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:

This company had news on two fronts: drilling at its Northwest Territories deposit could change the economics of that project while a massive increase in its resource in its British Columbia project could be the catalyst that brings a major partner to the table, according to industry analysts.
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Tony Lesiak, Canaccord Genuity (2/13/18)
"Seabridge Gold Inc. announced a revised resource estimate for the Iron Cap zone of its KSM project in British Columbia, which incorporates the successful 2017 drill (11 holes) program results. The Iron Cap resource increased tonnage 133% with gold and copper grades higher by 1% and 27%, respectively."

Mike Kozak, Cantor Fitzgerald (2/13/18)
"Seabridge Gold Inc. released an updated NI 43-101 compliant resource at Iron Cap. . .incorporating the 10,383m drilled last year, Seabridge has grown Iron Cap by 14.5 Moz Au and 6.9 Blb Cu, materially higher than our 8–10 Moz Au and 4–5 Blb Cu estimate, and at higher grades relative to the previous resource. We maintain our Buy rating and are increasing our target to CA$25/$19/share from CA$24/$18/share previously."

Gary Baschuk, PearTree Securities (1/22/18)
"We believe Seabridge Gold Inc. will be one of the best leveraged companies in a rising gold price environment due to its massive resource and expansion potential in a politically stable jurisdiction. The KSM deposit rivals other world-class porphyry deposits and remains open for expansion."

Tony Lesiak, Canaccord Genuity (1/8/18)
"Seabridge Gold Inc. announced a winter 2018 drill program at its 100%-owned Courageous Lake project. . .the 36-hole (7,200m) program will be funded internally and test seven targets along the geophysical and stratigraphic break that hosts that Walsh Lake deposit. The drill program will initially test up to seven targets with sufficient strike and width continuity within 200m of surface; this will be followed by infill drilling to support a resource estimate."

With an advanced project being looked at by potential partners and a newer project producing precious metal results, several analysts rate this precious metals explorer a "Buy."
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Tony Lesiak, Canaccord Genuity (11/21/17)
"The results of the 2017 initial, 10-hole drill program on Seabridge Gold Inc.'s Quartz Rise target at Iskut did achieve their primary goal, to provide evidence of a gold-bearing epithermal system. Highlights from the program included 3.8m at 6.5 g/t Au in hole QR-17-06, 1.5m at 8.3 g/t in hole QR-17-01 and a 1.5M intercept at 74.1 g/t Au in hole QR-17-07."

Mike Kozak, Cantor Fitzgerald (11/21/17)
"Seabridge Gold Inc.'s Iron Cap is likely to expand beyond our previous target of an additional 6–8 Moz Au and 2–2.5 Blb Cu. We believe a joint venture partnership will materialize for Seabridge and KSM. . .we maintain our Buy rating and CA$24 ($18)/share price target."

More Expert Comments

Experts Following This Company

Gary Baschuk – Raymond James
Rob Chang, Senior Analyst and Head of Metals & Mining – Cantor Fitzgerald
Mike Kozak, Analyst – Cantor Fitzgerald
Tony Lesiak, Head of Canadian Mining Research – Canaccord Genuity
Don Maclean, Senior Analyst – Paradigm Capital
Raj Ray, Vice President, Equity Research, Metals & Mining – Desjardins Securities

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

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