Seabridge Gold Files Second Quarter 2024 Report to Shareholders and Its Financial Statements and MD&A

Rhea-AI Summary

Seabridge Gold (NYSE: SA) has filed its Q2 2024 financial report, revealing a net profit of $45.2 million ($0.51 per share), compared to $9.0 million in Q2 2023. The company invested $30.1 million in mineral interests during Q2, down from $66.2 million in the same period last year. Key highlights include:

• KSM project received 'Substantially Started' designation from BC Government
• $12 million, 15,000-meter drill program underway at Iskut
• First mineral resource estimate completed for Bronson gold-copper deposit
• $6 million, 8,000-meter drill program underway at 3 Aces

As of June 30, 2024, Seabridge's net working capital stood at $45.1 million, down from $54.5 million at the end of 2023. The company holds 100% interest in several North American gold projects, including KSM, Iskut, Courageous Lake, Snowstorm, and 3 Aces.

Positive

• Net profit increased to $45.2 million ($0.51 per share) in Q2 2024, up from $9.0 million in Q2 2023
• KSM project received 'Substantially Started' designation from BC Government, potentially expediting development
• Completed first mineral resource estimate for Bronson gold-copper deposit, expanding potential assets
• Ongoing drill programs at Iskut ($12 million) and 3 Aces ($6 million) indicate continued exploration efforts

Negative

• Investment in mineral interests decreased to $30.1 million in Q2 2024, down from $66.2 million in Q2 2023
• Net working capital decreased to $45.1 million as of June 30, 2024, from $54.5 million at the end of 2023

Toronto, Ontario--(Newsfile Corp. - August 13, 2024) - Seabridge Gold (TSX: SEA) (NYSE: SA) announced today that it has filed its Report to Shareholders, Interim Financial Statements and Management's Discussion and Analysis for the three and six months period ended June 30, 2024 on SEDAR+. To review these documents on the Company website, please see https://www.seabridgegold.com/investors/financial-reports.

Recent Highlights

• KSM receives "Substantially Started" designation from the BC Government
• 2023 sustainability report filed on website
• Work and partnership discussions continue at KSM
• $12 million, 15,000-meter drill program underway at Iskut
• First mineral resource estimate completed for Bronson gold-copper deposit
• $6 million, 8,000-meter drill program underway at 3 Aces

Financial Results

During the three-month period ended June 30, 2024 Seabridge posted a net profit of $45.2 million ($0.51 per share) compared to a net profit of $9.0 million ($0.11 per share) for the same period in 2023. In both the current and comparative quarters, gains recognized on the remeasurement of its secured note liabilities accounted for most of the net profit. During the 2nd quarter, Seabridge invested $30.1 million in mineral interests, property and equipment at its projects compared to $66.2 million in the second quarter of 2023. At June 30, 2024, net working capital was $45.1 million compared to $54.5 million at December 31, 2023.

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

None of the Toronto Stock Exchange, New York Stock Exchange, or their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.

Technical Information

Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this press release, ‎including any ‎references to mineral resources or mineral reserves, was prepared in accordance with Canadian ‎National Instrument 43-101 ‎‎("NI 43-101"), which differs significantly from the requirements of the U.S. Securities and ‎Exchange Commission (the "SEC") ‎applicable to U.S. domestic issuers. Accordingly, the scientific and technical ‎information contained or referenced in this press ‎release may not be comparable to similar information made ‎public by U.S. companies subject to the reporting and ‎disclosure requirements of the SEC.‎

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/219827

FAQ

What was Seabridge Gold's (SA) net profit for Q2 2024?

Seabridge Gold (SA) reported a net profit of $45.2 million ($0.51 per share) for Q2 2024.

How much did Seabridge Gold (SA) invest in mineral interests during Q2 2024?

Seabridge Gold (SA) invested $30.1 million in mineral interests, property and equipment at its projects during Q2 2024.

What is the status of Seabridge Gold's (SA) KSM project?

Seabridge Gold's (SA) KSM project received a 'Substantially Started' designation from the BC Government, which could accelerate its development process.

What exploration activities is Seabridge Gold (SA) currently conducting?

Seabridge Gold (SA) is conducting a $12 million, 15,000-meter drill program at Iskut and a $6 million, 8,000-meter drill program at 3 Aces.