Seabridge Gold (SEA) Q4 2024 earnings summary

Executive summary

• Focused on advancing and de-risking the KSM Project, the world’s largest undeveloped gold resource, through early construction, permitting, and Indigenous partnerships.

• Strategy centers on maximizing gold ownership per share, advancing projects to feasibility, and seeking joint ventures or asset sales rather than self-operating mines.

• Significant progress on ESG initiatives, Indigenous engagement, and sustainability reporting, with 2024 seeing major milestones in permitting and resource expansion.

Financial highlights

• Raised US$100 million in equity in early 2025 through a bought deal and private placement.

• Outstanding debt includes US$225 million (2022 Note) and US$150 million (2023 Note), both convertible to royalties on KSM upon maturity.

• As of March 26, 2025, 100,219,669 common shares outstanding.

• Audit fees for 2024 totaled $1.23 million.

Outlook and guidance

• 2025 focus: further feasibility data collection at KSM, limited early construction, and exploration at Iskut, 3 Aces, and Snowstorm.

• Actively seeking a joint venture or sale for KSM and Courageous Lake; timing uncertain and dependent on market and regulatory factors.

• Continued reclamation at Johnny Mountain Mine and ongoing ESG initiatives.