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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:

The potential benefits of Snowfield on Seabridge Gold's KSM project are discussed in a Singular Research report.
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headshot of Joe Reagor

Joe Reagor, ROTH Capital Partners

"Seabridge Gold Inc. announced that it had encountered low-grade gold mineralization at its Snowstorm project in some of the completed holes from this program. . .these low-grade intercepts could be an indication of a higher-grade gold deposit within the project. As a result, we are increasing our valuation of Snowstorm from $10M to $20M."

Jim Marrone, SingularResearch

"Seabridge Gold Inc. recently closed the acquisition of the Snowfield property, a large gold resource immediately adjacent to the company's 100%-owned KSM gold-copper project. The acquisition could have a significant positive impact on project economics at KSM."

Lucas N. Pipes, B. Riley Securities

"For maximum leverage to rising metals prices, we recommend exposure to Seabridge Gold Inc. . .we reiterate our expectation for $2,500/oz gold and $35/oz silver in 2021. . .we remain extremely bullish on precious metals in 2021 and view the recent price action and share price underperformance by precious metals equities as a buying opportunity."

Mike Kozak, Canaccord Genuity

"On a consolidated basis (open-pit plus underground block cave) Seabridge Gold Inc.'s KSM+Snowfield project contains combined resources (Measured and Indicated plus Inferred) of 9.8 Bt grading 0.45 g/t Au and 0.23% Cu, for total contained metal of 142 Moz Au and 50.5 Blb Cu. At the company's proposed mining rate of 170 Ktpd, the project would produce +1 Moz Au/year with byproduct copper production averaging +180 Mlb/year from open-pit operations only."

Peter Krauth, Gold Resource Investor

"Seabridge Gold Inc. is a classic optionality play, but I also qualify the company as a trophy goal hoarder; that's because its reserve and resource base of gold, copper and silver is one of the world's largest. Its stated goal is to grow its resource and reserve ownership per outstanding share; that's been accomplished in spades."

Rudi Fronk Rick Rule
In a StreetSmart Live! Broadcast on Jan. 7, Rick Rule of Sprott Inc. and Rudi Fronk, chairman and CEO of Seabridge Gold, address the future of the gold price and precious metals assets and discuss Seabridge, its Snowfield acquisition and its KSM project.
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The transaction details and benefits to acquirer Seabridge Gold are discussed in a Canaccord Genuity report.
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Allen Alper, Metal News

"We learned from Rudi Fronk, chairman and CEO of Seabridge Gold Inc., that it is buying Pretium Resources' world-scale Snowfield property, which hosts a large gold resource. . .this transformative acquisition enables exciting new development opportunities for KSM, which could have a significant positive impact on project economics. Snowfield today already has a resource base of 35 Moz gold, of which 26 Moz are Measured and Indicated, in a configuration that could be mined as an open pit."

Chris Temple
Chris Temple, editor and publisher of The National Investor, outlines his investment thesis for Seabridge Gold.
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Pretium Resources agrees to sell Snowfield to Seabridge Gold.
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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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More Expert Comments

Experts Following This Company

Dalton Baretto – Canaccord Genuity
Adam Graf, independent analyst
Mike Kozak, Analyst – Cantor Fitzgerald
headshot of Derek Macpherson
Derek Macpherson, VP Mining Analysis – Red Cloud Securities
Jim Marrone, Analyst – SingularResearch
Lucas N. Pipes, Analyst – B. Riley Securities
headshot of Joe Reagor
Joe Reagor, Analyst – ROTH Capital Partners
headshot of Rick Rule
Rick Rule, Chairman – Sprott Global Resource Investments Ltd.
headshot of Chris Temple
Chris Temple, Editor and Publisher – The National Investor

Company News

4/29/2021 – Seabridge Sells Residual Red Mountain Interest for US$18 Million

4/22/2021 – Seabridge Gold Publishes 2020 Annual Report to Shareholders

4/6/2021 – Seabridge Drilling Finds Gold at Its Snowstorm Project in Northern Nevada

3/24/2021 – Seabridge Gold Files 2020 Year End Audited Financial Statements and MD&A

3/16/2021 – Seabridge Gold Inc. (NYSE: SA) (TSX: SEA) Featured in Virtual Coverage of the 33rd Annual ROTH Conference

3/3/2021 – Seabridge Gold: Invitation to Red Cloud's 2021 Pre-PDAC Mining Showcase

2/26/2021 – Seabridge Gold to Present at the BMO 30th Global Metals and Mining Conference

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

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