Gold Co. Eyes Big Gains in BC's Golden Triangle

Source: Streetwise Reports 08/20/2025

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced it has filed its report to shareholders and interim financial statements for the three- and six month-periods ending June 30, 2025. Read why analysts like this gold explorer with a major project in the Golden Triangle.

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced it has filed its report to shareholders and interim financial statements for the three- and six month-periods ending June 30, 2025.

For the three months ending June 30, Seabridge reported a net profit of CA$12.3 million (CA$0.12 per share), compared to a net profit of CA$45.2 million (CA$0.51 per share) for the same period in 2024.

The decrease in net profit was mainly due to the remeasurement of secured note liabilities, the company said.

During the second quarter, Seabridge said it invested CA$21.1 million in mineral interests, property, and equipment at its projects, compared to CA$12.6 million in the second quarter of 2024. As of June 30, 2025, net working capital was CA$103.1 million, compared to CA$37.8 million as of December 31, 2024.

As part of its management discussion and analysis for the quarter, the company noted that it continues to pursue a joint venture agreement for its massive KSM Project in British Columbia’s Golden Triangle with a suitable partner “on terms advantageous to the company, since it does not intend to build the full project or operate the project alone.”

“The company remains on track to meet its 2025 budget of CA$162.7 million for activities at KSM,” the discussion said. “In the first half of the year, CA$54.4 million was paid to BC Hydro for construction of the Treaty Creek switching station, CA$72.1 million for site capture and early works activities, CA$8 million for environmental and social spending, CA$23.8 million for technical and engineering, and CA$4.4 million for payroll and other holding and property costs. In the second half of 2025, the company will focus on advancing site capture, early works, and environmental programs.”

Analyst Michael Siperco with RBC Capital Markets wrote on August 13, “The key catalyst for Seabridge remains finding a senior partner to advance the large-scale KSM project toward a feasibility study and a construction decision, with a process currently underway (pending affirmation of substantially started status, hearing scheduled for September).”

The company has reported advancing discussions with several potential partners for the project. However, Siperco noted that the rest of the company’s portfolio, including advanced projects Iskut and Courageous Lake, offers growing optionality and potential as sources of eventual funding (beyond 2025). “Early work is continuing at KSM, … which we view as a world-class gold/copper project with strong leverage to higher metal prices,” he wrote.

Other highlights noted by the company in the report include that drilling at Iskut’s Snip North target has confirmed a significant copper-gold porphyry deposit and the 2025 exploration program at 3 Aces is underway.

The company also noted it has addressed petitions challenging the “substantially started” designation for KSM and that a key request to revoke certain tunnel rights for the project was denied.

Potential For ‘Entire Porphyry District’

Iskut is located just 30 kilometers by air from KSM. Drilling operations have been using three helicopter-portable drill rigs, with the goal of completing around 12,000 meters of core drilling to advance the Snip North discovery towards an initial resource estimate.

The CA$15 million campaign is fully funded and aims to delineate the copper-gold porphyry mineralization identified during the 2024 drilling season.

Jason Williams of Wealth Daily called Seabridge “something unique in the mining industry.”

“Last year’s discovery at Snip North has given us clear direction on where to focus to deliver new resources in this year’s program,” Chairman and Chief Executive Officer Rudi Fronk has said. “That’s our first priority.”

The company has said the systems at Iskut are comparable in size to the nearby KSM deposits, which have extensive strike lengths and significant width and depth dimensions.

“We are optimistic that this year’s work will confirm our view of the potential for an entire porphyry district which we had in mind when we acquired the Iskut project in 2016,” Fronk added.

A ‘Unique’ Co. in the Mining Industry

Jason Williams of Wealth Daily called Seabridge “something unique in the mining industry” in a piece on Streetwise Reports on August 7.

“It doesn’t actually extract gold. It simply owns vast quantities — exceeding 88 million ounces (Moz) of measured and indicated gold and over 65 Moz inferred just within its primary KSM project in British Columbia. This approach, combined with disciplined financial management, provides it with the highest gold ounces per share of any publicly traded company globally.” Williams added, “Despite never having produced an ounce, the market still assigns substantial value to those reserves. Why? Because in an environment starved for major gold discoveries, simply controlling the resource can suffice.” Williams noted that when gold prices increase, companies like Seabridge benefit “without needing to operate a single piece of equipment.”

In an updated research note on August 12, Cantor Fitzgerald Analyst Mike Kozak highlighted the results from Snip North at Iskut.

Kozak maintained the firm’s Buy rating, with a one-year price target of CA$46.

“Based on the drilling to date, a maiden resource of +1.5 Bt (billion tonnes) @ ~0.45 g/t Au (grams per tonne gold) and ~0.15% Cu (copper), containing ~20 Moz Au and ~5 Blb (billion pounds) Cu is potentially achievable (Cantor estimate) but subject to additional exploration results from the current 12,000-meter drill program,” wrote Kozak, who maintained the firm’s Buy rating with a one-year price target of CA$46.

Analyst Taylor Combaluzier with Red Cloud Securities also described the Snip North results as “positive.”

“All three holes successfully extended mineralization and returned broad intersections of porphyry-style mineralization with good grades,” noted Combaluzier, who upheld Red Cloud’s Buy rating with a price target of CA$56.95 per share, a 146% return as of August 13 when he wrote the update. “We also note that Seabridge remains on track to execute on one of its top objectives of delineating a maiden MRE at Snip North by Q1/26.”

The Catalyst: All Eyes on Fed

Gold prices declined in early trading on Wednesday, as a stronger dollar impacted market sentiment, reported Nishant Kumar for Mint on August 20. Investors were awaiting the minutes from the U.S. Federal Reserve’s recent policy meeting and Fed Chair Jerome Powell’s upcoming speech at the Jackson Hole symposium on Friday.

The focus was on the release of the FOMC’s July meeting minutes expected later Wednesday. Meanwhile, Powell’s speech at the Kansas City Federal Reserve’s Jackson Hole event is being closely monitored globally for insights into the U.S. central bank’s monetary policy direction amidst tariffs and a rapidly evolving geopolitical landscape. The Fed is anticipated to reduce rates by 25 basis points in September.

On the geopolitical front, the conclusion of the Russia-Ukraine conflict seems imminent.

According to Reuters, “Ukrainian President Volodymyr Zelenskiy hailed the White House talks as a ‘major step forward’ towards ending the war and setting up a trilateral meeting with Russian President Vladimir Putin and Trump.”[OWNERSHIP_CHART-700]

Experts are highlighting key MCX levels to watch, the author noted. Manoj Kumar Jain of Prithvifinmart Commodity Research advised against taking new positions in gold and silver ahead of the Fed meeting minutes.

Florian Grummes shared with Jeremy Szafron of Kitco News on July 29 that a significant breakout is on the horizon, and those who remain patient will see rewards.

“We’re in a crack-up boom overall,” stated Grummes, managing director of Midas Touch Consulting, during the interview with Kitco News. “That means everything will move higher because they destroy the purchasing power of your fiat money — whether it’s the euro, the dollar, or the Canadian dollar.”

Ownership and Share Structure

Refinitiv provided a breakdown of the company’s ownership and share structure, where management and insiders own approximately 3% of the company. According to Refinitiv, CEO and Chairman Rudi P. Fronk owns 1.22%.

Refinitiv reports that institutions own about 56% of the company. Friedberg Mercantile Group Ltd. owns 16.08%, Van Eck Associates Corp. owns 2.62%, Kopernik Global Investors L.L.C. owns 7.34%, and Paulson & Co. Inc. owns 2.06%.

According to Refinitiv, there are about 100.54 million shares outstanding, while the company has a market cap of CA$2.27 billion and trades in a 52-week range of CA$13.44 and CA$28.39.

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Important Disclosures:

1. Seabridge Gold Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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( Companies Mentioned: SEA:TSX; SA:NYSE.MKT, )

Source: https://www.streetwisereports.com/article/2025/08/20/gold-co-eyes-big-gains-in-bcs-golden-triangle.html