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Seabridge Gold (SEA) investor relations material

Seabridge Gold Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary2 Sep, 2025

Executive summary

  • Net earnings of $12.3 million for Q2 2025 and $22.9 million for the first half, down from $45.2 million and $37.1 million in 2024, mainly due to remeasurement losses on secured notes and higher metal prices.

  • Cash and cash equivalents rose to $121.4 million, driven by US$100.2 million in equity financings and a $30.5 million flow-through financing.

  • Major investments focused on advancing the KSM Project, with $54.4 million paid to BC Hydro and $72.1 million for site capture and early works.

  • The company remains on track with 2025 budgets for all major projects and continues to seek a joint venture partner for KSM.

Financial highlights

  • Revenue is not reported; net earnings for Q2 2025 were $12.3 million ($0.12/share), and $22.9 million ($0.23/share) for H1 2025.

  • Cash used in operating activities was $5.2 million for H1 2025, down from $8.6 million in 2024.

  • Cash used in investing activities was $90.2 million, mainly for mineral interests and BC Hydro prepayments.

  • Cash from financing activities totaled $168.0 million, reflecting new equity and flow-through financings.

  • Secured note liabilities increased to $575.9 million, reflecting higher metal prices and revaluation.

Outlook and guidance

  • KSM Project: Focus on site capture, early works, and technical studies to support a future bankable feasibility study; 2025 budget of $162.7 million.

  • Iskut: 8,000–12,000 meter drill program underway, aiming for a maiden resource at Snip North in Q1 2026.

  • 3 Aces: 2,500 meters of drilling planned; $7.4 million budget.

  • Snowstorm: Continued evaluation and new technology deployment; $1.8 million budget.

  • Courageous Lake: Maintain permits and community relations; $0.8 million budget.

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Frequently asked questions

Seabridge Gold Inc. is a company that specializes in the acquisition, exploration, and development of gold and other mineral deposits primarily in North America. It owns and operates several projects, including the Kerr-Sulphurets-Mitchell (KSM), Iskut, 3 Aces, and Courageous Lake projects, as well as the Snowstorm project in Nevada. Seabridge Gold Inc. is headquartered in Toronto, Canada, and its shares are listed on the Toronto Stock Exchange and on the New York Stock Exchange.

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