Seabridge Gold Inc.
Seabridge Gold holds 100% of the Kerr-Sulphurets-Mitchell (KSM) project in British Columbia, one of the world's largest undeveloped gold-copper deposits, where a 2022 Preliminary Feasibility Study outlined an after-tax NPV5% of US$7.9 billion and 16.1% IRR (base case: US$1,300/oz gold, US$3.00/lb copper), and an updated 2026 resource estimate expanded measured-and-indicated resources to 95.5 million ounces of gold and 21.1 billion pounds of copper; the project is fully permitted for construction and a Bankable Feasibility Study is targeted for 2026. Seabridge also plans to spin out its 100%-owned Courageous Lake gold project into a newly formed public company, Valor Gold Corp., in 2026.
Notable vs. Peers
- Financials score of 3.1/10 is weaker than the peer average of 6.6/10.
Lifecycle Milestones
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Chair and Chief Executive Officer of Seabridge Gold Inc., which he co-founded in 1999. Over 35 years of experience in the gold business as a senior officer and director of publicly traded companies. During his tenure Seabridge has acquired projects now totalling 50 million ounces of gold and over 8 billion pounds of copper resources (including the KSM project, the largest gold reserve in Canada). BSc (Mining Engineering) and MSc (Mineral Economics), Columbia University. Earlier career: senior management positions at Greenstone Resources, Columbia Resources, Behre Dolbear & Company, Riverside Associates, Phibro-Salomon, Amax and DRX (no confirmed per-employer dates). Also non-executive chairman of Paramount Gold Nevada Corp. (since 2017) and Calico Resources Corp. (since 2014), and was a director of Coeur San Miguel Corp. (2009-2012) -- concurrent/overlapping board roles, not scored.
President and Chief Operating Officer of Seabridge Gold Inc., promoted to the role in Jan 2024. Joined Seabridge in Sep 2021 as Vice President, Projects to lead 'Substantially Started' activities at the 100%-owned KSM Project (British Columbia), and was named SVP & COO in Aug 2022 following Jay Layman's retirement, then President & COO in Jan 2024. More than 25 years of large-scale project management, development and operations experience, including Executive and Project Director roles at Rio Tinto, Lundin Mining, New Gold, Arizona Mining and South32.
Chief Financial Officer of Seabridge Gold Inc., joined 2 Mar 2026, effective 31 Mar 2026. Over 25 years of experience in the natural resources industry. Immediately before Seabridge: CFO then President & CEO of Nevada Copper Corp. (late 2022-Mar 2026; Nevada Copper filed for creditor protection in Oct 2023 during his CFO tenure, a real restructuring event, before his elevation to CEO). Nearly a decade as CFO of SSR Mining Inc. Earlier executive roles at Placer Dome Inc., NovaGold Resources and Zincore Metals.
Senior Vice President of Seabridge Gold Inc., where his team has designed and executed exploration programs defining over 45 million ounces of measured and indicated gold resources, including the discovery/definition of the Mitchell and Iron Cap deposits that made the KSM project (British Columbia) Canada's largest gold reserve. MSc (Economic Geology), University of Western Ontario; BSc (Geology), Colorado State University. Career: began at Noranda Exploration Inc.; Exploration Manager & VP (Latin America) at Placer Dome Inc. (1991-1997), directing the discovery/delineation of Las Cristinas, Cerro Crucitas and Mulatos; VP Exploration at Greenstone Resources Ltd. (1997-2000), immediately before Seabridge.
Senior Vice President, Technical Services at Seabridge Gold Inc. Professional Engineer and Qualified Person (NI 43-101) with 27 years of mining project-development experience in North and South America, Europe and Africa, including Anglo American, AngloGold Ashanti, Rio Tinto and Teck, followed by independent consulting (including more than 10 years on the KSM Project). Joined Seabridge in Oct 2021 as VP, Engineering Studies.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Two dedicated value/resource houses hold real positions: Kopernik Global Investors reported 10.26% (11,044,218 shares) in a Schedule 13G/A and added a further 3,711,355 shares at the end of May 2026, and Friedberg Mercantile Group holds around 15%. Note that Kopernik shows up on our register as four separate fund lines -- they are one decision, not four. No producer has taken a stake, and the insider purchases on file all date from 2017.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
We haven't parsed this company's PEA/PFS/FS recommendations yet — cut-off grade, mine life, DCF/NPV, and the report's own next-steps guidance are a planned research pass, not live data for every company yet.
Statement of Financial Position as at March 31, 2026 (expressed in thousands of Canadian dollars). Non-current liabilities include 'Secured note liabilities' of $557,442,000 -- the combined fair-value-through-P&L carrying value of the 2022 and 2023 Secured Notes (Note 10), interest-bearing at 6.5% p.a., secured by a charge over KSM Mining Inc.'s assets, exchangeable at maturity for a silver royalty on the KSM Project. Total liabilities $597,057,000.