KSM Partnership Announcement and Feasibility Study Progress Could Unlock 104% Upside, RBC Says
Research Report

1. Seabrodge Gold Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Seabridge Gold Inc.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

For additional disclosures, please click here.

On March 12, 2026, RBC Capital Markets analyst Josh Wolfson published a precious metals estimate changes note on Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT), reiterating an Outperform rating with a Speculative Risk qualifier while raising the price target to US$71.00 from US$63.00. The target increase reflects updated project economics and the analyst's view that Seabridge is well-positioned to advance its flagship KSM project.

RBC's updated US$71.00 price target is based on an average 0.40x target multiple applied to the firm's NAV₅% estimate, a discount to covered developer peers. The discount reflects the early-stage nature of the KSM project, the potential for a partnership, longer-dated upside from unmodeled resources and projects, and construction costs and complexity. At the time of publication, SA shares were trading at US$33.89 on the NYSE (US$34.81 per the report's implied return table), with the price target implying a potential return of approximately 104%.

Seabridge Gold holds the KSM project, a world-class, long-life, large-scale gold-copper asset located in British Columbia, Canada. The company's updated Preliminary Feasibility Study (PFS) and upgraded regional infrastructure — including a paved highway, port, and airstrip — have improved project economics. Seabridge is actively seeking a senior partner for investment in further study and potential eventual construction. Key near-term catalysts identified by the analyst include a partnership announcement and feasibility study work, further KSM project optimization, and exploration results from the Iskut and 3 Aces properties.

On the financial side, Seabridge is a pre-revenue development-stage company, with corporate costs of approximately CA$18 million per year through the forecast period. RBC estimates adjusted EPS of (CA$0.45) in 2025, improving to (CA$0.19) in 2026, before widening again to (CA$0.39) and (CA$0.89) in 2027 and 2028, respectively, as capital expenditures ramp significantly. The firm's NAV is estimated at US$181.78 per share, with shares currently trading at just 0.19x NAV. The KSM open pit deposits represent the dominant value driver, carrying an estimated net asset value of US$18,650 million, or US$178.23 per share, at an 8.0% discount rate. Additional assets include the KSM block cave deposits (US$3.12/sh), Courageous Lake (US$1.45/sh), Iskut (US$0.58/sh), 3 Aces (US$0.29/sh), and Snowstorm (US$0.29/sh). RBC notes that approximately 14% of Seabridge is held by Pan Atlantic/FCMI.

Capital expenditure requirements are substantial, with RBC modeling approximately CA$214 million in 2026, rising sharply to CA$3.2 billion in 2027 and CA$3.5 billion in 2028 as potential construction activity commences, resulting in deeply negative free cash flow through the forecast horizon. Total P&P Reserves stand at 53.8 million ounces of gold and 7.3 billion pounds of copper, with Total Measured & Indicated resources of 100.5 million ounces of gold and 20.1 billion pounds of copper.

The analyst outlined several key risks to the rating and price target. Partnership risk is flagged as the primary concern, as RBC's target and recommendation "largely depend on Seabridge finding first a partner to advance and fund a feasibility study, and then to assume operatorship of the project through construction and production." If a suitable partner is not found, or if partnership terms differ from RBC's assumptions, there is risk to valuation and potential for material delays. Additional risks include gold and copper price sensitivity, construction capital expenditure uncertainty (with the 2022 PFS outlining US$6.4 billion and RBC's own estimate at US$7.8 billion for a smaller-scale initial project), the project's relative remoteness and weather challenges, permitting requirements ahead of production, project financing contingent on a future partnership agreement, and potential project opposition from local groups.