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Seabridge Gold Inc.

SA

Seabridge Gold Inc. • NYSE
$27.93 ▲ 4.29% (+1.15)
Market Cap $2.91 B
52w High $29.31
52w Low $9.40
Dividend Yield 0%
P/E -71.62
Volume 784.76K
Outstanding Shares 104.35M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $4.671M ▼ $-32.27M ▼ 0% $-0.32 ▼ $-27.597M ▼
Q2-2025 $0 $4.955M ▲ $12.329M ▲ 0% $0.12 ▲ $10.482M ▼
Q1-2025 $0 $4.354M ▼ $10.551M ▲ 0% $0.11 ▲ $15.047M ▲
Q4-2024 $0 $7.735M ▲ $-40.764M ▼ 0% $-0.45 ▼ $-8.087M ▲
Q3-2024 $0 $4M $-27.551M 0% $-0.31 $-35.787M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $111.285M ▼ $1.707B ▲ $650.167M ▲ $1.057B ▲
Q2-2025 $128.055M ▼ $1.644B ▲ $625.316M ▲ $1.019B ▲
Q1-2025 $163.378M ▲ $1.597B ▲ $601.435M ▼ $995.84M ▲
Q4-2024 $55.218M ▼ $1.453B ▲ $609.719M ▲ $843.018M ▼
Q3-2024 $56.231M $1.428B $564.866M $862.854M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-32.27M ▼ $-2.106M ▲ $-52.864M ▲ $36.312M ▲ $-18.279M ▲ $-54.97M ▼
Q2-2025 $12.329M ▲ $-3.604M ▼ $-60.591M ▼ $29.76M ▼ $-35.378M ▼ $-24.738M ▼
Q1-2025 $10.551M ▲ $-1.639M ▲ $-29.635M ▼ $138.241M ▲ $106.946M ▲ $-15.892M ▲
Q4-2024 $-40.764M ▼ $-2.8M ▼ $-27.719M ▲ $27.799M ▲ $-1.347M ▲ $-30.481M ▼
Q3-2024 $-27.551M $-1.394M $-42.046M $23.702M $-20.147M $-29.44M

Five-Year Company Overview

Income Statement

Income Statement Seabridge is still in the pre-production stage, so it has essentially no operating revenue. Its income statement is driven by exploration, engineering, and overhead costs, which lead to recurring net losses each year. These losses are modest in absolute size but persistent, reflecting a deliberate strategy of spending money today to advance large projects that may generate cash only in the distant future. The pattern is typical of an exploration and development company rather than an operating miner: very little income, steady expenses, and results that are sensitive to how aggressively it invests in studies and field work in any given year.

Balance Sheet

Balance Sheet The balance sheet shows a company that is asset-rich but not yet cash-generating. Total assets have grown meaningfully over the past several years as Seabridge capitalizes exploration spending and adds value to its portfolio of projects, especially KSM. Shareholder equity has also expanded, suggesting the company has been funding itself largely through equity and retained project value. More recently, a noticeable level of debt has been added, introducing financial leverage where there was almost none before. Cash on hand is relatively small compared with total assets, which underscores that the real value sits in the projects, not in liquid resources, and that ongoing access to capital markets or partners remains important.

Cash Flow

Cash Flow Cash flow reflects a business that consistently consumes cash. Operating cash outflows are steady and reflect ongoing corporate, technical, and exploration work. Free cash flow is more deeply negative because of significant investment in project development and capitalized exploration. Capital spending has been rising as major studies and field programs ramp up. Overall, the company depends on external financing—either equity, debt, or future joint-venture contributions—to sustain its activities, since the projects are not yet producing cash of their own. This reliance will likely continue until a partner is secured and a mine is actually built and operating.

Competitive Edge

Competitive Edge Seabridge’s competitive edge lies in owning some of the largest undeveloped gold and copper deposits in the world, with KSM as the flagship. Deposits of this scale are rare and can be very attractive to major mining companies looking to replace depleting reserves in stable jurisdictions. That size offers the potential for long mine lives and economies of scale, which can help offset high upfront capital needs. The company operates in politically safer regions of North America, which is another advantage. However, this position also comes with challenges: the projects are technically complex, capital intensive, and require strong partners to move into construction and operation. Until such partners are secured on favorable terms, Seabridge’s competitive strength remains largely “in the ground” rather than in cash flow or production.

Innovation and R&D

Innovation and R&D Innovation at Seabridge is focused on designing future mines to be more efficient and environmentally responsible, rather than on operating technology today. At KSM, plans call for autonomous mining equipment, electrified haulage using trolley-assist systems, and mine layouts that reduce waste and shrink the surface footprint. Across its projects, the company relies on advanced geologic modeling and sophisticated geophysical methods to better target drilling and improve the reliability of resource estimates. Seabridge also invests heavily in engineering studies and permitting work, treating these as a form of R&D that de-risks the projects for potential partners. The key uncertainty is that most of these innovations are still at the planning and study stage; their impact will depend on whether the projects reach construction and how well these concepts are executed in the field.

Summary

Overall, Seabridge is an early-stage, asset-heavy developer rather than a traditional gold producer. It owns very large deposits in good jurisdictions but generates no operating revenue and runs consistent, though manageable, losses as it advances its projects. The balance sheet is dominated by project value with limited cash and a growing layer of debt, which highlights its dependence on ongoing financing and, ultimately, on securing strong joint-venture partners. Cash flows are negative by design, as the company is in a build-and-de-risk phase, not a harvest phase. The long-term story hinges on three main uncertainties: the ability to bring in major partners on KSM and other projects, the level and stability of gold and copper prices over time, and the execution of its technically ambitious, sustainability-focused mine plans. The upside is substantial leverage to large, world-class resources; the risk is that turning those resources into profitable, operating mines will require a long horizon, significant capital, and successful partnerships.

NEWS

November 20, 2025 · 4:24 PM UTC

Stonegate Capital Partners Updates Coverage on Seabridge Gold Inc. (SA) 3Q25

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November 19, 2025 · 11:55 AM UTC

Seabridge Gold's KSM Mining Awarded the AME David Barr Award for Excellence in Health & Safety Leadership & Innovation

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November 12, 2025 · 5:53 PM UTC

Seabridge Gold Files Third Quarter 2025 Report to Shareholders and Its Financial Statements and MD&A

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October 29, 2025 · 7:30 AM UTC

Seabridge Gold Recovers $4.4 Million after Successfully Challenging Tax Ruling in BC Supreme Court

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October 7, 2025 · 7:00 AM UTC

Seabridge Gold's KSM Tunnel Authorizations Face Third Legal Challenge from Tudor Gold

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