Seabridge Gold (SEA) Q3 2026 earnings summary

Executive summary

• Q3 net income was C$6.7M versus a C$32.3M loss in Q3 2025; Q3 KSM investment was $102.3M versus $52.8M.

• 9M net income was C$117.6M versus a C$9.4M loss, including a C$151.7M gain on the Courageous Lake distribution.

• KSM feasibility work and infrastructure advanced; joint-venture discussions continued, with the Feasibility Study targeted for completion by end-2027.

Financial highlights

• Q3 basic and diluted EPS was C$0.06, versus a loss of C$0.32 in Q3 2025; 9M EPS was C$1.09, versus a loss of C$0.09 in 2025.

• No operating revenue; 9M KSM investment was $188.7M versus $52.8M in 9M 2025.

• 9M operating cash outflow was C$13.0M and investing cash outflow was C$155.3M, including C$145.0M for mineral interests, property and equipment.

• 9M corporate and administrative expenses were C$21.9M versus C$14.0M, including C$4.6M in spin-out costs.

Outlook and guidance

• KSM Feasibility Study work includes engineering, trade-off studies, environmental monitoring and technical studies; completion remains targeted for end-2027.

• 2027 field-program plans are being aligned with the preferred joint-venture partner; an early contractor engagement plan is in development.

• The Courageous Lake gold stream covers 10% of refined production in quarters when average gold prices reach at least US$4,000/oz; production commencement is forecast for 2033.

• Liquidity measures may include reducing or deferring discretionary spending, including KSM early works; operations and capital expenditures depend on external financing.