Core Insights - Seabridge Gold Inc. maintains a strong financial position with cash and cash equivalents of $103.1 million as of 3Q25, bolstered by a US$100.2 million equity financing in February 2025 and a $30.5 million flow-through financing in June 2025 [1][7] - The company is focused on advancing its flagship KSM project and exploration activities at Iskut, 3 Aces, and Snowstorm [1] - Seabridge has renewed its US$750 million base shelf prospectus and US$100 million ATM facility in early 2025 [1] Financial Position - Cash and cash equivalents stand at $103.1 million at the end of the quarter [7] - Secured note liabilities amount to $583.1 million, which supports ongoing programs [7] Project Developments - The KSM project is advancing towards partnership and feasibility, with Treaty Creek substation construction on schedule for 4Q26 and field programs progressing towards a bankable study [7] - Drilling at Iskut Snip North has confirmed a significant Cu Au porphyry, including 819.7 meters at 0.66 g/t Au and 0.14% Cu, with a maiden resource targeted for 1Q26 [7]

Core Points - Seabridge Gold's subsidiary KSM Mining ULC has been awarded the AME David Barr Award for excellence in mineral exploration health and safety, recognizing its leadership and innovation in collaborative health and safety approaches in the Golden Triangle region of Northwest British Columbia [1][3]. Group 1: Award Recognition - The AME Awards celebrate individual and team achievements in mineral exploration, focusing on contributions in geoscience, financing, social and environmental responsibility, health and safety, and innovation [2]. - KSM Mining was recognized for its efforts to enhance emergency preparedness and foster collaboration among various organizations in British Columbia's Golden Triangle region [3]. Group 2: Leadership Statements - Rudi Fronk, Seabridge's Chair and CEO, expressed pride in the team's collaborative approach to regional safety, emphasizing the importance of effective emergency responses and community support [4]. - AME President and CEO Todd Stone congratulated the award recipients, highlighting their commitment to improving mineral exploration practices [4]. Group 3: Event Details - The AME Awards will be presented at the annual AME Awards Gala on January 28, 2026, at the Vancouver Convention Centre West [4]. Group 4: About AME - The Association for Mineral Exploration (AME) represents over 6,000 members in the mineral exploration and development industry in British Columbia, advocating for a safe, economically strong, and environmentally responsible industry [5]. Group 5: About Seabridge Gold - Seabridge Gold holds a 100% interest in several North American gold projects, with its principal asset being the KSM project located in Northwest British Columbia's Golden Triangle [6].

Core Insights - Gold has experienced a significant rally in 2025, gaining over 50% year-to-date, driven by strong demand from central banks and retail investors [1] - The price of gold reached a record high of nearly $4,400 per ounce before experiencing profit-taking, with expectations of US interest rate cuts and inflation fears contributing to its recent rise [2] - The top 20 gold projects collectively contain over 900 million ounces of gold, valued at approximately $3.7 trillion at current prices, despite many facing challenges in moving to production [3] Project Summaries - **KSM Project**: Seabridge Gold's Kerr-Sulphurets-Mitchell (KSM) is the largest project with 88.7 million ounces of contained metal, federally approved for a decade, and has seen over C$550 million invested in early-stage construction [4] - **Grasberg Mine**: Operated by Freeport McMoRan, this mine ranks second with 87.7 million ounces and has faced operational challenges, including a deadly accident [5] - **Olympic Dam**: BHP's complex in South Australia ranks third with 78.9 million ounces and plans to invest A$840 million in expansion projects [6] - **Pebble Project**: Northern Dynasty Minerals' Pebble project has 68.8 million ounces but has been stalled for over a decade due to environmental concerns [7] - **Nevada Gold Mines**: A joint venture between Barrick and Newmont, this project ranks fifth with 66.7 million ounces and has a complex history of mergers and acquisitions [8] - **South Deep**: Gold Field's South Deep mine in South Africa has 52.1 million ounces and is expected to remain operational past 2100 [9] - **Muruntau**: Operated by Uzbekistan's Navoi Mining, this project has 48.2 million ounces and plans to increase output by 30% over the next five years [10] - **Sukhoi Log**: Polyus' project in Siberia has 48 million ounces and is currently under construction with an estimated cost of $6 billion [11] - **Norte Abierto**: A joint venture in Chile with 44 million ounces, formed from the merger of two mines owned by Barrick and Newmont [12] - **Olimpiada**: Polyus' largest asset has 43.9 million ounces and is undergoing expansion to extend its operational life [13] - **Donlin**: This Alaskan project has 40 million ounces and is undergoing a feasibility study after a change in ownership [15] - **Detour Lake**: Agnico Eagle's project in Ontario has 34.8 million ounces and is advancing plans for underground development [16] - **Cascabel**: SolGold's project in Ecuador has 31.2 million ounces and is backed by major industry players [17] - **Reko Diq**: Barrick's project in Pakistan has 29 million ounces and is expected to start production by the end of 2028 [18] - **Cadia East**: Newmont's mine in Australia has 28.6 million ounces and is advancing underground development [19] - **Pueblo Viejo**: A joint venture in the Dominican Republic with 25 million ounces, currently undergoing a $1.4 billion expansion [20] - **Natalka**: Polyus' project in Russia has 23.4 million ounces and is expanding its processing capabilities [21] - **KCGM**: This Australian project has 22.8 million ounces and is considered a key asset following a merger [23] - **Filo del Sol**: A project straddling Chile and Argentina with 22.3 million ounces, recently acquired by BHP and Lundin Mining [24] - **Pascua-Lama**: Barrick's project in Chile has 21.9 million ounces but faces significant environmental challenges [25]

Core Viewpoint - Seabridge Gold reported a net loss for Q3 2025, while increasing investments in mineral interests and improving net working capital compared to the previous year [3][4]. Financial Results - Seabridge Gold posted a net loss of $32.3 million ($0.32 per share) for the three-month period ended September 30, 2025, compared to a net loss of $27.6 million ($0.31 per share) for the same period last year [3]. - The company invested $52.9 million in mineral interests during Q3 2025, up from $28.1 million in Q3 2024 [3]. - As of September 30, 2025, Seabridge's net working capital was $83.2 million, an increase from $37.8 million at December 31, 2024 [3]. Company Assets - 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]. Operational Updates - KSM field activities and partnership discussions are ongoing, with a 24,000 meter drill program at Iskut in 2025 confirming a new large porphyry deposit at Snip North [7]. - Court hearings have been completed on petitions challenging KSM's substantially started designation, with three additional challenges filed by Tudor Gold against KSM's Mitchell-Treaty-Tunnel authorizations [7]. - The 2025 exploration program at the 3 Aces project has been completed [7].

Financial Performance - Net loss for the three months ended September 30, 2025, was CAD 32,270 thousand, compared to a loss of CAD 27,551 thousand in the same period of 2024[4]. - Comprehensive loss for the nine months ended September 30, 2025, was CAD 12,665 thousand, a decrease from a comprehensive income of CAD 46,868 thousand in the same period of 2024[4]. - The Company reported a net loss of $32.3 million for the three months ended September 30, 2025, compared to a net loss of $27.6 million for the same period in 2024[60]. Assets and Equity - Total assets increased to CAD 1,706,936 thousand as of September 30, 2025, up from CAD 1,452,737 thousand at the end of 2024, representing a growth of 17.5%[3]. - Shareholders' equity increased to CAD 1,056,769 thousand as of September 30, 2025, up from CAD 843,018 thousand at the end of 2024, reflecting a growth of 25.3%[6]. - The Company’s total long-term assets and receivables increased to $170.45 million as of September 30, 2025, from $119.95 million at the end of 2024[18]. Cash Flow and Liquidity - Cash and cash equivalents rose significantly to CAD 103,104 thousand, compared to CAD 49,815 thousand at the end of 2024, marking a 106.5% increase[3]. - Cash used in operating activities for the nine months ended September 30, 2025, was CAD 7,353 thousand, a decrease from CAD 11,420 thousand in the same period of 2024[8]. - The Company raised $37.5 million through its ATM offering during the nine months ended September 30, 2025, compared to $75.9 million in 2024[68]. Investments and Expenditures - Investment in mineral interests, property, and equipment for the nine months ended September 30, 2025, totaled CAD 88,250 thousand, compared to CAD 78,598 thousand in the same period of 2024, indicating a 12.1% increase[8]. - The Company made $138.98 million in additions to mineral interests, construction in progress, and property and equipment during the nine months ended September 30, 2025[20]. - During the nine months ended September 30, 2025, the company incurred $27.8 million of qualifying exploration expenditures[49]. Liabilities - As of September 30, 2025, accounts payable and accrued liabilities increased to $36,299 from $11,281 as of December 31, 2024, primarily due to non-trade payables[22]. - The Company’s secured note liabilities amounted to $583.1 million as of September 30, 2025, with a fixed interest rate of 6.5% per annum[65][72]. - The carrying amount for the 2023 Secured Note increased to $273.1 million as of September 30, 2025, from $248.8 million at the end of 2024, reflecting a total change in fair value of $24.3 million[41]. Production and Market Performance - The forecast silver production remains at 166,144 thousand ounces, with the silver spot price increasing to $46.18 as of September 30, 2025, from $28.91 at December 31, 2024[30]. - The average gold price per ounce increased to US$3,806.55 as of September 30, 2025, compared to US$2,610.85 as of December 31, 2024[40]. - The forecasted production includes 10,500 thousand ounces of gold, 29,876 thousand ounces of silver, and 19,322 million pounds of copper as of September 30, 2025[40]. Employee Compensation and Expenses - Employee compensation for Q3 2025 increased to $1,412,000 from $1,300,000 in Q3 2024, representing an 8.6% increase[13]. - Stock-based compensation rose to $1,049,000 in Q3 2025, up from $833,000 in Q3 2024, marking a 26% increase[13]. - Total corporate and administrative expenses for Q3 2025 were $4,671,000, compared to $4,000,000 in Q3 2024, reflecting a 16.8% increase[13]. Regulatory and Compliance - The Company is currently assessing the impact of new IFRS amendments effective from January 1, 2026, and January 1, 2027, on its financial statements[12][13]. - The nominal discount rate for calculating reclamation obligations was 2.5% as of September 30, 2025, down from 2.9% at December 31, 2024[23].

Core Viewpoint - Seabridge Gold Inc. successfully challenged a tax ruling, recovering $4.4 million from the Canada Revenue Agency (CRA) after the Supreme Court of British Columbia reversed CRA's denial of BC Mineral Exploration Tax Credits for 2010 and 2011, with further recoveries anticipated [1][4]. Financial Recovery - The company received a refund related to $15.8 million of exploration expenditures claimed as qualifying mining exploration expenses under the BC Income Tax Act, which were initially denied by CRA [3]. - The Supreme Court ruling indicated that over 92% of the claimed expenses qualified as mining exploration expenses, leading to the return of funds plus interest [4]. Future Tax Claims - Seabridge is appealing a CRA decision that denied tax benefits for exploration expenses incurred from 2014 to 2016, which were also claimed as flow-through mining expenditures [5]. - The company believes that the reasoning from the recent Supreme Court decision should apply to the 2014-2016 expenditures, and it is working with tax counsel to reverse the reassessments and recover $9.4 million paid to CRA [7]. Industry Context - The CEO highlighted the complexities of navigating Canadian mining regulations, emphasizing the importance of understanding tax and mineral rights, permitting, and ESG factors [2]. - The company aims for a more supportive stance from CRA regarding the mining industry in the future [2]. Company Overview - Seabridge Gold holds a 100% interest in several North American gold projects, including the KSM project and Iskut project in British Columbia, and others in the Northwest Territories and Yukon [8].

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]

Core Viewpoint - Tudor Gold Corp. has filed a Notice of Civil Claim against the Province of British Columbia, challenging the legal effect of a conditional mineral reserve that restricts its rights concerning the KSM Project's Mitchell Treaty Tunnels [1][2]. Legal Challenge - The legal action primarily contests the Reserve's requirement that Tudor not obstruct or interfere with the construction and operation of the KSM Project's tunnels [1]. - Tudor alleges that the Reserve constitutes an expropriation of its mineral claims and that the Province lacks the authority to grant Seabridge rights to use areas within these claims [1][3]. Background of the KSM Project - The Mitchell Treaty Tunnels are two parallel tunnels, each 23 km long, designed to connect the east and west sides of the KSM Project Mine Site, with approximately 12.5 km of the route passing through the Treaty Creek Claims [2]. Historical Context - Tudor's claim relies on a 2012 statement from the Province indicating that the Reserve did not apply to the existing holder of the Treaty Project Claims, despite a 2014 amendment stating otherwise [3]. - The Reserve has been applicable to the existing holders of the Treaty Project Claims since 2014, and Tudor's acquisition of interest in these claims occurred in 2016 [3]. Company Response - Seabridge Gold expresses confidence that the Province has acted lawfully and that the authorizations for the MTT are valid [4]. - The company emphasizes its commitment to advancing the KSM Project despite the ongoing legal challenges from Tudor [4]. Company Overview - Seabridge Gold holds a 100% interest in several North American gold projects, with the KSM project being its principal asset located in Northwest British Columbia [5].

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]