Seeking Alpha • Apr 10

Seabridge Gold: $33 Billion Project Trading At 12 Cents On The Dollar

Summary Seabridge Gold offers unmatched leverage to gold via its vast KSM project, holding 95.5M M&I ounces and 21B lbs of copper. SA trades at roughly 10% of KSM's spot NPV, with a JV partner announcement as the key near-term catalyst for re-rating. Recent resource updates and permitting milestones have de-risked KSM, but development, permitting, and gold price risks remain substantial. For speculative investors, SA is a high-upside bet on gold, with additional value from Iskut and a planned Courageous Lake spinout. Read the full article on Seeking Alpha

Seeking Alpha • Nov 25

Seabridge Gold: KSM's Multi-Billion Dollar Construction Cost Looks More Affordable Today (Rating Upgrade)

Summary Seabridge's KSM project has extended its development timeline by 20 years and is benefiting from rising gold, copper, and silver prices in 2024. CEO Rudi Fronk has been seeking a major mining partner for KSM for years, while late 2024 now offers the best setup for a partnership deal, maybe ever. The payback period for KSM's upfront construction cost has decreased to 3-4 years, potentially falling under 3 years if metals rise again in 2025. Buyout offers from major miners such as Newmont, Agnico Eagle, or Barrick Gold are now plausible, given KSM's significant gold/copper reserves and the project's strategic value. Read the full article on Seeking Alpha

Seeking Alpha • Nov 09

Seabridge Gold: Outlook Strengthens As Gold And Other Metals Rally

Summary Seabridge Gold maintains a "Hold" on promising updates on the Iskut and KSM projects, and the rise in gold and other metals. Rising gold, copper, and silver prices, coupled with central banks' rate cuts, enhance KSM's profitability and Seabridge's growth prospects. Seabridge's shares are currently high, but potential dips due to market sentiment on interest rates could offer better entry points. Continued exploration and positive resource estimates are expected to further boost Seabridge's stock value as metal prices climb. Read the full article on Seeking Alpha

Seeking Alpha • Aug 19

Seabridge Gold Has Strong Prospects But Wait For The Dip

Summary Seabridge receives a "Hold" rating: gold and copper prices, as well as the company's projects, develop positively (important updates from KSM and 3 Aces), but shares are high relative to past trends. According to this analysis, investors should expect a stock price dip before another share price rally occurs. Based on recent events in the markets, potential downside catalysts include Fed interest rate decisions, recession fears in the US and continued subdued demand for copper in China. Read the full article on Seeking Alpha

Seeking Alpha • May 16

Seabridge Gold: Good Growth Potential And Shares May Become More Attractive (Rating Downgrade)

Summary Seabridge Gold receives a "Hold" rating, downgraded from "Buy," due to the stock being in the upper part of the cycle and potential short-term negative pressures. Gold prices are expected to remain bullish due to demand from central banks and safe-haven purposes amid economic uncertainties. Copper prices are also expected to remain bullish due to strong industrial demand, driven by Chinese stimulus and energy transition projects, and supply deficit. Seabridge Gold mineral projects' growth potential, inherent in the company's extensive resources, provides an intriguing upside catalyst in the context of rising metal prices. Read the full article on Seeking Alpha

Seeking Alpha • Feb 22

Seabridge Still An Effective Call Option On Gold And Copper Prices

Summary Seabridge Gold Inc. has risen 15% on heavy volume in February despite weak gold-mining industry trading. The company offers tremendous leverage to gold and copper pricing with a resource base spread out over multiple projects, mostly in Canada. Seabridge has the potential to be an oversized gainer for investors, if gold and/or copper prices embark on a multi-year uptrend in 2024. Read the full article on Seeking Alpha

Seeking Alpha • Dec 02

Seabridge Gold: Relevant Upside Potential As Gold Turns Bullish

Summary This analysis confirms a Buy rating for Seabridge Gold as it is expected to benefit from a rising gold price and strong investment demand for safe-haven assets. Seabridge Gold shares are highly correlated with changes in the price of gold, making them a good investment during a bullish gold market. The KSM property in British Columbia offers significant growth potential for Seabridge Gold, with the project expected to attract the right partnership for development. Read the full article on Seeking Alpha

Seeking Alpha • Sep 14

Seabridge Is Poised For A Strong Recovery With Bullish Gold Prices

Summary Seabridge Gold stock receives a Buy rating due to an improved outlook on gold prices. The company has shown impressive growth in gold resources compared to shares outstanding. I believe Seabridge Gold has the potential to benefit from a future recession and the safe haven properties of gold. Read the full article on Seeking Alpha

Seeking Alpha • Jun 29

Seabridge Gold: An Attractive Valuation While Gold Is Weakening

Summary During the three months that ended March 31, 2023, Seabridge Gold Inc. posted a net loss of $7.88 million ($0.10 per share). On May 11, 2023, Seabridge Gold entered a royalty agreement with Sprott Resource Streaming and Royalty Corp. for $150 million. I recommend buying a small position in Seabridge Gold between $11 and $10.35 with possible lower support at $10. Read the full article on Seeking Alpha

Seeking Alpha • Feb 06

Seabridge Gold: The KSM Project In Focus This Year

Summary Seabridge Gold Inc., an update on what has been accomplished in 2022. The KSM project continues to advance after Seabridge Gold filed the KSM 2022 Preliminary Feasibility Study in August 2022. I recommend a cautious approach due to the risk of dilution. I suggest buying Seabridge Gold Inc. between $12.25 and $12.70 with possible lower support at $11.25. Introduction Toronto-based Seabridge Gold Inc. (SA) released its consolidated financial statements ending September 30, 2022, on November 14, 2022. The company announced that the 2022 exploration program at Iskut was completed, among other items. Also, one important step was achieved on August 8, 2022, when Seabridge Gold filed the KSM Technical report. The 2022 Preliminary Feasibility Study (“2022 PFS”) shows a considerably more sustainable and profitable mining operation than its 2016 predecessor, now consisting of an all open pit mine plan that includes the Mitchell, East Mitchell and Sulphurets deposits only. The primary reasons for the improvements in the plan compared to the 2016 study arise from the acquisition of the East Mitchell open pit resource and an expansion to planned mill throughput. Finally, on January 7, 2023, the company announced today that drilling had been completed and assay results received from its limited 2022 drill program at its 3 Aces Project. The program commenced in mid-September after receiving a Class 4 Quartz Exploration Permit from the Yukon Government Department of Energy, Mines, and Resources for its 100% owned 3 Aces project. As one of the permit conditions requires that drilling cease each year at the end of October, only four holes were drilled. This article is an update of my preceding article, published on April 7, 2022. It has been over ten months, and it is about time to look at the company's progress and new development as we enter 2023. Seabridge Gold owns 100% ownership of an extensive portfolio of premium North American exploration Projects with six gold core projects and three non-core projects: Kerr-Sulphurets-Mitchell ("KSM") - British Columbia, Canada. The mine is the largest undeveloped copper/gold property in North America and the most valuable project for the company. Courageous Lake - Northern Territories, Canada Iskut, which is 30 km Northwest of KSM - British Columbia, Canada Snowstorm - Nevada, USA 3 Aces - Yukon Territory, Canada Recent Snowfield Property acquired from Pretium Resources. Grassy Mountain Quartz Mountain. However, the most critical project that will make or break the company is the KSM project, which is the most advanced and has the potential to find an acquirer in the next few years. 2 - A look at the balance sheet During the three months that ended September 30, 2022, Seabridge posted a net income of $3.78 million ($0.05 per share) compared to a net loss of $0.65 million ($0.01 per share) for the same period in 2021. Cash on hand and cash equivalent were $154.66 million in 3Q22, down from $214.76 million in 2Q22. 3 - Investment thesis As I said previously, Seabridge Gold is NOT a gold or metals producer, and it is vital to invest in these development-stage companies with extreme caution. A mining project is a complex and expensive endeavor demanding years of preparation and a considerable amount of CapEx before getting an eventual greenlight. No fundamental reasons could explain a stock price valuation at this stage; it is all in the eyes of the beholder. The company owns about three potential projects that could produce down the road. One of the most advanced projects is the KSM/Snowfield project, with an investment of $150 million in 2022. A sign of confidence: The company raised $225 million from Sprott Resource streaming and Royalty and Ontario Teacher' Pension plan in exchange for a KSM silver royalty. In 2021, Seabridge Gold started early-stage construction activities at the KSM Project to achieve the “substantially started’ status by July 28, 2026, which is required to maintain the validity of the Environmental Assessment Certificate for the Project’s life. SA KSM 2022 Highlights (SA Presentation) The Kerr-Sulphurets-Mitchell or KSM/Snowfield is a massive project with 59 years of project life. Total P1 and P2 reserves represent the bulk of the company's reserves, with 38.8 Moz of gold, 10.155 billion pounds of copper, 183 Moz of silver, and 207 Mlbs of Molybdenum. The recent PEA report outlines the production of 170K TPD with a LOM of 39 years- The PEA outlines primarily an underground block cave mining operation supplemented with a small open pit, and is planned to operate for 39 years with a peak mill feed production of 170,000 t/d, demonstrating that KSM has “multi-generational long-life” mining project potential with flexibility to vary metal output. The recently updated PFS, meanwhile, contains only an open pit plan with a 33-year mine life limited to the Mitchell, East Mitchell and Sulphurets deposits. None of the mineral resources incorporated into the PEA were used in the PFS mine plan. However, the KSM copper/gold project requires over $5 billion in CapEx and eventually more with the recent Snowfield acquisition. It is a massive investment that could attract only a few major gold producers. Therefore, I recommend trading Seabridge Gold Inc. short-term and keeping a minimal long-term bet on the back burner for the eventual final payday if the company finds a gold major willing to complete the project. The primary issue is that Seabridge is financing KSM and other projects like 3 Aces and Iskut using its stock as currency. It is an elevated risk for shareholders who will suffer dilution along the way without guaranteeing any substantial payday.

Seeking Alpha • Oct 30

Seabridge Gold's Stock Doesn't Look Attractive; Shares Could Fall Further

Summary The near-term future may not be a pleasant one for financial markets. Investors may be more interested in trimming their positions than trying to take advantage of lower valuations. Perhaps, Seabridge Gold isn't as attractive as it was when gold was bullish.

Seeking Alpha • Aug 15

Seabridge Gold GAAP EPS of $0.24

Seabridge Gold press release (NYSE:SA): Q2 GAAP EPS of C$0.24. During the 2nd quarter, Seabridge invested C$27.2M in mineral interests project spending compared to C$12.2M in the second quarter of 2021. At June 30, 2022, net working capital was C$244.8M compared to C$36.9M at December 31, 2021.

Seeking Alpha • Jul 20

Seabridge Offers Huge Gold/Copper Reserves At Deep Discount

The KSM project, 100% owned by Seabridge Gold, is arguably the biggest undeveloped gold/copper mine located in Tier 1 jurisdiction. The recent 2022 PFS concluded robust economics, however, it requires a CAPEX of $6.4 billion. The company has construction and operating permits making it an even more unique gold/copper project. Apart from KSM, the company holds other assets that deliver value and optionality. Editor's note: Seeking Alpha is proud to welcome Deep Value Resources as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA Premium. Click here to find out more » 2022 has been a rough year for investors in the gold space as the metal has dropped much in the second quarter. The stock price of Seabridge Gold (SA) is affected by this fall in the gold price, resulting in a decline of 40% from its highs last April. However, the fundamentals of the company have improved. The 2022 PFS showed robust economics of Seabridge Gold's KSM flagship project, which is one of the biggest undeveloped gold/copper reserves in a Tier-one jurisdiction. Seabridge Gold also has other projects that offer additional value and optionality. Hence, the current market capitalization of only $1 Billion offers massive reserves for a cheap valuation. KSM Seabridge Gold acquired the next-door Snowfield deposit from Pretium Resources (PVG) in 2020. The initial KSM project was already massive, but this acquisition made it even bigger and provide better economics, which was recently demonstrated in the 2022 PFS. The new mine plan incorporates the acquired Snowfield project and excluded the copper-rich Kerr and Iron Cap project. The first impression would suggest that the better economics is mainly due to the higher gold price, however, this is not the case. First, the Kerr and Iron Cap projects are excluded from the mine plan, so capital-intensive block cave mining is eliminated. Second, the strip ratio is reduced to approximately 1:1. This low strip ratio is significant, especially because of the massive size of the project. Third, the mill throughput is increased to 195.000 tonnes per day. This massive mill enables the average production of 1.413 million ounces of gold and 251 million pounds of copper during the first seven years. Thereafter, an average annual production of 1.027 million ounces of gold and 178 million pounds of copper. To put this into perspective, the only comparable project is NovaGold's (NG) Donlin project. The 2022 PFS showed robust economics, as presented in the table below. The many copper by-products resulted in a low AISC of $601. The initial capital expenditures are estimated to be $6.4 billion. This is a huge amount that only a few companies can put on the table. Fortunately, the NPV is greater than the initial CAPEX, which is always a must for me. July 2022 presentation Permits - "Substantially" status The KSM project has successfully completed the environmental approval process, so it has the required construction and operating permits in hand for 2.3 billion tonnes in tailings facilities. This de-risks the project greatly because obtaining permits is very challenging nowadays. The permits would expire in 2026, however, they become valid until perpetuity if the company can prove it has 'substantially started' the project. Seabridge Gold is expected to need upward of Canadian $300 million in funding to start substantially. To fund these expenses, management sold a royalty of 60% of the silver to Sprott Investments for $225 million. This silver royalty represents only 3% of future revenue. If management chose the alternative of equity dilution to fund the project, it would have resulted in a share dilution of approximately 18%. This shows that management is focused on minimal share dilution. Other projects - Optionality plays Seabridge Gold bought three exploration projects between 2016 and 2020. The exploration team has a great track record in finding new resources, so their exploration activities are always interesting. Besides the massive KSM project, Seabridge Gold owns the Courageous Lake project, which is one of Canada's largest undeveloped gold projects. The figure below shows the portfolio of projects. July 2022 presentation The Courageous Lake project contains 6.5M oz at 2.2 g/t Au. The 2012 PFS shows only a marginal single open pit with an average annual production of 385.00 oz. However, the economics of the project increases significantly when the current exchange rate of Canadian dollar to USD and a higher gold price is used. The economics envisioned in the 2012 PFS are shown in the table below. Seabridge Gold suggests that there are opportunities to enhance project economics and recent internal studies confirm the potential for a smaller, less capital intensive and more economic robust starter project. Courageous Lake represents much value for Seabridge Gold, especially compared to the current market capitalization. Management is evaluating the best path forward to unlock value through a potential sale or joint venture. July 2022 presentation The exploration projects are early-stage. Here is a summary of the three main projects: The Iskut project is located only 30 km from the KSM project. The drill results from the 2020 drill campaign found a large copper/gold porphyry, similar to Deep Kerr. The 2022 campaign will follow up on these targets and will look underneath the current resource at the Bronson Slope copper/gold project. The Snowstorm project sits on the intersection between three major Nevada gold belts where over 300M oz of gold has been discovered. In an announcement on April 2022, CEO Rudi Fronk stated the following: Conditions around advancing this project remain challenging but incremental progress continues. We knew a multi-year exploration program would be required to advance a deep blind target and we remain confident of the potential. Integrating these new results into our understanding is expected to further define targeting in our next campaign designed to advance towards discovery of a Turquoise Ridge style opportunity. The 3 Aces project is located in the Yukon. The project was bought in May 2020 and contains some very encouraging drilling results with good gold intercepts near the surface. Seabridge completed geophysical and surface mapping/sampling in 2021, and they are waiting for the permits for a large drill program planned for 2022. Risks

Seeking Alpha • Apr 07

Seabridge Gold: Patience Is Required

During the three months ended December 31, 2021, Seabridge posted a net loss of $6.68 million ($0.09 per share) compared to a net loss of $9.88 million ($0.16 per share). On February 28, 2022, Seabridge Gold announced it had raised $225M to advance its KSM project through a deal with Sprott Resource Streaming and Royalty and Ontario Teachers Pension Plan. I recommend buying SA at or below $18.25. However, watch gold price like a hawk.

Seeking Alpha • Jan 07

Seabridge Gold: Under Pressure As Gold Price Is Weakening

During the three months ended September 30, 2021, Seabridge posted a net loss of $0.65 million ($0.01 per share) compared to a net income of $3.76 million ($0.05 per share). With the Fed turning more hawkish, large gold projects like KSM/Snowfield are less attractive. I recommend buying SA below $15.4.

Seeking Alpha • Nov 22

Seabridge Gold: A Strong Relative Strength Pick

Seabridge Gold continues to be a top performing exploration pick for speculative gold/silver/copper exposure. The spring 2022 PFS report could kick the share quote into another gear on the upside. The company retains incredible leverage to higher precious metals pricing, with limited share issuance (dilution) expected into 2022.

Seeking Alpha • Aug 31

Seabridge Gold: The KSM Gold-Copper Project

During the three-month period ended June 30, 2021, Seabridge posted a net profit of $11.91 million ($0.16 per share). The company sold its residual interest in Red Mountain for $18 million in cash. Cash on hand and cash equivalent jumped to a record of $62.47 million in 2Q21. I recommend buying SA below $16.

スノーフレーク・スコア
評価	1/6
将来の成長	0/6
過去の実績	0/6
財務の健全性	2/6
配当金	0/6

過去の株価
現在の株価	CA$29.93
52週高値	CA$40.06
52週安値	CA$11.93
ベータ	1.79
1ヶ月の変化	-0.53%
3ヶ月変化	-17.71%
1年変化	144.93%
3年間の変化	122.53%
5年間の変化	56.54%
IPOからの変化	767.54%

	SA	US Metals and Mining	US 市場
7D	1.8%	0.3%	1.1%
1Y	144.9%	85.5%	28.7%

SA volatility
SA Average Weekly Movement	10.0%
Metals and Mining Industry Average Movement	9.6%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.5%
10% least volatile stocks in US Market	3.1%

SA 基礎統計学
時価総額	US$3.22b
収益（TTM）	-US$50.94m
売上高(TTM)	n/a

SA 損益計算書（TTM）
収益	CA$0
売上原価	CA$0
売上総利益	CA$0
その他の費用	CA$70.37m
収益	-CA$70.37m

一株当たり利益（EPS）	-0.65
グロス・マージン	0.00%
純利益率	0.00%
有利子負債／自己資本比率	46.3%

データ	最終更新日（UTC時間）
企業分析	2026/05/24 07:16
終値	2026/05/22 00:00
収益	2026/03/31
年間収益	2025/12/31

パッケージ	データ	タイムフレーム	米国ソース例
会社財務	10年	損益計算書キャッシュ・フロー計算書貸借対照表	SECフォーム10-K SECフォーム10-Q
アナリストのコンセンサス予想	+プラス3年	予想財務アナリストの目標株価	アナリストリサーチレポート Blue Matrix
市場価格	30年	株価配当、分割、措置	ICEマーケットデータ SECフォームS-1
所有権	10年	トップ株主インサイダー取引	SECフォーム4 SECフォーム13D
マネジメント	10年	リーダーシップ・チーム取締役会	SECフォーム10-K SECフォームDEF 14A
主な進展	10年	会社からのお知らせ	SECフォーム8-K

アナリスト	機関
Lucas Pipes	B. Riley Securities, Inc.
Anthony Lesiak	Canaccord Genuity
Raj Ray	National Bank Financial

Seabridge Gold（SA）株式概要

リスク分析

Seabridge Gold Inc. 競合他社

Hycroft Mining Holding

DRDGOLD

Aura Minerals

McEwen

価格と性能

最新ニュース

Seabridge Gold Inc., Annual General Meeting, Jun 24, 2026

Seabridge Gold: $33 Billion Project Trading At 12 Cents On The Dollar

New minor risk - Share price stability

Seabridge Gold Announces CFO Changes, Effective March 31, 2026

New minor risk - Insider selling

New major risk - Revenue and earnings growth

Recent updates

Seabridge Gold Inc., Annual General Meeting, Jun 24, 2026

Seabridge Gold: $33 Billion Project Trading At 12 Cents On The Dollar

New minor risk - Share price stability

Seabridge Gold Announces CFO Changes, Effective March 31, 2026

New minor risk - Insider selling

New major risk - Revenue and earnings growth

No longer forecast to breakeven

New minor risk - Shareholder dilution

Forecast to breakeven in 2025

Seabridge Gold Aims to Develop Maiden Cu-Au Resource and Test Porphyry Targets

New major risk - Financial position

Seabridge Gold Inc., Annual General Meeting, Jun 25, 2025

Seabridge Gold Inc. announced that it has received $47.020065 million in funding from FCMI Parent Co.

New minor risk - Shareholder dilution

Seabridge Gold Inc. announced that it has received $19.999998 million in funding

Seabridge Gold Inc. has filed a Follow-on Equity Offering.

Seabridge Gold Expands Iskut's Snip North Target and Prepares to Initiate Resource Definition Drilling in 2025 Hole SN-24-19 intersects 382m of 0.45 gpt Au and 0.15% Cu

Seabridge Gold: KSM's Multi-Billion Dollar Construction Cost Looks More Affordable Today (Rating Upgrade)

Seabridge Gold: Outlook Strengthens As Gold And Other Metals Rally

Seabridge Gold Announces Results from the First Phase of Exploration Drilling on Its 100% Owned Iskut Project in Bc's Golden Triangle

Seabridge Gold Has Strong Prospects But Wait For The Dip

Seabridge Gold: Good Growth Potential And Shares May Become More Attractive (Rating Downgrade)

New minor risk - Insider selling

Board Member recently sold US$327k worth of stock

Seabridge Gold Inc., Annual General Meeting, Jun 27, 2024

New major risk - Revenue and earnings growth

Seabridge Still An Effective Call Option On Gold And Copper Prices

Seabridge Gold Develops New Gold Deposition Model for 3 Aces Project

Seabridge Gold Provides Updated Mineral Resource Estimate for KSM's Kerr and Iron Cap Deposits

Seabridge Gold Inc. Updates Pfs for Courageous Lake Confirms Significantly Improved Project

Seabridge Gold Board Announces Senior Management Changes

Seabridge Gold Inc. Reports on the Bronson Slope Drilling Program at Its 100% Owned Iskut Property in Northwestern B.C.'s Golden Triangle

Seabridge Gold Reports First Drill Program on the Snip North Target at its 100% Owned Iskut Property in Northwestern British Columbia's Golden Triangle

Independent Director recently bought US$222k worth of stock

Seabridge Gold: Relevant Upside Potential As Gold Turns Bullish

New minor risk - Insider selling

New major risk - Revenue and earnings growth

Seabridge Is Poised For A Strong Recovery With Bullish Gold Prices

Seabridge Gold Commences Drilling at its Wholly Owned 3 Aces Project in Canada's Yukon to Complete Testing of Comprehensive Exploration Model

Seabridge Gold Inc. Approves Board Appointments

Seabridge Gold: An Attractive Valuation While Gold Is Weakening

Independent Director recently sold US$140k worth of stock

Seabridge Gold: The KSM Project In Focus This Year

Seabridge Gold Completes Initial Drill Program At 3 Aces Project Target Parameters Established for Major Drill Program in 2023

Seabridge Gold Reports Drilling Program At Bronson Deposit and Drilling Discovers Large Mineralized Breccia Pipe Expected to Have Porphyry Au-Cu System as Its Source

Insider recently sold US$258k worth of stock

VP of Finance & CFO recently bought US$124k worth of stock

Independent Director recently sold US$151k worth of stock

Seabridge Gold's Stock Doesn't Look Attractive; Shares Could Fall Further

Seabridge Gold GAAP EPS of $0.24

Seabridge Offers Huge Gold/Copper Reserves At Deep Discount

Insufficient new directors

Insider recently sold US$150k worth of stock

Chairman & CEO recently sold US$1.2m worth of stock

Seabridge Gold: Patience Is Required

Insider recently sold US$141k worth of stock

Seabridge Gold: Under Pressure As Gold Price Is Weakening

Seabridge Gold: A Strong Relative Strength Pick

Independent Director recently sold US$343k worth of stock

Independent Director recently sold US$180k worth of stock

Seabridge Gold: The KSM Gold-Copper Project

Independent Director A. Banfield has left the company

Chairman & CEO recently sold US$896k worth of stock

Independent Director recently sold US$196k worth of stock