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:

Tony Lesiak, Canaccord Genuity (1/8/18)
"Seabridge Gold Inc. announced a winter 2018 drill program at its 100%-owned Courageous Lake project. . .the 36-hole (7,200m) program will be funded internally and test seven targets along the geophysical and stratigraphic break that hosts that Walsh Lake deposit. The drill program will initially test up to seven targets with sufficient strike and width continuity within 200m of surface; this will be followed by infill drilling to support a resource estimate."

With an advanced project being looked at by potential partners and a newer project producing precious metal results, several analysts rate this precious metals explorer a "Buy."
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Tony Lesiak, Canaccord Genuity (11/21/17)
"The results of the 2017 initial, 10-hole drill program on Seabridge Gold Inc.'s Quartz Rise target at Iskut did achieve their primary goal, to provide evidence of a gold-bearing epithermal system. Highlights from the program included 3.8m at 6.5 g/t Au in hole QR-17-06, 1.5m at 8.3 g/t in hole QR-17-01 and a 1.5M intercept at 74.1 g/t Au in hole QR-17-07."

Mike Kozak, Cantor Fitzgerald (11/21/17)
"Seabridge Gold Inc.'s Iron Cap is likely to expand beyond our previous target of an additional 6–8 Moz Au and 2–2.5 Blb Cu. We believe a joint venture partnership will materialize for Seabridge and KSM. . .we maintain our Buy rating and CA$24 ($18)/share price target."

Mike Kozak, Cantor Fitzgerald (11/7/17)
"Seabridge Gold Inc. released assay results from the final three drill holes of the 2017 exploration program at Iron Cap (KSM). . .all three drill holes were sizeable stepouts outside of the current resource envelope and returned significant widths of materially higher-grade gold and copper mineralization."

Rob Chang, Cantor Fitzgerald (10/26/17)
"Seabridge Gold Inc. 2017 drill campaign is underway at Iron Cap with initial drill results encountering grades among the best ever at the KSM project. . .moreover, given the better than expected grades,we expect Iron Cap to be accelerated in the mining schedule, which will support a material improvement to the project economics. . .the single most important event for Seabridge over the coming months will be to partner-up with a large-tier, or consortium of large-tier miners and/or off- takers. . .we believe there is a strong likelihood of a partnering event by the end of this year, which is the internal goal."

Tony Lesiak, a Canaccord Genuity analyst, reported and analyzed recent results from this miner's 2017 deep drill program.
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Don Maclean, Paradigm Capital (9/12/17)
"We think Seabridge Gold Inc.'s Iron Cap could see another 300–500 Mt added over the next year. . .if the thesis that a younger, deeper and higher-grade porphyry holds up, Iron Cap could vie with the other billion-ton deposits, Mitchell and Deep Kerr, for the position of largest and most valuable deposit. . .the Iron Cap discovery is positioned to materially improve the project, in the relatively early years, where it counts."

A site visit to a copper-gold project in northern British Columbia has two analysts speaking highly of this exploration company.
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More Expert Comments

Experts Following This Company

Gary Baschuk – Raymond James
Tyron Breytenbach, Analyst – Cormark Securities
Rob Chang, Senior Analyst and Head of Metals & Mining – Cantor Fitzgerald
Mike Kozak, Analyst – Cantor Fitzgerald
Tony Lesiak, Head of Canadian Mining Research – Canaccord Genuity
Don Maclean, Senior Analyst – Paradigm Capital
Raj Ray, Analyst – National Bank of Canada

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

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