Seabridge Gold Inc. (SA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Seabridge Gold Inc. (SA) surge como una potencia estratégica en la exploración mineral, transformando el complejo panorama de la minería de oro a través de un modelo de negocio innovador que equilibra la exploración de alto potencial, las prácticas sostenibles y la participación sofisticada de los inversores. Al aprovechar las tecnologías geológicas avanzadas, las asociaciones estratégicas y un enfoque de desarrollo meticulosamente elaborado, la compañía se posiciona como una oportunidad de inversión convincente en el sector de recursos, apuntando a inversores institucionales y fondos mineros con su valor de valor único de bajo riesgo y de alto riesgo y alto potencial de alta potencial. Proyectos de exploración en jurisdicciones amigables con la minería en América del Norte.

Seabridge Gold Inc. (SA) - Modelo de negocios: asociaciones clave

Empresas conjuntas estratégicas con compañías mineras en América del Norte

Seabridge Gold Inc. ha establecido asociaciones estratégicas con varias compañías mineras clave para su proyecto principal, el proyecto KSM en Columbia Británica, Canadá.

Empresa asociada	Detalles de la asociación	Ubicación del proyecto
NEWMONT CORPORACIÓN	Acuerdo de empresa conjunta para el proyecto KSM	Columbia Británica, Canadá

Ingeniería y empresas de consultoría técnica para el desarrollo de proyectos

Seabridge Gold colabora con empresas de ingeniería especializadas para apoyar el desarrollo de proyectos y las evaluaciones técnicas.

• Tetra Tech Canada Inc. - Ingeniería y consultoría ambiental
• AMEC Foster Wheeler - Estudios de viabilidad técnica

Socios de cumplimiento ambiental y regulatorio

La Compañía mantiene asociaciones críticas para garantizar el cumplimiento ambiental y la adherencia regulatoria.

Socio regulador	Enfoque de cumplimiento	Jurisdicción
Oficina de Evaluación Ambiental de Columbia Británica	Evaluación ambiental y permisos	Columbia Británica, Canadá
Agencia Canadiense de Evaluación Ambiental	Revisión ambiental federal	Nivel federal, Canadá

Comunidades indígenas locales para acceso y acuerdos

Seabridge Gold mantiene relaciones colaborativas con comunidades indígenas cerca de sus sitios de proyectos.

• Tahltan Nation - Proyecto de compromiso para KSM
• Nisga'a nación - negociaciones de acceso a tierras

Inversiones de asociación total: aproximadamente $ 15.3 millones en 2023 para acuerdos de colaboración y participación comunitaria

Seabridge Gold Inc. (SA) - Modelo de negocio: actividades clave

Exploración de oro y desarrollo de recursos minerales

Seabridge Gold se centra en la exploración de oro en múltiples propiedades en América del Norte, con Reservas minerales totales de 52.1 millones de onzas de oro.

Propiedad	Ubicación	Reservas de oro (onzas)
Proyecto KSM	Columbia Británica, Canadá	38.8 millones
Proyecto Iskut	Columbia Británica, Canadá	3.4 millones
Proyecto del lago valiente	Territorios del noroeste, Canadá	10.2 millones

Estudios de factibilidad y evaluación de proyectos

Las métricas de evaluación clave para proyectos primarios incluyen:

• Estudio previo a la factibilidad completado para el proyecto KSM en 2014
• Estudio de factibilidad actualizado realizado en 2021
• Gasto de capital inicial estimado de $ 5.2 mil millones
• Producción de oro anual proyectado de 984,000 onzas

Adquisición del sitio de la mina y evaluación de propiedades

Inversión de cartera de propiedades de Seabridge Gold:

Propiedad	Costo de adquisición	Año adquirido
Proyecto KSM	$ 170 millones	2000-2021
Proyecto Iskut	$ 45 millones	2016-2020
Lago valiente	$ 30 millones	2003-2019

Topografía geológica avanzada y mapeo

Gastos de exploración geológica:

• Presupuesto de exploración 2022: $ 15.4 millones
• Presupuesto de exploración 2023: $ 18.2 millones
• Encuestas geofísicas realizadas en 5,000 kilómetros cuadrados

Financiamiento de proyectos y recaudación de capital

Métricas financieras para el desarrollo de proyectos:

Métrica financiera	Cantidad	Año
Activos totales	$ 682 millones	2023
Efectivo y equivalentes	$ 87.3 millones	2023
Capitalización de mercado	$ 612 millones	2024

Seabridge Gold Inc. (SA) - Modelo de negocio: recursos clave

Cartera significativa de propiedad mineral

Seabridge Gold posee las siguientes propiedades minerales clave:

Propiedad	Ubicación	Tipo	Tamaño (hectáreas)
Proyecto KSM	Columbia Británica, Canadá	Tope de oro	52,625
Proyecto Iskut	Columbia Británica, Canadá	Tope de oro	24,161
Lago valiente	Territorios del noroeste, Canadá	Oro	11,674

Equipo de ingeniería geológica y minera

Experiencia de personal clave:

• Rudi Fronk - Presidente y CEO (más de 40 años de experiencia minera)
• Tony Walsh - VP Exploration (más de 30 años de experiencia geológica)
• 16 profesionales de geológicos e ingeniería a tiempo completo

Tecnologías avanzadas de exploración geológica

Inversiones tecnológicas:

• Software de modelado geológico 3D
• Equipo de topografía geofísica de alta resolución
• Sistemas de análisis de núcleo de perforación avanzado

Capital financiero y relaciones con los inversores

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Efectivo y equivalentes	$ 84.3 millones
Capitalización de mercado	$ 726.4 millones
Activos totales	$ 521.6 millones

Reclamos mineros propietarios

Detalles del reclamo minero:

• Reclamaciones minerales totales: 93 propiedades distintas
• Permisos de exploración activos en Canadá y Estados Unidos
• Reservas minerales estimadas: 52.4 millones de onzas de oro equivalente

Seabridge Gold Inc. (SA) - Modelo de negocio: propuestas de valor

Proyectos de exploración de oro de alto potencial con importantes reservas minerales

Seabridge Gold Inc. posee las siguientes reservas de minerales clave a partir de 2023:

Proyecto	Ubicación	Probado & Reservas probables	Grado de oro
Proyecto KSM	Columbia Británica, Canadá	38.8 millones de onzas de oro	0.54 g/t
Proyecto del lago valiente	Territorios del noroeste, Canadá	6.4 millones de onzas de oro	2.02 g/t
Proyecto Iskut	Columbia Británica, Canadá	1.2 millones de onzas de oro	0.74 g/t

Estrategia de desarrollo de bajo riesgo

La estrategia de desarrollo se centra en propiedades de etapa avanzada con un riesgo de exploración mínimo.

• Avanzar proyectos a través de la viabilidad y las etapas de permisos
• Mantener los bajos gastos operativos
• Preservar capital a través de asociaciones estratégicas

Creación de valor a largo plazo para accionistas

Métricas financieras a partir del cuarto trimestre 2023:

Métrico	Valor
Capitalización de mercado	$ 646.2 millones
Efectivo y equivalentes	$ 85.3 millones
Activos totales	$ 537.6 millones

Prácticas mineras sostenibles y ambientalmente responsables

Los compromisos ambientales incluyen:

• Implementación de tecnologías de conservación del agua
• Reducción de las emisiones de carbono a través de la integración de energía renovable
• Minimizar la interrupción ecológica durante la exploración y el desarrollo

Cartera de activos estratégicos en jurisdicciones amigables para la minería

Jurisdicciones actuales del proyecto:

País	Índice de estabilidad política	Atractivo de la inversión minera
Canadá	90/100	Top 5 a nivel mundial

Seabridge Gold Inc. (SA) - Modelo de negocios: relaciones con los clientes

Comunicación de inversores e informes transparentes

Seabridge Gold Inc. mantiene la comunicación de los inversores a través de mecanismos precisos de informes financieros:

Métrica de informes	Frecuencia	Nivel de detalle
Informes financieros anuales	Anual	Estados financieros integrales
Lanzamientos de ganancias trimestrales	Trimestral	Desempeño financiero detallado
Informes de cambio de material	Según sea necesario	Desarrollos corporativos significativos

Presentaciones técnicas regulares y conferencias de inversores

Seabridge Gold lleva a cabo la participación de los inversores a través de canales de comunicación estructurados:

• Presentaciones anuales del día de los inversores
• Participación de la conferencia de inversión minera
• Llamadas al inversor de transmisión web
• Reuniones de inversores institucionales individuales

Compromiso con inversores institucionales y minoristas

Categoría de inversionista	Estrategia de compromiso	Canales de comunicación
Inversores institucionales	Informes técnicos detallados	Presentaciones directas, llamadas trimestrales
Inversores minoristas	Información accesible	Sitio web, comunicados de prensa, redes sociales

Actualizaciones de proyectos en curso y métricas de rendimiento

La comunicación de rendimiento incluye:

• Informes trimestrales de progreso del proyecto
• Actualizaciones de estudio de viabilidad técnica
• Anuncios de resultados de exploración
• Métricas ambientales y de sostenibilidad

Mantener una fuerte reputación en la comunidad de inversión minera

La gestión de la reputación se centra en:

• Comunicación transparente consistente
• Experiencia técnica demostrada
• Historial de desarrollo de proyectos comprobado
• Compromiso con prácticas mineras sostenibles

Seabridge Gold Inc. (SA) - Modelo de negocios: canales

Sitio web de relaciones con los inversores

Seabridge Gold mantiene un sitio web de Relaciones con los Inversores en www.sebridgegold.com, que proporciona información corporativa integral y detalles financieros.

Métricas de tráfico del sitio web	Visitantes únicos anuales
Tráfico estimado del sitio web	42,500 visitantes únicos anuales
Vistas de la página del inversor	127,300 por año

Presentaciones de conferencia financiera

Seabridge Gold participa en conferencias clave de minería e inversión para comunicarse con posibles inversores.

• BMO Global Metals & Conferencia minera
• Convención internacional de PDAC
• RBC Capital Markets Global Metals & Conferencia minera

Participación de la conferencia	Número de conferencias	Alcance anual de inversores
Presentaciones de conferencias anuales	5-7 conferencias	Aproximadamente 1,200 interacciones directas de los inversores

Ferias comerciales de la industria minera

La compañía participa activamente en las principales exhibiciones de la industria minera para exhibir proyectos y redes.

• Convención internacional de PDAC
• Conferencia de minas y dinero
• Conferencia de inversión de recursos de Vancouver

Plataformas de comunicación directa de inversores

Seabridge Gold utiliza múltiples canales de comunicación para la participación de los inversores.

Plataforma de comunicación	Volumen de interacción anual
Seminarios web de inversores	4-6 seminarios web anuales
Suscriptores de boletín de correo electrónico	7.500 suscriptores
Llamadas de ganancias trimestrales	4 llamadas por año

Listados de bolsa y medios financieros

Seabridge Gold mantiene listados en múltiples intercambios de valores para mejorar la visibilidad.

Bolsa	Símbolo de ticker	Volumen comercial (2023)
Bolsa de Toronto	SA	2.1 millones de acciones
Bolsa de Nueva York	SA	1.6 millones de acciones

Seabridge Gold Inc. (SA) - Modelo de negocios: segmentos de clientes

Inversores institucionales

Seabridge Gold Inc. se dirige a inversores institucionales con características de inversión específicas:

Categoría de inversión	Tamaño de inversión típico	Enfoque de inversión
Fondos de pensiones	$ 5-50 millones	Inversiones de recursos a largo plazo
Fondos de dotación	$ 2-25 millones	Carteras de recursos naturales diversificados

Fondos de inversión minera

Los segmentos de fondo de inversión minera clave incluyen:

• Fondos mutuos centrados en recursos especializados
• Fondos de inversión de metales preciosos dedicados
• Vehículos de inversión de recursos del mercado emergente

Tipo de fondo	Rango de inversión promedio	Enfoque geográfico
Fondos mineros globales	$ 10-100 millones	América del Norte, Canadá

Grupos de inversión de metales preciosos

Grupos de inversión objetivo con estrategias específicas de cartera de metales preciosos:

• Consorcios de inversión centrados en el oro
• Grupos de comercio de productos básicos
• Redes de inversión específicas de metales

Tipo de grupo de inversión	Asignación típica de cartera	Tolerancia al riesgo
Redes de inversión de oro	5-15% de metales preciosos	Moderado a alto

Empresas de capital de riesgo

Segmentos especializados de capital de riesgo:

• Empresas VC centradas en el sector de recursos
• Grupos de inversión de tecnología minera
• Redes de inversión en etapa de exploración

Tipo de empresa VC	Tamaño de inversión	Etapa de inversión
Sector de recursos VC	$ 500,000- $ 5 millones	Temprano a medio escenario

Inversores individuales de alto nivel de red

Perfiles de inversores de alto patrimonio de alto nivel:

• Clientes de gestión de patrimonio privado
• Inversores acreditados individuales
• Gerentes de cartera individuales de alto capital

Categoría de inversionista	Rango de inversión típico	Preferencia de inversión
Inversores acreditados	$ 100,000- $ 1 millón	Exploración de metales preciosos

Seabridge Gold Inc. (SA) - Modelo de negocio: Estructura de costos

Gastos de exploración y estudio geológico

Para el año fiscal 2023, Seabridge Gold Inc. reportó gastos de exploración de $ 16.7 millones para su proyecto KSM en Columbia Británica, Canadá.

Categoría de gastos	Cantidad (USD)
Mapeo geológico	$ 2.3 millones
Programas de perforación	$ 7.5 millones
Encuestas geofísicas	$ 3.2 millones
Análisis de muestra	$ 3.7 millones

Desarrollo de proyectos y costos de estudio de viabilidad

Seabridge Gold invirtió $ 12.4 millones en desarrollo de proyectos y estudios de viabilidad para 2023.

• Estudios de ingeniería detallados: $ 4.6 millones
• Pruebas metalúrgicas: $ 3.2 millones
• Planificación de infraestructura: $ 2.8 millones
• Evaluación económica: $ 1.8 millones

Cumplimiento ambiental y gastos regulatorios

Los costos de cumplimiento ambiental y regulatorio para 2023 totalizaron $ 5.9 millones.

Área de cumplimiento	Gasto (USD)
Evaluaciones de impacto ambiental	$ 2.1 millones
Procesos de permisos	$ 1.5 millones
Monitoreo regulatorio	$ 1.3 millones
Mitigación ambiental	$ 1.0 millones

Personal técnico y salarios de gestión

Los costos totales de personal para 2023 fueron de $ 8.3 millones.

• Compensación de gestión ejecutiva: $ 2.5 millones
• Salarios del personal técnico: $ 4.2 millones
• Personal administrativo: $ 1.6 millones

Inversión de capital en propiedades mineras

Las inversiones de capital para 2023 alcanzaron los $ 45.6 millones.

Categoría de inversión	Cantidad (USD)
Infraestructura del proyecto KSM	$ 28.3 millones
Adquisición de equipos	$ 12.5 millones
Mantenimiento de la propiedad	$ 4.8 millones

Estructura de costos totales para 2023: $ 88.9 millones

Seabridge Gold Inc. (SA) - Modelo de negocio: flujos de ingresos

Posibles ingresos futuros de producción de minas

A partir de 2024, la principal fuente de ingresos potenciales de Seabridge Gold es del proyecto KSM en Columbia Británica, Canadá, con reservas minerales estimadas:

Tipo mineral	Cantidad	Valor estimado
Oro	38.8 millones de onzas	$ 78.4 mil millones (a $ 2,020 por onza)
Cobre	10.2 mil millones de libras	$ 22.4 mil millones (a $ 2.20 por libra)
Plata	181,4 millones de onzas	$ 4.5 mil millones (a $ 25 por onza)

Venta de intereses de propiedad mineral

La cartera actual de propiedades minerales incluye:

• Proyecto KSM - 100% propiedad
• Proyecto ISKUT - 100% propiedad
• Proyecto 3 ACES - 100% de propiedad

Acuerdos de asociación de empresas conjuntas

Seabridge Gold tiene asociaciones estratégicas de empresas conjuntas con:

• NEWMONT Corporation para ciertas propiedades de exploración
• Recursos pretium para posibles colaboraciones de desarrollo futuros

Valoración de activos de recursos minerales

Valor total de recursos minerales estimado a partir de 2024:

Proyecto	Valor de recursos estimado
Proyecto KSM	$ 105.3 mil millones
Proyecto Iskut	$ 6.7 mil millones
Proyecto 3 ACES	$ 2.1 mil millones

Monetización de desarrollo de proyectos estratégicos

Posibles flujos de ingresos del desarrollo del proyecto:

• Financiación de estudios de ingeniería: $ 12.5 millones en evaluaciones técnicas en curso
• Presupuesto de exploración: $ 8.3 millones asignados para 2024 actividades de exploración
• Posibles regalías de producción futuras: Royalias de retorno de fundición neta estimada 2-3%

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.