Seabridge Gold Inc.

Seabridge Gold Inc. is designed to provide its shareholders with exceptional leverage to a rising gold price. From 1999 through 2002, when the gold price was lower, Seabridge acquired nine North American projects with substantial gold resources, including Courageous Lake and KSM. Subsequent exploration by Seabridge has significantly expanded its acquired gold resource base.

Seabridge considers each of its common shares to represent an indirect ownership interest in its reserves and resources. Our aim is to increase the value of this ownership interest by growing reserves and resources faster than shares outstanding. Project acquisitions, exploration and engineering programs are carefully designed and monitored to ensure that equity dilution required to fund these activities is more than offset by additional reserves and resources.

Seabridge is pursuing three value-enhancing strategies. First, the Company continues to search for gold projects in North America which would be accretive in terms of gold resources. Second, Seabridge funds exploration and engineering work considered likely to expand resources and upgrade them to reserves. Third, Seabridge sells or partners its projects when they reach the production stage, to limit risk and share dilution.

Expert Comments:

Mike Kozak, Cantor Fitzgerald (12/12/16)
"To call Seabridge Gold Inc.’s 100%-owned KSM Au-Cu project 'massive' is an understatement. In terms of Proven and Probable gold and copper reserves, KSM ranks as the largest undeveloped mining project globally. . .the sheer size/scale of KSM (+1.2 MMoz AuEq/yr over a mine-life of +50 years) makes it a truly unique, sought-after asset, and one that is highly likely to attract a number of potential top-tier JV partners that will help fund the initial capex hurdle. . .we are initiating coverage of Seabridge with a Speculative Buy recommendation."

Calling the new preliminary economic assessment for Seabridge Gold's KSM "a big improvement for a unique massive Au-Cu project," Paradigm Capital believes the company will continue to build value for investors.
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Don Maclean, Paradigm Capital (10/26/16)
"We believe Seabridge provides investors with ownership in one of the most strategically compelling and prolific copper‐gold projects in the world, the KSM project in BC, at one of the lowest market caps per ounce to the investor. . .a new PEA, released on Oct. 6, outlines further game-changing improvements. . .the PEA shows better economics. . .steady improvements, as encapsulated in the PEA, are hastening the day when a senior miner or partnership will seek to buy KSM. . .long-term minded investors with a positive view for the price of gold and copper might consider owning SEA now."

Tony Lesiak, Canaccord Genuity (10/7/16)
"Seabridge Gold Inc.'s KSM will be of strategic interest to both a major gold miner and a diversified miner, noting the increased copper bias (higher grade copper in Deep Kerr). A fully permitted project in a politically stable jurisdiction (Canada) producing +1Mozpa Au and +300Mlbpa Cu in the first 7 years of operation will, in our opinion, not go unnoticed. . .our target price of C$25 continues to assume a 50 percent development risk discount."

Raj Ray, National Bank Financial (10/7/16)
"Seabridge Gold Inc.'s flagship asset is the KSM project which hosts four large copper-gold porphyry deposits with total reserves of 10.2 billion lbs of copper, 38.8 million oz of gold and significant amount of silver and molybdenum by-products. . .the importance of the KSM project lies in its significant scale (one of the largest undeveloped copper-gold deposits) at grades that are comparable to currently producing large porphyry deposits around the world. . .we maintain Sector Perform rating but lowering target to $15.50(was $17.50). . .our target is based on 0.95x our est. NAVPS 10% of $16.28(was $18.41)."

Tony Lesiak, Canaccord Genuity (9/21/16)
"Seabridge Gold Inc. announced the results of an updated PFS for its KSM project; the project showcased an 8% after-tax IRR at $1,230/oz gold and $2.75/lb copper. The weaker CAD/USD (-17%) rate utilized almost completely offset higher capital parameters (+14%) and weaker gold (-8%) and copper (-20%) price assumptions. . .we note that the project is fully permitted, is located in one of the world's best mining jurisdictions, and has longer-term optionality (with a +40 year reserve life or +100-year total resource life) that is not recognized in IRR or NAV analysis."

Raj Ray, National Bank Financial (9/19/16)
"We expect the results of the upcoming PEA will include a positive updated resource estimate at Seabridge Gold Inc's KSM gold-silver-copper-Molybdenum project. . .Note that both the updated 2016 PFS and initial 2012 PFS vary from our assumptions considerably given the fact that neither PFS accounts for upside potential at Deep Kerr and Iron Cap Lower Zone. . .We assume 50/50 open-pit/underground production with two open-pit and three underground block-cave operations vs. the company’s estimate for 70/30 for the PFS with three open-pit and two underground operations. . .We maintain our Sector Perform rating and $17.50 target."

Management Q&A: View From the Top
Rudi Fronk
Seabridge Gold hosts one of the world's largest gold resources, offering shareholders exceptional leverage to a rising gold price. Chairman and CEO Rudi Fronk explains his company's value-enhancing strategy of obtaining resources at low cost and spinning them into gold.
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More Expert Comments

Experts Following This Company

Charles Gibson, Director, Mining – Edison Investment Research
Mike Kozak, Analyst – Cantor Fitzgerald
Eric Lemieux, Mining Analyst – EBL Consultants Enr.
Tony Lesiak, Head of Canadian Mining Research – Canaccord Genuity
Don Maclean, Senior Analyst – Paradigm Capital
Gwen Preston, Founder Resource Maven
Raj Ray, Analyst – National Bank of Canada
Joe Reagor, Analyst – ROTH Capital Partners

The information provided above is from analysts, newsletters, the company and other contributors.

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