Gold Developer Uncovers Massive 6.8Moz Resource Increase in British Columbia

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced revised Mineral Resource Estimates for its KSM Project in northwestern British Columbia, according to a March 31 release.

The updates are based on new metal price assumptions of US$2,000/ounce for gold, US$4.00/pound for copper, US$25/ounce for silver, and US$22/pound for molybdenum, with a currency exchange rate of US$0.746 per CA$1. Previously, for the last decade, the resource estimates at KSM were calculated using lower metal prices and a different exchange rate.

The updated estimates show significant increases in resources: Measured and Indicated Mineral Resources have risen by 6.8 million ounces (Moz) of gold, 1.5 billion pounds of copper, 42.7 Moz of silver, and 93 million pounds of molybdenum since the last update in January 2024. Inferred Mineral Resources have also seen substantial growth, with increases of 12.9 Moz of gold, 4.2 billion pounds of copper, 108.8 Moz of silver, and 140 million pounds of molybdenum. Seabridge's release has a more detailed breakdown of the numbers.

Seabridge Chair and Chief Executive Officer Rudi Fronk highlighted that these resource restatements are the result of applying updated metal price parameters and operating costs. "As we move towards a joint venture on KSM, our resource estimates' price assumptions are now consistent with most Tier 1 mining company disclosures," he said.

Seabridge noted in the release that it was important to note that the mineral resource model itself has not changed; the updates are solely due to the revised assumptions on metal prices and costs that influence the constraints on mineral resources and the calculation of cut-off grades. The updated mineral resource tabulation continues to utilize the same grade models from the KSM Preliminary Feasibility Study and Preliminary Economic Assessment, NI 43-101 Technical Report dated August 8, 2022.

The adjustments to the Mineral Resources are not considered material to the KSM Project or to Seabridge, as they do not materially alter the existing mineral reserves, the company said.

The World's Top Gold Project

According to a report by Mining.com on November 18, 2025, Seabridge Gold's Kerr-Sulphurets-Mitchell (KSM) project, located in British Columbia, was already the world's top gold project. The project has received federal approval for a decade and has been progressing through prefeasibility and early construction phases since 2022, with over CA$550 million invested in construction activities, the website said.

Earlier in March, Seabridge announced that Tudor Gold Corp. officially ended its legal challenge against a decision made by the Chief Gold Commissioner (CGC) of British Columbia involving KSM. This development follows the CGC's decision on May 28, 2025, which declined Tudor Gold's request for a ruling that would exempt them from or cancel the Conditional Mineral Reserve (CMR) related to Seabridge’s KSM Mitchell Treaty Tunnels (MTT). Tudor Gold's withdrawal from the appeal process signifies acceptance of the CGC’s initial ruling concerning her jurisdiction over this issue.

The CMR in question requires that the holders of the mineral claims, which encompass the route of the MTT, must not disrupt or endanger the construction, operation, or maintenance of the MTT. This requirement has been consistently enforced by the BC Ministry of Mines for over a decade. The MTT, a crucial component of the KSM Project, consists of two parallel tunnels that connect the eastern and western parts of the mine site, with Tudor owning approximately 12.5 kilometers of the mineral claims that the MTT crosses.

Fronk criticized the initial challenge as unfounded. "We applaud Tudor's decision to abandon its appeal, which lacked any merit from the outset," he said. "This action reinforces our position that the authorizations issued in favor of the MTT do not give Seabridge any interest in Tudor’s mineral rights."

Potential Partnership Among Possible Catalysts

On March 12, 2026, RBC Capital Markets analyst Josh Wolfson released an update on Seabridge, maintaining an Outperform rating with a Speculative Risk qualifier and raising the price target from US$63 to US$71. This increase reflects improved project economics and Seabridge's robust positioning to advance its flagship KSM project in British Columbia. The new price target is based on a 0.40x target multiple on the firm's NAV₅% estimate, considering the early-stage nature of the KSM project, potential partnership opportunities, unmodeled resources and projects, and the complexities and costs of construction. At the time of the report, SA shares were trading at US$33.89 on the NYSE, indicating a potential return of about 104%.

The KSM project boasts enhanced project economics due to an updated Preliminary Feasibility Study (PFS) and improved regional infrastructure, including a paved highway, port, and airstrip. Seabridge is actively seeking a senior partner to further study and potentially construct the project. Wolfson highlighted several near-term catalysts for Seabridge, such as a potential partnership announcement, feasibility study work, further optimization of the KSM project, and exploration results from the Iskut and 3 Aces properties.

Wolfson also outlined several key risks, including partnership risk, which is crucial as Seabridge's valuation and recommendation "largely depend on Seabridge finding first a partner to advance and fund a feasibility study, and then to assume operatorship of the project through construction and production."

Other risks include sensitivity to gold and copper prices, uncertainty in construction capital expenditures, the project's remoteness and weather challenges, permitting requirements, project financing dependent on a future partnership, and potential opposition from local groups.

Cantor Fitzgerald recently increased its target price for Seabridge following an upward revision of its gold and silver price forecasts, according to Mike Kozak in a macro note dated January 12. The financial services firm anticipates that the rising prices of gold and silver will start to significantly enhance Seabridge's margins, earnings, and cash flow beginning with the fourth quarter of 2025 results, which are expected to be reported in late February, and will further accelerate in the first quarter of 2026. Cantor has set a new target price for Seabridge at CA$66 per share, which implies a 72% return, as highlighted by Kozak. The firm maintains a Buy rating on the company.

Analyst: Project Set to Capitalize on Market Conditions

Technical Analyst John Newell of Newell & Associates, in a recent article for Streetwise Reports dated December 23, 2025, discussed Seabridge Gold Inc.'s strategic handling of the KSM project. Over the last two decades, Seabridge has meticulously developed and obtained the necessary permits for KSM, setting it up to capitalize on favorable market conditions. The project, which is fully permitted and supported by robust Indigenous agreements, is poised to become a significant, long-term production venture on a global scale.

Newell highlighted that with rising gold and copper prices, the market is starting to recognize the substantial leverage KSM offers. He noted that Seabridge shares are currently experiencing a breakout from a base that has been forming for over a decade. "From a technical perspective, Seabridge shares are emerging from a multi-year base that spans more than a decade. Breakouts of this magnitude are typically driven by fundamental re-rating events, not short-term momentum. The combination of rising gold prices, advancing partnership discussions at KSM, and a clear plan to unlock value from Courageous Lake creates a rare convergence of factors," explained Newell.

He has rated Seabridge as a Speculative Buy, identifying it as an attractive option "for investors who understand the power of scale, scarcity, and optionality in a new gold cycle. With two world-class assets now on separate paths, and a long-term chart pointing higher, Seabridge offers leverage that is increasingly difficult to find in the gold sector."

The Catalyst: Gold Hits Storm of Volatility

Gold prices saw a modest increase on Monday, with a slight easing in rate hike expectations and some investors engaging in bargain-hunting, according to a March 30 report by Anuron Mitra for Investing.com.

This activity comes as gold is on track for its largest monthly decline in nearly two decades. As of 4:25 p.m. ET on Monday, spot gold was up 0.2% at US$4,503.29 per ounce, and gold futures also rose by 0.2% to US$4,532.51 per ounce, Mitra wrote. Last week, spot gold had dipped to as low as US$4,000 per ounce before recovering to near US$4,500 by Friday, despite a more than 14% drop over the past month.

Analysts at OCBC attribute gold’s recent rebound from last week’s lows to technical factors, particularly after the sharp price declines since the onset of the Iran conflict in late February, according to the report. They observed a slight easing in bearish momentum, with gold’s relative strength index moving out of oversold territory.

However, OCBC analysts cautioned that the sustainability of gold’s recovery remains uncertain, pointing to key resistance levels at US$4,624, $4,670, and US$4,850 per ounce.

"A more durable recovery would likely require prices to reclaim and hold above these levels. Failing which, gold may continue to trade on a softer footing,” they noted. Additionally, they mentioned that high energy prices could stoke inflation pressures, potentially pushing up Treasury yields and creating a tougher environment for gold. With diminishing expectations for rate cuts and increasing bets on rate hikes, gold’s attractiveness could be further compromised, as the non-yielding metal typically underperforms in higher rate environments.

Ernest Hoffman reported for Kitco News on March 30 that precious metals analysts at Heraeus have observed a shift in central banks' behavior from buyers to sellers of gold, which has contributed to weakening the support for gold prices. In their latest report, they highlighted that the Turkish central bank has notably decreased its gold reserves by approximately 53 tonnes, bringing it down to 772 tonnes. This reduction includes 22 tonnes sold directly and 31 tonnes used in gold-backed currency swaps. While this instance is specific to one bank, it illustrates a broader trend where central banks utilize their gold reserves during periods of financial and economic stress, with gold serving as a liquid asset free from counterparty risks.

The analysts also pointed out that central banks had added 863 tonnes of gold to their reserves last year. However, they cautioned that market turmoil could lead central banks to curtail their purchases or even sell off gold, significantly impacting overall demand.

Additionally, Heraeus noted that recent announcements by President Trump regarding Iran have continued to induce volatility in the metals market.

Ownership and Share Structure¹

Management and insiders hold approximately 3% of the company, while institutions own about 62%. The remainder is held by retail investors.

Friedberg Mercantile Group Ltd. holds 15.49%, Pan Atlantic Bank and Trust owns 10.23%, Van Eck Associates Corp. has 6.86%, and Kopernik Global Investors L.L.C. possesses 6.69%.

There are around 104.35 million shares outstanding, with the company having a market cap of CA$3.73 billion and trading within a 52-week range of CA$13.44 to CA$54.29.