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:

Raj Ray, National Bank Financial (10/7/16)
"Seabridge Gold Inc.'s flagship asset is the KSM project which hosts four large copper-gold porphyry deposits with total reserves of 10.2 billion lbs of copper, 38.8 million oz of gold and significant amount of silver and molybdenum by-products. . .the importance of the KSM project lies in its significant scale (one of the largest undeveloped copper-gold deposits) at grades that are comparable to currently producing large porphyry deposits around the world. . .we maintain Sector Perform rating but lowering target to $15.50(was $17.50). . .our target is based on 0.95x our est. NAVPS 10% of $16.28(was $18.41)."

Tony Lesiak, Canaccord Genuity (9/21/16)
"Seabridge Gold Inc. announced the results of an updated PFS for its KSM project; the project showcased an 8% after-tax IRR at $1,230/oz gold and $2.75/lb copper. The weaker CAD/USD (-17%) rate utilized almost completely offset higher capital parameters (+14%) and weaker gold (-8%) and copper (-20%) price assumptions. . .we note that the project is fully permitted, is located in one of the world's best mining jurisdictions, and has longer-term optionality (with a +40 year reserve life or +100-year total resource life) that is not recognized in IRR or NAV analysis."

Raj Ray, National Bank Financial (9/19/16)
"We expect the results of the upcoming PEA will include a positive updated resource estimate at Seabridge Gold Inc's KSM gold-silver-copper-Molybdenum project. . .Note that both the updated 2016 PFS and initial 2012 PFS vary from our assumptions considerably given the fact that neither PFS accounts for upside potential at Deep Kerr and Iron Cap Lower Zone. . .We assume 50/50 open-pit/underground production with two open-pit and three underground block-cave operations vs. the company’s estimate for 70/30 for the PFS with three open-pit and two underground operations. . .We maintain our Sector Perform rating and $17.50 target."

Charles Gibson, Edison Investment Research (8/30/16)
"Comprising 64.0Moz in total, Seabridge Gold Inc.'s Kerr-Sulphurets-Mitchell (KSM) is the largest undeveloped gold deposit in North America and among the top 10 in the world, on a par with Pascua-Lama, Donlin, Pueblo Viejo, Boddington and Penasquito. . .Seabridge has been granted permits for the first 2.5 years of construction and is working on the balance. An update to the PFS is expected imminently, while subsequent drilling has been successful in identifying high-grade zones beneath the surface porphyry deposits (Deep Kerr and the Iron Cap Lower zone deposit)."

Management Q&A: View From the Top
Rudi Fronk
Seabridge Gold hosts one of the world's largest gold resources, offering shareholders exceptional leverage to a rising gold price. Chairman and CEO Rudi Fronk explains his company's value-enhancing strategy of obtaining resources at low cost and spinning them into gold.
read more >
Tony Lesiak, Canaccord Genuity (6/22/16)
"Seabridge Gold Inc. completed the acquisition of SnipGold, which has a 100% interest in the 2.2 Moz Iskut Project, located in the Golden Triangle region of northwestern BC, 20km from SEA's KSM Project. . .Overall we view the Snip acquisition favorably, given the large (294sq km) highly prospective land package, historic high grade (HG) profile (+25g/t Au), and potential synergies with KSM. . .The 2016 program at Snip is expected to step out on structures on the Johnny Mtn. trend (7m @ 46.5g/t historic hole) and delineate the source area for the multiounce boulders at McFadden."

Eric Lemieux, PearTree Securities (4/21/16)
"On April 19, 2016, Seabridge Gold Inc. announced an agreement to acquire SnipGold Corp., a Canadian exploration company focused on exploration in the Golden Triangle area of northwestern British Columbia; SnipGold's primary asset (Iskut project) is a contiguous block of ground in excess of 286km2 assembled since 2005. Seabridge's KSM project has geological similarities to the Iskut project, host to the Bronson Slope Porphyry deposit. . .the proposed transaction should enhance SEA's exploration potential in an area where its technical team has built up significant expertise."

More Expert Comments

Experts Following This Company

Charles Gibson, Director, Mining – Edison Investment Research
Eric Lemieux, Analyst – PearTree Securities
Tony Lesiak, Head of Canadian Mining Research – Canaccord Genuity
Gwen Preston, Founder Resource Maven
Raj Ray, Analyst – National Bank of Canada

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

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