DALLAS, TX -- September 15th, 2025 -- Seabridge Gold Inc. (NYSE: SA): Stonegate Capital Partners initiates their coverage on Seabridge Gold Inc. (NYSE: SA). As of 2Q25, Seabridge Gold maintained a robust financial position, with cash and cash equivalents of $121.4 million, supported by a US$100.2 million equity financing in February 2025 and a $30.5 million flow-through financing in June 2025. Operating costs remain focused on advancing its flagship KSM project and exploration at Iskut, 3 Aces, and Snowstorm. Seabridge also renewed its US$750 million base shelf prospectus and US$100 million ATM facility in early 2025.
Company Updates:
KSM: Seabridge’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. The 2022 PFS outlined a 33-year mine life producing at an AISC of US$601/oz net of copper credits, with initial capex of US$5.3 billion. The project received its Substantially Started Designation (SSD) in July 2024, securing its Environmental Assessment Certificate for the life of the project. Near-term objectives include completing the KSM Site Investigation Program in 2H25, supporting a future Bankable Feasibility Study (BFS) and advancing the ongoing JV process targeting partner selection by YE25.
Courageous Lake: Located in the Northwest Territories, Courageous Lake provides Seabridge with a second Tier-1 scale project. It hosts 2.8 Moz of P&P gold reserves, 11.0 Moz M&I, and 3.3 Moz inferred resources. The 2024 PFS outlined a 12.6-year mine life, producing ~201 koz/year at an AISC of US$999/oz, with an after-tax NPV5% of US$523 million and IRR of 20.6%. 2025 activities are focused on maintaining permits, community engagement, and initiating renewal of exploration permits expiring in 2027.
Exploration Portfolio: Seabridge also controls several high-impact exploration-stage projects that provide substantial organic growth potential. The Iskut project, located just 20 kilometers from KSM, has shown early signs of becoming a “second KSM” with the 2024 discovery of the Snip North porphyry system. A maiden Cu-Au resource is expected by early 2026 following an 8,000-meter drill campaign in 2025. The 3 Aces project in Yukon, a high-grade orogenic gold system, is slated for 2,500 meters of drilling in 2025, while Snowstorm in Nevada will undergo a C$1.8 million geophysical program to refine drill targets near Nevada Gold Mines’ Turquoise Ridge and Twin Creeks operations.
Outlook and Leadership: Seabridge offers exceptional leverage to metals prices. The Company’s strategy is to secure a major JV partner for KSM, unlock value from Courageous Lake, and continue expanding its district-scale exploration pipeline. Importantly, Seabridge has consistently grown ounces of gold and copper per share faster than outstanding shares, maximizing leverage while minimizing dilution. Backed by a strong leadership team, robust balance sheet, permitted flagship asset, and multiple near-term catalysts, Seabridge is well-positioned to emerge as one of the most compelling development stories in the global gold and copper sector.
Valuation: When valuing SA we apply a EV/NAV range of 0.60x to 0.80x which results in a valuation of C$41.85 to C$57.85 with a midpoint of C$49.85. When using an EV/Reserves valuation method we apply a multiple range of 20x to 30x, which results in a valuation range of C$42.72 to C$67.17 with a midpoint of C$54.94.
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