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.

Expert Comments:

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One analyst says the work Seabridge Gold Inc. is putting in to get a permanent environmental certification could help it attract a large-tier partner in British Columbia’s Golden Triangle.
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Mike Kozak, Cantor Fitzgerald

"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."

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David Talbot, Red Cloud Securities

"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."

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Mike Kozak, Cantor Fitzgerald

"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

"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."

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David Talbot, Red Cloud Securities

"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

"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."

More Expert Comments

Experts Following This Company

headshot of John Doody
John Doody, Analyst – Gold Stock Analyst
Mike Kozak, Analyst – Cantor Fitzgerald
headshot of Peter Krauth
Peter Krauth, Pres – Gold Resource Investor
Don Maclean, Senior Analyst – Paradigm Capital
Jim Marrone, Analyst – SingularResearch
Clive Maund –
Lucas N. Pipes, Analyst – B. Riley Securities
headshot of Joe Reagor
Joe Reagor, Analyst – ROTH Capital Partners
Jim Rickards – Strategic Intelligence
headshot of David Talbot
David Talbot, Analyst – Red Cloud Securities
headshot of Chris Temple
Chris Temple, Editor and Publisher – The National Investor

Company News 

11/14/2022 – Seabridge Gold Files Third Quarter 2022 Report to Shareholders and Its Financial Statements and MD&A

9/22/2022 – Seabridge Gold Recognized for Outstanding Achievement in Legacy Mine Reclamation

9/12/2022 – Seabridge Gold Receives Class 4 Exploration Permit for Its 3 Aces Project Drilling Now Underway at the Hearts Zone

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

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