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SEA:TSX; SA:NYSE.MKT

Seabridge Gold Inc.

Seabridge Gold Inc. is designed to provide its shareholders with exceptional leverage to a rising gold price. From 1999 through 2002, when the gold price was lower, Seabridge acquired nine North American projects with substantial gold resources, including Courageous Lake and KSM. Subsequent exploration by Seabridge has significantly expanded its acquired gold resource base.

Seabridge considers each of its common shares to represent an indirect ownership interest in its reserves and resources. Our aim is to increase the value of this ownership interest by growing reserves and resources faster than shares outstanding. Project acquisitions, exploration and engineering programs are carefully designed and monitored to ensure that equity dilution required to fund these activities is more than offset by additional reserves and resources.

Seabridge is pursuing three value-enhancing strategies. First, the Company continues to search for gold projects in North America which would be accretive in terms of gold resources. Second, Seabridge funds exploration and engineering work considered likely to expand resources and upgrade them to reserves. Third, Seabridge sells or partners its projects when they reach the production stage, to limit risk and share dilution.
SEA:TSX SA:NYSE.MKT

Expert Comments:

Seabridge Gold is testing for a gold-copper porphyry mineral system similar to its KSM project.
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Seabridge Gold will carry out geotechnical drilling in the proposed area for the tunnel that will connect the mine and mill at its KSM gold-copper project.
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Adam Graf, B. Riley FBR Inc.

(6/15/20)
"We have updated our model for Seabridge Gold Inc.'s flagship KSM project for details published in its new 2020 preliminary economic assessment technical report. . .we believe there may be significant upside potential from the company's recent acquisition on May 27 of the high grade 3 Aces project in the Yukon."

Jim Marrone, SingularResearch

(5/21/20)
"A recently updated 2020 preliminary economic assessment (PEA) for Seabridge Gold Inc.'s 100%-owned KSM project identifies a larger Iron Cap mine, improving production and dramatically boosting economics. . .the PEA economic projections, if achieved, would rank KSM among the best large-scale producing mines in the world."

Seabridge Gold's goal is to determine if the Iskut property contains a copper-gold porphyry system.
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Seabridge Gold compares the new and previous values for its flagship project in British Columbia.
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headshot of Joe Reagor

Joe Reagor, ROTH Capital Partners

(4/27/20)
"In the updated preliminary economic assessment (PEA) on Seabridge Gold Inc.'s KSM project, Iron Cap drives significantly improved project economics. . .the PEA showed an after-tax net present value (NPV) of $6B compared to the prior PEA NPV of $3.4B and the preliminary feasibility study NPV of $1.5B. We also note that capex declined while the internal rate of return increased from 10% to 14%."

headshot of Derek Macpherson

Derek Macpherson, Red Cloud Mining Capital

(4/27/20)
"The improved economics of Seabridge Gold Inc.'s KSM should make it more attractive to potential joint venture (JV) partners. The company's stock is uniquely leveraged to the gold price and should do well in the emerging gold bull market; additionally, we believe a JV announcement for KSM could act as a significant rerating catalyst in the medium term."

Adam Graf, B. Riley FBR Inc.

(4/27/20)
"The new 2020 preliminary economic assessment (PEA) for Seabridge Gold Inc.'s flagship KSM project utilizes the 2019 mineral resource, which includes significant drilling at the Iron Cap copper-gold ore body, not included previously; this new PEA further optimizes the mine plan by reducing upfront capital, life-of-mine (LOM) sustaining capital and LOM operating costs. At current metal prices and forex rates, this new PEA indicates a 44-year mine life, a 17.4% post-tax internal rate of return, a $7.9B net present value and, importantly, a capital payback in under three years."

Dalton Baretto, Canaccord Genuity

(4/27/20)
"Given the higher copper grades at Seabridge Gold Inc.'s Iron Cap and Deep Kerr, which now represent the major portion of the life-of-mine mill feed, copper now represents 48% of our revenue estimate; as such, we believe KSM will draw attention from the global major diversified miners, all of whom are looking for copper growth at scale. We could envision a scenario where the company's joint venture partner on KSM is itself a joint venture of a major diversified mining company and a major gold producer."

Seabridge Gold will start work on the project with a review of historical data.
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Seabridge Gold reports that it expects the technical report update on one of its B.C. projects to be completed as scheduled, in 30–45 days.
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More Expert Comments

Experts Following This Company

Dalton Baretto – Canaccord Genuity
Adam Graf – B. Riley FBR Inc.
Mike Kozak, Analyst – Cantor Fitzgerald
headshot of Derek Macpherson
Derek Macpherson, VP Mining Analysis – Red Cloud Securities
Jim Marrone, Analyst – SingularResearch
headshot of Joe Reagor
Joe Reagor, Analyst – ROTH Capital Partners
headshot of Jay Taylor
Jay Taylor, Author Gold, Energy & Tech Stocks

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