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:

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Joe Reagor, ROTH Capital Partners

"Seabridge Gold Inc. continues to work to attract a joint venture (JV) partner for its flagship KSM project. We believe that a JV agreement is likely to be signed within the next 12 months and note that it is possible it could occur significantly sooner than this."

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Derek Macpherson, Red Cloud Klondike Strike Inc.

"A buying opportunity in Seabridge Gold Inc. has been created by recent share price underperformance (down 18%) driven by the disclosure of Canada Revenue Agency proposals recently regarding prior flowthrough expenditure. The underperformance implies an impact of CA$157M while the maximum liability only appears to be CA$14M; this news does not impact our view that the company is one of the few, large-scale gold-copper projects that majors are chasing."

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Gary Baschuk, PearTree Securities

"For 2019, Seabridge Gold Inc. remains well capitalized and recently announced a preliminary shelf prospectus qualifying eligible offerings of up to CA$100M to maintain financial flexibility. . .we expect the company will continue systematic advancement on all principal assets. In Nevada, look for it to generate targets following an analysis of geophysical and geochemical survey data, carbonate basin analysis and depositional modeling on the Snowstorm property."

The company noted that the results justify moving the deposit into an early position in the British Columbia's project's mining sequence.
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Joe Reagor, ROTH Capital Partners

"Seabridge Gold Inc. announced an increased resource estimate for the Iron Cap deposit at its KSM project. . .we believe that the increased estimate supports our inclusion of an exploration premium and that Iron Cap should have a meaningful impact on project economics."

Mike Kozak, Cantor Fitzgerald

"Incorporating the 20,341m completed over 18 holes drilled last year, Seabridge Gold Inc. has grown Iron Cap by 0.46 Moz Au and 177 Mlb Cu (Indicated) along with 7.45 Moz Au and 4.0 Blb Cu (Inferred). The resource increase has met management's target and should be sufficient to accelerate Iron Cap ahead of the Kerr and Sulphurets deposits in the mining sequence."

Dalton Baretto, Canaccord Genuity

"Seabridge Gold Inc. released an updated resource estimate for the Iron Cap deposit. . .both Indicated and Inferred categories have grown substantially, and the higher-grade core has been confirmed. Studies are now underway to sequence Iron Cap ahead of Kerr and Sulphurets, which should improve project economics as Iron Cap is closer to planned infrastructure and will require less development."

Discoveries, 2019 exploration plans and financings fill the agenda for this gold explorer/developer that has the attention of numerous analysts.
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More Expert Comments

Experts Following This Company

Dalton Baretto – Canaccord Genuity
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Gary Baschuk – Raymond James
Mike Kozak, Analyst – Cantor Fitzgerald
headshot of Chen Lin
Chen Lin What Is Chen Buying? What Is Chen Selling?
headshot of Derek Macpherson
Derek Macpherson, VP Mining Analysis – Red Cloud Klondike Strike Inc.
Jim Marrone, Analyst – SingularResearch
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Joe Reagor, Analyst – ROTH Capital Partners

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

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