Seabridge Gold(US:SA)2025-11-12 22:09Financial 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].