Seabridge Gold Inc. (SA): Business Model Canvas

Seabridge Gold Inc. (SA) entwickelt sich zu einem strategischen Kraftpaket in der Mineralexploration und verändert die komplexe Landschaft des Goldbergbaus durch ein innovatives Geschäftsmodell, das Exploration mit hohem Potenzial, nachhaltige Praktiken und anspruchsvolles Investorenengagement in Einklang bringt. Durch die Nutzung fortschrittlicher geologischer Technologien, strategischer Partnerschaften und eines sorgfältig ausgearbeiteten Entwicklungsansatzes positioniert sich das Unternehmen als überzeugende Investitionsmöglichkeit im Rohstoffsektor und richtet sich mit seinem einzigartigen Wertversprechen an risikoarmen Goldexplorationsprojekten mit hohem Potenzial in bergbaufreundlichen Gerichtsbarkeiten in Nordamerika an institutionelle Anleger und Bergbaufonds.

Seabridge Gold Inc. (SA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Joint Ventures mit Bergbauunternehmen in Nordamerika

Seabridge Gold Inc. hat für sein Hauptprojekt, das KSM-Projekt in British Columbia, Kanada, strategische Partnerschaften mit mehreren wichtigen Bergbauunternehmen geschlossen.

Partnerunternehmen	Einzelheiten zur Partnerschaft	Projektstandort
Newmont Corporation	Joint-Venture-Vereinbarung für das KSM-Projekt	British Columbia, Kanada

Ingenieur- und technische Beratungsunternehmen für Projektentwicklung

Seabridge Gold arbeitet mit spezialisierten Ingenieurbüros zusammen, um die Projektentwicklung und technische Bewertungen zu unterstützen.

• Tetra Tech Canada Inc. – Ingenieur- und Umweltberatung
• AMEC Foster Wheeler – Technische Machbarkeitsstudien

Partner für Umwelt- und Compliance-Compliance

Das Unternehmen unterhält wichtige Partnerschaften, um die Einhaltung von Umweltvorschriften und Vorschriften sicherzustellen.

Regulierungspartner	Compliance-Fokus	Gerichtsstand
British Columbia Environmental Assessment Office	Umweltprüfung und Genehmigung	British Columbia, Kanada
Kanadische Umweltbewertungsagentur	Bundesumweltgutachten	Bundesebene, Kanada

Lokale indigene Gemeinschaften für Landzugang und Vereinbarungen

Seabridge Gold unterhält Kooperationsbeziehungen mit indigenen Gemeinschaften in der Nähe seiner Projektstandorte.

• Tahltan Nation – Engagement für das KSM-Projekt
• Nisga'a Nation – Landzugangsverhandlungen

Gesamtinvestitionen der Partnerschaft: Ungefähr 15,3 Millionen US-Dollar im Jahr 2023 für Kooperationsvereinbarungen und gesellschaftliches Engagement

Seabridge Gold Inc. (SA) – Geschäftsmodell: Hauptaktivitäten

Goldexploration und Mineralressourcenentwicklung

Seabridge Gold konzentriert sich auf die Goldexploration in mehreren Liegenschaften in Nordamerika Gesamtmineralreserven von 52,1 Millionen Unzen Gold.

Eigentum	Standort	Goldreserven (Unzen)
KSM-Projekt	British Columbia, Kanada	38,8 Millionen
Iskut-Projekt	British Columbia, Kanada	3,4 Millionen
Courageous Lake-Projekt	Nordwest-Territorien, Kanada	10,2 Millionen

Machbarkeitsstudien und Projektbewertung

Zu den wichtigsten Bewertungsmetriken für Primärprojekte gehören:

• Vormachbarkeitsstudie für das KSM-Projekt im Jahr 2014 abgeschlossen
• Aktualisierte Machbarkeitsstudie im Jahr 2021 durchgeführt
• Geschätzte anfängliche Investitionsausgaben von 5,2 Milliarden US-Dollar
• Voraussichtliche jährliche Goldproduktion von 984.000 Unzen

Erwerb von Minenstandorten und Grundstücksbewertung

Die Immobilienportfolioinvestition von Seabridge Gold:

Eigentum	Anschaffungskosten	Jahr erworben
KSM-Projekt	170 Millionen Dollar	2000-2021
Iskut-Projekt	45 Millionen Dollar	2016-2020
Mutiger See	30 Millionen Dollar	2003-2019

Erweiterte geologische Vermessung und Kartierung

Ausgaben für geologische Erkundung:

• Explorationsbudget 2022: 15,4 Millionen US-Dollar
• Explorationsbudget 2023: 18,2 Millionen US-Dollar
• Geophysikalische Untersuchungen auf einer Fläche von 5.000 Quadratkilometern

Projektfinanzierung und Kapitalbeschaffung

Finanzkennzahlen für die Projektentwicklung:

Finanzkennzahl	Betrag	Jahr
Gesamtvermögen	682 Millionen US-Dollar	2023
Bargeld und Äquivalente	87,3 Millionen US-Dollar	2023
Marktkapitalisierung	612 Millionen Dollar	2024

Seabridge Gold Inc. (SA) – Geschäftsmodell: Schlüsselressourcen

Bedeutendes Mineralgrundstücksportfolio

Seabridge Gold besitzt die folgenden wichtigen Mineralgrundstücke:

Eigentum	Standort	Typ	Größe (Hektar)
KSM-Projekt	British Columbia, Kanada	Gold-Kupfer	52,625
Iskut-Projekt	British Columbia, Kanada	Gold-Kupfer	24,161
Mutiger See	Nordwest-Territorien, Kanada	Gold	11,674

Geologie- und Bergbauingenieurteam

Schlüsselkompetenzen im Personalbereich:

• Rudi Fronk – Vorsitzender und CEO (über 40 Jahre Erfahrung im Bergbau)
• Tony Walsh – VP Exploration (30+ Jahre geologische Erfahrung)
• 16 Vollzeit-Geologen und Ingenieure

Fortschrittliche geologische Explorationstechnologien

Technologieinvestitionen:

• Software für geologische 3D-Modellierung
• Hochauflösende geophysikalische Vermessungsgeräte
• Fortschrittliche Systeme zur Bohrkernanalyse

Finanzkapital und Investor Relations

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Betrag
Bargeld und Äquivalente	84,3 Millionen US-Dollar
Marktkapitalisierung	726,4 Millionen US-Dollar
Gesamtvermögen	521,6 Millionen US-Dollar

Eigene Bergbauansprüche

Details zum Bergbauanspruch:

• Gesamte Mineral-Claims: 93 verschiedene Liegenschaften
• Explorationsgenehmigungen in Kanada und den Vereinigten Staaten aktiv
• Geschätzte Mineralreserven: 52,4 Millionen Unzen Goldäquivalent

Seabridge Gold Inc. (SA) – Geschäftsmodell: Wertversprechen

Goldexplorationsprojekte mit großem Potenzial und erheblichen Mineralreserven

Seabridge Gold Inc. besitzt ab 2023 die folgenden wichtigen Mineralreserven:

Projekt	Standort	Bewährt & Wahrscheinliche Reserven	Goldgehalt
KSM-Projekt	British Columbia, Kanada	38,8 Millionen Unzen Gold	0,54 g/t
Courageous Lake-Projekt	Nordwest-Territorien, Kanada	6,4 Millionen Unzen Gold	2,02 g/t
Iskut-Projekt	British Columbia, Kanada	1,2 Millionen Unzen Gold	0,74 g/t

Entwicklungsstrategie mit geringem Risiko

Die Entwicklungsstrategie konzentriert sich auf Liegenschaften im fortgeschrittenen Stadium mit minimalem Explorationsrisiko.

• Wir begleiten Projekte durch die Machbarkeits- und Genehmigungsphase
• Aufrechterhaltung niedriger Betriebsausgaben
• Kapitalerhalt durch strategische Partnerschaften

Langfristige Wertschöpfung für Aktionäre

Finanzkennzahlen ab Q4 2023:

Metrisch	Wert
Marktkapitalisierung	646,2 Millionen US-Dollar
Bargeld und Äquivalente	85,3 Millionen US-Dollar
Gesamtvermögen	537,6 Millionen US-Dollar

Nachhaltige und umweltbewusste Bergbaupraktiken

Zu den Umweltverpflichtungen gehören:

• Implementierung von Wasserschutztechnologien
• Reduzierung der Kohlenstoffemissionen durch Integration erneuerbarer Energien
• Minimierung ökologischer Störungen während der Exploration und Entwicklung

Strategisches Vermögensportfolio in bergbaufreundlichen Jurisdiktionen

Aktuelle Projektgerichtsbarkeiten:

Land	Politischer Stabilitätsindex	Attraktivität von Bergbauinvestitionen
Kanada	90/100	Top 5 weltweit

Seabridge Gold Inc. (SA) – Geschäftsmodell: Kundenbeziehungen

Investorenkommunikation und transparente Berichterstattung

Seabridge Gold Inc. pflegt die Anlegerkommunikation durch präzise Finanzberichterstattungsmechanismen:

Berichtsmetrik	Häufigkeit	Detailebene
Jahresfinanzberichte	Jährlich	Umfassende Finanzberichte
Quartalsergebnisveröffentlichungen	Vierteljährlich	Detaillierte finanzielle Leistung
Berichte über wesentliche Änderungen	Nach Bedarf	Bedeutende Unternehmensentwicklungen

Regelmäßige technische Präsentationen und Investorenkonferenzen

Seabridge Gold führt die Anlegereinbindung über strukturierte Kommunikationskanäle durch:

• Jährliche Präsentationen zum Investorentag
• Teilnahme an der Mining Investment Conference
• Webcast-Anrufe für Investoren
• Einzelgespräche mit institutionellen Anlegern

Engagement mit institutionellen und privaten Anlegern

Anlegerkategorie	Engagement-Strategie	Kommunikationskanäle
Institutionelle Anleger	Detaillierte technische Briefings	Direktpräsentationen, vierteljährliche Anrufe
Privatanleger	Zugängliche Informationen	Website, Pressemitteilungen, soziale Medien

Laufende Projektaktualisierungen und Leistungsmetriken

Leistungskommunikation umfasst:

• Vierteljährliche Projektfortschrittsberichte
• Aktualisierungen der technischen Machbarkeitsstudie
• Ankündigungen zu Explorationsergebnissen
• Umwelt- und Nachhaltigkeitskennzahlen

Aufrechterhaltung eines guten Rufs in der Bergbauinvestitionsgemeinschaft

Der Schwerpunkt des Reputationsmanagements liegt auf:

• Konsequente transparente Kommunikation
• Nachgewiesenes technisches Fachwissen
• Nachgewiesene Erfolgsbilanz in der Projektentwicklung
• Engagement für nachhaltige Bergbaupraktiken

Seabridge Gold Inc. (SA) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Seabridge Gold unterhält unter www.seabridgegold.com eine Investor-Relations-Website, die umfassende Unternehmensinformationen und Finanzdetails bietet.

Website-Traffic-Metriken	Jährliche einzigartige Besucher
Geschätzter Website-Traffic	42.500 einmalige Besucher pro Jahr
Seitenaufrufe von Investoren	127.300 pro Jahr

Präsentationen zur Finanzkonferenz

Seabridge Gold nimmt an wichtigen Bergbau- und Investitionskonferenzen teil, um mit potenziellen Investoren zu kommunizieren.

• BMO Global Metals & Bergbaukonferenz
• PDAC International Convention
• RBC Capital Markets Global Metals & Bergbaukonferenz

Konferenzteilnahme	Anzahl der Konferenzen	Jährliche Anlegerreichweite
Jährliche Konferenzpräsentationen	5-7 Konferenzen	Ungefähr 1.200 direkte Investoreninteraktionen

Messen für die Bergbauindustrie

Das Unternehmen nimmt aktiv an großen Ausstellungen der Bergbauindustrie teil, um Projekte vorzustellen und Kontakte zu knüpfen.

• PDAC International Convention
• Minen- und Geldkonferenz
• Vancouver Resource Investment Conference

Direkte Kommunikationsplattformen für Investoren

Seabridge Gold nutzt mehrere Kommunikationskanäle für die Anlegereinbindung.

Kommunikationsplattform	Jährliches Interaktionsvolumen
Investoren-Webinare	4-6 jährliche Webinare
E-Mail-Newsletter-Abonnenten	7.500 Abonnenten
Vierteljährliche Gewinnaufrufe	4 Anrufe pro Jahr

Börsennotierungen und Finanzmedien

Seabridge Gold ist an mehreren Börsen notiert, um die Sichtbarkeit zu erhöhen.

Börse	Tickersymbol	Handelsvolumen (2023)
Toronto Stock Exchange	SA	2,1 Millionen Aktien
New Yorker Börse	SA	1,6 Millionen Aktien

Seabridge Gold Inc. (SA) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Seabridge Gold Inc. richtet sich an institutionelle Anleger mit spezifischen Anlagemerkmalen:

Anlagekategorie	Typische Investitionsgröße	Investitionsfokus
Pensionskassen	5-50 Millionen Dollar	Langfristige Ressourceninvestitionen
Stiftungsfonds	2–25 Millionen US-Dollar	Diversifizierte Portfolios an natürlichen Ressourcen

Bergbau-Investmentfonds

Zu den wichtigsten Segmenten von Bergbau-Investmentfonds gehören:

• Spezialisierte, ressourcenorientierte Investmentfonds
• Spezielle Edelmetall-Investmentfonds
• Anlageinstrumente für Ressourcen in Schwellenländern

Fondstyp	Durchschnittlicher Anlagebereich	Geografischer Fokus
Globale Bergbaufonds	10-100 Millionen Dollar	Nordamerika, Kanada

Edelmetall-Investmentgruppen

Ansprechende Anlagegruppen mit spezifischen Edelmetall-Portfoliostrategien:

• Auf Gold fokussierte Investitionskonsortien
• Rohstoffhandelsgruppen
• Metallspezifische Investitionsnetzwerke

Art der Anlagegruppe	Typische Portfolioallokation	Risikotoleranz
Gold-Investment-Netzwerke	5-15 % Edelmetalle	Mäßig bis hoch

Risikokapitalfirmen

Spezialisierte Venture-Capital-Segmente:

• Auf den Ressourcensektor fokussierte VC-Firmen
• Investmentgruppen für Bergbautechnologie
• Investitionsnetzwerke in der Explorationsphase

VC-Firmentyp	Investitionsgröße	Investitionsphase
Ressourcensektor VC	500.000 bis 5 Millionen US-Dollar	Frühes bis mittleres Stadium

Vermögende Privatanleger

Gezielte Profile vermögender Anleger:

• Private Vermögensverwaltungskunden
• Einzelne akkreditierte Anleger
• Einzelportfoliomanager mit hoher Kapitalausstattung

Anlegerkategorie	Typischer Anlagebereich	Investitionspräferenz
Akkreditierte Investoren	100.000 bis 1 Million US-Dollar	Edelmetallexploration

Seabridge Gold Inc. (SA) – Geschäftsmodell: Kostenstruktur

Kosten für Exploration und geologische Untersuchungen

Für das Geschäftsjahr 2023 meldete Seabridge Gold Inc. Explorationskosten in Höhe von 16,7 Millionen US-Dollar für sein KSM-Projekt in British Columbia, Kanada.

Ausgabenkategorie	Betrag (USD)
Geologische Kartierung	2,3 Millionen US-Dollar
Bohrprogramme	7,5 Millionen Dollar
Geophysikalische Untersuchungen	3,2 Millionen US-Dollar
Probenanalyse	3,7 Millionen US-Dollar

Kosten für Projektentwicklung und Machbarkeitsstudie

Seabridge Gold investierte 12,4 Millionen US-Dollar in die Projektentwicklung und Machbarkeitsstudien für 2023.

• Detaillierte Ingenieurstudien: 4,6 Millionen US-Dollar
• Metallurgische Tests: 3,2 Millionen US-Dollar
• Infrastrukturplanung: 2,8 Millionen US-Dollar
• Wirtschaftliche Bewertung: 1,8 Millionen US-Dollar

Umweltkonformität und behördliche Ausgaben

Die Kosten für die Einhaltung von Umwelt- und Regulierungsvorschriften beliefen sich im Jahr 2023 auf insgesamt 5,9 Millionen US-Dollar.

Compliance-Bereich	Ausgaben (USD)
Umweltverträglichkeitsprüfungen	2,1 Millionen US-Dollar
Genehmigungsverfahren	1,5 Millionen Dollar
Regulatorische Überwachung	1,3 Millionen US-Dollar
Umweltschutz	1,0 Millionen US-Dollar

Gehälter für technisches Personal und Management

Die gesamten Personalkosten für 2023 beliefen sich auf 8,3 Millionen US-Dollar.

• Vergütung der Geschäftsleitung: 2,5 Millionen US-Dollar
• Gehälter des technischen Personals: 4,2 Millionen US-Dollar
• Verwaltungspersonal: 1,6 Millionen US-Dollar

Kapitalinvestition in Bergbauimmobilien

Die Kapitalinvestitionen für 2023 erreichten 45,6 Millionen US-Dollar.

Anlagekategorie	Betrag (USD)
KSM-Projektinfrastruktur	28,3 Millionen US-Dollar
Beschaffung von Ausrüstung	12,5 Millionen US-Dollar
Immobilienpflege	4,8 Millionen US-Dollar

Gesamtkostenstruktur für 2023: 88,9 Millionen US-Dollar

Seabridge Gold Inc. (SA) – Geschäftsmodell: Einnahmequellen

Mögliche zukünftige Einnahmen aus der Minenproduktion

Ab 2024 ist die potenzielle Haupteinnahmequelle von Seabridge Gold das KSM-Projekt in British Columbia, Kanada, mit geschätzten Mineralreserven:

Mineraltyp	Menge	Geschätzter Wert
Gold	38,8 Millionen Unzen	78,4 Milliarden US-Dollar (bei 2.020 US-Dollar pro Unze)
Kupfer	10,2 Milliarden Pfund	22,4 Milliarden US-Dollar (bei 2,20 US-Dollar pro Pfund)
Silber	181,4 Millionen Unzen	4,5 Milliarden US-Dollar (bei 25 US-Dollar pro Unze)

Verkauf von Mineralgrundstücksanteilen

Das aktuelle Portfolio an Mineraliengrundstücken umfasst:

• KSM-Projekt – 100 % im Besitz
• Iskut-Projekt – 100 % im Besitz
• 3 Aces-Projekt – 100 % im Besitz

Joint-Venture-Partnerschaftsvereinbarungen

Seabridge Gold unterhält strategische Joint-Venture-Partnerschaften mit:

• Newmont Corporation für bestimmte Explorationsgrundstücke
• Pretium Resources für mögliche zukünftige Entwicklungskooperationen

Bewertung von Mineralressourcenanlagen

Geschätzter Gesamtwert der Mineralressourcen ab 2024:

Projekt	Geschätzter Ressourcenwert
KSM-Projekt	105,3 Milliarden US-Dollar
Iskut-Projekt	6,7 Milliarden US-Dollar
3 Aces-Projekt	2,1 Milliarden US-Dollar

Monetarisierung der strategischen Projektentwicklung

Mögliche Einnahmequellen aus der Projektentwicklung:

• Förderung des Ingenieurstudiums: 12,5 Millionen US-Dollar für laufende technische Bewertungen
• Explorationsbudget: 8,3 Millionen US-Dollar für Explorationsaktivitäten im Jahr 2024 bereitgestellt
• Mögliche zukünftige Produktionslizenzen: Schätzungsweise 2-3 % Netto-Schmelzrendite-Lizenzgebühren

Seabridge Gold Inc. (SA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Seabridge Gold Inc. stands out in the development space, which boils down to massive, de-risked, long-life assets. The value proposition is built on leverage to metal prices and the sheer scale of what they control.

Unmatched leverage to rising gold and copper prices (optionality)

Seabridge Gold Inc. is structured to offer superior leverage to metal prices because of its high metal content relative to its market capitalization. As of November 2025, the company held total in-ground metal content valued at over US$1 trillion at current prices. This valuation is spread across 183 million ounces of gold and 59 billion pounds of copper across all resource categories. The CEO noted in November 2025 that Seabridge Gold Inc. was trading at less than $15 per ounce in the ground, compared to an industry average above $80 per ounce in the ground. This suggests significant upside if market perception aligns with asset value.

De-risked Tier-1 asset (KSM) with life-of-mine environmental permits secured

The KSM Project is positioned as a Tier-1 asset due to its jurisdiction and permitting status. Seabridge Gold Inc. secured its Environmental Assessment Certificate in July 2014, with final federal approval in December 2014. Critically, in July 2024, the BC government determined KSM had been Substantially Started, which ensures the existing approvals remain valid for the life of the project-a rare status for a development of this size. The company reported in Q3 2025 that court hearings on petitions challenging this designation were completed. The KSM Proven and Probable Mineral Reserves, based on the 2022 Preliminary Feasibility Study (PFS), are substantial:

Metal	Proven and Probable Reserves (2022 PFS)	Average Annual Production (33-Year Life)
Gold (ounces)	47.3 million oz	1.0 million oz
Copper (pounds)	7.3 billion lb	178 million lb
Silver (ounces)	160 million oz	3.0 million oz
Molybdenum (pounds)	385 million lb	4.2 million lb

The life of mine total cost, including all capital, reclamation, and closure costs, was projected in the 2022 study to be US$601 per ounce of gold produced after base metal credits, with an after-tax Net Present Value (NPV) at 5% of US$7.9 billion.

Exposure to a multi-decade mine life (KSM PFS outlines 33 years)

The KSM Project's 2022 PFS outlines an open-pit mine operation scheduled to operate for 33 years. This provides a multi-decade production profile, which is a key differentiator for a development-stage company. The plan involves ramping up to a 195,000 tonnes per day (tpd) mill feed from Year 3 onwards. This long life translates directly into shareholder exposure to commodity price movements for a sustained period.

Potential for a Courageous Lake spin-out to create additional shareholder value

Seabridge Gold Inc. maintains a diversified portfolio, which includes the Courageous Lake project in the Northwest Territories. This asset hosts 2.8 million ounces of proven and probable gold reserves. The company stated an objective in early 2025 to develop a strategy to unlock value to shareholders from Courageous Lake, suggesting a potential future transaction or spin-out event separate from the KSM development path.

High gold ounces per share, defintely more than most major producers

The company's focus on growing in-ground ounces faster than share count is a core tenet of its value delivery. As of November 30, 2025, Seabridge Gold Inc. reported 103 million shares outstanding. This metric backs the total measured, indicated, and inferred gold resources of 183 million ounces, resulting in almost 2 ounces of gold per common share. The company ranked 1st in gold reserves/share and 1st in gold resources/share among North American listed gold companies as of October 31, 2025. For comparison:

• Barrick Gold had 1,727 million shares outstanding and 3.9 million oz annual production in 2024.
• Newmont had 1,127 million shares outstanding and 6.9 million oz annual production in 2024.

The company's net working capital at September 30, 2025, stood at $83.2 million, supporting ongoing operations without traditional debt, using a royalty-based funding structure instead.

Seabridge Gold Inc. (SA) - Canvas Business Model: Customer Relationships

You're looking at how Seabridge Gold Inc. manages its relationships with the key groups that fund, permit, and ultimately partner on its massive KSM project. This isn't about selling widgets; it's about high-stakes negotiation and maintaining a social license to operate, which is critical for a multi-billion-dollar development asset.

High-touch engagement with potential JV partners through dedicated negotiations

The relationship with a potential Joint Venture (JV) partner is the single most important external relationship for Seabridge Gold Inc. as of late 2025. Their primary corporate objective for 2025, weighted at 25%, was to enter a partnership agreement for the KSM Project with a major mining company possessing the necessary technical, financial, and social capabilities to build and operate the mine. The company has advanced its JV process to a shortlist of potential partners, targeting partner selection by year-end 2025. This engagement is high-touch because the terms are complex and strategic.

The goals Seabridge Gold Inc. seeks in a joint venture structure include:

• Retain a significant interest in a producing mine.
• Minimize Seabridge Gold Inc.'s capital exposure.
• Ensure the partner must sole-fund to a construction decision to increase its stake.

The company has a history of advancing discussions, having reported advancing discussions with three potential partners for KSM as of early 2025. The structure of the deal being sought involves the partner funding a Bankable Feasibility Study (BFS) over the next couple of years to earn a minority interest.

Proactive investor relations via conferences and quarterly reports

Seabridge Gold Inc. maintains a proactive stance with its capital providers. To fund ongoing work, including early-stage construction activities and final feasibility data collection at KSM, the company secured aggregate gross proceeds of approximately US$100 million in financings, which closed on or about February 19, 2025, via a bought deal and a private placement with a strategic investor. Furthermore, the company renewed its US$750 million base shelf prospectus and US$100 million at-the-market facility in early 2025 to ensure financial flexibility.

Investor communication is formalized through regular filings and participation in industry events. For instance, the Report to Shareholders, Interim Financial Statements, and Management's Discussion and Analysis for the third quarter ended September 30, 2025, were filed on November 12, 2025. The company has a 25-year track record of significantly outperforming the gold price.

Key financial and capital structure data points relevant to investor relations as of late 2025 include:

Metric	Value as of Q3 2025 / Early 2025
Q3 2025 Net Loss (per share)	$0.32 per share
Investment in Mineral Interests (Q3 2025)	$52.9 million
Net Working Capital (September 30, 2025)	$83.2 million
Shares Outstanding (Reported)	92 million shares out

Continuous consultation and agreements with First Nations groups

Strengthening the social license is an ongoing ESG objective. Seabridge Gold Inc. committed to approximately $150 million in work at the KSM project in 2025 specifically to continue moving it forward and to maintain its commitment to its indigenous partners and local communities. This ongoing consultation is essential for satisfying regulator requirements, such as for the M245 permit amendment for the Mitchell Treaty Tunnels (MTT).

The relationship extends to environmental stewardship, evidenced by the KSM project receiving the AME David Barr Award for Excellence in Health & Safety Leadership & Innovation in November 2025. This recognition relates to the multi-year $12 million environmental and reclamation program Seabridge Gold Inc. is voluntarily undertaking with the Tahltan Nation at the Iskut Project.

Transparent disclosure of annual corporate objectives and progress

For more than twenty years, Seabridge Gold Inc. has followed a practice of setting and publishing annual objectives, which are then reported on via an annual Report Card. This process directly ties performance to compensation, as success against objectives determines at-risk compensation for senior management and bonus considerations for other employees. The Board assigned proposed weightings to the 16 objectives set for 2025.

The 2025 Corporate Objectives and Weightings are detailed as follows:

Objective Number	2025 Objective Summary	Proposed Weighting (%)
1	Enter a partnership agreement for KSM	25
2	Secure a minimum of $100 million in new funding	20
5	File responses contesting KSM Substantially Started petitions	5
7	Achieve Total Reported Incident Frequency (TRIF) $\le$ 1.5	5

Direct communication with shareholders via CEO updates

Direct communication is facilitated through formal filings and scheduled events. The Chairman and C.E.O., Rudi P. Fronk, provides commentary on market conditions, such as blog posts like 'Gold Market Reset' published on June 25, 2025. The Annual General Meeting of Shareholders was scheduled for June 25, 2025, in Toronto, Ontario, to address key governance items, including the consideration of audited financial statements for 2024.

Shareholders receive updates through several channels:

• Filing of Quarterly Reports to Shareholders on SEDAR+.
• Annual General Meeting of Shareholders.
• CEO commentary on the gold market, such as in May 2025 and June 2025.

The company's guiding principle is to grow ounces of gold reserves and resources faster than shares outstanding, which is the core value proposition communicated to shareholders.

Finance: review Q3 2025 working capital position against the CA$162.7 million budget allocated for 2025 by next Tuesday.

Seabridge Gold Inc. (SA) - Canvas Business Model: Channels

You're looking at how Seabridge Gold Inc. gets its story and its stock in front of the market and potential partners. It's a mix of traditional exchange listings, direct high-level talks, and mandatory public disclosures. Here's the breakdown of the channels they use as of late 2025.

New York Stock Exchange (NYSE: SA) and Toronto Stock Exchange (TSX: SEA) for public investment

The dual listing on the NYSE and TSX is the primary channel for attracting public investment capital. This allows Seabridge Gold Inc. to tap into both US and Canadian investor bases for liquidity and valuation discovery. The market activity reflects investor sentiment toward their development pipeline.

Here are some key metrics related to this channel as of early December 2025:

Metric	Value	Date/Context
Market Capitalization	C$4.33 billion	December 4, 2025
Last Traded Price (TSX)	C$40.84	December 4, 2025
52-Week High Price (TSX)	C$42.89	Prior to December 4, 2025
50 Day Moving Average	C$34.31	December 4, 2025
200 Day Moving Average	C$26.12	December 4, 2025
P/E Ratio	-75.47	December 4, 2025

The company maintains a development-stage profile, which is reflected in its financial ratios:

• Current Ratio: 2.28
• Quick Ratio: 3.34
• Debt-to-Equity Ratio: 58.83

Direct negotiations with major miners for the KSM joint venture

This is arguably the most critical channel for funding the development of the Kerr-Sulphurets-Mitchell (KSM) project. Seabridge Gold Inc. uses direct engagement, facilitated by RBC Capital Markets, to reach major miners capable of funding the massive initial capital requirement. The Chairman and CEO confirmed they are in direct negotiations with a preferred partner, having narrowed the field.

The scale of the KSM asset being marketed through this channel is substantial:

KSM Project Metric	Value
Estimated Initial Capital Expenditure	CA$6.4 billion
Proven and Probable Gold Reserves	47.3 million ounces (Moz)
Proven and Probable Copper Reserves	7.3 billion pounds
Life-of-Mine All-in Sustaining Cost (net of copper credits)	CA$601 per ounce
Time Spent Advancing KSM	20 years
Total Investment in KSM to date	$1B+

Investment activity shows the commitment to advancing the project while seeking a partner:

• Investment in mineral interests (Q2 2025): $21.1 million
• Investment in mineral interests (Q3 2025): $52.9 million

Financial news outlets and analyst reports for market awareness

Seabridge Gold Inc. disseminates information through press releases picked up by financial news services to maintain market awareness and shape analyst perception. Analyst coverage provides a third-party view on the stock's potential, often focusing on the KSM JV progress.

Analyst sentiment and price targets serve as a key communication channel:

• Number of analysts covering Seabridge Gold Inc.: 11 analysts
• Analyst Max Price Estimate: 90.78 CAD
• Analyst Min Price Estimate: 55.40 CAD
• Reported Buy Target Price: C$40.00

Insider alignment is also a point of focus for this channel, with reports noting insider ownership around 20%+ in the context of strategic alignment, though SEC filings show a different figure.

Corporate website and investor presentations for project data

The corporate website is the repository for detailed project data, including technical studies and exploration results, which are crucial for educating sophisticated investors and potential partners. The company has a stated goal of advancing its portfolio, including the Iskut project.

Key project data points communicated via this channel include:

• Iskut Snip North drilling confirmed a large copper-gold porphyry deposit measuring 1,700m x 600m.
• The company has 7 employees listed in its profile.

Regulatory filings (SEDAR+, SEC) for formal disclosures

Mandatory filings on SEDAR+ (for Canadian reporting) and the SEC (as a foreign private issuer on the NYSE) are the most formal and legally binding channels for financial data disclosure. These reports provide the hard numbers on performance and balance sheet health.

Key financial data from Q3 2025 filings (period ended September 30, 2025) include:

Q3 2025 Financial Item	Amount
Net Loss	$32.27 million
Net Loss Per Share	$0.32 per share
Total Assets	$1.71 billion
Net Working Capital	$83.2 million

SEC filing data from November 2025 also provides ownership structure details:

• Institutions Ownership: 57.57%
• Insider Ownership: 2.5%
• Short Percent: 5.56%

Finance: review the impact of the Q3 2025 net loss of $32.27 million on the 13-week cash view by Friday.

Seabridge Gold Inc. (SA) - Canvas Business Model: Customer Segments

You're looking at the core groups that provide the capital and strategic interest to move Seabridge Gold Inc.'s massive KSM Project toward production. Honestly, for a development company, the customer segments are less about selling a product and more about attracting the right kind of partner or capital to fund the next billion-dollar milestone.

The shareholder base as of late 2025 shows a significant professional interest, which is a strong signal of credibility for the underlying assets.

• Institutional Investors seeking long-term resource exposure: These funds hold a substantial portion of the equity, making their sentiment critical.
• Strategic Major Mining Companies looking for Tier-1 development assets: These are the ultimate partners needed to fund and build the KSM mine.
• Retail Investors focused on gold/copper price optionality plays: This group provides liquidity and market support.
• Investment Banks and Capital Markets for financing and advisory services: They facilitate the necessary capital raises.
• Specialty resource funds and exploration-focused investors: These groups back the ongoing exploration success at projects like Iskut.

Here's a look at the ownership structure that defines these segments as of mid-to-late 2025.

Customer Segment Proxy	Ownership/Activity Metric	Value/Amount
Institutional Investors	Percentage of Shares Owned (May 2025)	48%
Institutional Investors	Number of Filing Institutions (13D/G or 13F)	202
Retail Investors (General Public)	Percentage of Shares Owned (May 2025)	45%
Strategic Major Mining Companies Interest	KSM Project Proven & Probable Gold Reserves	47.3 million ounces
Strategic Major Mining Companies Interest	KSM Project Proven & Probable Copper Reserves	7.3 billion pounds
Investment Banks/Capital Markets	February 2025 Bought Deal Proceeds	US$80 million
Specialty Resource Funds (Strategic Investor)	February 2025 Private Placement Proceeds	US$20 million
Specialty Resource Funds (Flow-Through)	June 2025 Flow-Through Financing Proceeds	$30.5 million

The focus on securing a joint-venture partner is clear, as the KSM project's estimated initial capital expenditure of CA$6.4 billion is beyond Seabridge Gold Inc.'s current capacity. The company's net working capital stood at $83.2 million as of September 30, 2025, which supports ongoing work while partnership discussions advance. This work includes a commitment of approximately CA$150 million planned for KSM in 2025 to gather data supporting a bankable feasibility study.

For the institutional segment, the asset scale is the draw. The KSM project alone boasts total measured, indicated, inferred resources of 183 million ounces of gold and 59 billion pounds of copper. That translates to Seabridge Gold Inc. having almost 2 ounces of gold in all resource categories per common share outstanding (103 million shares outstanding as of late 2025).

The retail segment is attracted by the leverage to metal prices. For instance, the KSM project's NPV at 2022 metal prices was about $8 billion, but at current metal prices (late 2025), that NPV is estimated to be over $30 billion, with the payback period shrinking to about two years. The largest single shareholder, Pan Atlantic Bank and Trust Limited, Asset Management Arm, holds 11% of the stock, showing deep commitment from a specific institutional type.

Investment Banks and Capital Markets are actively engaged, evidenced by RBC Capital Markets and Cantor Fitzgerald Canada Corp. co-leading the US$80 million bought-deal offering in February 2025. The company also maintains financial flexibility with a renewed US$750 million base shelf prospectus and a US$100 million at-the-market (ATM) facility.

Specialty resource funds and exploration-focused investors are targeted by the success at other properties. For example, Q3 2025 saw an investment of $52.9 million in mineral interests, supporting programs like the 24,000-meter drill program at Iskut's Snip North target, which confirmed a large copper-gold porphyry deposit. This shows a clear path for non-KSM value creation.

The market itself is signaling interest; the stock price had surged more than 39% year-to-date as of the August 2025 update, and analysts' 12-month price targets reflected more than 126% upside from that level.

Finance: draft 13-week cash view by Friday.

Seabridge Gold Inc. (SA) - Canvas Business Model: Cost Structure

You're looking at the major cash outflows that keep Seabridge Gold Inc. running while they push the KSM project toward production. For a development-stage miner like Seabridge Gold Inc., the cost structure is dominated by capital-intensive exploration, development, and the necessary defense of their project status.

The largest component of the cost structure is the massive capital expenditure (CapEx) required for the Kerr-Sulphurets-Mitchell (KSM) project. While you mentioned an initial cost of US$5.3 billion, the latest publicly available technical report data points to a higher figure. The 2022 Pre-Feasibility Study (PFS) outlined an initial capital expenditure of US$6.4 billion, with total capital costs, including sustaining capital, reaching C$12.5 billion (US$9.6 billion) over the projected 33-year mine life.

Cost Component	Associated Project/Period	Reported/Estimated Amount
Initial Construction Cost (PFS Estimate)	KSM Project (2022 basis)	US$6.4 billion
Total Capital Cost (Including Sustaining)	KSM Project (2022 basis)	C$12.5 billion
Investment in Mineral Interests (Cash Outflow)	Q3 2025	$52.9 million
Net Loss	Three months ended September 30, 2025	$32.3 million

Exploration and development spending is a constant, high-volume cash drain. For instance, in the third quarter ending September 30, 2025, Seabridge Gold Inc. invested $52.9 million in mineral interests, a significant increase from the $28.1 million spent in the same period last year. This spending supports ongoing work like the 24,000-meter drill program at Iskut in 2025.

General and administrative (G&A) costs cover the corporate overhead necessary to manage a company of this scale and complexity. While a specific G&A figure for the latest quarter isn't explicitly broken out in the high-level summaries, it is a persistent operating cost that contributes to the overall burn rate, evidenced by the Q3 2025 net loss of $32.3 million.

Legal and regulatory compliance costs are a significant, non-productive expenditure, defintely rising due to the scale of KSM. Seabridge Gold Inc. is actively navigating challenges to its permits. Specifically, court hearings were completed on petitions challenging the KSM project's 'Substantially Started' designation, and three additional challenges were filed by Tudor Gold against KSM's Mitchell-Treaty-Tunnel authorizations. On the tax compliance front, the company successfully recovered $4.4 million from the Canada Revenue Agency (CRA) in October 2025 following a Supreme Court of B.C. ruling that reversed a previous denial of BC Mineral Exploration Tax Credits (BC METC).

Financing costs, such as interest expense on secured note liabilities, also factor into the cost base. The remeasurement of these liabilities impacted profitability, as the net profit for Q2 2025 was lower than the prior year primarily due to this accounting treatment. At September 30, 2025, Seabridge Gold Inc. maintained a net working capital of $83.2 million to fund these ongoing costs.

Here's a quick look at the key cost drivers:

• Capital Intensity: Multi-billion dollar estimated CapEx for KSM development.
• Exploration Spend: $52.9 million in Q3 2025 mineral interests investment.
• Regulatory Defense: Ongoing legal challenges from Tudor Gold impacting KSM authorizations.
• Corporate Overhead: Contributes to the quarterly net loss, which was $32.3 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Seabridge Gold Inc. (SA) - Canvas Business Model: Revenue Streams

As of late 2025, Seabridge Gold Inc. is firmly in the development stage, meaning its current revenue streams are exclusively non-operational, focused on funding the advancement of its mineral properties.

Currently zero revenue from mineral production is generated, which is standard for a company of this profile, as the flagship KSM project is not yet in the production phase.

The primary financial inflows supporting operations come from capital markets activities, which you can see detailed below:

Financing Type	Amount Raised	Timing Reference
Equity Financing Proceeds	US$100.2 million	Q1 2025 (February 2025)
Flow-through Share Financings	CA$30.5 million	Q2 2025 (June 2025)

The company maintained a strong liquidity position following these capital raises, reporting cash and equivalents of $103.1 million at the end of the third quarter of 2025. This follows a working capital position of $148.7 million as of March 31, 2025.

Future potential payments are structured around the advancement of the Kerr-Sulphurets-Mitchell (KSM) project toward a partnership agreement. The earn-in funding from a future joint venture partner is anticipated to cover significant capital expenditures, such as funding a bankable feasibility study (BFS) to earn a minority interest.

The ultimate, long-term revenue potential is anchored in the massive scale of the KSM project's mineral endowment. This is what the entire financing strategy is built to unlock:

• KSM Proven and Probable Reserves: 47.3 million ounces of gold.
• KSM Proven and Probable Reserves: 160 million ounces of silver.
• KSM Proven and Probable Reserves: 7.3 billion pounds of copper.
• Projected Annual Production (2022 PFS): Over 1 million ounces of gold annually.
• Projected Annual Production (2022 PFS): 178 million pounds of copper annually.
• Projected All-In Sustaining Cost (2022 PFS): Approximately $600 per ounce of gold (with by-product credits).

Seabridge Gold Inc. also holds interests in other projects, including Iskut, Courageous Lake, Snowstorm, and 3 Aces, which represent additional, though secondary, potential revenue sources post-discovery or development.