectus and registration statement that expires in February 2027. In January2025, the Company renewed its ATM offering that allows for the issuance of up to an additional US$100 million of its common shares byway of sales over the New York Stock Exchange. The ATM is available to the Company until February 2027 (or until US$100 million in shareshave been sold). Under the terms of the US$80.1 million bought deal financing completed on February 19, 2025, the Company agreed not tosell any of its shares for a 90-day period.

During the first quarter of 2025,the Company raised $2.2 million (in 2024 - $75.9 million) through the ATM offering. The Company intends to utilize the ATM offering currentlyin place and believes that with this it will have sufficient liquidity to continue its operations and meet its obligations for the nexttwelve months. As the Company does not generate cash inflows from operations, the Company is dependent upon external sources of financingto fund its exploration projects and on-going activities. When required, the Company will seek additional sources of cash to cover itsproposed exploration and development programs at its key projects, in the form of equity financing or from the sale of non-core assets.

The Company’s approach to managingliquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at June 30, 2025, the Company hadcash and cash equivalents of $121.4 million (December 31, 2024 - $49.8 million) for settlement of current financial liabilities of $21.9million (December 31, 2024 - $11.3 million). Except for the secured note liabilities and the reclamation obligations, the Company’s financialliabilities primarily have contractual maturities of 30 days and are subject to normal trade terms.

The following table details theCompany’s expected remaining contractual cash flow requirements for its financial liabilities on repayment or maturity periods.The amounts presented are based on the contractual undiscounted cash flows and may not agree with the carrying amounts in the consolidatedstatements of financial position.

Market Risk

Interest rate risk is the riskthat the future cash flows of a financial instrument or its fair value will fluctuate because of changes in market interest rates. Thesecured note liabilities (Note 9) bear interest at a fixed rate of 6.5% per annum. The Company’s current policy is to invest excess cashin Canadian bank guaranteed notes (short-term deposits). The short-term deposits can be cashed in at any time and can be reinvested ifinterest rates rise.

The Company’s functional currencyis the Canadian dollar and major purchases are transacted in Canadian and US dollars. The secured note liabilities and the related interestpayments are denominated in US dollars. The Company has the option to pay the interest either in cash or in shares. The Company also fundscertain operations, exploration and administrative expenses in the United States on a cash call basis using US dollar cash on hand orconverted from its Canadian dollar cash. Management believes the foreign exchange risk derived from currency conversions is not significantto its operations and has not entered into any foreign exchange hedges. As at June 30, 2025, the Company had cash and cash equivalents,investment in associate, reclamation deposits, accounts payable and secured note liabilities that are in US dollars.

The Company has investments inother publicly listed exploration companies which are included in investments. These shares were received as option payments on certainexploration properties the Company owns or has sold. In addition, the Company holds $6.6 million in a gold exchange traded receipt thatis recorded on the consolidated statements of financial position in investments. The risk on these investments is significant due to thenature of the investment but the amounts are not significant to the Company.

During the six months ended June 30,2025 and 2024, there were no payments to related parties other than compensation paid to key management personnel. These transactionswere in the normal course of operations and were measured at the exchange amount, which is the amount of consideration established andagreed to by the related parties.

In 2022, the Company enteredinto a Facilities Agreement with BC Hydro covering the design and construction of facilities by BC Hydro to supply construction phasehydro-sourced electricity to the KSM project. On March 21, 2024, and again on January 8, 2025, the Company signed amendments to the FacilitiesAgreement with BC Hydro.

Based on the amended FacilitiesAgreement, the cost to complete the construction is estimated to be $86.2 million which the Company has fully paid inclusive of $31.8million paid during the current quarter. In addition, the Facilities Agreement requires $74.7 million in security or cash from the Companyfor BC Hydro system reinforcement which is required to make the power available. The Company has fully paid all of the security to BCHydro, inclusive of $7.0 million paid in the current quarter. The $74.7 million system reinforcement security will be forgiven annually,typically over a period of less than 8 years, based on project’s power consumption. As at June 30, 2025, all payments under theFacilities Agreement and the subsequent amending agreements have been made.

Prior to its maturity, the 2022Secured Note bears interest at 6.5%, or US$14.6 million per annum, payable quarterly in arrears. The Company can elect to satisfy interestpayments in cash or by delivering common shares or a combination of the two.

Prior to its maturity, the 2023Secured Note bears interest at 6.5% or US$9.8 million per annum, payable quarterly in arrears. Payment of quarterly interest due fromthe closing date to the second anniversary is deferred and US$21.5 million must be paid on or before 30 months after the closing date.The deferred interest and ongoing quarterly interest can be satisfied by way of cash, common shares, or a combination of the two. Shouldthe Company decide not to pay the deferred interest, the NSR percentage increases from 1 to 1.2%.

Exhibit 99.2

SEABRIDGE GOLD INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS

SECOND QUARTER ENDED

JUNE 30, 2025

SEABRIDGE GOLD INC.

MANAGEMENT’S DISCUSSION AND ANALYSIS

This management’s discussion and analysis(“MD&A”) of Seabridge Gold Inc. (“Seabridge” or the “Company”) and its subsidiary companies, datedAugust 13, 2025, is intended to supplement and complement the unaudited condensed consolidated interim financial statements and relatednotes ("consolidated interim financial statements") as at and for the three and six months ended June 30, 2025. It should beread in conjunction with the Company's audited annual consolidated financial statements and annual management’s discussion and analysisfor the year ended December 31, 2024, and the 2024 Annual Information Form filed on SEDAR+ at www.sedarplus.ca.Other corporate documents are also available on SEDAR+ and EDGAR, as well as the Company’s website www.seabridgegold.com.This MD&A contains forward-looking statements that are subject to risks and uncertainties, as discussed in the "Cautionary NoteRegarding Forward-Looking Statements" in this MD&A. Readers are cautioned not to place undue reliance on forward-looking statements.As the Company has no operating projects at this time, its ability to carry out its business plan rests with its ability to sell interestsin projects or to secure equity and other financings. All dollar figures are in Canadian dollars unless otherwise stated. Figures in sometables may not add due to rounding.

The consolidated interim financial statementsfor the three and six months ended June 30, 2025, and the comparative periods have been prepared by the Company in accordance with IAS34, Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”).

COMPANY OVERVIEW

Seabridge Gold Inc. is a company engaged in acquiring,exploring, and advancing mineral properties, with an emphasis on gold resources, located in Canada and the United States of America. TheCompany’s objective is to provide its shareholders with exceptional leverage to a rising gold price and additional exposure to copperfrom significant copper resources it has acquired and discovered. The Company’s business plan is to increase its mineral resourcesin the ground, through exploration, but not to go into production on its own. The Company intends to sell projects or participate in jointventures towards production with major mining companies. Since its inception in 1999, Seabridge has acquired interests in numerous advanced-stagegold projects situated in North America, and its principal project is the KSM property located in British Columbia. The Company also holdsa 100% interest in the Courageous Lake property located in the Northwest Territories, the 3 Aces Project in Yukon, the Snowstorm Projectin Nevada and the Iskut Project other than a portion of the Snip North target in the north of the Iskut Project, in which the Companyowns between a 95% and 100% interest. Although focused on gold exploration, the Company has made significant copper discoveries, in particular,at KSM and Iskut. Seabridge’s common shares trade in Canada on the Toronto Stock Exchange under the symbol “SEA” andin the United States on the New York Stock Exchange under the symbol “SA”.

OPERATING AND FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS

During the six months ended June30, 2025, cash used in investing activities included $35.4 million investment in mineral interest, property and equipment (six monthsended June 30, 2024 - $51.9 million), and $54.4 million investment in long-term receivables and prepaid expenses (six months ended June 30,2024 - nil).

OUTLOOK

KSM Project

The Company continues its pursuit of a joint ventureagreement on the KSM Project with a suitable partner on terms advantageous to the Company, since it does not intend to build the fullproject or operate the project alone. The KSM Project includes multiple deposits and provides a joint venture partner, or purchaser, flexibilityin the design of the project. The 2022 KSM PFS includes recommendations on additional work that could be completed to advance the projectand in the current quarter, the Company has embarked on completing some of those tasks.

The Company received its environmental approvalsfrom the federal, provincial and Nisga’a Lisims governments in 2014, which allows for the mining and processing of 2.3 billion tonnesof ore from the KSM mineral deposits. These environmental assessment approvals are not subject to expiry with the receipt of KSM’ssubstantial start designation in July 2024 from the Province of British Columbia (the “Province”). In addition to itsenvironmental approvals, the Company currently holds significant federal and provincial permits related to the project, which allow forexploration, drilling activities, as well as early works programs, such as road and camp construction. Additional permits will stillneed to be obtained prior to the project going into full production. The design of the KSM Project as approved in our Environmental AssessmentCertificate (“EAC”), includes the Mitchell Treaty Tunnel (“MTT”) complex, two 23 km long parallel tunnels thatconnect the mine sites to the milling and processing area. The Company currently holds a number of authorizations required for the MTT,including a Mines Act permit M-245 (“M-245”) covering a portion of the MTT construction; and a License of Occupation(“LoO”) for the proposed MTT route. The Chief Gold Commissioner has also issued a Conditional Mineral Reserve (“CMR”)requiring the mineral tenure holders along the MTT route not to obstruct, endanger or interfere with the MTT. These authorizations weregranted by the appropriate government agencies originally in 2014, with the M-245 Permit issued in 2022 as a consolidation of the previousexploration permits and the LoO renewed in 2024 for 20 years. The LoO provides KSM the right to occupy the area in which it intendsto construct and operate the MTT. Once the MTT is constructed, the License will be converted into a statutory right-of-way.

In 2025, the Company endeavors to collect anticipatedfield data for, and undertake value engineering to support a future KSM bankable feasibility study, respond to data requirements fromthe joint venture process, and fund other costs associated with ongoing activities. In the current quarter, the Company made the finalprepayments to BC Hydro for the completion of the KSM switching station. The work that a joint venture partner might choose to completemight require the collection of additional data, and the feasibility study work might conclude that the development of the KSM Projectshould proceed generally in accordance with the 2022 KSM PFS or take a different approach to the development of the KSM Project. Therefore,the timing and cost to conclude a feasibility study are difficult to predict. The Company also continues to advance the permitting processfor securing the provincial approval to construct the full length of the MTT.

The Company plans its work to advance the KSMProject on an annual basis; when the results of one year’s work have been received and analyzed, planning for the next year begins.While planning its programs, the Company will consider the recommended work in the 2022 KSM PFS, but the Company will decide on work basedon its priorities and available financing, the results of its advancement work, and the items it believes are best left for a joint venturepartner to complete. Plans and objectives for each year are announced early each year. The Company has only prepared preliminary estimatesfor the cost of additional work, which has been recommended in the PFS that would see KSM through the next stages of development, andcertain of the work requires further engineering before reasonable cost estimates can be established.

On January 17, 2024, the Company filed its applicationfor the Substantially Started Designation (“SSD”) for KSM, and in July 2024, the Company received a positive determinationfrom the Province. The designation makes the EAC, for the KSM Project, no longer subject to expiry, significantly reducing project risk.

To apply for the SSD for KSM, by the end of 2023,the Company had completed infrastructure work, including the construction of fish habitat offsetting ponds, powerline infrastructure,road, bridge, and camp construction. In 2024 and the current year, the Company continued early works activities, focusing on the continuedconstruction of the power substation and the clearing of additional sites for the location of the proposed additional infrastructure,along with other technical and environmental activities.

On November 22, 2024, the Tsetsaut/Skii km LaxHa (“TSKLH”) filed a petition against the Province seeking judicial review of the SSD by the Province for the KSM Project.TSKLH are seeking a declaration that the Province failed to fulfill its duty to consult TSKLH in respect of the SSD and an order quashingthe SSD on the basis that the Province failed to fulfill its duty to consult, the Province failed to discharge its duty of proceduralfairness and/or that the SSD was unreasonable. On November 29, 2024, the SkeenaWild Conservation Trust (“SCT”) and SoutheastAlaska Indigenous Transboundary Commission (“SEITC”) filed a second petition against the Province and the KSM Mining ULC,also seeking an order quashing the SSD on the basis that the SSD was unreasonable. SCT and SEITC are challenging the SSD as public interestadvocates who claim no rights or property interests in the KSM Project area, rather than as private litigants.

The SSD is unaffected by the petitions and willremain in place if the Province successfully defends the SSD. If the petitioners are successful, a typical order in these circumstanceswould require a resumption of the substantially started determination process, either to expand consultation of TSKLH or reconsider thereasons for its determination, and then a fresh determination would be issued (which may or may not reaffirm the SSD). If, after resumptionof the substantially started determination process, the Province determines the KSM Project was not “substantially started”,the SSD would not remain in place and the EAC would not expire until July 29, 2026. In this instance the Company could submit a new applicationfor a substantially started determination and include in the application additional work completed at the KSM Project since the filingof the initial SSD application in January 2024. Additionally, the EAC would not expire within the review period by the Province and wouldonly expire, if upon review of the second application, the Province determined that the KSM Project was not substantially started.

If the Company is unsuccessful in retaining orachieving its SSD by any of the processes described above, the EAC would expire. Based on the merits of the Company’s original applicationand the Province’s thorough review and consultation process, management considers that the probability of KSM Mining ULC not retainingthe EAC is remote.

The Company remains on track to meet its 2025budget of $162.7 million for activities at KSM. In the first half of the year, $54.4 million was paid to BC Hydro for construction ofthe Treaty Creek switching station, $72.1 million for site capture and early works activities, $8.0 million for environmental and socialspending, $23.8 million for technical and engineering, and $4.4 million for payroll and other holding and property costs. In the secondhalf of 2025, the Company will focus on advancing site capture, early works, and environmental programs.

Iskut Project

The 2025 exploration plans for Iskut focus oncompleting a planned 8,000 meter drill program in a 10 to 12 drill hole program in order to announce a maiden copper-gold mineral resourceat the Snip North target in Q1 2026. Additionally, the Company aims to explore further copper-gold discovery potential. The drill program,which commenced in the current quarter, will use structural, geochemical, and AI-assisted geophysical modeling.

In 2024, the Company identified a large,intense hydrothermal system at Snip North that remains open to the West and Northwest. This continues to be the focus of explorationin 2025, leading to the definition of a mineral resource, as the source of the mineral system discovered in 2024 is still unknown.Defining resources at Snip North will provide valuable insights that can be applied to other areas of the Iskut Property, wherethere is potential for additional Cu-Au porphyry discoveries.

Subsequent to the quarter, the Company releasedresults from the first three holes drilled this summer at the Snip North target, which confirmed a copper-gold porphyry deposit of unusualsize and consistency. These holes are part of a 12,000-meter drill program aimed at expanding zones of intense potassic alteration andassociated mineralization discovered in 2024. Each of the first three holes extended the mineralized footprint of Snip North, intersectingwide intervals of porphyry-style mineralization with significant copper and gold grades.

The Company remains on track to meet its 2025 budget of $13.4million. The environmental work continues on the reclamation and closure plan for the Johnny Mountain mine. Along with other non-reclamationenvironmental work, project carrying costs, and payroll cost allocation, an additional $5.5 million is expected to be incurred for a totalof $18.9 million planned spend in 2025.

3 Aces Project

The 2025 exploration objective for 3 Aces is tocomplete an evaluation of the strike extension of the Central Core Area to the south. Accomplishing this objective will involve completing2,500 meters of diamond drilling in 5 to 7 holes. The Company remains on track to meet its 2025 budget of $7.4 million.

In 2024, at the 3 Aces Project, the Company completedan exploration program to evaluate and prioritize resource expansion targets across the project. The focus in 2025 is to extend knowngeological features that host gold in the Central Core Area into covered areas. The Company is pursuing an exploration model that predictsgold is localized on second-order folds along the contact of phyllite and sandstone.

Snowstorm Project

The exploration objective at Snowstorm in 2025is to continue the evaluation of a Getchell-style gold deposit and deploy new technology for the discovery of Getchell-style mineralizationat Snowstorm. The Company remains on track to meet its 2025 budget of $1.8 million. An ambient noise tomography (ANT) survey wascompleted on the property earlier this year and is being evaluated by external geophysical consultants to identify potential drill targets.

In 2024, a $1.1 million program was conductedto confirm conditions related to existing land use permits for the Goldstorm target and investigate a program to incorporate new technologyfor the discovery of mineralization at Snowstorm.

Courageous Lake Project

The 2025 plan for Courageous Lake is tomaintain local community relations and our permits in good standing and to initiate the permitting process for renewal of theexploration permits for the Project, which are scheduled for expiration in 2027. The Company remains on track to meet its 2025budget of $0.8 million.

Financing

The company is pursuing various fundingalternatives to support its operations and achieve its objectives. On February 19, 2025, it completed a bought deal offering generatingUS$80.1 million in gross proceeds. In addition, the company concurrently closed a private placement with a strategic investor, raisingan additional US$20.1 million. Also in June 2025, the Company completed a $30.5 million private placement flow-through financing.

Other financing options include issuing sharesunder a Prospectus Supplement to the existing Base Shelf Prospectus, sales under the ATM facility, selling or optioning the Company’sproperties or a royalty or streaming interest in the Company’s properties, securing funding from a joint venture partner, and privateplacements, including flow-through financings.

FINANCIAL RESULTS