Seabridge Gold(US:SA)2026-03-27 14:39Financial Performance - Seabridge reported a net loss of $53.2 million ($0.53 per share) for the year ended December 31, 2025, compared to a net loss of $31.2 million ($0.35 per share) in 2024[3]. - A non-cash loss of $60.1 million was recorded due to the remeasurement of Secured Note liabilities, which are subject to changes in fair value[4]. - As of December 31, 2025, net working capital was $109.8 million, up from $44.8 million at the end of 2024[3]. Investment and Projects - The company invested $137.0 million in mineral interests, property, and equipment in 2025, an increase from $106.3 million in 2024[3]. - Seabridge plans to spin out 100% of the Courageous Lake project to shareholders through a new company, Valor Gold Corp., expected to be publicly listed[5]. - The company aims to secure a partner for the KSM project in 2026, focusing on technical, financial, and social skills necessary for production[5]. - Seabridge holds a 100% interest in several North American gold projects, including the KSM and Iskut projects located in British Columbia's "Golden Triangle"[6]. - The company confirmed a new large gold-copper deposit at Snip North within the Iskut project[5]. Regulatory and Reporting - Seabridge's Form 40-F will be filed with the SEC, and shareholders can request hard copies of the audited financial statements[2]. - The company emphasizes the importance of regulatory approvals and successful negotiations for future projects and partnerships[9].