Gold Co. Advances Courageous Lake Spin-Out, Forming Valor Gold With CA$400M Implied Market Cap
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Disclosures for Cantor Fitzgerald, Seabridge Gold Inc., April 27, 2026

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On April 27, 2026, Mike Kozak of Cantor Fitzgerald reiterated a Buy rating and US$53.00/CA$66.00 price target on Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT), implying approximately 119% upside from the April 27, 2026 closing price of US$30.09/CA$41.04, following an update on the company's plan to spin out its Courageous Lake open-pit gold project located in the Northwest Territories, Canada.

Spin-Out Details

Seabridge provided an update on the previously announced plan to spin out its 14.3 million ounce (M&I plus Inferred) Courageous Lake gold project to existing shareholders. The newly formed entity, named Valor Gold, is expected to begin trading on the TSX and OTCQB exchanges in early to mid-June.

Seabridge shareholders will receive one Valor Gold share for every 1.952 Seabridge shares held. The transaction is subject to shareholder approval at a special meeting scheduled for May 22, 2026, with a Final Order hearing set for May 27, 2026, and closing expected shortly thereafter.

To seed the new company, Seabridge will invest CA$10 million in Valor Gold through two mechanisms: purchasing 0.7 million Valor shares at CA$7.29 per share for CA$5.1 million, and acquiring a 10% gold stream at a fixed price of US$4,000 per ounce for CA$4.9 million.

Value Creation for Seabridge Shareholders

At inception, Valor Gold is expected to have 55 million shares outstanding, implying a market capitalization of approximately CA$400 million based on the indicative financing price of CA$7.29 per share. Kozak views this transaction favorably, noting that Seabridge currently receives no market recognition for the Courageous Lake asset, which has been entirely overshadowed by the company's flagship 100%-owned KSM gold-copper project in northern British Columbia — one of the largest gold-copper projects in the world.

The analyst estimates the spin-out would immediately accrete approximately CA$2.75 per Seabridge share in value to existing shareholders based on Valor Gold's implied market capitalization.

KSM Project & Financial Overview

Seabridge's KSM project holds total resources of 14.72 billion tonnes at 0.68 grams per tonne AuEq, representing 320.5 million ounces AuEq. Proven and Probable reserves stand at 2.29 billion tonnes at 0.87 g/t AuEq for 63.9 million ounces AuEq.

The project is fully permitted for construction and is considered a potential target for buyers or joint venture partners. Seabridge currently holds approximately CA$118 million in cash and equivalents, with a market capitalization of approximately US$3.23 billion and a market float of approximately US$2.65 billion. The company's 52-week share price range is US$11.12 to US$40.06.

Analyst Outlook

Kozak reiterated his Buy rating and US$53.00/CA$66.00 price target on Seabridge, reflecting a potential return of approximately 119% from current levels. The analyst views the Courageous Lake spin-out as a strategically sound move that should unlock value for shareholders that has previously gone unrecognized by the market.