Gold-Copper Giant Faces Key Ruling Under BC's New Conservative Government

Source: Streetwise Reports 11/02/2026

A key ruling on Seabridge Gold Inc.’s (SEA:TSX; SA:NYSE) KSM gold-copper project will now be made under British Columbia’s new Conservative government, which has promised to cut red tape. Find out why one newsletter writer still recommends a core position in the stock.

Key Investor Takeaways

• British Columbia’s Conservatives won the October 24 election and promised to cut red tape, and the province’s reconsideration of Seabridge’s KSM project will now play out under the new government.
• KSM’s 2014 environmental certificate depends on the province’s finding that the project was substantially started by July 2024. A court ordered that the finding be reconsidered in June, and no decision date has been set.
• Red Cloud Securities said shorter, fixed permit timelines could benefit Seabridge at KSM, but that the outcome depends more on getting permits out on time than on repealing DRIPA.
• Seabridge said in late September that it expects to announce a KSM joint venture in the near future, and it arranged a US$100 million credit line in July.
• Newsletter writer Chris Temple recommends a “core” position in Seabridge, calling it a “non-expiring call option of sorts” on gold and copper.

New Government, Big Decision

A key regulatory decision for Seabridge Gold Inc.’s (SEA:TSX; SA:NYSE) KSM gold-copper project will now be made under a new provincial government, after British Columbia’s Conservatives won the October 24 election, their first provincial win since 1928, according to Reuters. Conservative leader Lorne Doerkson, who will become premier, promised to “cut red tape like it’s never been cut before.”

The timing matters for Seabridge. The province is reconsidering whether KSM was “substantially started” by July 2024, a finding that keeps the project’s 2014 environmental certificate valid. If that finding fails, Seabridge could face a new environmental review.

Seabridge Chair and CEO Rudi Fronk called the election result good news for the company, though he doesn’t expect a dramatic shift. “Clearly a conservative government tends to be better for businesses, so we think it’s a net positive,” he told Streetwise Reports.

Fronk said Seabridge had a very good relationship with the previous government and expects the same with the new one. “We welcome the ability of perhaps getting approvals quicker than we’ve seen in the past,” he said.

On the review, Fronk said the 90-day consultation window has now concluded, and Seabridge expects the province to make its reconsideration before year-end.

The Conservatives campaigned on legislated approval timelines, a single review per project, and exploration permit deadlines that match or beat other Canadian jurisdictions, according to Mining.com. In a note after the election, Red Cloud Securities said shorter, fixed permit timelines could benefit Seabridge at KSM.

“The change in tone is real and will lift sentiment quickly,” the firm wrote. But it added that success “depends less on repealing DRIPA than on whether the new government can get permits out on time,” referring to the province’s Declaration on the Rights of Indigenous Peoples Act, which the Conservatives have pledged to repeal.

Where KSM Stands

KSM, in British Columbia’s Golden Triangle, is one of the world’s largest undeveloped gold-copper projects, and Seabridge says it has invested more than CA$1.4 billion in it. The project received its provincial environmental assessment certificate in 2014.

Although the province designated KSM as “Substantially Started” in July 2024, that finding is being reconsidered following a court ruling and remains in force during the process.

In June, the B.C. Supreme Court found the determination reasonable but ruled that the Environmental Assessment Office had not adequately consulted the Tsetsaut Skii km Lax Ha (TSKLH). The court ordered a further 90-day consultation period, after which the province must reconsider the designation.

That consultation closed September 28. Seabridge will have an opportunity to respond to TSKLH’s submissions, after which the Environmental Assessment Office will draft a report for review by the parties before the decision-maker reconsiders the designation. Seabridge said it expects the reconsidered decision in the fourth quarter of 2026, although no specific decision date has been announced.

Seabridge is also closing in on a partner to help build the project. At the Denver Gold Forum in late September, the company said it expects to announce a KSM joint venture “in the near future,” according to Basis Report. It has not named a partner.

A Political Shift in Victoria

The election ends nine years of New Democratic Party government in British Columbia. The Conservatives led in 63 of 93 ridings in preliminary results, with the NDP at 28 and the Greens at two, according to Mining.com. Final counting is set for November 6.

Doerkson, the party’s interim leader, has said he will “supercharge” the province. The party’s platform centers on energy, with pledges to double natural gas production by 2032, end emissions limits, and replace the carbon tax framework, according to Reuters.

“The magnitude of its copper and gold resources/proven reserves at KSM are world-leading,” said Chris Temple.

For mining, it promised to expand the Mining Exploration Tax Credit and set fixed timelines for operating permits and mine-life extensions.

The industry welcomed the result. “British Columbians have elected a government that has made mining a priority,” said Todd Stone, president and CEO of the Association for Mineral Exploration. But the association said it would prefer amendments to DRIPA over repeal, and the First Nations Leadership Council urged the new government to keep the law, which it says provides a framework for reconciliation and certainty. Red Cloud noted that repeal would not remove the constitutional duty to consult, which is what the court found lacking in KSM’s case.

Cash, Tunnels, and Wyoming

Seabridge arranged a US$100 million unsecured credit line in July to fund this summer’s work at KSM, including road building and data collection for feasibility-level design, according to Mining.com. The financing also gives the company flexibility as it looks for a partner. Separately, British Columbia has delayed a decision on permit amendments for the Mitchell-Treaty Tunnels, which would cross approximately 12.5 kilometers of mineral claims owned by Tudor Gold Corp. (TUD:TSXV). The delay stems from a legal dispute over whether Seabridge’s conditional mineral reserve for the tunnels applies to Tudor’s pre-existing claims.

In October, Seabridge also agreed to acquire a 100% interest in the Slaughterhouse copper-gold project in southern Wyoming from Orogen Royalties Inc. (OGN:TSXV; OGNNF:OTCQX), according to a company release.

The election comes as exploration in British Columbia is already running hot. Exploration spending in the province hit a record CA$751 million in 2025, up 36%, and copper overtook gold as the top target for the first time, according to EY. Since April, the province has also had fixed timelines of 40 to 140 days for exploration permits, according to a B.C. government release.

Newsletter Writer Holds a ‘Core’ Position

Chris Temple of The National Investor counts Seabridge among his current “core” recommendations, and maintains an “accumulate” rating on the stock as of this date. Though he advised his members to sell part of their position (which had more than quadrupled since his present position recommendation) a while back to shelter some profits from the correction, he maintains that Seabridge longer-term, is one of the most attractive equities to take advantage of the underlying, secular bullish moves for both gold and copper.

“The magnitude of its copper and gold resources/proven reserves at KSM are world-leading,” Temple told Streetwise Reports.

Analysts are also watching KSM’s next steps. RBC Capital Markets analyst Josh Wolfson reiterated his Buy rating and CA$100.6 target on September 15, according to TipRanks.

On August 20, Stonegate Capital Partners analyst Dave Storms wrote that progress on KSM ownership and financing matters more to the stock than resource growth. He called a joint venture the next major catalyst and set a US$72.28 target. B. Riley Securities analyst Soundarya Iyer rated Seabridge a Buy on August 3, with a CA$56.25 target, down from CA$91.40, according to TipRanks.

Seabridge’s newest project is drawing attention as well. Writing for The Deep Dive on October 13, Jay Lutz noted southern Wyoming’s century-long history of copper and gold production. He highlighted Proud Peak, where a dense geophysical body more than 2 kilometers long sits beneath iron-rich alteration, and noted that Seabridge has yet to disclose a work program or budget.

Two Metals, One Bet

Gold has held its ground through a volatile year, and some analysts see room to climb from here. Spot gold traded at about US$4,050 an ounce on the morning of October 28, ahead of the U.S. Federal Reserve’s rate decision, according to a Reuters report on Kitco. That leaves the metal well above where it traded just a few years ago, even after it pulled back from January’s record. A Reuters survey found that analysts expect gold to recover in 2027.

The near-term setup could turn in gold’s favor. Rising oil prices have fed worries that the Fed will stay hawkish, but independent analyst Nikos Tzabouras said that could reverse quickly. “Should PCE come in soft and the Fed fall short of hawkish expectations, bullion could push higher,” he said, referring to the personal consumption expenditures inflation data due Thursday.

Longer-term buyers haven’t left. Central banks and other institutions added 288.9 tonnes of gold in Q2, a 62% jump from a year earlier, according to World Gold Council figures reported by Upstox. Bank of America has said US$5,000 an ounce is within reach once the Fed finishes tightening, according to Reuters.

For Seabridge, gold is only half the story. Copper traded at about US$6.61 a pound on October 28, close to September’s record and up about 28% from a year earlier, according to Trading Economics.

With both metals near historic highs, a project the size of KSM gives investors exposure to each, which is the “call option” Temple describes.

What does the B.C. election mean for Seabridge?

The Conservatives campaigned on legislated approval timelines and a single review per project, and leader Lorne Doerkson promised to “cut red tape like it’s never been cut before.” The province’s reconsideration of KSM’s substantially started finding will now be decided under the new government. Red Cloud Securities said faster permitting could benefit KSM, but the court’s concern in KSM’s case was the constitutional duty to consult, which repealing DRIPA would not remove.

Where does the KSM review stand?

The B.C. Supreme Court ordered the province in June to reconsider its 2024 finding that KSM was substantially started, after finding the province hadn’t adequately consulted the Tsetsaut Skii km Lax Ha. That consultation closed September 28. Next, Seabridge responds, the Environmental Assessment Office drafts a report, the parties review it, and a decision-maker reconsiders the designation. No decision date has been set.

Why does the substantially started finding matter?

It keeps KSM’s 2014 environmental certificate valid. If the finding fails, Seabridge could face a new environmental review.

Does KSM have First Nations support?

The Nisga’a and Tahltan Nations support KSM and a renewed designation. In August, the Gitxsan Huwilp Government withdrew its 2013 letter of support for the project’s environmental assessment in solidarity with the Tsetsaut Skii km Lax Ha.

Is Seabridge close to finding a partner for KSM?

At the Denver Gold Forum in late September, the company said it expects to announce a KSM joint venture in the near future. It has not named a partner.

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Important Disclosures:

1. Seabridge Gold Inc. is a billboard sponsor of Streetwise Reports. The company pays a monthly sponsorship fee of US$3,000–US$6,000 for banner advertising and an enhanced company profile page. Streetwise Reports’ editorial content is fully independent and is not influenced by sponsorship.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Seabridge Gold Inc. and Orogen Royalties.
3. 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, )

Source: https://www.streetwisereports.com/article/2026/11/02/gold-copper-giant-faces-key-ruling-under-bc-apos-s-new-conservative-government.html