Corporate Presentation

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# Corporate Presentation

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## Content

# Corporate Presentation
June 2026
100% OWNED
COURAGEOUS LAKE
GOLD PROJECT
NWT Canada
To build a respected, growth-oriented gold company recognized for responsible exploration, disciplined project development, and
sustainable value creation, while fostering trusted relationships with the communities and stakeholders with whom we work.
Forward Looking Statements Disclaimer
This presentation contains "forward looking statements" regarding Valor Gold Corp. (the “Company” or “Valor”) within the meaning of applicable securities legislation, including statements as to future events, results and plans. Forward-looking statements are sometimes
but not always identified by such words as "targeted", "can", "will", "anticipates", "projects", "expects", "intends", "likely", "plans", "should", "could" or "may" or grammatical variations thereof. These include, without limitation, statements with respect to: the intention of Seabridge
Gold Inc. (“Seabridge”) to spin-out Valor by way of plan of arrangement with the resulting distribution of its shares to shareholders of Seabridge; the completion of the steps of the spin-out and the timing of completion of the spin-out; the anticipated recognition of higher
value in the Courageous Lake project in a separate listed company; the targeted listing of the shares of Valor on the TSX and OTCQB and the timing of it; Valor’s planned cash on hand at the time of the spin-out; the estimated amount and grade of mineral reserves and
mineral resources at the Courageous Lake project; the exploration potential of the project and Valor’s ability to demonstrate it rapidly; the anticipated focus of Valor post-spin-out being the advancement of the Courageous Lake project through exploration, engineering
and permitting, and a targeted drill program to further explore for satellite deposits analogous to Walsh Lake and which have the potential to materially improve economics; the Company's expectation that Courageous Lake's measured and indicated resources and
proven and probable reserves would make it one of the highest-grade open pit gold projects in Canada; the Company’s intended initial focus to infill drill Walsh Lake to upgrade measured and indicated mineral resources and drill test targets previously identified;
anticipated mineral recoveries, including projected recovery rate; projected quantities of future mineral production and timelines; the proposed re-optimization of the pit shell and cut-off grades at higher long-term gold prices having the potential to materially increase
contained ounces, extend mine life, and improve overall project economics; the Company’s expectation that incorporation of near-surface and non-refractory material into the mine plan could enable phased development options, reduce upfront capital intensity,
accelerate cash flow, and materially enhance project NPV; potential added economic benefits from reducing cut-off grade; the anticipated 24-month timeline of the Company; possible events, conditions or financial performance that is based on assumptions about
future economic conditions and courses of action, including projected NPV and IRR; the strategic plans, timing, costs and expectations for the Company's future exploration on its properties; information with respect to grades from sampling results and drilling results; and
other statements that are not historical facts. These forward-looking statements reflect the Company's current beliefs and are based on information currently available to the Company and assumptions the Company believes are reasonable. The Company has made
various assumptions, including, among others, that: the historical information related to the Company's properties is reliable; the Company's operations are not disrupted or delayed by unusual geological or technical problems; the Company has the ability to explore and
develop the Company's properties; the Company will be able to raise any necessary additional capital on reasonable terms to execute its business plan; the Company's current corporate activities will proceed as expected; general business and economic conditions will
not change in a material adverse manner; budgeted costs and expenditures are and will continue to be accurate; and necessary infrastructure at the Courageous Lake project will remain available and accessible. Actual results and developments may differ materially
from results and developments discussed in the forward-looking statements as they are subject to a number of significant risks and uncertainties, including: fluctuations in metals prices, price of consumed commodities and currency markets; future profitability of mining
operations; access to personnel; results of exploration and development activities; accuracy of technical information; risks related to ownership of properties; risks related to mining operations; risks related to mineral resource figures, being estimates based on
interpretations and assumptions which may result in less mineral production under actual conditions than is currently anticipated; the interpretation of drilling results and other geological data; risks related to the Company's reliance on third-party engineering consultants;
receipt, maintenance and security of permits and mineral property titles, including environmental assessment approvals; environmental and other regulatory risks; changes in operating expenses; changes in general market and industry conditions; and changes in legal or
regulatory requirements. Although the Company has attempted to identify significant risks and uncertainties that could cause actual results to differ materially, there may be other risks that cause results not to be as anticipated, estimated or intended. Certain of these risks
and uncertainties are beyond the Company's control. Consequently, all of the forward-looking statements are qualified by these cautionary statements, and there can be no assurances that the actual results or developments will be realized or, even if substantially
realized, that they will have the expected consequences or benefits to, or effect on, the Company. The information contained in this presentation is derived from management of the Company and otherwise from publicly available information and does not purport to
contain all of the information that an investor may desire to have in evaluating the Company. The information has not been independently verified, may prove to be imprecise, and is subject to material updating, revision and further amendment. While management is not
aware of any misstatements regarding any industry data presented herein, no representation or warranty, express or implied, is made or given by or on behalf of the Company as to the accuracy, completeness or fairness of the information or opinions contained in this
presentation and no responsibility or liability is accepted by any person for such information or opinions. The forward-looking statements and information in this presentation speak only as of May 2026, the date of this presentation, and the Company assumes no obligation
to update or revise such information to reflect new events or circumstances, except as may be required by applicable law. Although the Company believes that the expectations reflected in the forward-looking statements and information are reasonable, there can be
no assurance that such expectations will prove to be correct. Because of the risks, uncertainties and assumptions contained herein, prospective investors should not read forward-looking information as guarantees of future performance or results and should not place
undue reliance on forward-looking information. Nothing in this presentation is, or should be relied upon as, a promise or representation as to the future.
Qualified Person
Marcus Adam, the proposed VP Exploration of Valor Gold Corp., is a “qualified person” as defined by National Instrument 43-101 (“NI 43-101”) and has reviewed and approved the scientific and technical information in this presentation.
Mineral Resource Estimate Disclosure
Detailed information regarding the mineral resource and reserve estimates, the Walsh Lake resource estimate, the 2024 Preliminary Feasibility Study (“2024 PFS”) and a Preliminary Economic Assessment (“2024 PEA”) are provided in the report titled "Courageous Lake Project,
Pre-feasibility Study and Preliminary Economic Assessment, NI 43-101 Technical Report", with an effective date of January 5, 2024, as amended and restated on March 23, 2026 and filed on April 27, 2026 on SEDAR+ under Seabridge's profile (the “Technical Report”). The
2024 PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that
the results of the 2024 PEA will be realized. Mineral Resources in the 2024 PEA mine plan are not Mineral Reserves and do not have demonstrated economic viability. The 2024 PEA evaluates a conceptual expansion beyond the 2024 PFS pit and includes Inferred Mineral
Resources. See the 2024 PEA for relevant assumptions, parameters, and risks.
Future Oriented Financial Information and Financial Outlooks
To the extent any forward-looking statement in this presentation constitutes "future-oriented financial information" or "financial outlooks" within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market
penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and
financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out above. The Company's actual financial position and results of operations may differ materially from management's current
expectations and, as a result, the Company's revenue and expenses. The Company's financial projections were not prepared with a view toward compliance with published guidelines of International Financial Reporting Standards (“IFRS”) and have not been examined,
reviewed or compiled by the Company's accountants or auditors. The Company's financial projections represent management's estimates as of the dates indicated thereon.
Use of Non-GAAP Measures
Certain financial measures referred to in this presentation are not measures recognized under IFRS and are referred to as non-GAAP financial measures or ratios. These measures have no standardized meaning under IFRS and may not be comparable to similar measures
presented by other companies. The definitions established and calculations performed by the Company are based on management’s reasonable judgement and are consistently applied. These measures are intended to provide additional information and should not be
considered in isolation or as a substitute for measures prepared in accordance with IFRS. The non-GAAP financial measures used in this presentation and common to the gold mining industry are net present value (NPV) and internal rate of return (IRR). NPV and IRR are non-
GAAP financial measures or ratios and have no standardized meaning under IFRS and may not be comparable to similar measures used by other issuers. As the Courageous Lake project is not in production, the Company does not have historical non-GAAP financial
measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non-GAAP financial measures or ratios may not be reconciled to the nearest comparable

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