Seabridge Gold Maintains Strong Financial Position with Multiple Development Catalysts on Horizon

Stonegate Capital Partners has updated its coverage of Seabridge Gold Inc. (NYSE: SA), revealing the company maintained a strong financial position as of the third quarter of 2025 with cash and cash equivalents totaling $103.1 million. This financial stability 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 also renewed its US$750 million base shelf prospectus and US$100 million ATM facility in early 2025, providing substantial financial flexibility for future development initiatives.

The company's flagship KSM project in British Columbia's Golden Triangle remains 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 with all-in sustaining costs of US$601 per ounce net of copper credits and initial capital expenditure of US$5.3 billion. The project achieved a significant milestone in July 2024 when it received its Substantially Started Designation, securing its Environmental Assessment Certificate for the project's entire lifespan. Near-term objectives include completing the Site Investigation program, advancing toward a Bankable Feasibility Study, and finalizing a joint venture partnership, which the company expects to announce before year-end.

Seabridge's secondary Tier-1 scale project, Courageous Lake in the Northwest Territories, hosts 2.8 million ounces of proven and probable gold reserves, 11.0 million ounces of measured and indicated resources, and 3.3 million ounces of inferred resources. The 2024 preliminary feasibility study projected 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 net present value of US$523 million and internal rate of return of 20.6%. Given the asset's substantial size and value, Stonegate sees potential for a spin-out to unlock additional shareholder value, with a decision expected in the coming quarters.

The company's exploration portfolio provides substantial organic growth potential, particularly the Iskut project located just 20 kilometers from KSM. The 2024 discovery of the Snip North porphyry system shows early indications of becoming a second KSM-scale asset, with a maiden copper-gold resource expected by early 2026 following an 8,000-meter, twenty-three diamond drill hole campaign currently under evaluation. Additional exploration assets include the 3 Aces project in Yukon, where a 3,000-meter drill campaign was recently completed, and the Snowstorm project in Nevada, which will undergo a C$1.8 million geophysical program to refine drill targets.

Seabridge offers exceptional leverage to metals prices through its strategy of securing a major joint venture partner for KSM, unlocking value from Courageous Lake, and expanding 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. Stonegate's valuation analysis applies an enterprise value to net asset value range of 0.6x to 0.8x, resulting in a valuation range of $41.97 to $58.16 with a midpoint of $50.06. Using an enterprise value to reserves methodology with a multiple range of 20.0x to 30.0x yields a valuation range of $42.85 to $67.57 with a midpoint of $55.21.