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.
SEA:TSX SA:NYSE.MKT

Expert Comments:

Exploration is set to begin at a recently acquired Nevada gold project.
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Drilling at KSM has begun and several more rigs are expected to come online as well.
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Dalton Baretto, Canaccord Genuity (6/5/18)
"Seabridge Gold Inc.'s 2018 exploration program at KSM could be material to project economics ahead of a partnership agreement being signed. . .the company has budgeted $20M for the 2018 exploration program, which includes 28,000m of drilling as well as surface work. The program will be funded by the flowthrough financing announced in April."

Lawrence Roulston
Once seen as remote, British Columbia's Golden Triangle has opened up dramatically, with two mines now in production, three new hydro-power facilities, a link to the provincial power grid, and roads throughout the region. Lawrence Roulston, managing director of WestBay Capital Advisors, discusses the changing mining landscape there and profiles a number of companies exploring that highly prospective region.
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Mike Kozak, Cantor Fitzgerald (5/9/18)
"Winter drilling at Seabridge Gold Inc.'s wholly owned Courageous Lake project has led to the discovery of two new gold zones (Olsen and Marsh Pond) with grades and widths that could materially impact the resource and economics at the project (highlight intercept at Olsen: 40.4m at 3.04 g/t gold at shallow depth). Follow-up drilling on the two new zones will be planned for, as well as on new targets in the area."

This company had news on two fronts: drilling at its Northwest Territories deposit could change the economics of that project while a massive increase in its resource in its British Columbia project could be the catalyst that brings a major partner to the table, according to industry analysts.
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Tony Lesiak, Canaccord Genuity (2/13/18)
"Seabridge Gold Inc. announced a revised resource estimate for the Iron Cap zone of its KSM project in British Columbia, which incorporates the successful 2017 drill (11 holes) program results. The Iron Cap resource increased tonnage 133% with gold and copper grades higher by 1% and 27%, respectively."

Mike Kozak, Cantor Fitzgerald (2/13/18)
"Seabridge Gold Inc. released an updated NI 43-101 compliant resource at Iron Cap. . .incorporating the 10,383m drilled last year, Seabridge has grown Iron Cap by 14.5 Moz Au and 6.9 Blb Cu, materially higher than our 8–10 Moz Au and 4–5 Blb Cu estimate, and at higher grades relative to the previous resource. We maintain our Buy rating and are increasing our target to CA$25/$19/share from CA$24/$18/share previously."

Gary Baschuk, PearTree Securities (1/22/18)
"We believe Seabridge Gold Inc. will be one of the best leveraged companies in a rising gold price environment due to its massive resource and expansion potential in a politically stable jurisdiction. The KSM deposit rivals other world-class porphyry deposits and remains open for expansion."

Tony Lesiak, Canaccord Genuity (1/8/18)
"Seabridge Gold Inc. announced a winter 2018 drill program at its 100%-owned Courageous Lake project. . .the 36-hole (7,200m) program will be funded internally and test seven targets along the geophysical and stratigraphic break that hosts that Walsh Lake deposit. The drill program will initially test up to seven targets with sufficient strike and width continuity within 200m of surface; this will be followed by infill drilling to support a resource estimate."

More Expert Comments

Experts Following This Company

Gary Baschuk – Raymond James
Rob Chang, Senior Analyst and Head of Metals & Mining – Cantor Fitzgerald
Mike Kozak, Analyst – Cantor Fitzgerald
Tony Lesiak, Head of Canadian Mining Research – Canaccord Genuity
Don Maclean, Senior Analyst – Paradigm Capital
Rick Mills Ahead of the Herd
Lawrence Roulston – WestBay Capital Advisors

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

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