Seabridge Gold Inc. (SA): modelo de negócios [Jan-2025 Atualizado]

A Seabridge Gold Inc. (SA) surge como uma potência estratégica na exploração mineral, transformando o cenário complexo da mineração de ouro por meio de um modelo de negócios inovador que equilibra exploração de alto potencial, práticas sustentáveis ​​e sofisticado envolvimento dos investidores. Ao alavancar tecnologias geológicas avançadas, parcerias estratégicas e uma abordagem de desenvolvimento meticulosamente criada, a empresa se posiciona como uma oportunidade de investimento atraente no setor de recursos, direcionando investidores institucionais e fundos de mineração com sua proposta de valor exclusiva de ouro de baixo risco e alto potencial Projetos de exploração em jurisdições favoráveis ​​à mineração na América do Norte.

Seabridge Gold Inc. (SA) - Modelo de Negócios: Principais Parcerias

Joint ventures estratégicos com empresas de mineração na América do Norte

A Seabridge Gold Inc. estabeleceu parcerias estratégicas com várias empresas de mineração importantes para seu projeto principal, o projeto KSM em British Columbia, Canadá.

Empresa parceira	Detalhes da parceria	Localização do projeto
Newmont Corporation	Contrato de joint venture para o projeto KSM	Colúmbia Britânica, Canadá

Empresas de consultoria técnica e de engenharia para desenvolvimento de projetos

A Seabridge Gold colabora com empresas de engenharia especializadas para apoiar o desenvolvimento de projetos e as avaliações técnicas.

• Tetra Tech Canada Inc. - Consultoria em Engenharia e Ambiental
• AMEC Foster Wheeler - Estudos de Viabilidade Técnica

Parceiros de conformidade ambiental e regulatória

A Companhia mantém parcerias críticas para garantir a conformidade ambiental e a adesão regulatória.

Parceiro regulatório	Foco de conformidade	Jurisdição
Escritório de Avaliação Ambiental da Colúmbia Britânica	Avaliação e permissão ambiental	Colúmbia Britânica, Canadá
Agência de Avaliação Ambiental Canadense	Federal Ambiental Review	Nível Federal, Canadá

Comunidades indígenas locais para acesso e acordos da terra

A Seabridge Gold mantém relações colaborativas com comunidades indígenas perto de seus locais de projeto.

• Tahltan Nation - Engajamento para o Projeto KSM
• Nisga'a nação - negociações de acesso à terra

Investimentos totais de parceria: aproximadamente US $ 15,3 milhões em 2023 para acordos colaborativos e envolvimento da comunidade

Seabridge Gold Inc. (SA) - Modelo de Negócios: Atividades -chave

Exploração de ouro e desenvolvimento de recursos minerais

A Seabridge Gold se concentra na exploração de ouro em várias propriedades na América do Norte, com Reservas minerais totais de 52,1 milhões de onças de ouro.

Propriedade	Localização	Reservas de ouro (onças)
Projeto KSM	Colúmbia Britânica, Canadá	38,8 milhões
Projeto Iskut	Colúmbia Britânica, Canadá	3,4 milhões
Projeto corajoso do lago	Territórios do Noroeste, Canadá	10,2 milhões

Estudos de viabilidade e avaliação do projeto

As principais métricas de avaliação para projetos primários incluem:

• Estudo de pré-viabilidade concluído para o projeto KSM em 2014
• Estudo de viabilidade atualizado realizado em 2021
• Gasto estimado de capital inicial de US $ 5,2 bilhões
• Produção anual de ouro projetada de 984.000 onças

Aquisição do local da mina e avaliação de propriedades

Investimento de portfólio de propriedades da Seabridge Gold:

Propriedade	Custo de aquisição	Ano adquirido
Projeto KSM	US $ 170 milhões	2000-2021
Projeto Iskut	US $ 45 milhões	2016-2020
Lago corajoso	US $ 30 milhões	2003-2019

Pesquisa geológica avançada e mapeamento

Despesas de exploração geológica:

• 2022 Orçamento de exploração: US $ 15,4 milhões
• 2023 Orçamento de exploração: US $ 18,2 milhões
• Pesquisas geofísicas realizadas em 5.000 quilômetros quadrados

Financiamento de projetos e criação de capital

Métricas financeiras para desenvolvimento de projetos:

Métrica financeira	Quantia	Ano
Total de ativos	US $ 682 milhões	2023
Dinheiro e equivalentes	US $ 87,3 milhões	2023
Capitalização de mercado	US $ 612 milhões	2024

Seabridge Gold Inc. (SA) - Modelo de negócios: Recursos -chave

Portfólio de propriedades minerais significativas

A Seabridge Gold possui as seguintes propriedades minerais importantes:

Propriedade	Localização	Tipo	Tamanho (hectares)
Projeto KSM	Colúmbia Britânica, Canadá	Gold-cobre	52,625
Projeto Iskut	Colúmbia Britânica, Canadá	Gold-cobre	24,161
Lago corajoso	Territórios do Noroeste, Canadá	Ouro	11,674

Equipe de engenharia geológica e de mineração

Especialização em pessoal -chave:

• Rudi Fronk - Presidente e CEO (mais de 40 anos de experiência em mineração)
• Tony Walsh - VP Exploration (mais de 30 anos de experiência geológica)
• 16 profissionais geológicos e de engenharia em tempo integral

Tecnologias avançadas de exploração geológica

Investimentos de tecnologia:

• Software de modelagem geológica 3D
• Equipamento de levantamento geofísico de alta resolução
• Sistemas avançados de análise de núcleo de broca

Capital financeiro e relações de investidores

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Dinheiro e equivalentes	US $ 84,3 milhões
Capitalização de mercado	US $ 726,4 milhões
Total de ativos	US $ 521,6 milhões

Reivindicações de mineração proprietárias

Detalhes da reivindicação de mineração:

• Reivindicações minerais totais: 93 propriedades distintas
• Permissões de exploração ativas no Canadá e Estados Unidos
• Reservas minerais estimadas: 52,4 milhões de onças equivalente a ouro

Seabridge Gold Inc. (SA) - Modelo de Negócios: Proposições de Valor

Projetos de exploração de ouro de alto potencial com reservas minerais significativas

A Seabridge Gold Inc. possui as seguintes reservas minerais importantes a partir de 2023:

Projeto	Localização	Comprovado & Reservas prováveis	Grau de ouro
Projeto KSM	Colúmbia Britânica, Canadá	38,8 milhões de onças de ouro	0,54 g/t
Projeto corajoso do lago	Territórios do Noroeste, Canadá	6,4 milhões de onças de ouro	2.02 g/t
Projeto Iskut	Colúmbia Britânica, Canadá	1,2 milhão de onças de ouro	0,74 g/t

Estratégia de desenvolvimento de baixo risco

A estratégia de desenvolvimento se concentra em propriedades de estágio avançado com risco mínimo de exploração.

• Avançar projetos por meio de viabilidade e permitir estágios
• Mantendo baixos gastos operacionais
• Preservando o capital através de parcerias estratégicas

Criação de valor a longo prazo para os acionistas

Métricas financeiras a partir do quarto trimestre 2023:

Métrica	Valor
Capitalização de mercado	US $ 646,2 milhões
Dinheiro e equivalentes	US $ 85,3 milhões
Total de ativos	US $ 537,6 milhões

Práticas de mineração sustentáveis ​​e ambientalmente responsáveis

Os compromissos ambientais incluem:

• Implementando tecnologias de conservação de água
• Reduzindo as emissões de carbono através da integração de energia renovável
• Minimizar a interrupção ecológica durante a exploração e desenvolvimento

Portfólio de ativos estratégicos em jurisdições amigáveis ​​à mineração

Jurisdições atuais do projeto:

País	Índice de Estabilidade Política	Atratividade de investimentos em mineração
Canadá	90/100	Top 5 globalmente

Seabridge Gold Inc. (SA) - Modelo de Negócios: Relacionamentos do Cliente

Comunicação dos investidores e relatórios transparentes

A Seabridge Gold Inc. mantém a comunicação dos investidores por meio de mecanismos precisos de relatórios financeiros:

Métrica de relatório	Freqüência	Nível de detalhe
Relatórios financeiros anuais	Anual	Demonstrações financeiras abrangentes
Lançamentos trimestrais de ganhos	Trimestral	Desempenho financeiro detalhado
Relatórios de mudança de material	Conforme necessário	Desenvolvimentos corporativos significativos

Apresentações técnicas regulares e conferências de investidores

A Seabridge Gold conduz o envolvimento dos investidores por meio de canais de comunicação estruturados:

• Apresentações anuais do dia do investidor
• Participação da Conferência de Investimentos de Mineração
• Webcast Investor liga
• Reuniões individuais de investidores institucionais

Engajamento com investidores institucionais e de varejo

Categoria de investidores	Estratégia de engajamento	Canais de comunicação
Investidores institucionais	Informações técnicas detalhadas	Apresentações diretas, chamadas trimestrais
Investidores de varejo	Informações acessíveis	Site, comunicados de imprensa, mídia social

Atualizações de projeto em andamento e métricas de desempenho

A comunicação de desempenho inclui:

• Relatórios trimestrais de progresso do projeto
• Atualizações do estudo de viabilidade técnica
• Anúncios de resultados de exploração
• Métricas ambientais e de sustentabilidade

Mantendo forte reputação na comunidade de investimentos em mineração

O gerenciamento de reputação se concentra em:

• Comunicação transparente consistente
• Experiência técnica demonstrada
• Recorde comprovado de desenvolvimento de projeto de projeto
• Compromisso com práticas de mineração sustentáveis

Seabridge Gold Inc. (SA) - Modelo de Negócios: Canais

Site de Relações com Investidores

A Seabridge Gold mantém um site de relações com investidores em www.seabridgegold.com, que fornece informações corporativas abrangentes e detalhes financeiros.

Métricas de tráfego do site	Visitantes únicos anuais
Tráfego estimado do site	42.500 visitantes únicos anuais
Visualizações de página do investidor	127.300 por ano

Apresentações da conferência financeira

A Seabridge Gold participa de conferências importantes de mineração e investimento para se comunicar com potenciais investidores.

• BMO Global Metals & Conferência de Mineração
• Convenção Internacional do PDAC
• RBC Capital Markets Global Metals & Conferência de Mineração

Participação da conferência	Número de conferências	Alcance anual do investidor
Apresentações anuais da conferência	5-7 Conferências	Aproximadamente 1.200 interações diretas do investidor

Feiras de comércio da indústria de mineração

A empresa participa ativamente de grandes exposições da indústria de mineração para mostrar projetos e rede.

• Convenção Internacional do PDAC
• Conferência de Minas e Dinheiro
• Conferência de Investimento de Recursos de Vancouver

Plataformas de comunicação de investidores diretos

A Seabridge Gold utiliza vários canais de comunicação para o envolvimento dos investidores.

Plataforma de comunicação	Volume anual de interação
Webinars de investidores	4-6 webinars anuais
Assinantes de newsletter por e -mail	7.500 assinantes
Chamadas de ganhos trimestrais	4 ligações por ano

Listagens de bolsas de valores e mídia financeira

A Seabridge Gold mantém listagens em várias bolsas de valores para aumentar a visibilidade.

Bolsa de valores	Símbolo do ticker	Volume de negociação (2023)
Bolsa de Valores de Toronto	SA	2,1 milhões de ações
Bolsa de Valores de Nova York	SA	1,6 milhão de ações

Seabridge Gold Inc. (SA) - Modelo de Negócios: Segmentos de Clientes

Investidores institucionais

A Seabridge Gold Inc. tem como alvo investidores institucionais com características específicas de investimento:

Categoria de investimento	Tamanho típico de investimento	Foco de investimento
Fundos de pensão	US $ 5-50 milhões	Investimentos de recursos de longo prazo
Fundos de doação	US $ 2-25 milhões	Portfólios de recursos naturais diversificados

Fundos de investimento em mineração

Os principais segmentos de fundos de investimento em mineração incluem:

• Fundos mútuos de foco em recursos especializados
• Fundos dedicados de investimento de metais preciosos
• Veículos de investimento em recursos emergentes de mercado

Tipo de fundo	Intervalo de investimento médio	Foco geográfico
Fundos globais de mineração	US $ 10-100 milhões	América do Norte, Canadá

Grupos de investimento de metal precioso

Grupos de investimento -alvo com estratégias específicas de portfólio de metais preciosos:

• Consórcio de investimentos focado em ouro
• Grupos de comércio de commodities
• Redes de investimento específicas de metais

Tipo de grupo de investimento	Alocação típica de portfólio	Tolerância ao risco
Redes de investimento em ouro	5-15% metais preciosos	Moderado a alto

Empresas de capital de risco

Segmentos de capital de risco especializados:

• Empresas de VC focadas no setor de recursos
• Grupos de investimento em tecnologia de mineração
• Redes de investimento em estágio de exploração

VC Tipo de empresa	Tamanho do investimento	Estágio de investimento
Setor de recursos vc	US $ 500.000 a US $ 5 milhões	Precoce para o meio do estágio

Investidores individuais de alta rede

Perfis de investidores de alta rede de alto patrimônio:

• Clientes de gerenciamento de patrimônio privado
• Investidores credenciados individuais
• Gerentes de portfólio individuais de alto capital

Categoria de investidores	Faixa de investimento típica	Preferência de investimento
Investidores credenciados	US $ 100.000 a US $ 1 milhão	Exploração preciosa de metal

Seabridge Gold Inc. (SA) - Modelo de Negócios: Estrutura de Custo

Despesas de exploração e pesquisa geológica

Para o ano fiscal de 2023, a Seabridge Gold Inc. registrou despesas de exploração de US $ 16,7 milhões para seu projeto KSM na Colúmbia Britânica, Canadá.

Categoria de despesa	Quantidade (USD)
Mapeamento geológico	US $ 2,3 milhões
Programas de perfuração	US $ 7,5 milhões
Pesquisas geofísicas	US $ 3,2 milhões
Análise de amostra	US $ 3,7 milhões

Desenvolvimento de projetos e custos de estudo de viabilidade

A Seabridge Gold investiu US $ 12,4 milhões em estudos de desenvolvimento e viabilidade de projetos para 2023.

• Estudos detalhados de engenharia: US $ 4,6 milhões
• Testes metalúrgicos: US $ 3,2 milhões
• Planejamento de infraestrutura: US $ 2,8 milhões
• Avaliação econômica: US $ 1,8 milhão

Conformidade ambiental e despesas regulatórias

Os custos de conformidade ambiental e regulatória para 2023 totalizaram US $ 5,9 milhões.

Área de conformidade	Despesas (USD)
Avaliações de impacto ambiental	US $ 2,1 milhões
Processos de permissão	US $ 1,5 milhão
Monitoramento regulatório	US $ 1,3 milhão
Mitigação ambiental	US $ 1,0 milhão

Pessoal técnico e salários de gerenciamento

Os custos totais de pessoal para 2023 foram de US $ 8,3 milhões.

• Remuneração da gestão executiva: US $ 2,5 milhões
• Salários da equipe técnica: US $ 4,2 milhões
• Pessoal Administrativo: US $ 1,6 milhão

Investimento de capital em propriedades de mineração

Os investimentos de capital para 2023 atingiram US $ 45,6 milhões.

Categoria de investimento	Quantidade (USD)
Infraestrutura do projeto KSM	US $ 28,3 milhões
Aquisição de equipamentos	US $ 12,5 milhões
Manutenção de propriedades	US $ 4,8 milhões

Estrutura de custo total para 2023: US $ 88,9 milhões

Seabridge Gold Inc. (SA) - Modelo de negócios: fluxos de receita

Potencial futuro receita de produção de minas

Em 2024, a principal fonte de receita potencial da Seabridge Gold é do projeto KSM em British Columbia, Canadá, com reservas minerais estimadas:

Tipo mineral	Quantidade	Valor estimado
Ouro	38,8 milhões de onças	US $ 78,4 bilhões (a US $ 2.020 por onça)
Cobre	10,2 bilhões de libras	US $ 22,4 bilhões (a US $ 2,20 por libra)
Prata	181,4 milhões de onças	US $ 4,5 bilhões (a US $ 25 por onça)

Venda de interesses de propriedade mineral

O portfólio de propriedades minerais atuais inclui:

• Projeto KSM - 100% de propriedade
• Projeto Iskut - 100% de propriedade
• 3 Aces Project - 100% de propriedade

Acordos de parceria com joint venture

A Seabridge Gold tem parcerias estratégicas de joint venture com:

• Newmont Corporation para determinadas propriedades de exploração
• Recursos de Pretium para possíveis colaborações futuras de desenvolvimento

Avaliação de ativos de recursos minerais

Total estimado Valor de Recursos Minerais a partir de 2024:

Projeto	Valor estimado do recurso
Projeto KSM	US $ 105,3 bilhões
Projeto Iskut	US $ 6,7 bilhões
3 ACES Project	US $ 2,1 bilhões

Monetização estratégica de desenvolvimento de projetos

Possíveis fluxos de receita do desenvolvimento do projeto:

• Financiamento de estudos de engenharia: US $ 12,5 milhões em avaliações técnicas em andamento
• Orçamento de exploração: US $ 8,3 milhões alocados para 2024 atividades de exploração
• Potenciais royalties futuros de produção: Estimados 2-3% de royalties de retorno líquido

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.