Seabridge Gold Maintains Strong Position with World-Class Assets and Near-Term Catalysts

Stonegate Capital Partners has updated its coverage on Seabridge Gold Inc., revealing the company maintained a robust financial position as of third quarter 2025 with cash and cash equivalents of $103.1 million. This financial strength was supported by a US$100.2 million equity financing completed in February 2025 and a $30.5 million flow-through financing in June 2025. The company's operating costs remain focused on advancing its flagship KSM project while continuing exploration activities at Iskut, 3 Aces, and Snowstorm properties. Seabridge also strengthened its financial flexibility by renewing its US$750 million base shelf prospectus and US$100 million ATM facility in early 2025.

The KSM project in British Columbia's Golden Triangle represents Seabridge's cornerstone asset, maintaining its status as the world's largest undeveloped gold project and the third largest copper development resource globally. The 2022 preliminary feasibility study outlined a 33-year mine life producing at an all-in sustaining cost of US$601 per ounce net of copper credits, with initial capital expenditure estimated at US$5.3 billion. A significant milestone was achieved in July 2024 when the project received its Substantially Started Designation, securing its Environmental Assessment Certificate for the life of the project. Near-term objectives include completing the Site Investigation program, advancing toward a future Bankable Feasibility Study, and progressing the joint venture process, with the company expecting to announce a partnership before year-end.

Courageous Lake in the Northwest Territories provides Seabridge with a second Tier-1 scale project, hosting 2.8 million ounces of proven and probable gold reserves, 11.0 million ounces measured and indicated, and 3.3 million ounces inferred resources. The 2024 preliminary feasibility study outlined a 12.6-year mine life producing approximately 201,000 ounces annually at an all-in sustaining cost of US$999 per ounce, with an after-tax NPV5% of US$523 million and internal rate of return of 20.6%. Given the size and value of Courageous Lake, Stonegate sees potential for a spin-out of this asset to create additional shareholder value, with a decision expected in the coming quarters.

Seabridge's exploration portfolio includes several high-impact projects offering substantial organic growth potential. The Iskut project, located just 20 kilometers from KSM, has shown early signs of becoming a second KSM-scale asset with the 2024 discovery of the Snip North porphyry system. A maiden copper-gold resource is expected by early 2026 following an 8,000-meter, twenty-three diamond drill hole campaign currently being evaluated. The 3 Aces project in Yukon, a high-grade orogenic gold system, recently completed a 3,000-meter drill campaign, while Snowstorm in Nevada will undergo a C$1.8 million geophysical program to refine drill targets. Stonegate's valuation analysis applies an EV/NAV range of 0.6x to 0.8x, resulting in a valuation range of $41.97 to $58.16 with a midpoint of $50.06, while using an EV/Reserves valuation method with multiples of 20.0x to 30.0x yields a valuation range of $42.85 to $67.57 with a midpoint of $55.21.

Seabridge offers exceptional leverage to metals prices through its strategic approach of securing a major joint venture partner for KSM, unlocking value from Courageous Lake, and continuing expansion of its district-scale exploration pipeline. The company has consistently grown ounces of gold and copper per share faster than outstanding shares, maximizing leverage while minimizing dilution. Backed by strong leadership, a robust balance sheet, permitted flagship asset, and multiple near-term catalysts, Seabridge is positioned to emerge as one of the most compelling development stories in the global gold and copper sector according to Stonegate's assessment. The combination of advanced project development, substantial resource base, and strategic financial management creates a compelling investment thesis for exposure to precious and base metals markets.