Massive Gold/Copper Project in BC Advancing Partnership Discussions, CEO Says

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Twenty-five years after Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) purchased its massive KSM flagship project in British Columbia's Golden Triangle, the company is moving closer to finding a partner for it, Chairman and Chief Executive Officer Rudi Fronk told shareholders during a web call on November 12, 2025.

Fronk said the company began its formal process to find a joint-venture (JV) partner for the project three years ago with the engagement of RBC Capital Markets as its advisor, and now "companies are on stage," including three finalists that have recently completed site visits.

"We are now in direct negotiations with our preferred partner. ," Fronk said.

He also noted that, unlike three years ago, large mining companies are finally generating the cash flow needed to take on a project the scale of KSM.

"The window is finally open," he said.

Fronk also announced plans to spin out its Courageous Lake project in the Northwest Territories "to benefit shareholders."

Analyst: Finding a Partner Is a Key Catalyst

Royal Bank of Canada Analyst Michael Siperco highlighted on September 15 that RBC sees securing a senior partner to advance KSM as a key catalyst.

The rest of the company's portfolio, including advanced projects like Iskut, offers increasing optionality and potential funding sources beyond 2025. Early work continues at KSM, with CA$150 million planned for 2025, which Siperco described as "a world-class gold/copper project with strong leverage to higher metal prices."

On September 14, 2025, Stonegate Capital Partners analyst Dave Storms, CFA, began coverage of Seabridge without assigning a traditional rating. Instead, he established valuation ranges of CA$41.85 to CA$57.85 using the enterprise value to net asset value method and CA$42.72 to CA$67.17 using the enterprise value to reserves method. These valuations suggest significant upside from the share price at the time of the report, which was CA$26.06.

The analyst highlighted the company's unparalleled scale in gold and copper resources, significant project de-risking through permitting achievements, and several near-term catalysts as key investment drivers.

Storms describes KSM as "the world's largest undeveloped gold project and the third largest copper development resource." In July 2024, the project reached a critical milestone by obtaining its Substantially Started Designation, which "ensures permits remain valid for the life of the project — an exceptionally rare status for a development of this size."

The 2022 Pre-Feasibility Study outlined a 33-year mine life, with an annual production of approximately one million ounces of gold and 178 million pounds of copper. The initial capital expenditure is estimated at CA$6.4 billion, with life-of-mine all-in sustaining costs of CA$601 per ounce, net of copper credits. KSM boasts proven and probable reserves of 47.3 million ounces (Moz) of gold, 7.3 billion pounds of copper, and 160 Moz of silver.

Brien Lundin of the Gold Newsletter also expressed his feelings on Seabridge in a November 14 update. He wrote, "The most important factor for Seabridge Gold Inc. at the moment is management's expressed confidence in signing up a joint venture partner by year-end to help fund the development of KSM. This would be a very significant event for the company and reinforces its status as a Buy."

3Q Results

Seabridge announced its financial results for the third quarter on November 12, including a report to shareholders.

In addition to progress in field activities and partnership discussions at KSM, a 24,000-meter drill program at its Iskut project has confirmed a new large porphyry deposit at Snip North. The 2025 exploration program at 3 Aces has been completed, the company said.

For the three-month period ending September 30, Seabridge reported a net loss of CA$32.3 million (CA$0.32 per share), compared to a net loss of CA$27.6 million (CA$0.31 per share) for the same period last year. During the third quarter, Seabridge invested CA$52.9 million in mineral interests, up from CA$28.1 million during the same period last year. As of the end of 3Q, net working capital stood at CA$83.2 million, compared to CA$37.8 million as of December 31, 2024.

No New Records, But Gold Could Still Rise

The gold market remains below US$4,100 and may face additional downward pressure due to improved U.S. manufacturing data, as reported by the New York Federal Reserve, Neils Christensen noted for Kitco News on November 17.

On Monday, the regional central bank announced that its Empire State Manufacturing Survey surged to 18.7 in November, up from October's 10.7. This figure significantly exceeded expectations, as economists had anticipated a reading of 6.1. Manufacturing activity in New York has reached its highest point in a year, marking the fourth positive reading in the past five months.

"Manufacturing activity grew at a solid pace in New York State, with the survey's headline index reaching its highest level since last November. Both employment levels and hours worked rose modestly," said Richard Deitz, economic research advisor at the New York Fed, in the report. "While firms expect conditions to improve, optimism for the future dipped."

Despite the better-than-expected economic data, the gold market is not showing a significant reaction. The precious metal continues to struggle to stabilize as investors take profits after prices failed to maintain gains above US$4,200 last week. Spot gold was last traded at US$4,067.20 an ounce, down 0.33% for the day.

Gold rose more than 60% this year, cracking the US$4,300 barrier for the first time.

On October 31, Reuters reported that Morgan Stanley predicted gold prices had the potential to climb to US$4,500 per ounce by mid-2026, citing strong physical demand by exchange-traded funds and central banks as the economic outlook remains uncertain.

"Recent price action took gold well into 'overbought' territory on an RSI (Relative Strength Index) basis, but the recent correction has taken it to a healthier level, likely cleaning up positioning," Morgan Stanley said in a note, Reuters reported.

Ownership and Share Structure¹

Management and insiders own approximately 2% of the company, and institutions own about 61% of the company. The rest is retail.

Friedberg Mercantile Group Ltd. owns 15.49%, Pan Atlantic Bank and Trust owns 10.23%, Van Eck Associates Corp. owns 7.84%, and Kopernik Global Investors L.L.C. owns 6.66%.

There are about 104.35 million shares outstanding, while the company has a market cap of CA$3.48 billion and trades in a 52-week range of CA$13.44 and CA$41.07.