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.

Seabridge Gold recently completed an updated Preliminary Feasibility Study for its 100% owned KSM Project located in British Columbia, Canada capturing 47.3 million ounces of gold, 7.3 billion pounds of copper and 160 million ounces of silver in proven and probable reserves. The study projects a 33 year open-pit only mine life generating an after tax net present value (at 5%) of US$7.9 billion and a life of mine total cost (including all capital, reclamation and closure costs) of US$601 per ounce of gold produced after base metal credits. Over the 33 year mine life, average annual metal production is estimated at 1.0 million ounces of gold, 178 million pounds of copper and 3.0 million ounces of silver.

SEA:TSX SA:NYSE.MKT

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World's Largest Gold Reserve Beats Back Competing Claim

Streetwise Reports (11/28/2023)

Mining is a competitive industry, with firms often actively seeking to undermine and take over each others' claims and approvals. Seabridge Gold Inc. recently announced that it was able to defeat one such attempt.

Tags: Gold

Gold Co. May Continue With License

Research Report

Taylor Combaluzier (11/24/2023)

Recently, Seabridge Gold Inc. announced Tudor Gold's request to cancel its license of occupation and permit was not victorious, reported Red Cloud analysts Taylor Combaluzier and David A. Talbot in a November 21 research note.

Tags: Gold

Co. Looks to Lock in Permit Process for Massive Gold Project

Streetwise Reports (11/14/2023)

This company is planning to submit its application early next year for the "substantially started" designation for its flagship project in the Golden Triangle. One newsletter write says this mine could become an "anchor project" for copper and gold worldwide.

Tags: Gold

Is This Project Poised To Be a Top-5 Gold Producer?

Streetwise Reports (10/09/2023)

Seabridge Gold Inc. is picking up more interest from analysts and newsletter writers, including an analyst who says its flagship project would be a "top-five annual gold producer" at full production.

Tags: Gold

Owner of World-Class Au-Cu Asset Gains Research Coverage

Research Report

Michael Siperco (09/25/2023)

The mining company is developing and seeking a partner to advance its large-scale, British Columbia mine offering long-term upside potential, noted an RBC Capital Markets report.

Tags: GoldBase Metals

Gold Co. Notches Profit, Updates Search for Partner

Streetwise Reports (09/15/2023)

This gold company has filed its report to shareholders and management's analysis for the second quarter. Find out why one analyst says it has a "clear vision" for a potential partnership agreement.

Tags: GoldBase Metals

Expert Comments:

	Taylor Combaluzier, Red Cloud Securities (11/21/23) "Seabridge Gold Inc. announced that Tudor Gold's July 2023 request to cancel a license of occupation and permit held by Seabridge for its flagship KSM project in British Columbia was not successful. . .this outcome is in line with our view that this was an opportunistic move by Tudor."

Mining.com (11/20/23) "Seabridge Gold Inc. wins round one of its tussle with Tudor over the KSM license. . .the British Columbia Ministry of Water, Land and Resource Stewardship confirmed there is no basis to cancel the license under the provisions of the relevant legislation or the terms of the license."

Jefferson Research (10/19/23) "Seabridge Gold Inc. is showing strong operating efficiency and valuation. . .the company's overall rating improved in Q2/23."

Michael Siperco, RBC Capital Markets (9/18/23) "Seabridge Gold Inc. has begun to accelerate development of the world-class, large-scale, 100%-owned KSM gold/copper project in the Golden Triangle region of northern British Columbia, with a new, streamlined study. . .we are initiating coverage at Outperform."

Dan Amoss, Jim Rickards' Strategic Intelligence (7/11/23) "Seabridge Gold Inc. closed on the sale of a $150M secured note to Sprott Resource Streaming and Royalty. . .this is the second such transaction and moves the KSM project's development timetable forward in a manner that minimizes dilution of Seabridge shareholder claims."

	David Talbot, Red Cloud Securities (5/12/23) "The $150M funding should enable Seabridge Gold Inc. to complete the switching station and work required to connect KSM to BC Hydro's Northern Transmission Line; it should also shorten the construction period once a construction decision is made. . .this work would further derisk KSM and should help the company with its ongoing efforts to secure a major joint venture partner."

More Expert Comments

Mike Kozak, Cantor Fitzgerald (5/12/23) "Seabridge Gold Inc. is raising US$150M (CA$200M) from Sprott Resource Streaming and Royalty via the sale of a 1.2% net smelter return royalty on all future metals production at its KSM gold-copper-silver-molybdenum project. We have a favorable view of this transaction as it removes a significant financing overhang in a way that is not equity dilutive to shareholders."

Rick Mills, Ahead of the Herd (4/21/23) "Seabridge Gold Inc.'s Kerr-Sulphurets-Mitchell (KSM) copper-gold-silver porphyry and its estimated mineral content are spectacular; Sulphurets' 199 Moz gold and 790 Moz silver make KSM the largest undeveloped gold deposit in the world. It also has 51 Blb contained copper."

Lucas N. Pipes, B. Riley Securities (4/20/23) "We believe Seabridge Gold Inc. has a clear vision for a potential partnership agreement. . .the company's KSM is the world's largest undeveloped gold project by reserves and resources with substantial copper byproduct credits. . .the asset is now ripe for third-party validation. We maintain our Buy rating."

Dan Amoss, Jim Rickards' Strategic Intelligence (3/14/23) "Seabridge Gold Inc.'s KSM is one of the most attractive gold-copper acquisition targets in the world. . .hold your position in the company."

Jefferson Research (1/19/23) "Seabridge Gold Inc. is showing strong operating efficiency, and valuation suggests a lower amount of price risk. . .all five dimension measures, including balance sheet quality, earnings quality and cash flow quality, remained unchanged in Q3/22."

Dan Amoss, Jim Rickards' Strategic Intelligence (1/10/23) "Each share of Seabridge Gold Inc. has a claim on 0.57 oz of gold reserves and 127 lbs of copper. At current metals prices, that adds up to roughly $1,500 per share in reserves. . .if you only assume shareholders will extract $0.05 on the dollar, over time, of the company's reserves per share, then Seabridge would be worth about $75. Hold your position in it."

	Joe Reagor, ROTH Capital Partners (1/9/23) "Seabridge Gold Inc. announced the results of its 10-hole drill program at Iskut in 2022. We believe the results were encouraging and supportive of our inclusion of a valuation of $88M for the Iskut project."

Mike Kozak, Cantor Fitzgerald (1/9/23) "Seabridge Gold Inc.'s 2022 drill program identified a large, mineralized quartz-magnetite breccia pipe, thought to be the source of the Bronson Slope deposit at the Iskut project. Drill results were highlighted by SBS-22-05 that returned 289m at 0.7 g/t Au and 0.28% Cu and SBS-22-01 that returned 446m at 0.28 g/t Au and 0.14% Cu."

Capital Cube (1/5/23) "Seabridge Gold Inc.'s closing price is above the 50-day moving average since Jan. 3, 2023 (as of close), reflecting a bullish sentiment on the stock. The 200-day moving average reflects a bullish sentiment as well. . .the company has a strong working capital position. . .the working capital is CA$154.33M."

Jefferson Research (12/15/22) "The operating efficiency rating for Seabridge Gold Inc. remains strong. . .the valuation rating suggests a lower amount of price risk."

Lucas N. Pipes, B. Riley Securities (11/21/22) "Following our more substantive model overhaul on Liberty Gold Corp. following Q3/22 results, we are updating our valuation for KSM from $3,919M to $4,724M and increasing our price target. . .the company is currently demonstrating a substantial start of its flagship KSM operations, which, besides developing critical path infrastructure, extends the environmental assessment certificate until the end of the project."

Mike Kozak, Cantor Fitzgerald (8/29/22) "Last week we visited Seabridge Gold Inc.'s 100%-owned massive KSM gold-copper project. . .activities required to achieve the 'substantially started' designation are fully funded and well underway at the project. . .KSM must be considered to be 'substantially started' by July 29, 2026 in order to extend the life of the environmental assessment certificate into perpetuity."

	David Talbot, Red Cloud Securities (8/4/22) "Seabridge Gold Inc. provided a preliminary economic assessment (PEA) for the copper-rich Kerr and Iron Cap deposits, part of its 100%-owned KSM project. . .this PEA study demonstrates an after tax NPV5% of $5.8B, internal rate of return of 18.9% and payback of 6.2 years, providing considerable value to Seabridge, tacking on an additional 39 years to the existing 33-year life of mine."

Mike Kozak, Cantor Fitzgerald (8/3/22) "Seabridge Gold Inc. reported results from a preliminary economic assessment (PEA) evaluating a standalone underground block cave operation at the Kerr and Iron Cap deposits, part of the company's 100%-owned massive KSM gold-copper project. . .over a 39-year mine life, the standalone PEA outlines mining a total of 1.7 Bt of ore at an average production rate of 368 Koz Au and 366 Mlb Cu per year."

Jefferson Research (7/14/22) "Seabridge Gold Inc. is showing strong earnings quality, operating efficiency and balance sheet quality, and valuation suggests a lower amount of price risk. . .the reported net income increased during Q1/22 to -$6.3M from -$8.5M, and the quality of that reported net income improved."

	David Talbot, Red Cloud Securities (6/29/22) "Seabridge Gold Inc. updated its prefeasibility study for its 100%-owned KSM project. . .improvements in mine design from an open pit operation and removal of capital intensive, block cave development have reduced the environmental footprint, waste rock and increased mill throughput by 50%. . .it incorporates a well thought out strategy and has been issued with the goal of helping attract a larger senior producer to develop the project."

Mike Kozak, Cantor Fitzgerald (6/28/22) "The prefeasibility study (PFS) results Seabridge Gold Inc. released this morning were in line with our estimates but show a considerable improvement over the company's 2016 PFS. . .the 'cleaner' and far simpler open-pit only mine plan, in our view, makes the KSM project far more attractive to potential large-tier partners."

	Chris Temple, The National Investor (5/16/22) "We have a Buy recommendation on Seabridge Gold Inc."

Jim Marrone, Singular Research (4/22/22) "Seabridge Gold Inc.'s recently updated mineral resource estimates for its Mitchell and East Mitchell (formerly Snowfield) deposits are expected to have a significant positive impact on project economics at KSM. . .these resource estimates will be used in an updated KSM preliminary feasibility study expected in June 2022 that will, for the first time, incorporate the East Mitchell deposit into KSM's mine plans."

	Peter Krauth, Gold Resource Investor (4/18/22) "Seabridge Gold Inc. updated its resource estimates for Mitchell and East Mitchell deposits, including 2021 drilling. These will be used in an updated KSM preliminary feasibility study expected in June. . .the company has been climbing along with the sector, and still looks attractive to accumulate on weakness."

	David Talbot, Red Cloud Securities (4/18/22) "Seabridge Gold Inc. increased Measured and Indicated resources at its Mitchell and East Mitchell (formerly Snowfield) deposits by 16% for gold, 35% for copper, 26% for silver and 22% for molybdenum. We view this update positively as we see this resource update leading to a likely increase in Proven and Probable reserves, better grades early in the mine life and a deferral of the capital-intensive underground block cave development at KSM."

	Joe Reagor, ROTH Capital Partners (4/14/22) "Seabridge Gold Inc. announced an updated resource estimate for the Mitchell and East Mitchell deposits at KSM. The update showed significant conversion of Inferred resources to Measured and Indicated, which should benefit the project's economic outlook in the upcoming prefeasibility study."

Mike Kozak, Cantor Fitzgerald (4/14/22) "In Seabridge Gold Inc.'s updated 43-101 resource estimate on its 100%-owned KSM project, across all categories, contained metal (gold, copper, silver, molybdenum) on a gold equivalent basis increased by 8.4% over the previous 2020 resource estimate. . .Measured & Indicated and Inferred resources at the consolidated KSM project now stand at 5.4 Bt at 0.73 g/t Au eq (126 Moz Au eq) and 5.7 Bt at 0.71 g/t Au eq (129 Moz Au eq), respectively."

Don Maclean, Paradigm Capital (4/13/22) "When we picked up coverage of Seabridge Gold Inc. in August 2014 at CA$10.38/share we knew that its 100%-owned KSM project in British Columbia was a whale. . .we respected its strategic size, one of the largest undeveloped copper-gold deposits on the planet (and remains so); the leverage this provided investors to higher metal prices and management's plans for continuing to optimize KSM. That it has done, consistently, year after year."

Mike Kozak, Cantor Fitzgerald (3/31/22) "Seabridge Gold Inc. offers among the highest beta/torque to underlying gold prices given the leverage inherent in its massive KSM gold-copper project. . .we also note the recent investment from Ontario Teachers' Pension Plan into the company and its agreement to access low-cost green hydro power via BC Hydro. Both developments have made Seabridge far more attractive to future joint venture partners."

Clive Maund, CliveMaund.com (3/30/22) "One big gold stock looking attractive here is Seabridge Gold Inc. . .precious metals stocks have hardly reacted back at all in recent weeks. This is a positive divergence which strongly suggests that the sector is headed higher again and probably very soon."

	David Talbot, Red Cloud Securities (3/2/22) "Seabridge Gold Inc. is planning to go greener during its construction phase, as it has signed an agreement with BC Hydro to supply electricity for construction of its 100%-owned KSM project. We view this news very positively as previous studies had incorporated the use of much higher-cost diesel power for construction activities, with grid connection only anticipated later for operations."

	Joe Reagor, ROTH Capital Partners (3/1/22) "Seabridge Gold Inc.'s agreement with BC Hydro to connect to grid power for construction is positive. . .irst and foremost, it allows the company to move towards 'substantially started' status, which is key to maintaining its environmental permits. Second, the hydro power should provide both lower cost and substantially cleaner energy for project construction."

Mike Kozak, Cantor Fitzgerald (2/28/22) "Seabridge Gold Inc. is raising US$225M (CA$285M) from Sprott Resource Streaming and Royalty and Ontario Teachers' Pension Plan via a secured note (6.5% coupon) exchangeable for a 60% gross silver royalty at KSM once commercial production is achieved. This is an excellent and highly creative financing package for Seabridge and its massive KSM gold-copper project."

	Peter Krauth, Gold Resource Investor (2/2/22) "Seabridge Gold Inc. confirms that additional drilling from last year's program validated the integration of Snowfield into the KSM mine plan; modeling shows Snowfield is the upper part of the Mitchell deposit, with similarities that enable combined surface mining for initial production. This should help enhance reserves, annual production and payback, while deferring capex."

Peter Krauth, Gold Resource Investor (12/16/21) "In Q2/22, expect a new KSM preliminary feasibility study from Seabridge Gold Inc., which could boost gold reserves, annual production and payback while reducing major capital expenditures. Next year we could see a possible joint venture with a major for the KSM project; the company should leverage higher if gold rises in 2022."

Experts Following This Company

	Taylor Combaluzier, Mining Analyst – Red Cloud Securities
Mike Kozak, Analyst – Cantor Fitzgerald
Rick Mills – Ahead of the Herd
Lucas N. Pipes, Analyst – B. Riley Securities
	Joe Reagor, Analyst – ROTH Capital Partners
Sadif Research – Sadif Research
Michael Siperco, Analyst – RBC Capital Markets
	David Talbot, Analyst – Red Cloud Securities

Company News

11/13/2023 – Seabridge Gold Files Third Quarter 2023 Report to Shareholders and its Financial Statements and MD&A

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