Stonegate Capital Partners has updated its coverage on Seabridge Gold Inc. (NYSE: SA), emphasizing the company's strong financial position and significant near-term catalysts. As of the third quarter of 2025, Seabridge reported cash and cash equivalents of $103.1 million, bolstered by a US$100.2 million equity financing 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 at-the-market (ATM) facility earlier in the year, providing financial flexibility to advance its projects.
Seabridge's flagship KSM project, located 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 (PFS) outlined a 33-year mine life with an all-in sustaining cost (AISC) of US$601 per ounce net of copper credits, and an initial capital expenditure of US$5.3 billion. A key milestone was the receipt of the Substantially Started Designation (SSD) in July 2024, which secures the project's Environmental Assessment Certificate for its entire life. Near-term objectives include completing the site investigation program, progressing toward a bankable feasibility study (BFS), and advancing the joint venture (JV) process. Notably, the company has stated it expects to announce a partnership before the end of 2025.
Beyond KSM, Seabridge's portfolio includes the Courageous Lake project in the Northwest Territories, which hosts 2.8 million ounces of proven and probable gold reserves, 11.0 million ounces in measured and indicated resources, and 3.3 million ounces in inferred resources. The 2024 PFS outlined a 12.6-year mine life with average annual production of approximately 201,000 ounces at an AISC of US$999 per ounce, yielding an after-tax net present value (5% discount) of US$523 million and an internal rate of return of 20.6%. Stonegate notes the potential for a spin-out of this asset to unlock value, with a decision expected in the coming quarters.
The company's exploration portfolio provides substantial organic growth potential. The Iskut project, located just 20 kilometers from KSM, has shown early signs of becoming a "second KSM" following the 2024 discovery of the Snip North porphyry system. A maiden copper-gold resource is expected by early 2026 after an 8,000-meter, 23-hole diamond drill campaign, which has already yielded promising early results. At the 3 Aces project in Yukon, a high-grade orogenic gold system, a 3,000-meter drill campaign was recently completed, while the Snowstorm project in Nevada will undergo a C$1.8 million geophysical program to refine drill targets.
Seabridge offers exceptional leverage to metals prices, with a strategy focused on securing a major JV partner for KSM, unlocking value from Courageous Lake, and expanding its district-scale exploration pipeline. Importantly, the company has consistently grown ounces of gold and copper per share faster than outstanding shares, maximizing leverage while minimizing dilution. Backed by a strong leadership team, robust balance sheet, permitted flagship asset, and multiple near-term catalysts, Seabridge is well-positioned to emerge as one of the most compelling development stories in the global gold and copper sector.
For valuation, Stonegate applies an EV/NAV multiple range of 0.6x to 0.8x, resulting in a valuation range of $41.97 to $58.16, with a midpoint of $50.06. Using an EV/Reserves method with a multiple range of 20.0x to 30.0x yields a valuation range of $42.85 to $67.57, with a midpoint of $55.21.
