DALLAS, TX -- November 20th, 2025 -- Seabridge Gold Inc. (NYSE: SA): Stonegate Capital Partners updates their coverage on Seabridge Gold Inc. (NYSE: SA). As of 3Q25, 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. 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 Site Investigation program, a future Bankable Feasibility Study (BFS) and advancing the JV process. For the JV process we note that the Company has stated that it expects to announce a partnership before year end.
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%. Given the size and value of Courageous Lake we see the potential for a spin out of this asset to create value and expect a decision in the coming quarters.
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, twenty-three diamond drill hole campaign which is currently being evaluated and has shown promising early results. The 3 Aces project in Yukon, a high-grade orogenic gold system, also 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.
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 an EV/NAV range of 0.6x to 0.8x which results in a valuation of $41.97 to $58.16 with a midpoint of $50.06. When using an EV/Reserves valuation method we apply a multiple range of 20.0x to 30.0x which results in a valuation of $42.85 to $67.57 with a midpoint of $55.21.
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