Seabridge Gold (SEA) Q1 2025 earnings summary

Executive summary

• Achieved net income of $10.6 million for Q1 2025, reversing a net loss of $8.2 million in Q1 2024, driven by gains on secured note remeasurement and higher interest income.

• Raised US$100.2 million through a bought deal and private placement in February 2025, significantly strengthening liquidity.

• Continued advancement of the KSM Project, including site capture, early works, and securing the Substantially Started designation, reducing project risk.

• Ongoing exploration at Iskut, 3 Aces, and Snowstorm, with 2025 budgets allocated for drilling and resource definition.

Financial highlights

• Net income of $10.6 million ($0.11 per share) in Q1 2025, compared to a net loss of $8.2 million ($0.09 per share) in Q1 2024.

• Cash and cash equivalents increased to $156.8 million at March 31, 2025, from $49.8 million at December 31, 2024.

• Secured note liabilities decreased to $556.4 million from $562.6 million sequentially, mainly due to discount rate changes and FX movements.

• Operating activities used $1.6 million cash; investing activities used $29.6 million; financing activities provided $138.2 million.

• Remeasurement gain on secured notes of $16.3 million through profit and loss, offset by a $7.1 million loss through OCI.

Outlook and guidance

• 2025 budget of $162.7 million for KSM, including $54.4 million for BC Hydro, $72.1 million for site works, and $23.8 million for technical/engineering.

• Iskut exploration budget set at $18.9 million, targeting a maiden resource at Snip North in Q1 2026.

• 3 Aces and Snowstorm exploration budgets are $7.4 million and $1.8 million, respectively.

• Actively seeking a joint venture partner for KSM and exploring additional funding alternatives.