Seabridge Gold (SEA) Q2 2024 earnings summary

Executive summary

• Net profit of $45.2 million ($0.51 per share) for Q2 2024, up from $9.0 million ($0.11 per share) in Q2 2023, mainly due to gains on remeasurement of secured note liabilities.

• $30.1 million invested in mineral interests, property, and equipment during Q2 2024, down from $66.2 million in Q2 2023.

• Net working capital at June 30, 2024 was $45.1 million, compared to $54.5 million at December 31, 2023.

Significant events and developments

• KSM project received "Substantially Started" designation from the BC Government.

• 2023 sustainability report filed and available on company website.

• First mineral resource estimate completed for Bronson gold-copper deposit.

Segment performance

• $12 million, 15,000-meter drill program underway at Iskut.

• $6 million, 8,000-meter drill program underway at 3 Aces.

• Ongoing work and partnership discussions at KSM.