Seabridge Gold (SEA) Q3 2024 earnings summary

Executive summary

• KSM License of Occupation renewed for 20 years, supporting long-term project development.

• Promising drill results reported at Iskut's Snip North target, indicating exploration success.

• 2024 exploration at 3 Aces focused on target evaluation.

Financial highlights

• Net loss of $27.6 million ($0.31/share) for Q3 2024, compared to $5.3 million ($0.06/share) in Q3 2023.

• Non-cash loss of $42.0 million from secured notes remeasurement impacted results.

• $28.0 million invested in mineral interests, property, and equipment, down from $73.7 million year-over-year.

• Net working capital at $36.0 million as of September 30, 2024, versus $54.5 million at December 31, 2023.

Significant events and developments

• Gold prices reached an all-time high during the period.

• Ongoing work and partnership discussions at KSM project.