Seabridge Gold Files 2024 Annual Information Form, Year End Audited Financial Statements and MD&A

Rhea-AI Summary

Seabridge Gold (NYSE: SA) has filed its 2024 annual reports, revealing a net loss of $31.2 million ($0.35 per share) compared to $29.3 million in 2023. The company's investment in mineral interests decreased to $106.3 million from $230.2 million year-over-year, while net working capital declined to $37.8 million from $54.5 million.

Key 2024 achievements include obtaining the Substantially Started Determination from BC government, discovering significant gold and copper mineralization at the Iskut project, and engaging with global miners for KSM partnership. In February 2025, Seabridge completed two equity financings totaling $142.5 million, comprising a bought-deal offering and a strategic investor private placement at $12.25 per share.

The proceeds will fund BC Hydro switching station payments, KSM feasibility study preparation, and ongoing project activities. Seabridge's portfolio includes the KSM and Iskut projects in BC's Golden Triangle, Courageous Lake in Northwest Territories, Snowstorm in Nevada, and 3 Aces in Yukon.

Positive

• Secured $142.5M in equity financing to fund project development
• Obtained Substantially Started Determination from BC government
• Discovered significant gold-copper mineralization at Iskut project
• Advancing partnership discussions with leading global miners for KSM project

Negative

• Net loss increased to $31.2M from $29.3M year-over-year
• Net working capital decreased to $37.8M from $54.5M
• Mineral interests investment reduced by 54% to $106.3M from $230.2M

Insights

Financial Analyst

Seabridge Gold's 2024 financial results present a mixed picture. The company reported a net loss of $31.2 million ($0.35 per share), slightly higher than the $29.3 million loss in 2023. More significantly, capital investment decreased by 53.8% from $230.2 million to $106.3 million, while net working capital declined from $54.5 million to $37.8 million.

However, the February 2025 equity financings of $142.5 million substantially strengthens Seabridge's balance sheet, providing crucial funding for the KSM project. The financing terms ($12.25 per share) indicate continued investor confidence in Seabridge's assets despite operating losses. This capital will support critical infrastructure payments to BC Hydro for the KSM switching station and enable engineering work toward a bankable feasibility study.

The reduced investment rate in 2024 likely reflects the company's strategic pivot toward seeking a development partner for its capital-intensive KSM project rather than attempting to finance development independently. This approach aligns with the realities of developing massive mining projects that require billions in capital expenditure, specialized expertise, and risk sharing.

Mining Industry Expert

The "Substantially Started Determination" from the BC government represents a critical de-risking milestone for the KSM project. This regulatory designation typically secures the project's permits against potential future regulatory changes, providing certainty for development timelines and reducing permitting risk - a significant advantage when negotiating with potential partners.

The discovery of a "large system of gold and copper mineralization" at the Iskut project expands Seabridge's resource potential beyond its flagship KSM asset. While no specific resource estimates are provided, this finding could represent meaningful value addition to the company's portfolio and demonstrates successful exploration execution.

Most importantly, Seabridge's explicit prioritization of securing a KSM partner as its "number one corporate objective for 2025" indicates the company is actively pursuing the logical next step for project advancement. KSM ranks among the world's largest undeveloped gold-copper deposits and requires substantial capital and operational expertise to develop. The mention of "engagement with leading global miners" suggests active discussions are underway, potentially setting the stage for a transformative partnership that could accelerate KSM's path to production. The successful equity raise strengthens Seabridge's negotiating position by removing immediate financial pressure.

Toronto, Ontario--(Newsfile Corp. - March 27, 2025) - Seabridge Gold (TSX: SEA) (NYSE: SA) announced today that it has filed its Annual Information Form, Audited Consolidated Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2024 on SEDAR (www.sedarplus.ca). These documents are also available on the Company's website at https://www.seabridgegold.com/investors/financial-reports. Seabridge's Form 40-F will be filed shortly with the SEC on EDGAR (www.sec.gov/). The Company's Shareholders may, upon written request, receive a hard copy of the Company's complete 2024 audited consolidated financial statements free of charge.

During the year ended December 31, 2024 Seabridge posted a net loss of $31.2 million ($0.35 per share) compared to a net loss of $29.3 million ($0.35 per share) for the previous 12-month period. During 2024, on a cash basis, Seabridge invested $106.3 million in mineral interests, property and equipment compared to $230.2 million in 2023. At December 31, 2024, net working capital was $37.8 million compared to $54.5 million at December 31, 2023.

Chairman and CEO Rudi Fronk said: "2024 was a year of important accomplishments including the Substantially Started Determination from the BC government, discovery of a large system of gold and copper mineralization on the Company's Iskut project and engagement with leading global miners on the KSM partnership opportunity. Our number one corporate objective for 2025 is to secure a partner for KSM that possesses the technical, financial and social skills to advance the project to a production decision."

In February 2025, Seabridge strengthened its balance sheet by completing two equity financings for gross proceeds of $142.5 million (US$100 million) consisting of a bought-deal financing of 6,540,000 common shares at US$12.25 per share plus, plus a private placement on the same terms with a strategic investor of 1,640,000 common shares, all at US$12.25 per share. Net proceeds from these financings will be used by the Company to make the payments to BC Hydro contracted for completion of the KSM switching station; complete a program to collect all remaining anticipated field data for, and undertake early value engineering to support, a KSM bankable feasibility study; respond to data requirements from the joint venture process; fund other costs associated with ongoing activities at the Company's 100%-owned KSM gold-copper project in northeast British Columbia, Canada; and for general corporate purposes.

Seabridge holds a 100% interest in several North American gold projects. Two of Seabridge's principal assets, the KSM project and its Iskut project, are located in British Columbia's "Golden Triangle". The Courageous Lake project is located in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project in the Yukon Territory. For a full breakdown of Seabridge's mineral reserves and mineral resources by category please visit the Company's website at http://www.seabridgegold.com.

Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD "Rudi Fronk" Chairman and C.E.O.

 
For further information please contact:
Rudi P. Fronk, Chairman and C.E.O.
Tel: (416) 367-9292 • Fax: (416) 367-2711
Email: info@seabridgegold.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246415

FAQ

What was Seabridge Gold's (SA) net loss in 2024?

Seabridge Gold reported a net loss of $31.2 million ($0.35 per share) in 2024, compared to $29.3 million in 2023.

How much did Seabridge Gold (SA) raise in their February 2025 equity financing?

Seabridge raised $142.5 million through two equity financings: a bought-deal offering and a strategic investor private placement, both at $12.25 per share.

What are the main projects in Seabridge Gold's (SA) portfolio?

Seabridge's main projects include KSM and Iskut in BC's Golden Triangle, Courageous Lake in Northwest Territories, Snowstorm in Nevada, and 3 Aces in Yukon.

What were Seabridge Gold's (SA) key achievements in 2024?

Key achievements included obtaining BC government's Substantially Started Determination, discovering major gold-copper mineralization at Iskut, and engaging with global miners for KSM partnership.

How much did Seabridge Gold (SA) invest in mineral interests during 2024?

Seabridge invested $106.3 million in mineral interests, property and equipment in 2024, down from $230.2 million in 2023.