Seabridge Gold (SEA) Q4 2024 earnings summary

Executive summary

• Achieved Substantially Started designation for KSM, removing expiry risk for its Environmental Assessment Certificate; two legal petitions challenge this but management views risk as remote.

• Updated Courageous Lake PFS shows 73% higher after-tax NPV, 51% lower initial capex, and 38% more gold resources versus 2012.

• Advanced site capture and early works at KSM, including major power infrastructure and environmental programs.

• Closed US$100.2M equity financing in Feb 2025 and raised $75.9M via ATM in 2024 to fund ongoing projects.

• No significant environmental or safety incidents reported; continued focus on sustainability and Indigenous engagement.

Financial highlights

• Net loss of $31.2M for 2024 ($0.35/share), compared to $29.3M loss in 2023; loss driven by non-cash remeasurement of secured notes and higher admin expenses.

• Remeasurement gain on secured note liabilities of $36.9M (2023: $29.7M loss); $34.2M gain through OCI (2023: $84.4M loss).

• Cash used in operating activities: $14.2M (2023: $21.5M); investing activities: $121.2M (2023: $202.9M); financing activities: $101.3M (2023: $260.5M).

• Cash and equivalents at year-end: $49.8M (2023: $82.4M); mineral interests, property & equipment: $1.25B (2023: $1.13B).

• Secured note liabilities: $562.6M (2023: $573.9M); working capital: $37.8M (2023: $54.5M).

Outlook and guidance

• 2025 KSM budget: $163.5M, including $54.4M for BC Hydro, $72.1M for site works, $8.0M for environmental/social, $24.1M for technical/other.

• Iskut: $18.9M planned spend, including $13.4M for exploration and $5.5M for environmental and other costs.

• 3 Aces: $7.4M budgeted for 2025, focused on resource definition drilling.

• Courageous Lake: $0.8M budget for 2025, mainly for PFS update.

• Financing secured for 2025 programs via recent equity raises and ATM facility.