Seabridge Gold Inc.

Seabridge Gold Inc. is designed to provide its shareholders with exceptional leverage to a rising gold price. From 1999 through 2002, when the gold price was lower, Seabridge acquired nine North American projects with substantial gold resources, including Courageous Lake and KSM. Subsequent exploration by Seabridge has significantly expanded its acquired gold resource base.

Seabridge considers each of its common shares to represent an indirect ownership interest in its reserves and resources. Our aim is to increase the value of this ownership interest by growing reserves and resources faster than shares outstanding. Project acquisitions, exploration and engineering programs are carefully designed and monitored to ensure that equity dilution required to fund these activities is more than offset by additional reserves and resources.

Seabridge is pursuing three value-enhancing strategies. First, the Company continues to search for gold projects in North America which would be accretive in terms of gold resources. Second, Seabridge funds exploration and engineering work considered likely to expand resources and upgrade them to reserves. Third, Seabridge sells or partners its projects when they reach the production stage, to limit risk and share dilution.

Expert Comments:

A ROTH Capital Partners report discussed the new drill results.
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Joe Reagor, ROTH Capital Partners (10/31/18)
"On Oct. 30, 2018, Seabridge Gold Inc. announced the results of its first two holes from its resource expansion drilling at Iron Cap. These holes showed significant intervals of mineralization at higher grades than the average of the existing resource. . .we view this as a significant positive development."

Jim Marrone, SingularResearch (10/18/18)
"At KSM in British Columbia, Canada, Seabridge Gold Inc. recently updated its mineral resource estimate for the Iron Cap deposit based on the drilling program completed in 2017. . .the update increased both the size of the resource and the grade of that resource. . .at Snowstorm in Northern Nevada, the company's first exploration program has commenced with the expectation that drill targets will be identified by year-end."

After delays caused by adverse weather and fires, the company announced that its summer program is meeting its objectives.
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The drill program confirms the presence of a gold-bearing system.
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A ROTH Capital Partners report relayed the key points from the company's quarterly update.
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Joe Reagor, ROTH Capital Partners (8/12/18)
"We attribute the positive market reaction to Seabridge Gold Inc.'s forward commentary on exploration potential at KSM and Courageous Lake. . .we continue to believe there is significant room for value creation at these projects. At KSM, we expect drill results targeting resource growth at Iron Cap to provide catalysts later this year, while we believe drilling at recent discoveries at Courageous Lake could lead to significantly improved project economics."

Joe Reagor, ROTH Capital Partners (7/13/18)
"We are initiating coverage of Seabridge Gold Inc. with a Buy rating and $17 price target; we believe the company has a unique combination of gold price leverage and near-term catalysts that creates a lower risk investment opportunity as compared to other gold exploration companies. Additionally, we believe Seabridge is on the cusp of attracting a strategic partner for its flagship asset, which could be a major catalyst."

Exploration is set to begin at a recently acquired Nevada gold project.
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Drilling at KSM has begun and several more rigs are expected to come online as well.
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Dalton Baretto, Canaccord Genuity (6/5/18)
"Seabridge Gold Inc.'s 2018 exploration program at KSM could be material to project economics ahead of a partnership agreement being signed. . .the company has budgeted $20M for the 2018 exploration program, which includes 28,000m of drilling as well as surface work. The program will be funded by the flowthrough financing announced in April."

Mike Kozak, Cantor Fitzgerald (5/9/18)
"Winter drilling at Seabridge Gold Inc.'s wholly owned Courageous Lake project has led to the discovery of two new gold zones (Olsen and Marsh Pond) with grades and widths that could materially impact the resource and economics at the project (highlight intercept at Olsen: 40.4m at 3.04 g/t gold at shallow depth). Follow-up drilling on the two new zones will be planned for, as well as on new targets in the area."

More Expert Comments

Experts Following This Company

Gary Baschuk – Raymond James
Mike Kozak, Analyst – Cantor Fitzgerald
Tony Lesiak, Head of Canadian Mining Research – Canaccord Genuity
Jim Marrone, Analyst – SingularResearch
Rick Mills Ahead of the Herd
Joe Reagor, Analyst – ROTH Capital Partners
Lawrence Roulston – WestBay Capital Advisors

The information provided above is from analysts, newsletters, the company and other contributors.

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