Stonegate Capital Partners has updated its coverage on Seabridge Gold Inc., revealing the company's robust financial standing and strategic progress across multiple development projects. As of the third quarter of 2025, Seabridge maintained cash and cash equivalents of $103.1 million, supported by a US$100.2 million equity financing completed in February 2025 and a $30.5 million flow-through financing in June 2025. The company also renewed its US$750 million base shelf prospectus and US$100 million ATM facility in early 2025, providing substantial financial flexibility for future development.
The company's flagship KSM project in British Columbia's Golden Triangle remains the world's largest undeveloped gold project and the third largest copper development resource. The 2022 preliminary feasibility study outlined a 33-year mine life producing at an all-in sustaining cost of US$601 per ounce net of copper credits, with initial capital expenditure of US$5.3 billion. The project received its Substantially Started Designation in July 2024, securing its Environmental Assessment Certificate for the life of the project. Near-term objectives include completing the Site Investigation program, advancing a future Bankable Feasibility Study, and finalizing a joint venture partnership expected to be announced before year-end.
Courageous Lake in the Northwest Territories provides Seabridge with a second Tier-1 scale project, hosting 2.8 million ounces of proven and probable gold reserves, 11.0 million ounces measured and indicated, and 3.3 million ounces inferred resources. The 2024 preliminary feasibility study outlined a 12.6-year mine life producing approximately 201,000 ounces annually at an all-in sustaining cost of US$999 per ounce, with an after-tax NPV5% of US$523 million and IRR of 20.6%. Given the size and value of Courageous Lake, Stonegate sees potential for a spin-out of this asset to create additional shareholder value, with a decision expected in the coming quarters.
Seabridge's exploration portfolio includes several high-impact projects with substantial organic growth potential. The Iskut project, located just 20 kilometers from KSM, has shown early signs of becoming a second KSM with the 2024 discovery of the Snip North porphyry system. A maiden copper-gold resource is expected by early 2026 following an 8,000-meter, twenty-three diamond drill hole campaign currently being evaluated. The 3 Aces project in Yukon, a high-grade orogenic gold system, recently completed a 3,000-meter drill campaign, while Snowstorm in Nevada will undergo a C$1.8 million geophysical program to refine drill targets.
Seabridge offers exceptional leverage to metals prices through its strategy of securing a major joint venture partner for KSM, unlocking value from Courageous Lake, and expanding its district-scale exploration pipeline. The company has consistently grown ounces of gold and copper per share faster than outstanding shares, maximizing leverage while minimizing dilution. Stonegate's valuation analysis applies an EV/NAV range of 0.6x to 0.8x, resulting in a valuation of $41.97 to $58.16 with a midpoint of $50.06, while an EV/Reserves valuation method using a multiple range of 20.0x to 30.0x results in a valuation of $42.85 to $67.57 with a midpoint of $55.21.
