Seabridge Gold Inc. (SA): Business Model Canvas [Jan-2025 Mis à jour]

Seabridge Gold Inc. (SA) apparaît comme une puissance stratégique dans l'exploration minérale, transformant le paysage complexe de l'exploitation d'or grâce à un modèle commercial innovant qui équilibre l'exploration élevée, les pratiques durables et l'engagement sophistiqué des investisseurs. By leveraging advanced geological technologies, strategic partnerships, and a meticulously crafted development approach, the company positions itself as a compelling investment opportunity in the resource sector, targeting institutional investors and mining funds with its unique value proposition of low-risk, high-potential gold Projets d'exploration à travers les juridictions adaptées à l'exploitation minière en Amérique du Nord.

Seabridge Gold Inc. (SA) - Modèle commercial: partenariats clés

Coentreprises stratégiques avec des sociétés minières en Amérique du Nord

Seabridge Gold Inc. a établi des partenariats stratégiques avec plusieurs sociétés minières clés pour son principal projet, le projet KSM en Colombie-Britannique, au Canada.

Entreprise partenaire	Détails du partenariat	Emplacement du projet
Newmont Corporation	Contrat de coentreprise pour le projet KSM	Colombie-Britannique, Canada

Sociétés de conseil en ingénierie et technique pour le développement de projets

Seabridge Gold collabore avec des sociétés d'ingénierie spécialisées pour soutenir le développement de projets et les évaluations techniques.

• Tetra Tech Canada Inc. - Conseil en ingénierie et en environnement
• AMEC Foster Wheeler - Études de faisabilité technique

Partenaires de conformité environnementale et réglementaire

La Société maintient des partenariats critiques pour garantir la conformité environnementale et l'adhésion réglementaire.

Partenaire réglementaire	Focus de la conformité	Juridiction
Office d'évaluation environnementale de la Colombie-Britannique	Évaluation et permis environnementaux	Colombie-Britannique, Canada
Agence canadienne d'évaluation environnementale	Examen de l'environnement fédéral	Niveau fédéral, Canada

Communautés autochtones locales pour l'accès et les accords sur les terres

Seabridge Gold entretient des relations collaboratives avec des communautés autochtones près de ses sites de projet.

• Tahltan Nation - Engagement pour le projet KSM
• Nisga'a Nation - Négociations d'accès foncier

Investissements totaux de partenariat: environ 15,3 millions de dollars en 2023 pour les accords collaboratifs et l'engagement communautaire

Seabridge Gold Inc. (SA) - Modèle d'entreprise: activités clés

Exploration de l'or et développement des ressources minérales

Seabridge Gold se concentre sur l'exploration de l'or dans plusieurs propriétés en Amérique du Nord, avec Réserves minérales totales de 52,1 millions d'onces d'or.

Propriété	Emplacement	Réserves d'or (onces)
Projet KSM	Colombie-Britannique, Canada	38,8 millions
Projet Iskut	Colombie-Britannique, Canada	3,4 millions
Courageux Project de lac	Territoires du Nord-Ouest, Canada	10,2 millions

Études de faisabilité et évaluation du projet

Les mesures d'évaluation clés pour les projets primaires comprennent:

• Étude de préfaisabilité terminée pour le projet KSM en 2014
• Étude de faisabilité mise à jour menée en 2021
• Dépenses en capital initiales estimées de 5,2 milliards de dollars
• Production annuelle en or prévu de 984 000 onces

Acquisition du site de la mine et évaluation des biens

Investissement du portefeuille immobilier de Seabridge Gold:

Propriété	Coût d'acquisition	Année acquise
Projet KSM	170 millions de dollars	2000-2021
Projet Iskut	45 millions de dollars	2016-2020
Lac courageux	30 millions de dollars	2003-2019

Arpentage géologique avancé et cartographie

Dépenses d'exploration géologique:

• 2022 Budget d'exploration: 15,4 millions de dollars
• 2023 Budget d'exploration: 18,2 millions de dollars
• Des enquêtes géophysiques menées sur 5 000 kilomètres carrés

Financement du projet et augmentation des capitaux

Mesures financières pour le développement du projet:

Métrique financière	Montant	Année
Actif total	682 millions de dollars	2023
Espèce et équivalents	87,3 millions de dollars	2023
Capitalisation boursière	612 millions de dollars	2024

Seabridge Gold Inc. (SA) - Modèle d'entreprise: Ressources clés

Portefeuille de biens minéraux importants

Seabridge Gold possède les principales propriétés minérales suivantes:

Propriété	Emplacement	Taper	Taille (hectares)
Projet KSM	Colombie-Britannique, Canada	Cadrouille	52,625
Projet Iskut	Colombie-Britannique, Canada	Cadrouille	24,161
Lac courageux	Territoires du Nord-Ouest, Canada	Or	11,674

Équipe d'ingénierie géologique et minière

Expertise du personnel clé:

• Rudi Fronk - Président et chef de la direction (plus de 40 ans d'expérience minière)
• Tony Walsh - VP Exploration (plus de 30 ans d'expertise géologique)
• 16 professionnels de la géologique et de l'ingénierie à temps plein

Technologies d'exploration géologique avancées

Investissements technologiques:

• Logiciel de modélisation géologique 3D
• Équipement d'arpentage géophysique haute résolution
• Systèmes d'analyse de noyau de forage avancé

Capitaux financiers et relations avec les investisseurs

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Espèce et équivalents	84,3 millions de dollars
Capitalisation boursière	726,4 millions de dollars
Actif total	521,6 millions de dollars

Réclations minières propriétaires

Détails de la réclamation minière:

• Réclations minérales totales: 93 propriétés distinctes
• L'exploration permet un actif au Canada et aux États-Unis
• Réserves minérales estimées: 52,4 millions d'onces d'or équivalent

Seabridge Gold Inc. (SA) - Modèle d'entreprise: propositions de valeur

Projets d'exploration en or à haut potentiel avec des réserves minérales importantes

Seabridge Gold Inc. possède les principales réserves minérales suivantes à partir de 2023:

Projet	Emplacement	Éprouvé & Réserves probables	Grade d'or
Projet KSM	Colombie-Britannique, Canada	38,8 millions d'onces d'or	0,54 g / t
Courageux Project de lac	Territoires du Nord-Ouest, Canada	6,4 millions d'onces d'or	2,02 g / t
Projet Iskut	Colombie-Britannique, Canada	1,2 million d'onces d'or	0,74 g / t

Stratégie de développement à faible risque

La stratégie de développement se concentre sur les propriétés avancées avec un risque d'exploration minimal.

• Faire avancer les projets par des étapes de faisabilité et d'autorisation
• Maintenir de faibles dépenses opérationnelles
• Préserver le capital grâce à des partenariats stratégiques

Création de valeur à long terme pour les actionnaires

Mesures financières auprès du quatrième trimestre 2023:

Métrique	Valeur
Capitalisation boursière	646,2 millions de dollars
Espèce et équivalents	85,3 millions de dollars
Actif total	537,6 millions de dollars

Pratiques minières durables et respectueuses de l'environnement

Les engagements environnementaux comprennent:

• Mise en œuvre des technologies de conservation de l'eau
• Réduire les émissions de carbone par l'intégration des énergies renouvelables
• Minimiser les perturbations écologiques pendant l'exploration et le développement

Portfolio stratégique d'actifs dans les juridictions conviviales

Juridictions actuelles du projet:

Pays	Indice de stabilité politique	L'attractivité des investissements minières
Canada	90/100	Top 5 dans le monde entier

Seabridge Gold Inc. (SA) - Modèle d'entreprise: relations avec les clients

Communication des investisseurs et rapports transparents

Seabridge Gold Inc. maintient la communication des investisseurs grâce à des mécanismes d'information financière précis:

Métrique de rapport	Fréquence	Niveau de détail
Rapports financiers annuels	Annuel	États financiers complets
Délai de bénéfices trimestriels	Trimestriel	Performance financière détaillée
Rapports de changement de matériel	Au besoin	Développements importants des entreprises

Présentations techniques et conférences d'investisseurs régulières

Seabridge Gold mène l'engagement des investisseurs grâce à des canaux de communication structurés:

• Présentations annuelles de la Journée des investisseurs
• Participation de la conférence sur les investissements minières
• Appels d'investisseurs sur webdict
• Réunions d'investisseurs institutionnelles individuelles

Engagement avec des investisseurs institutionnels et de détail

Catégorie d'investisseurs	Stratégie d'engagement	Canaux de communication
Investisseurs institutionnels	Briefings techniques détaillés	Présentations directes, appels trimestriels
Investisseurs de détail	Informations accessibles	Site Web, communiqués de presse, médias sociaux

Mises à jour du projet en cours et métriques de performance

La communication de performance comprend:

• Rapports de progression du projet trimestriel
• Mises à jour de l'étude de faisabilité technique
• Annonces de résultat d'exploration
• Métriques environnementales et durables

Maintenir une forte réputation dans la communauté des investissements miniers

La gestion de la réputation se concentre sur:

• Communication transparente cohérente
• Expertise technique démontrée
• Bouclier de développement de projet éprouvé
• Engagement envers les pratiques minières durables

Seabridge Gold Inc. (SA) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Seabridge Gold maintient un site Web de relations avec les investisseurs sur www.seabridgegold.com, qui fournit des informations et des détails financiers complets.

Métriques de trafic de site Web	Visiteurs uniques annuels
Trafic de site Web estimé	42 500 visiteurs uniques annuels
Pages d'investisseurs View	127 300 par an

Présentations de la conférence financière

Seabridge Gold participe aux principales conférences minières et d'investissement pour communiquer avec les investisseurs potentiels.

• Métaux mondiaux BMO & Conférence minière
• Convention internationale PDAC
• RBC Marchés des capitaux Métaux mondiaux & Conférence minière

Participation de la conférence	Nombre de conférences	Reach des investisseurs annuels
Présentations de la conférence annuelle	5-7 conférences	Environ 1 200 interactions d'investisseurs directs

Salons commerciaux de l'industrie minière

La société participe activement à des expositions importantes de l'industrie minière pour présenter des projets et des réseaux.

• Convention internationale PDAC
• Conférence des mines et de l'argent
• Conférence d'investissement sur les ressources de Vancouver

Plateformes de communication des investisseurs directs

Seabridge Gold utilise plusieurs canaux de communication pour l'engagement des investisseurs.

Plate-forme de communication	Volume d'interaction annuel
Webinaires des investisseurs	4-6 webinaires annuels
Envoyez un e-mail aux abonnés à la newsletter	7 500 abonnés
Appels de résultats trimestriels	4 appels par an

Listes de bourse et médias financiers

Seabridge Gold maintient les listes sur plusieurs bourses pour améliorer la visibilité.

Bourse	Symbole de ticker	Volume de trading (2023)
Bourse de Toronto	SA	2,1 millions d'actions
Bourse de New York	SA	1,6 million d'actions

Seabridge Gold Inc. (SA) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Seabridge Gold Inc. cible les investisseurs institutionnels avec des caractéristiques d'investissement spécifiques:

Catégorie d'investissement	Taille d'investissement typique	Focus d'investissement
Fonds de pension	5-50 millions de dollars	Investissements en ressources à long terme
Fonds de dotation	2 à 25 millions de dollars	Portefeuilles diversifiés de ressources naturelles

Fonds d'investissement minière

Les segments clés du fonds d'investissement des mines comprennent:

• Fonds communs de placement axés sur les ressources spécialisées
• Fonds d'investissement en métaux précieux dédiés
• Emerging Market Resource Investment Véhicules

Type de fonds	Fourchette d'investissement moyenne	Focus géographique
Fonds minières mondiaux	10-100 millions de dollars	Amérique du Nord, Canada

Groupes d'investissement en métal précieux

Des groupes d'investissement cibles avec des stratégies spécifiques de portefeuille de métaux précieuses:

• Consortiums d'investissement axés sur l'or
• Groupes commerciaux de matières premières
• Réseaux d'investissement spécifiques aux métaux

Type de groupe d'investissement	Allocation de portefeuille typique	Tolérance au risque
Réseaux d'investissement en or	5 à 15% de métaux précieux	Modéré à élevé

Sociétés de capital-risque

Segments spécialisés de capital-risque:

• Entreprises de VC axées sur le secteur des ressources
• Groupes d'investissement technologique minière
• Réseaux d'investissement à scène d'exploration

Type d'entreprise VC	Taille de l'investissement	Étape d'investissement
VC du secteur des ressources	500 000 $ - 5 millions de dollars	Début à mi-étage

Investisseurs individuels à haute nette

Profils d'investisseurs à forte intensité de forte cible:

• Clients privés de gestion de patrimoine
• Investisseurs accrédités individuels
• Gestionnaires de portefeuille individuels à haut capital

Catégorie d'investisseurs	Gamme d'investissement typique	Préférence d'investissement
Investisseurs accrédités	100 000 $ à 1 million de dollars	Exploration de métaux précieux

Seabridge Gold Inc. (SA) - Modèle d'entreprise: Structure des coûts

Dépenses d'exploration et d'enquête géologique

Pour l'exercice 2023, Seabridge Gold Inc. a déclaré des frais d'exploration de 16,7 millions de dollars pour son projet KSM en Colombie-Britannique, au Canada.

Catégorie de dépenses	Montant (USD)
Cartographie géologique	2,3 millions de dollars
Programmes de forage	7,5 millions de dollars
Enquêtes géophysiques	3,2 millions de dollars
Analyse des échantillons	3,7 millions de dollars

Coûts d'étude du développement du projet et de la faisabilité

Seabridge Gold a investi 12,4 millions de dollars dans les études de développement de projets et de faisabilité pour 2023.

• Études d'ingénierie détaillées: 4,6 millions de dollars
• Test métallurgique: 3,2 millions de dollars
• Planification des infrastructures: 2,8 millions de dollars
• Évaluation économique: 1,8 million de dollars

Compliance environnementale et dépenses réglementaires

Les coûts de conformité environnementale et réglementaire pour 2023 ont totalisé 5,9 millions de dollars.

Zone de conformité	Dépenses (USD)
Évaluations d'impact environnemental	2,1 millions de dollars
Permettre des processus	1,5 million de dollars
Surveillance réglementaire	1,3 million de dollars
Atténuation environnementale	1,0 million de dollars

Personnel technique et salaires de gestion

Les coûts totaux du personnel pour 2023 étaient de 8,3 millions de dollars.

• Rémunération de la gestion des cadres: 2,5 millions de dollars
• Salaires du personnel technique: 4,2 millions de dollars
• Personnel administratif: 1,6 million de dollars

Investissement en capital dans les propriétés minières

Les investissements en capital pour 2023 ont atteint 45,6 millions de dollars.

Catégorie d'investissement	Montant (USD)
Infrastructure du projet KSM	28,3 millions de dollars
Acquisition d'équipement	12,5 millions de dollars
Maintenance des biens	4,8 millions de dollars

Structure totale des coûts pour 2023: 88,9 millions de dollars

Seabridge Gold Inc. (SA) - Modèle d'entreprise: Strots de revenus

Revenus potentiels de production de mines futures

En 2024, la principale source de revenus potentiels de Seabridge Gold provient du projet KSM en Colombie-Britannique, au Canada, avec des réserves minérales estimées:

Type minéral	Quantité	Valeur estimée
Or	38,8 millions d'onces	78,4 milliards de dollars (à 2 020 $ l'once)
Cuivre	10,2 milliards de livres	22,4 milliards de dollars (à 2,20 $ la livre)
Argent	181,4 millions d'onces	4,5 milliards de dollars (à 25 $ l'once)

Vente d'intérêts de biens minéraux

Le portefeuille actuel des propriétés minérales comprend:

• Projet KSM - propriétaire à 100%
• Projet Iskut - propriétaire à 100%
• Projet de 3 ACE - propriétaire à 100%

Contacteurs de partenariat de coentreprise

Seabridge Gold a des partenariats stratégiques de coentreprise avec:

• Newmont Corporation pour certaines propriétés d'exploration
• Ressources pretium pour les collaborations potentielles de développement futur

Évaluation des actifs de ressources minérales

Valeur totale des ressources minérales estimées en 2024:

Projet	Valeur des ressources estimées
Projet KSM	105,3 milliards de dollars
Projet Iskut	6,7 milliards de dollars
Projet de 3 as	2,1 milliards de dollars

Monétisation de développement de projets stratégiques

Strots de revenus potentiels du développement du projet:

• Financement d'études d'ingénierie: 12,5 millions de dollars en évaluations techniques en cours
• Budget d'exploration: 8,3 millions de dollars alloués pour 2024 activités d'exploration
• Royalités de production futures potentielles: RESORIETS ESTIMÉS 2-3% NET NET SMELLER RETOUR

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.