DALLAS, TX -- April 13th, 2026 -- Seabridge Gold Inc. (NYSE: SA): Stonegate Capital Partners Updates Coverage on Seabridge Gold Inc. (NYSE: SA). Seabridge Gold (“SA”) is a North American gold-copper developer anchored by KSM, one of the largest undeveloped gold-copper projects globally. The Company’s strategy is to maximize per-share value by advancing large-scale assets to a partner-ready stage and monetizing via joint venture, rather than self-funding multi-billion-dollar mine builds. At ~$3–4B market cap, SA appears to meaningfully discount the value of KSM and its broader asset base, despite multiple near-term catalysts expected to surface value.
Why Now:
• KSM JV process advancing - potential near-term re-rating catalyst as project transitions to partner-funded development
• Courageous Lake spin-out (Valor Gold, expected Q2 2026) - intended to surface standalone value currently attributed at little or no value
• Snip North (Iskut) maiden resource (2026) - emerging second largescale gold-copper system
• Infrastructure and permitting milestones achieved - “Substantially Started” status secures permits for life and >$500M invested to date
KSM: KSM remains the core value driver and a potential near-term inflection point. The project is fully permitted, located in a Tier 1 jurisdiction, and supported by significant infrastructure investment, including power, access roads, and site development. The 2022 PFS outlines a 33-year mine life with first-quartile costs and significant copper by-product credits. Seabridge is actively advancing discussions with a preferred JV partner, with a potential announcement representing the key catalyst to unlock third-party capital, validate project economics, and re-rate the equity.
Courageous Lake: Courageous Lake represents a second Tier 1 asset with 11.0Moz of M&I gold resources and robust economics outlined in the 2024 PFS. The planned spin-out into Valor Gold, expected to be completed in 2026, is designed to crystallize value and provide shareholders with direct exposure to a standalone development vehicle. We view the spin-out as a clear value-unlocking event, particularly given limited recognition of the asset in SA’s current valuation.
Exploration Portfolio: Beyond KSM and Courageous Lake, Seabridge maintains a portfolio of 100%-owned exploration assets. At Iskut, drilling at Snip North has confirmed a large-scale gold-copper system extending over ~2km, with a maiden resource expected in 2026. Management views Iskut as a potential “second KSM,” providing longer-term optionality.
Summary: Seabridge is entering a period where multiple value realization paths are converging, including JV execution at KSM, the Courageous Lake spin-out, and new resource delineation at Iskut. In our view, the current valuation does not fully reflect these catalysts or the scale and quality of the underlying asset base.
Valuation: When valuing SA we apply a EV/NAV range of 0.8x to 0.9x which results in a valuation of USD$67.09 to USD$75.99 with a midpoint of USD$71.54. When using an EV/In-Situ valuation method we apply a multiple range of 7.0x to 9.0x which results in a valuation of USD$68.43 to USD$89.17 with a midpoint of USD$78.80.
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.
SOURCE: Stonegate, Inc.
