Recently, Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) reported that Tudor Gold Inc.'s (TUD:TSX.V) request to cancel Seabridge's license of occupation and permit was not victorious, reported Red Cloud analysts Taylor Combaluzier and David A. Talbot in a November 21 research note.
Seabridge Gold was granted a license and permit related to their KSM mining project in British Columbia. Previously, Tudor Gold disputed whether the B.C. government could legally issue such a license to Seabridge.
However, the right of the government to do so was upheld by the Ministry of Mines and Low Carbon Innovation. This was further reinforced by the B.C. Ministry of Water, Land, and Resource Stewardship, which said there were no grounds under current regulations or the terms of Seabridge's existing license to cancel or invalidate the issued license and permit.
The analysts noted they believe this news confirms their suspicion that the request to cancel such a license was an opportunistic move by Tudor with little grounds.
They noted, "Work at KSM has been continuing as Seabridge aims to achieve its substantially started designation ahead of the 2026 deadline for the current Environmental Assessment Certificate."
This report gave Seabridge a Buy rating and a CA$45.25 target price. This target price shows a possible 186% increase from the share price at the time of the report or CA$15.80.
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- Seabridge Gold Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
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