Past year: ▲ 14%(33.46 – 53.75 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2026business combination● NeutralMajor
Called a special meeting for 22 May 2026 to approve splitting the company in two: Courageous Lake and its January 2024 study would move to a new listed company, Valor Gold Corp, with Seabridge shareholders receiving Valor shares pro rata and Seabridge keeping only KSM. The board recommends it and argues each project gets better access to capital on its own - the end of the two-project structure the company has carried since the cached record begins.
19 Feb 2025capital raising announcement● NeutralMajor
Closed both halves of the February financing: US$80 million from the bought deal at US$12.25 and US$20 million from the strategic investor's placement on the same terms.
14 Feb 2025securities registration● NeutralMajor
Announced about US$100 million of equity - 6,540,000 shares at US$12.25 in a bought deal plus 1,640,000 shares to an unnamed strategic investor on the same terms for US$20 million - to pay BC Hydro for the KSM switching station, finish field data collection and start value engineering for a bankable feasibility study. The company said it had committed about $150 million of work at KSM for 2025 and described it as positioning the project for a future partnership.
27 Jan 2025capital raising announcement● NeutralMajor
Renewed the at-the-market programme for another US$100 million, this time with Cantor Fitzgerald and RBC as agents - the third such standing share-selling facility since 2021.
29 July 2024securities registration▲ GoodMajor
British Columbia granted KSM Mining ULC a 'substantially started' designation for KSM, which keeps the provincial environmental assessment certificate valid for the life of the project rather than letting it expire on a deadline. The single most durable thing Seabridge has obtained for a project it has still never built.
2 Apr 2024resource reserve update● NeutralMajor
A new Courageous Lake study cut the project to something buildable: 33.9 million tonnes of proven and probable reserves at 2.6 g/t for 2.8 million ounces, US$747 million of initial capital, after-tax value of US$523 million at a 5% discount, 20.6% return and a 2.8-year payback, with all-in sustaining costs of US$999 an ounce. The 2012 study had reported a 6.5 million ounce reserve at the same deposit, so the ounces in the mine plan have fallen by more than half even as the economics improved.
17 May 2023material agreement▲ GoodMajor
KSM Mining ULC agreed the principal terms of a royalty deal with Sprott: US$150 million (about C$200 million) in cash for a 1.2% net smelter royalty over KSM. The second time in fifteen months that Seabridge has sold a slice of KSM's future output rather than issuing shares, after the US$225 million silver-royalty note of February 2022.
9 Jan 2023capital raising announcement● NeutralMajor
Replaced the 2021 at-the-market programme with a new one of the same shape, up to US$100 million through Cantor Fitzgerald and B. Riley.
11 July 2022resource reserve update▲ GoodMajor
The 2022 prefeasibility study reshaped KSM into an all open-pit mine of Mitchell, East Mitchell and Sulphurets at 195,000 tonnes a day: proven and probable gold reserves up 22% to 47.3 million ounces, after-tax value at 5% up from US$1.5 billion to US$7.9 billion, return from 8.0% to 16.1%, payback down to 3.7 years, mine life cut from 53 to 33 years, and initial capital up from US$5.0 billion to US$6.4 billion. It mines about a quarter of the resource inventory and leaves out the copper-rich Kerr and Iron Cap deposits entirely.
15 Mar 2022material agreement▲ GoodMajor
KSM Mining ULC signed a facilities agreement with BC Hydro for the design and construction of hydro-powered electricity supply for KSM's construction phase - grid power for a project that still has no construction decision.
15 Mar 2022debt financing▲ GoodMajor
KSM Mining ULC, the subsidiary that holds KSM, sold Sprott Resource Streaming and Ontario Teachers' Pension Plan a US$225 million secured note that converts at maturity into a 60% gross silver royalty on the project, with Seabridge selling a contingent right alongside it. The money is for physical works aimed at winning a 'substantially started' designation, and it is the first large funding Seabridge has raised without issuing its own shares - the cost is paid in KSM's future silver, not in dilution.
22 Jan 2021capital raising announcement● NeutralMajor
Signed an at-the-market sales agreement with Cantor Fitzgerald and B. Riley allowing up to US$75 million of shares to be sold into the open market whenever the company chooses. A standing dilution tap rather than a discrete raise, and a new funding mode for a company that had until then issued in blocks.
4 Dec 2020capital raising announcement● NeutralMajor
A US$105 million bought deal - 6,100,000 shares at US$17.25 through Cantor Fitzgerald, with a 10% over-allotment and a 4% commission. Several times the size of any earlier raise in the cached record, whose largest was the C$30 million Royal Gold placement of 2011.
What it means for a shareholder
6.1m new shares at US$17.25 to raise about US$105m. That's 8.8% dilution: every existing holder's slice gets 8.8% smaller. If you held US$1,000 of shares (58 at the issue price), your slice goes from 0.0000913% to 0.0000833% of the company. To keep it you'd need 6 more shares - about US$104 at the issue price.
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19 Nov 2020resource reserve update▼ BadMajor
Refiled the KSM technical report with the 2020 economic assessment stripped out. Ontario Securities Commission staff accepted each study on its own but objected to publishing two mutually exclusive mine plans that use the same rock, and made Seabridge pick one; it kept the 2016 prefeasibility study because that is what the federal and provincial environmental approvals rest on. The headline 80% value uplift announced in April is no longer part of the filed record.
13 May 2020resource reserve update● Neutral
Filed the technical report backing the April announcement, carrying both the 2016 prefeasibility study and the 2020 preliminary economic assessment, within the 45 days the company had promised.
27 Apr 2020resource reserve update▲ GoodMajor
A new preliminary economic assessment for KSM built around a much larger Iron Cap block cave lifted the after-tax value at a 5% discount rate from US$3.4 billion to US$6.0 billion, the return from 10% to 14%, and cut payback from 6.4 to 4.0 years. KSM's resources by then stood at 50.4 million ounces of gold measured and indicated plus 56.9 million inferred, with 14.2 and 32.1 billion pounds of copper; the study leans on inferred material, and the 2016 prefeasibility study remained the governing plan.
30 Mar 2017capital raising announcement● NeutralMajor
Announced two bought deals at once: 1 million common shares for $14.3 million and a concurrent $20.0 million of flow-through shares, co-led by Canaccord and Cantor Fitzgerald, for KSM and the newly acquired Iskut project. Struck at $14.30 a share against the $8.10 the insiders paid in the November 2015 placement.
21 Nov 2016resource reserve update▲ GoodMajor
Filed the 2016 KSM prefeasibility update, which keeps a 53-year mine at 130,000 tonnes a day, puts total cost at US$673 an ounce of gold with a 6.8-year after-tax payback, and reports capital costs down and gold and copper reserves slightly up despite weaker metal prices. Filed alongside it is a separate preliminary economic assessment - a lower-confidence study - testing a smaller-pit, block-cave-led alternative.
22 Apr 2016capital raising announcement● NeutralMajor
Launched a cross-border share offering off the 2014 shelf, with size and price left to the marketing, alongside a firm C$10.8 million bought deal of 450,000 flow-through shares at C$24.08 - a 30% premium and nearly three times the $8.10 the insiders paid five months earlier. The flow-through money was earmarked for KSM and, if the pending SnipGold acquisition completed, the Iskut property.
3 Nov 2015drilling result▲ Good
The last two Deep Kerr holes of 2015 infilled around the year's step-outs and, with all five holes drilled there returning good gold and copper widths, Seabridge expects the resource to grow again.
2 Nov 2015capital raising announcement● NeutralMajor
Raised $14.6 million by selling 1.8 million shares at $8.10 directly to two of its largest shareholders, 1.5 million of them to Albert Friedberg's FCMI Parent Co, for general working capital rather than a specific program. The price keeps falling - $10.17 in April, $8.10 now - and this round came from insiders' pockets rather than a public book.
What it means for a shareholder
1.8m new shares at C$8.10 to raise about C$14.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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7 Oct 2015drilling result▲ Good
Two more step-out holes down-dip of Deep Kerr returned 340 metres at 0.53 g/t gold and 0.60% copper, again inside the area being evaluated for underground mining.
26 Aug 2015drilling result▲ Good
Hole K-15-49 cut 483 metres at 0.43 g/t gold and 0.56% copper some 400 metres below the known limit of Deep Kerr, inside the shape Seabridge is evaluating for block-cave underground mining.
4 Aug 2015regulatory community update▲ Good
A BioteQ pilot plant removed selenium from KSM water using the Selen-IX process, satisfying a condition of the British Columbia environmental assessment certificate KSM received on 30 July 2014.
28 July 2015drilling result▲ Good
First 2015 holes extended Mitchell 350 metres below the current reserve limit, cutting 174 metres at 0.55 g/t gold with 0.28% copper and 167 metres at 0.81 g/t gold with 0.25% copper, which Seabridge said supports extending the planned block cave downwards.
1 June 2015drilling progress report● Neutral
Drilling began on the 2015 program, whose main test is whether a high-grade core sits beneath the Mitchell deposit as it did beneath Kerr and Iron Cap.
12 May 2015drilling progress report● Neutral
Set the 2015 program to hunt a third core zone, this time beneath Mitchell, KSM's largest deposit, while more drilling at Deep Kerr and the Iron Cap Lower Zone would refine the block-cave shapes for underground mining.
7 Apr 2015capital raising announcement● NeutralMajor
Closed a $16.4 million flow-through bought deal, 1,610,000 shares at $10.17 including the full over-allotment. Each successive flow-through round since 2012 has been priced lower - $21.85, then $11.17, then $12.00, now $10.17 - so the same money costs more shares each time.
What it means for a shareholder
1.6m new shares at C$10.17 to raise about C$16.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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25 Mar 2015resource reserve update▲ GoodMajor
First resource for the Iron Cap Lower Zone, KSM's second core zone: 164 million tonnes inferred at 0.59 g/t gold and 0.27% copper. Between it and the Deep Kerr expansion, one year's drilling added 5.4 million inferred ounces of gold and 4.2 billion pounds of copper.
23 Mar 2015resource reserve update▲ GoodMajor
Deep Kerr's inferred resource grew 52% in a year to 782 million tonnes at 0.54% copper and 0.33 g/t gold - 8.2 million ounces of gold and 9.3 billion pounds of copper - up from 515 million tonnes and 5.9 million ounces in the maiden estimate of April 2014. All of it still inferred.
