Core Insights - The recent surge in gold prices is driving momentum for gold mining stocks, with three companies—Galiano Gold Inc., McEwen Inc., and Seabridge Gold Inc.—ranking highly in momentum metrics as gold approaches the $4,000 mark [1][2] - Experts believe that the rally in gold mining stocks is just the beginning, as these stocks remain undervalued despite significant price increases [7][8] Company Performance - Galiano Gold Inc. (GAU) has seen its momentum score rise from 88.5 to 92.04, reflecting a year-to-date increase of 92.37% and an 82.61% increase over the past year [10] - McEwen Inc. (MUX) improved its momentum percentile from 89.91 to 93.83, although it has experienced a decline of 121.55% year-to-date and 87.69% over the past year [10] - Seabridge Gold Inc. (SA) increased its momentum score from 86.57 to 90.78, with a year-to-date rise of 105.32% and a 48.38% increase over the past year [10] Valuation Insights - Despite a 140% increase in mining stocks this year, their price-to-earnings ratios are contracting, indicating that earnings are growing faster than share prices [8][11] - Analysts predict that if gold prices remain high, gold miners could achieve the highest profit margins in industry history, enhancing their investment appeal [12]

Tunnel Authorizations for Seabridge's KSM Project Challenged Again by Tudor GoldOctober 03, 2025 6:00 AM EDT | Source: Seabridge Gold Inc.Toronto, Ontario--(Newsfile Corp. - October 3, 2025) - Seabridge Gold Inc. (TSX: SEA) (NYSE: SA) ("Seabridge" or the "Company") announced today that Tudor Gold Corp. ("Tudor") has filed a Notice of Civil Claim (the "Action") in the Supreme Court of British Columbia against the Province of British Columbia (the "Province") principally challenging the legal ef ...

Core Insights - The precious metals market has experienced significant gains in 2025, with gold, silver, and platinum prices rising substantially, indicating a strong trend in hard assets [4][22]. Precious Metals Performance - Gold started the year at $2,645 per ounce and has risen to over $3,850, marking a gain of over 47% [4]. - Silver began at $29.60 per ounce and is now over $47, reflecting a gain of about 58% [4]. - Platinum started at $995 per ounce and is currently in the $1,600 range, achieving a gain of 60% [4]. Investment Considerations - The increase in precious metal prices is attributed to the declining value of the dollar, a trend that has been ongoing since the U.S. left the gold standard in 1971 [7][22]. - Investors are advised to hold physical metals rather than selling them, as they represent real money and are not subject to the liabilities associated with financial instruments [10][12]. Mining and Royalty Companies - The rise in precious metal prices has positively impacted mining and royalty companies, leading to significant stock price increases for several key players: - Franco Nevada Corp. (FNV) rose from $125 to $225 [15]. - Royal Gold, Inc. (RGLD) increased from $134 to $198 [15]. - Osisko Royalties (OR) went from $18 to over $39 [15]. - Wheaton Precious Metals (WPM) climbed from $56 to $110 [15]. - Major mining companies also saw substantial gains: - Barrick Mining (B) increased from $14 to $33 [18]. - Newmont Mining (NEM) rose from $38 to $84 [18]. - Agnico Eagle Mines (AEM) moved from $83 to $166 [19]. - Kinross Gold (KGC) increased from $9.50 to over $24 [19]. Market Outlook - The ongoing trend suggests that as long as precious metal prices continue to rise, royalty plays and mining companies will benefit from increased cash flow and profitability [16][24]. - The potential for a global recovery in faith in the dollar could impact precious metal prices, but such a scenario seems unlikely given current government spending trends [17][22].

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7][8] Investment Landscape - Wall Street is investing hundreds of billions into AI, but there is a looming question regarding the energy supply needed to sustain this growth [2] - AI data centers, such as those powering large language models, consume energy equivalent to that of a small city, indicating a significant strain on global power grids [2] - The company in focus is positioned to benefit from the anticipated surge in demand for electricity driven by AI advancements [3][6] Company Profile - The company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and benefiting from the onshoring trend due to tariffs [5][6] - It possesses critical nuclear energy infrastructure assets, making it integral to America's future power strategy [7] - The company is noted for its capability to execute large-scale engineering, procurement, and construction projects across various energy sectors, including oil, gas, and renewables [7] Financial Position - The company is completely debt-free and has a cash reserve that is nearly one-third of its market capitalization, positioning it favorably compared to other energy firms burdened with debt [8] - It holds a significant equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities without the associated premium [9][10] Market Sentiment - There is a growing interest from hedge funds in this company, which is considered undervalued and off the radar, trading at less than seven times earnings [10][11] - The company is recognized for delivering real cash flows and owning critical infrastructure, making it a compelling investment opportunity in the context of the AI and energy sectors [11][12]

Group 1 - Stonegate Capital Partners has initiated coverage on Seabridge Gold Inc. (NYSE: SA) as of September 15, 2025 [1] - As of Q2 2025, Seabridge Gold reported cash and cash equivalents of $121.4 million, bolstered by a $100.2 million equity financing in February 2025 and a $30.5 million flow-through financing in June 2025 [1] - The company is focused on advancing its flagship KSM project and exploration at Iskut, 3 Aces, and Snowstorm [1] Group 2 - Seabridge Gold renewed its $750 million base shelf prospectus and $100 million ATM facility in early 2025 [1] - The company reported a Q2 net profit of $12.3 million ($0.12/share), a decrease from $45.2 million in Q2 2024, primarily due to the remeasurement of secured note liabilities [8] - Seabridge invested $21.1 million into projects during the quarter, and drilling at Iskut's Snip North confirmed a large copper-gold porphyry deposit, with a maiden resource estimate expected in early 2026 [8]

Core Viewpoint - Seabridge Gold has reported promising results from its Snip North drilling program, indicating significant copper-gold mineralization and plans for further exploration to establish a maiden resource estimate early next year [2][4][16]. Group 1: Drilling Results - A total of 18,000 meters of drilling has been completed across 18 holes, with an additional 3,000 meters planned due to positive results [3]. - Hole SN-25-30 intersected 560 meters of mineralization averaging 0.87 grams per tonne (gpt) gold and 0.16% copper, including a notable interval of 58 meters at 2.62 gpt gold and 0.40% copper [2][9]. - The drilling has established a mineralized zone with a strike length of 1,800 meters, characterized by potassic alteration and porphyry stockwork veining [3]. Group 2: Geological Insights - The drilling program has revealed a core zone within the mineralized envelope, showing strong gold and copper grades extending for hundreds of meters [4]. - Hole SN-25-28 encountered a variety of geological formations, including potassic alteration and stockwork veining, indicating a complex mineral system [4][5]. - Hole SN-25-30 displayed intense potassic alteration and a high density of mineralized veins, suggesting the presence of an intrusive body [6][8]. Group 3: Future Plans - The company is confident in achieving the necessary drill density to support a maiden resource estimate for Snip North, expected to be announced early next year [4][16]. - The ongoing exploration aims to further delineate the extent of the mineralization and refine geological models based on the latest drilling results [3][16].

Core Viewpoint - Seabridge Gold reported a decrease in net profit for Q2 2025 compared to the same period in 2024, primarily due to remeasurement of secured note liabilities, while increasing investments in mineral interests and maintaining strong working capital [3]. Financial Results - For the three months ended June 30, 2025, Seabridge posted a net profit of $12.3 million ($0.12 per share), down from $45.2 million ($0.51 per share) in Q2 2024 [3]. - The decrease in net profit was mainly attributed to the remeasurement of secured note liabilities [3]. - Seabridge invested $21.1 million in mineral interests, property, and equipment during Q2 2025, compared to $12.6 million in Q2 2024 [3]. - As of June 30, 2025, net working capital was $103.1 million, an increase from $37.8 million at December 31, 2024 [3]. Company Overview - Seabridge Gold holds a 100% interest in several North American gold projects, including the KSM and Iskut projects in Northwest British Columbia, the Courageous Lake project in the Northwest Territories, the Snowstorm project in Northern Nevada, and the 3 Aces project in the Yukon Territory [4].

Core Viewpoint - Seabridge Gold has confirmed the presence of a significant copper-gold porphyry deposit at the Snip North target, with promising initial drill results indicating substantial mineralization [2][3]. Group 1: Drill Results - The first three drill holes at Snip North have successfully extended the mineralized footprint, revealing wide intervals of porphyry-style mineralization with notable copper and gold grades [2]. - Hole SN-25-25 intersected 729 meters of 0.48 gpt Au and 0.16% Cu, including 254 meters of 0.77 gpt Au and 0.31% Cu [6]. - Hole SN-25-26 showed 340.8 meters of 0.51 gpt Au and 0.11% Cu, while Hole SN-25-27 recorded 267.6 meters of 0.44 gpt Au and 0.15% Cu [7]. Group 2: Geological Insights - The mineralization at Snip North measures approximately 1,700 x 600 x 600 meters, with drilling aimed at achieving a density of pierce points for a maiden resource estimation [3]. - The drill holes encountered multiple generations of veining and mineralization, with distinct zonation including potassic and phyllic alteration [3][4]. - Intense alteration and mineralization were observed in coarser-grained sandstone and volcaniclastic units compared to finer-grained siltstones [3]. Group 3: Future Plans - The company plans to announce a resource estimation for Snip North early next year, following the completion of a 12,000-meter drill program [2][3]. - The ongoing drilling is designed to further define the extent of the mineralized zone and support future resource calculations [10].

Core Viewpoint - Seabridge Gold Inc. is facing a legal challenge from Tudor Gold Corp. regarding the Chief Gold Commissioner's decision that supports Seabridge's rights to use land for the KSM Project's Mitchell Treaty Tunnels, which Tudor is appealing in the British Columbia Supreme Court [1][2]. Group 1: Legal Proceedings - Tudor Gold Corp. has filed a Notice of Appeal against the Chief Gold Commissioner of British Columbia and Seabridge, contesting the rejection of its application to rescind the legal mechanism prioritizing Seabridge's rights [1]. - The Chief Gold Commissioner previously ruled that the conditional mineral reserve (CMR) applies to Tudor, which Tudor is now disputing in court [2]. - Seabridge's Chair and CEO expressed confidence that the court will dismiss Tudor's appeal, maintaining that the CGC's decision was correct [2]. Group 2: Company Background - Seabridge Gold holds a 100% interest in several North American gold projects, with its principal assets located in Northwest British Columbia's "Golden Triangle" [3]. - The KSM project is one of Seabridge's key assets, alongside other projects in Canada, including Courageous Lake, Snowstorm, and 3 Aces [3].

[Annual General Meeting (AGM) Results](index=1&type=section&id=Annual%20General%20Meeting%20(AGM)%20Results) This section details the outcomes of Seabridge Gold's Annual General Meeting, including shareholder participation, director elections, and other approved resolutions [Meeting Details and Shareholder Participation](index=1&type=section&id=Meeting%20Details%20and%20Shareholder%20Participation) Seabridge Gold's Annual General Meeting (AGM) was held on June 25, 2025, with 70.15% of common shares represented. All matters presented for approval were duly authorized and approved by shareholders - The Annual General Meeting of shareholders was held on **June 25, 2025**[1](index=1&type=chunk) Shareholder Participation at AGM | Metric | Value | | :--- | :--- | | Total Common Shares Represented | 70,526,925 | | Percentage of Issued & Outstanding Shares | 70.15% | | Shares as "Non-votes" (U.S. proxy rules) | 16,457,945 | [Director Elections](index=1&type=section&id=Director%20Elections) All ten of management's nominees for the board of directors were elected by shareholders, with approval percentages ranging from 93.03% to 99.43% - All of management's nominees to the board of directors were elected[3](index=3&type=chunk) Director Election Results | Director | Votes For | Votes Against | Percentage For | | :--- | :--- | :--- | :--- | | Trace J. Arlaud | 53,457,425 | 611,555 | 98.87% | | Matthew Coon Come | 53,425,307 | 643,672 | 98.81% | | Rudi P. Fronk | 53,235,868 | 833,110 | 98.46% | | M. Colin Joudrie | 53,718,167 | 350,813 | 99.35% | | Melanie R. Miller | 53,703,236 | 365,744 | 99.32% | | Clem A. Pelletier | 53,720,659 | 348,321 | 99.36% | | Julie Robertson | 53,700,508 | 368,471 | 99.32% | | John W. Sabine | 50,297,813 | 3,771,166 | 93.03% | | Gary A. Sugar | 53,761,058 | 307,921 | 99.43% | | Carol T. Willson | 53,413,099 | 655,880 | 98.79% | [Other Approved Resolutions](index=1&type=section&id=Other%20Approved%20Resolutions) Shareholders approved several key resolutions, including fixing the number of directors at ten, appointing KPMG LLP as auditor, authorizing directors to fix auditor remuneration, adopting a new By-law, and an advisory vote on executive compensation Other Resolutions Approved at AGM | Resolution | Percentage For | | :--- | :--- | | Fix Number of Directors at Ten | 99.14% | | Appointment of KPMG LLP as Auditor | 98.29% | | Authorization for Directors to Fix Auditor Remuneration | 98.64% | | Approval of New By-law | 63.44% | | Advisory Vote on Executive Compensation | 93.52% | [Board Member Transitions and New Appointment](index=1&type=section&id=Board%20Member%20Transitions%20and%20New%20Appointment) Long-serving board members Mr. Jay Layman and Mr. Eliseo Gonzalez Urien have transitioned from the board to serve as advisors for an additional year. Mr. Colin Joudrie, with over 35 years of mining industry experience, has been appointed to the board - Long-time board members Mr. Jay Layman (over **13 years**) and Mr. Eliseo Gonzalez Urien (**19 years**) have departed the board but will serve as advisors for an additional year to facilitate a smooth transition[2](index=2&type=chunk) - Mr. Colin Joudrie has joined the board, bringing over **35 years of experience** in the mining industry, particularly in technical matters, joint venture negotiation, and large project development[5](index=5&type=chunk) [Company Profile](index=2&type=section&id=Company%20Profile) This section outlines Seabridge Gold's key North American gold projects and provides essential corporate contact information [North American Gold Projects](index=2&type=section&id=North%20American%20Gold%20Projects) Seabridge Gold holds a 100% interest in several significant North American gold projects, including KSM, Iskut, Courageous Lake, Snowstorm, and 3 Aces, located in key mining regions across Canada and the US - Seabridge holds a **100% interest** in several North American gold projects[6](index=6&type=chunk) - KSM and Iskut projects: Located in northwest British Columbia, Canada's "Golden Triangle" - Courageous Lake project: Located in Canada's Northwest Territories - Snowstorm project: Located in the Getchell Gold Belt of Northern Nevada - 3 Aces project: Located in the Yukon Territory [Corporate Contacts and Disclaimer](index=2&type=section&id=Corporate%20Contacts%20and%20Disclaimer) The release includes a standard disclaimer stating that stock exchanges do not accept responsibility for the adequacy or accuracy of the information, and provides contact details for the Chairman and CEO - Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers accept responsibility for the adequacy or accuracy of this release[7](index=7&type=chunk) - Contact Person: Rudi P. Fronk, Chairman and C.E.O - Telephone: (416) 367-9292 - Fax: (416) 367-2711 - Email: info@seabridgegold.com