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Stonegate Capital Partners Coverage Update on Seabridge Gold Inc. (NYSE: SA) - Q3 2025
TL;DR
Seabridge Gold offers exceptional leverage to rising metals prices with its world-class KSM project and multiple near-term catalysts for significant shareholder value creation.
Seabridge Gold maintains $103.1 million in cash, advances its KSM project with 33-year mine life, and explores multiple assets while securing $850 million in financing capacity.
Seabridge Gold's responsible development of world-class mineral projects creates long-term economic opportunities while advancing sustainable resource extraction for future generations.
Seabridge Gold's KSM project in British Columbia is the world's largest undeveloped gold project and third largest copper development resource with 33-year mine potential.
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This update provides an analysis of Seabridge Gold's financial position, project developments, and valuation metrics as of Q3 2025, highlighting the company's progress and investment potential.
As of Q3 2025, Seabridge Gold maintained a robust financial position with cash and cash equivalents of $103.1 million, supported by a US$100.2 million equity financing in February 2025 and a $30.5 million flow-through financing in June 2025.
The company is focused on advancing its flagship KSM project in British Columbia, developing the Courageous Lake project in Northwest Territories, and exploring high-potential sites at Iskut, 3 Aces, and Snowstorm.
KSM is the world's largest undeveloped gold project and the third largest copper development resource, with a 33-year mine life outlined in the 2022 PFS and a Substantially Started Designation secured in July 2024 that protects its environmental certificate for the project's life.
Key near-term catalysts include announcing a joint venture partner for KSM before year-end, making a decision about potentially spinning out the Courageous Lake asset, and completing exploration programs that could lead to new resource discoveries.
Using EV/NAV methodology, they value SA at $41.97 to $58.16 with a midpoint of $50.06, while EV/Reserves valuation suggests $42.85 to $67.57 with a midpoint of $55.21.
The company offers exceptional leverage to metals prices, has consistently grown ounces of gold and copper per share faster than outstanding shares, maintains a robust balance sheet, and has multiple near-term catalysts including potential JV partnerships and asset spin-outs.
The 2024 discovery of the Snip North porphyry system shows early signs of Iskut becoming a 'second KSM,' with a maiden copper-gold resource expected by early 2026 following an 8,000-meter, twenty-three diamond drill hole campaign currently being evaluated.
Curated from Reportable
