SEA:TSX; SA:NYSE.MKT

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.
SEA:TSX SA:NYSE.MKT

Expert Comments:

Raj Ray, National Bank of Canada (3/30/17)
"Seabridge Gold Inc. announced bought deal offering of 1M (1.1M including over-allotment option) common shares at $14.3/share and concurrent private placement of 1M (1.1M including over-allotment option) flow-through common shares at $20/share for aggregate gross proceeds of $34.3M ($37.7 including over-allotment). . .proceeds from the financings grant the company flexibility to proceed with ongoing exploration at the flagship KSM project and the recently acquired Iskut project."

Seabridge's Iskut project has the potential to be another success story like its flagship, 100%-owned KSM project.
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Don Maclean, Paradigm Capital (3/16/17)
"With the summer drilling season approaching, Seabridge Gold Inc. is focusing on two key exploration programs: continuously improving the massive 100%-owned KSM project and exploring the nearby Iskut project for higher-grade epithermal mineralization with deep porphyry potential. . .given that it is relatively uncommon to find a fully preserved system (from porphyry to lithocap), we will be eagerly watching to see how the Quartz Rise target will play out."

Jeffrey Briggs, Singular Research (3/13/17)
"Seabridge Gold Inc. has made advances on several fronts over the past few months, including a resource expansion at its flagship KSM project; the company has also recently acquired a new project, the SnowStorm project, with high upside and minimal dilution for shareholders. We are maintaining our Buy rating."

Tony Lesiak, Canaccord Genuity (3/8/17)
"We continue to believe that Seabridge Gold Inc.'s 100%-owned KSM project will find a development partner. . .while a development partner for KSM remains the key rerating catalyst for the company's shares, in our view, we also highlight Seabridge's exceptional historical leverage to the gold price and the improving exploration potential."

Gary Baschuk, PearTree Securities (3/2/17)
"Seabridge Gold Inc. announced an update to the Inferred mineral resources on the Deep Kerr deposit at the 100%-owned Kerr Sulphurets Mitchell (KSM) project in northwestern British Columbia. The resources were calculated assuming a block cave mining method and resulted in an additional 3 Moz gold and 2.1 Blb copper above the Inferred estimate announced in the 43-101 compliant technical report on KSM of September 2016."

Seabridge Gold's recent announcement of an increased resource estimate at its KSM project caught the attention of one analyst, and follows another announcement that the company intends to purchase a project that potentially intersects three of Nevada's well-known gold trends.
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Raj Ray, National Bank Financial (2/16/17)
"Seabridge Gold Inc. announced an updated inferred resource estimate from the Deep Kerr Deposit at its 100%-owned KSM project in British Columbia. Deep Kerr is one of the three ore bodies (Kerr, Sulphurets and Mitchell) that make up the KSM project and is of relatively higher grade. . .the KSM project provides attractive optionality and is one of the few fully permitted large-scale projects in a stable jurisdiction."

Calling the new preliminary economic assessment for Seabridge Gold's KSM "a big improvement for a unique massive Au-Cu project," Paradigm Capital believes the company will continue to build value for investors.
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More Expert Comments

Experts Following This Company

Gary Baschuk – Raymond James
Tyron Breytenbach, Analyst – Cormark Securities
Charles Gibson, Director, Mining – Edison Investment Research
Mike Kozak, Analyst – Cantor Fitzgerald
Tony Lesiak, Head of Canadian Mining Research – Canaccord Genuity
Don Maclean, Senior Analyst – Paradigm Capital
Raj Ray, Analyst – National Bank of Canada
Joe Reagor, Analyst – ROTH Capital Partners

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

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