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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:

These factors, positively impacting Seabridge Gold, are reviewed in a ROTH Capital Partners report.
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Seabridge Gold reported net income of CA$5.0 million in Q3/20 and ended the quarter with one of the strongest working capital positions in its 21-year history.
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Seabridge Gold reported that its 2020 drill program identified a potentially large gold-copper porphyry system at its Iskut project located near Stewart, British Columbia.
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Derek Macpherson, Red Cloud Securities

"Seabridge Gold Inc. announced results from its 2020 core drilling program at its 100%-owned Iskut project. . .a total of 11 holes (8,961m) has been completed to date with results returning 0.16 g/t Au and 0.16% Cu over 158m. These results indicate that drilling may have encountered the outer portions (upper part) of a large Au-Cu porphyry system."

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Joe Reagor, ROTH Capital Partners

"On Nov. 11, 2020, Seabridge Gold Inc. announced the results of its 2020 drill program at the Iskut project. Results showed the potential for a significant porphyry system. . .the company is poised to benefit from rising commodity prices. As such, we are increasing our price target."

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Derek Macpherson, Red Cloud Securities

"The scale of Seabridge Gold Inc.'s KSM makes it an attractive asset for potential partners. . .we model KSM producing 1.4 Moz of Au eq for 44 years at $1,700/oz Au. . . the recent discovery of Iron Cap has added a significant copper kicker to the project, attracting the interest of major base metal mining companies that are also on the prowl for large-scale projects."

B. Riley FBI Inc.

"Gold was roughly flat while silver was modestly higher week over week. By our estimates, Seabridge Gold Inc. is the cheapest name on a price:net asset value (NAV) basis, trading at just 27% of estimated NAV at spot."

B. Riley FBI Inc.

"Spot gold and silver prices rose week over week as the U.S. dollar declined against most major currencies. By our estimates, Seabridge Gold Inc. is the cheapest name on a price:net asset value (NAV) basis, trading at just 29% of estimated NAV at spot."

B. Riley FBI Inc.

"We are assuming coverage of Seabridge Gold Inc. with a Buy rating. . .management focuses on gold leverage per share to in-ground resources in order to provide shareholders with gold price exposure. The company's flagship KSM asset, which we believe is one of the largest undeveloped gold assets in North America, has been explored, defined, engineered and permitted."

Seabridge Gold is testing for a gold-copper porphyry mineral system similar to its KSM project.
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Seabridge Gold will carry out geotechnical drilling in the proposed area for the tunnel that will connect the mine and mill at its KSM gold-copper project.
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More Expert Comments

Experts Following This Company

Dalton Baretto – Canaccord Genuity
Adam Graf – B. Riley Securities
Mike Kozak, Analyst – Cantor Fitzgerald
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Derek Macpherson, VP Mining Analysis – Red Cloud Securities
Jim Marrone, Analyst – SingularResearch
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Joe Reagor, Analyst – ROTH Capital Partners
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Jay Taylor, Author Gold, Energy & Tech Stocks

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

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