Seabridge Gold (SEA) Q4 2024 earnings summary

Executive summary

• Achieved 'Substantially Started' designation for KSM Project, securing environmental approvals and reducing project risk; two legal petitions challenging this status are pending but have not affected the certificate's validity.

• Updated resource estimates at KSM (Iron Cap and Kerr) increased inferred gold by 5.9M oz and copper by 3.3B lbs; Courageous Lake PFS shows improved economics with a 73% higher after-tax NPV and 51% lower initial capital.

• Raised $75.9M through ATM equity offering and $25.5M via flow-through shares in 2024; completed a US$100M equity financing in February 2025 to fund ongoing activities.

• Continued early works and infrastructure at KSM, including power substation, roads, and fish habitat; advanced exploration at Iskut (23,000m drilled) and 3 Aces (7,600m drilled).

Financial highlights

• Net loss for 2024 was $31.2M (2023: $29.3M); loss per share remained $0.35.

• Cash and cash equivalents at year-end: $49.8M (2023: $82.4M); working capital of $37.8M.

• Remeasurement gain on secured note liabilities: $36.9M (2023: $29.7M loss); income tax expense of $11.4M (2023: $8.7M recovery).

• Cash used in investing activities: $121.2M (2023: $202.9M); cash from financing activities: $101.3M (2023: $260.5M).

Outlook and guidance

• Focus in 2025 on collecting data for KSM feasibility study, limited additional early construction, and continued BC Hydro power infrastructure work.

• Exploration at Iskut to target resource definition at Snip North; 3 Aces to focus on strike extension drilling; Snowstorm to deploy new geophysical technology.

• Budgeted 2025 spend: $163.5M at KSM, $18.9M at Iskut, $7.4M at 3 Aces, $0.8M at Courageous Lake.