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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.

Expert Comments:

B. Riley FBI Inc.

"Gold was roughly flat while silver was modestly higher week over week. By our estimates, Seabridge Gold Inc. is the cheapest name on a price:net asset value (NAV) basis, trading at just 27% of estimated NAV at spot."

B. Riley FBI Inc.

"Spot gold and silver prices rose week over week as the U.S. dollar declined against most major currencies. By our estimates, Seabridge Gold Inc. is the cheapest name on a price:net asset value (NAV) basis, trading at just 29% of estimated NAV at spot."

B. Riley FBI Inc.

"We are assuming coverage of Seabridge Gold Inc. with a Buy rating. . .management focuses on gold leverage per share to in-ground resources in order to provide shareholders with gold price exposure. The company's flagship KSM asset, which we believe is one of the largest undeveloped gold assets in North America, has been explored, defined, engineered and permitted."

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 Securities

"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

"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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headshot of Joe Reagor

Joe Reagor, ROTH Capital Partners

"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%."

More Expert Comments

Experts Following This Company

Dalton Baretto – Canaccord Genuity
Adam Graf – B. Riley Securities
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

The information provided above is from analysts, newsletters, the company and other contributors.

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