Seabridge Gold (TSE:SEA)
TSX:SEA
Top Page
Seabridge Gold
(TSX:SEA)
Select Model
Select Model
Rating:44Neutral
Price Target:
C$43.00
▼(-2.32% Downside)
Action:ReiteratedDate:03/28/26
The score is held down primarily by weak financial performance (no revenue, persistent losses, and ongoing cash burn that suggests continued funding needs) and bearish technical momentum (price below key moving averages and negative MACD). Valuation contributes little support because the negative P/E reflects losses and there is no dividend yield provided.
Positive Factors
Large, fully owned project asset
Seabridge’s wholly owned KSM (plus Iskut and other properties) gives durable strategic optionality. Ownership of large, North American gold/copper projects reduces sovereign risk and preserves multiple monetization paths (JV, sale, partner-funded development) as value catalysts over the medium term.
Negative Factors
Deep negative free cash flow
Persistently large negative free cash flow requires ongoing external financing or asset sales to fund operations and project work. Over the medium term, this creates dilution or increased leverage risk, pressures on staging project timelines, and dependence on capital markets or partners to sustain development.
Read all positive and negative factors
Positive Factors
Negative Factors
Large, fully owned project asset
Seabridge’s wholly owned KSM (plus Iskut and other properties) gives durable strategic optionality. Ownership of large, North American gold/copper projects reduces sovereign risk and preserves multiple monetization paths (JV, sale, partner-funded development) as value catalysts over the medium term.
Read all positive factors
Seabridge Gold (SEA) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.60B
Dividend YieldN/A
Average Volume (3M)248.99K
Price to Earnings (P/E)―
Beta (1Y)2.76
Revenue GrowthN/A
EPS Growth-267.06%
CountryCA
Employees45
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.42
Shares Outstanding107,373,184
10 Day Avg. Volume383,341
30 Day Avg. Volume248,987
Financial Highlights & Ratios
PEG Ratio-1.50
Price to Book (P/B)3.65
Price to Sales (P/S)0.00
P/FCF Ratio-26.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$98.27Price Target Upside123.24% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.19
Revenue Forecast (FY)N/A
Seabridge Gold Business Overview & Revenue Model
Company Description
Seabridge Gold Inc., together with its subsidiaries, engages in the acquisition and exploration of gold properties in North America. The company also explores for copper, silver, molybdenum, and rhenium deposits. Its principal projects are the Ker...
How the Company Makes Money
Seabridge Gold does not primarily generate revenue from selling metals because it is generally a pre-production exploration and development company and does not typically operate producing mines. Its business model is to create value by (1) acquir...
Seabridge Gold Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
52
Neutral
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -232.00K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -21.97M | -21.25M | -17.06M | -22.66M | -18.76M |
| Net Income | -53.17M | -31.25M | -29.27M | -7.39M | 895.00K |
Balance Sheet | |||||
| Total Assets | 1.86B | 1.45B | 1.35B | 1.10B | 747.74M |
| Cash, Cash Equivalents and Short-Term Investments | 126.28M | 55.22M | 86.19M | 131.54M | 44.13M |
| Total Debt | 599.96M | 563.90M | 575.32M | 265.17M | 272.00K |
| Total Liabilities | 733.94M | 609.72M | 621.04M | 355.09M | 45.41M |
| Stockholders Equity | 1.12B | 843.02M | 729.92M | 740.53M | 702.33M |
Cash Flow | |||||
| Free Cash Flow | -152.43M | -120.50M | -251.70M | -191.28M | -85.31M |
| Operating Cash Flow | -15.46M | -14.22M | -21.54M | -7.98M | -11.70M |
| Investing Cash Flow | -187.94M | -121.24M | -202.90M | -286.44M | -78.68M |
| Financing Cash Flow | 272.19M | 101.27M | 260.45M | 325.83M | 84.56M |
Seabridge Gold Technical Analysis
Positive
44.02
Price Trends
43.42
Positive
42.10
Positive
34.38
Positive
Market Momentum
-0.56
Negative
57.64
Neutral
92.85
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SEA, the sentiment is Positive. The current price of 44.02 is above the 20-day moving average (MA) of 39.52, above the 50-day MA of 43.42, and above the 200-day MA of 34.38, indicating a bullish trend. The MACD of -0.56 indicates Negative momentum. The RSI at 57.64 is Neutral, neither overbought nor oversold. The STOCH value of 92.85 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:SEA.
Seabridge Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | C$4.30B | 9.79 | 44.53% | ― | 69.33% | 253.46% | |
74 Outperform | C$5.17B | 4.96 | 31.90% | 1.36% | 3.93% | 247.84% | |
63 Neutral | C$5.41B | -50.89 | -14.04% | ― | 49.65% | 71.84% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
49 Neutral | C$2.29B | -15.46 | -64.06% | ― | ― | ― | |
44 Neutral | C$4.60B | -77.21 | -5.07% | ― | ― | -267.06% | |
43 Neutral | C$5.96B | -69.91 | -61.95% | ― | ― | -53.84% |
* Basic Materials Sector Average
TSE:SEA
Seabridge Gold
44.02
28.94
191.91%
TSE:WDO
Wesdome Gold Mines
28.05
11.80
72.62%
TSE:CG
Centerra Gold
26.25
17.91
214.67%
TSE:MAU
Montage Gold Corp.
16.35
13.01
389.52%
TSE:SGD
Snowline Gold Corp.
13.03
5.58
74.90%
TSE:AAUC
Allied Gold Corporation
43.40
28.55
192.26%
Seabridge Gold Corporate Events
Business Operations and StrategyFinancial Disclosures
Seabridge Gold Lifts KSM Resource Estimates on Higher Metal Price Assumptions
Positive
Mar 31, 2026
Seabridge Gold has updated mineral resource estimates for its KSM project in British Columbia, using higher metal price assumptions and revised cost parameters that align with those commonly used by major mining companies. The new pricing deck inc...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Seabridge Gold Posts Wider 2025 Loss but Boosts Investment and Advances Project Spin-Out
Neutral
Mar 27, 2026
Seabridge Gold has filed its 2025 Annual Information Form, audited financial statements, and MDA, reporting a widened net loss of $53.2 million versus $31.2 million a year earlier. The loss was driven largely by a non-cash $60.1 million remeasurem...
Business Operations and StrategyLegal Proceedings
Seabridge Gold Clears Legal Hurdle as Tudor Drops Appeal Over KSM Tunnel Rights
Positive
Mar 19, 2026
Seabridge Gold has secured a legal win for its flagship KSM project after Tudor Gold abandoned its appeal to the Supreme Court of British Columbia over the Chief Gold Commissioner’s decision regarding the Mitchell Treaty Tunnels. The Commiss...
Business Operations and Strategy
Seabridge Gold Sets 2026 Agenda to Advance KSM, Spin Out Courageous Lake
Positive
Mar 10, 2026
Seabridge Gold has outlined 10 corporate, project, ESG, exploration and safety objectives for 2026, tying them to management and employee incentive pay as part of its long-standing annual “report card” practice. The plan centers on sec...
Business Operations and Strategy
Seabridge Gold Posts Strong Metallurgical Results at Snip North to Support Maiden Resource
Positive
Mar 2, 2026
Seabridge Gold reported strong initial metallurgical test results from its Snip North deposit, part of the 100% owned Iskut gold‑copper project in British Columbia’s Golden Triangle. Testing on drill-core and composite samples showed t...
Business Operations and StrategyExecutive/Board Changes
Seabridge Gold Reshapes Finance Leadership Ahead of KSM Joint Venture Push
Positive
Feb 12, 2026
Seabridge Gold announced that long-serving Chief Financial Officer Chris Reynolds will retire effective March 31, 2026, after overseeing the 2025 audit and annual filings, marking the end of a 15-year tenure defined by stronger financial reporting...
Business Operations and Strategy
Seabridge Gold Updates Investors on 2025 Corporate Objectives
Positive
Feb 10, 2026
Seabridge Gold has released its 2025 corporate objectives report, continuing a more than 20-year practice of setting annual targets and publishing a year-end “report card” on its performance. For 2025, the company established 16 specif...
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesM&A TransactionsShareholder Meetings
Seabridge Gold Details Spin-Out of Courageous Lake Into Newly Listed Valor Gold
Positive
Jan 21, 2026
Seabridge Gold plans to spin out its 100% interest in the Courageous Lake gold project into a new company, Valor Gold Corp., with all Valor shares to be distributed to Seabridge shareholders via a court-approved plan of arrangement, subject to a s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.