Seabridge Gold (SEA) AI Stock Analysis

• Market Cap: $4.02B
• Dividend Yield: N/A
• Average Volume (3M): 199.56K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.37
• Revenue Growth: N/A
• EPS Growth: -267.06%
• Country: CA
• Employees: 45
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.32
• Shares Outstanding: 104,346,725
• 10 Day Avg. Volume: 266,917
• 30 Day Avg. Volume: 199,556
• PEG Ratio: 0.00
• Price to Book (P/B): 1.73
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -12.08
• Enterprise Value/Market Cap: 1.11
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -99.06
• 1Y Price Target: $87.43
• Price Target Upside: 130.14% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): -0.24
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: C$47.00 ▲(23.72% Upside)

Score is held back primarily by weak financial performance (no revenue, persistent losses, and sizable negative free cash flow), despite a supportive technical uptrend and generally positive project-development/news flow that is tempered by legal risk.

Positive Factors

Project development pipeline (KSM, Iskut/Snip North)

Visible progress on large projects (KSM infrastructure milestones and renewable power tie-ins; Iskut/Snip North drilling targeting a maiden resource) materially reduces technical and development risk, raising the odds of partner interest or monetization over the next 2–6 months.

Asset-led value creation business model

Seabridge’s model focuses on building project value rather than operating mines, which is durable: successful de-risking and resource growth can unlock value through transactions or farm-outs, allowing capital-light growth if the company attracts partners or royalties.

Balance sheet equity cushion

A sizable equity base and expanded asset base give Seabridge financial headroom to continue exploration and technical studies without immediate distress, supporting project advancement and negotiation leverage with potential JV partners over the medium term.

Negative Factors

No revenue and persistent net losses

Absence of operating revenue leaves the company reliant on financing or asset transactions for funding. Persistent net losses steadily erode equity and investor optionality, increasing dependency on successful project monetizations to justify continued capital support.

Negative operating and free cash flow

Consistent operating cash burn and large negative free cash flow create structural funding needs. This forces reliance on external capital or asset sales, heightens dilution/refinancing risk, and constrains the firm’s ability to self-fund studies, permits, and development.

Rising debt and permitting/legal execution risk

Material increase in debt raises refinancing and interest-service risk while losses persist. Coupled with legal challenges around KSM tunnel authorizations, this amplifies execution risk: higher leverage reduces flexibility to absorb permitting delays or fund costly remediation.

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 Kerr-Sulphurets-Mitchell property and Iskut project located in British Columbia, Canada; Courageous Lake property situated in Northwest Territories, Canada; Snowstorm project located in the Nevada; and 3 Aces project located in the Yukon Territory. The company was formerly known as Seabridge Resources Inc. and changed its name to Seabridge Gold Inc. in June 2002. Seabridge Gold Inc. was incorporated in 1979 and is headquartered in Toronto, Canada.

How the Company Makes Money

Seabridge Gold makes money by increasing the value of its gold reserves through exploration and project development, aiming to sell or partner with larger mining companies for the actual mining operations. The company's revenue model largely depends on the appreciation of its asset value, which is achieved by demonstrating the potential profitability of its projects through exploration successes. Seabridge Gold's earnings can also be influenced by fluctuations in gold prices and strategic partnerships with other mining companies that may provide capital or expertise for project development. The company does not generate revenue from gold production, as it focuses on exploration and development rather than mining itself.

Seabridge Gold Financial Statement Overview

Summary

Weak fundamentals: no revenue reported in the periods provided, persistent and recently worsening losses (TTM net loss ~-$50.2M), and consistently negative operating cash flow. Balance sheet provides some cushion via a sizable equity base, but rising debt (~$584M TTM) and deeply negative free cash flow (TTM ~-$126.1M) keep funding risk elevated.

Income Statement

The company reports no revenue across the annual periods shown and in TTM (Trailing-Twelve-Months), which leaves profitability driven by expenses rather than operating scale. Losses are persistent and widening recently (net loss of about $31.2M in 2024 vs. ~$29.3M in 2023, and a larger ~$50.2M loss in TTM). Operating results remain negative (EBIT and EBITDA below zero throughout), indicating limited near-term earnings power and higher sensitivity to funding conditions; the main positive is that losses were meaningfully smaller in 2022 and included a modest profit in 2021, showing results can fluctuate but have deteriorated again.

Balance Sheet

The balance sheet is supported by a sizable equity base (equity rising to ~$1.06B in TTM from ~$0.84B in 2024), and total assets have expanded over time, which provides some financial cushion. However, leverage has increased materially versus earlier years: total debt is now ~$584M in TTM and debt-to-equity, while improved versus 2023, remains moderate at ~0.57 (vs. ~0.67 in 2024 and ~0.79 in 2023). With losses continuing, returns on equity are negative (about -4.9% in TTM), so the balance sheet strength is offset by ongoing value erosion if losses persist.

Cash Flow

Cash generation remains a key weak spot: operating cash flow is negative in every period shown (about -$10.1M in TTM and -$14.2M in 2024), meaning the business is not self-funding day-to-day costs. Free cash flow is deeply negative and volatile (about -$126.1M in TTM and -$120.5M in 2024, after a much worse -$251.7M in 2023), which points to continued cash burn and reliance on external capital. A relative positive is that free cash flow improved versus 2023 and TTM free cash flow growth is positive, but the absolute cash deficit remains large and persistent.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00
EBITDA	-44.88M	-21.25M	-17.06M	-22.66M	-18.76M	-16.53M
Net Income	-50.15M	-31.25M	-29.27M	-7.39M	895.00K	-14.94M
Balance Sheet
Total Assets	1.71B	1.45B	1.35B	1.10B	747.74M	647.82M
Cash, Cash Equivalents and Short-Term Investments	111.28M	55.22M	86.19M	131.54M	44.13M	41.26M
Total Debt	584.44M	563.90M	575.32M	265.17M	272.00K	248.00K
Total Liabilities	650.17M	609.72M	621.04M	355.09M	45.41M	33.10M
Stockholders Equity	1.06B	843.02M	729.92M	740.53M	702.33M	614.72M
Cash Flow
Free Cash Flow	-126.08M	-120.50M	-251.70M	-191.28M	-85.31M	-169.32M
Operating Cash Flow	-10.15M	-14.22M	-21.54M	-7.98M	-11.70M	-10.52M
Investing Cash Flow	-170.81M	-121.24M	-202.90M	-286.44M	-78.68M	-180.46M
Financing Cash Flow	232.11M	101.27M	260.45M	325.83M	84.56M	199.72M

Seabridge Gold Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 37.99
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SEA, the sentiment is Neutral. The current price of 37.99 is below the 20-day moving average (MA) of 44.46, below the 50-day MA of 41.71, and above the 200-day MA of 28.60, indicating a neutral trend. The MACD of 0.32 indicates Positive momentum. The RSI at 36.60 is Neutral, neither overbought nor oversold. The STOCH value of 9.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:SEA.

Seabridge Gold Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WDO	81 Outperform	C$3.35B	11.40	42.97%	―	69.33%	253.46%
CG	75 Outperform	$4.60B	9.88	18.39%	1.36%	3.93%	247.84%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AAUC	56 Neutral	C$5.33B	-93.47	-14.03%	―	49.65%	71.84%
MAU	54 Neutral	C$4.45B	-44.63	-48.70%	―	―	-53.84%
SEA	52 Neutral	$4.02B	―	-5.19%	―	―	-267.06%
SGD	49 Neutral	C$2.95B	-57.21	-50.94%	―	―	―

Seabridge Gold Corporate Events

Seabridge Gold Details Spin-Out of Courageous Lake Into Newly Listed Valor Gold

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 shareholder vote expected in June 2026. Valor intends to list on the Toronto Stock Exchange and the OTCQB Venture Market, with trading targeted to begin by the end of the second quarter of 2026, and will be capitalized with C$10 million in cash to fund work programs and corporate overhead, while being led by veteran mining executive Mark J. Ashley as CEO. The move is designed to give dedicated management and capital to one of Canada’s largest undeveloped gold projects, which hosts 11.0 million ounces of measured and indicated gold resources plus 3.3 million ounces inferred, including 2.8 million ounces of proven and probable reserves, potentially enhancing value for Seabridge shareholders by allowing Courageous Lake’s scale and exploration upside to be pursued independently of Seabridge’s flagship KSM project.

The most recent analyst rating on (TSE:SEA) stock is a Hold with a C$46.00 price target. To see the full list of analyst forecasts on Seabridge Gold stock, see the TSE:SEA Stock Forecast page.

Seabridge Gold Advances KSM, Spins Out Courageous Lake and Expands Iskut Discovery in 2025 Update

Seabridge Gold reported substantial 2025 progress at its KSM project, completing its largest-ever geotechnical drilling campaign and key construction milestones on the Treaty Creek Terminal switching station to connect the project to BC Hydro’s renewable power, while maintaining strong environmental performance and Indigenous engagement. Management continues to advance joint venture negotiations for KSM, although its self-imposed year-end partnership announcement target will be missed.

The company also unveiled a plan to spin out its Courageous Lake project into a new listed entity, Valor Gold, distributing shares to existing Seabridge investors so the sizeable high‑grade gold resource can be independently valued and advanced by its own management team. In parallel, aggressive drilling at the nearby Iskut Project’s Snip North discovery has confirmed a large porphyry system with extensive gold-copper mineralization, with a maiden resource estimate expected in early 2026, bolstering Seabridge’s resource base and reinforcing its strategy of enhancing gold resources per share while positioning KSM for permitting and eventual development with a future partner.

The most recent analyst rating on (TSE:SEA) stock is a Buy with a C$63.00 price target. To see the full list of analyst forecasts on Seabridge Gold stock, see the TSE:SEA Stock Forecast page.

Seabridge Gold to Spin Out Courageous Lake Project into Valor Gold

Seabridge Gold Inc. plans to spin out its Courageous Lake Gold Project into a new entity, Valor Gold, to unlock its value for shareholders. The Courageous Lake project, one of Canada’s largest undeveloped gold projects, will be advanced by Valor Gold through exploration and permitting, while Seabridge continues to focus on its KSM project. The spin-out is expected to highlight the project’s potential and provide more optionality for shareholders.

The most recent analyst rating on (TSE:SEA) stock is a Buy with a C$63.00 price target. To see the full list of analyst forecasts on Seabridge Gold stock, see the TSE:SEA Stock Forecast page.

Seabridge Gold Expands Snip North Deposit with Promising Drilling Results

Seabridge Gold announced promising results from its 2025 drilling campaign at the Snip North Deposit within the Iskut project, revealing a substantial and continuous gold and copper mineralization. The findings suggest a large porphyry Cu-Au system with mineralization extending over significant distances, indicating potential for a significant maiden resource estimate by early 2026. The mineralization remains open at depth and along strike, with potential for discovering higher-grade sources, which could enhance the company’s resource base and strengthen its position in the mining industry.

The most recent analyst rating on (TSE:SEA) stock is a Buy with a C$65.00 price target. To see the full list of analyst forecasts on Seabridge Gold stock, see the TSE:SEA Stock Forecast page.

Seabridge Gold’s KSM Mining Wins AME David Barr Award for Safety Leadership

Seabridge Gold’s subsidiary, KSM Mining ULC, has been awarded the AME David Barr Award for excellence in health and safety leadership and innovation in mineral exploration. This recognition highlights their efforts in fostering collaboration and enhancing emergency preparedness in British Columbia’s Golden Triangle region, showcasing their commitment to safety and community engagement.

The most recent analyst rating on (TSE:SEA) stock is a Buy with a C$40.00 price target. To see the full list of analyst forecasts on Seabridge Gold stock, see the TSE:SEA Stock Forecast page.