Seabridge Gold (NYSE: SA) filed its 2025 Annual Information Form, audited consolidated financial statements and MD&A for the year ended December 31, 2025. The company reported a net loss of $53.2 million ($0.53/share) and invested $137.0 million in mineral interests, property and equipment in 2025.
At December 31, 2025, adjusted net working capital was $109.8 million. The 2025 loss included a $60.1 million non-cash remeasurement loss on U.S. dollar Secured Notes. Management proposed a spin-out of Courageous Lake into Valor Gold Corp. and advanced the BC Hydro switching station for KSM.
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Positive
Net working capital of $109.8 million at December 31, 2025
Capital investment of $137.0 million in mineral interests, property and equipment in 2025
BC Hydro switching station advanced toward completion for KSM
Proposed spin-out of Courageous Lake to Valor Gold Corp. for shareholder distribution
Negative
Net loss of $53.2 million ($0.53 per share) in 2025 versus $31.2 million in 2024
$60.1 million non-cash remeasurement loss on U.S. dollar Secured Notes in 2025
Secured Note fair-value volatility driven by market interest rates and metal prices (unrealized)
Key Figures
Net loss 2025:$53.2 millionEPS 2025:$0.53 per shareNet loss 2024 period:$31.2 million+5 more
8 metrics
Net loss 2025$53.2 millionYear ended December 31, 2025
EPS 2025$0.53 per shareNet loss per share, 2025
Net loss 2024 period$31.2 millionPrevious 12-month period net loss
Investment in mineral interests$137.0 millionMineral interests, property and equipment in 2025
Investment 2024$106.3 millionMineral interests, property and equipment in 2024
Net working capital 2025$109.8 millionAt December 31, 2025 (excluding spin-out assets/liabilities)
Non-cash remeasurement loss$60.1 millionLoss from remeasurement of Secured Note liabilities in 2025
Flow-Through share premium$6.9 millionPremium excluded from 2024 net working capital comparison
Market Reality Check
Price:$26.31Vol:Volume 1,214,542 vs 20-da...
normal vol
$26.31Last Close
VolumeVolume 1,214,542 vs 20-day average 1,256,171 (relative volume 0.97) suggests typical trading interest into this filing.normal
TechnicalPrice at 25.15, trading above the 200-day MA of 24.3 despite a -4.41% daily move.
Peers on Argus
SA fell 4.41% while peers were mixed: ARMN up 1.38%, CGAU up 0.87%, DRD down 0.3...
2 Up
SA fell 4.41% while peers were mixed: ARMN up 1.38%, CGAU up 0.87%, DRD down 0.37%, CNL down 0.21%, IAUX down 2.21%. Momentum scanner shows CNL and GROY up ~2.68–2.96% without news, pointing to stock-specific pressure in SA.
Publication of 2025 corporate objectives report card and project overview.
Pattern Detected
Recent history shows several instances where shares weakened on objectively positive or neutral updates, suggesting a tendency toward cautious or selling reactions around news.
Recent Company History
Over the past few months, Seabridge has issued a series of project and corporate updates. A legal win on the KSM Mitchell Treaty Tunnels on Mar 19, 2026 and strong Snip North metallurgical results on Mar 2, 2026 both saw modest to sharp negative price reactions. Management changes announced on Feb 12, 2026 also coincided with a notable decline. More routine corporate objective updates on Feb 10 and Mar 10 produced small positive moves. Against this backdrop, the wider 2025 loss detailed in the new filing arrived with the stock already trading 37.21% below its 52-week high but well above its 52-week low.
Market Pulse Summary
This announcement provides the formal 2025 Annual Information Form, audited financials, and MD&A, de...
Analysis
This announcement provides the formal 2025 Annual Information Form, audited financials, and MD&A, detailing a larger net loss of $53.2 million and significant $137.0 million investment in mineral interests, property and equipment. It also explains a non-cash $60.1 million remeasurement loss on U.S. dollar Secured Notes under IFRS. Investors reviewing this type of filing typically focus on liquidity, highlighted by $109.8 million in net working capital, project spending trends, and how these align with previously disclosed objectives and spin-out plans for Courageous Lake.
Key Terms
annual information form, management's discussion and analysis, form 40-f, sedar+, +4 more
8 terms
annual information formregulatory
"has filed its Annual Information Form, Audited Consolidated Financial Statements"
A company's annual information form is a comprehensive regulatory filing that lays out its business description, key assets, risks, legal matters and other background details shareholders need to understand the company’s operations. Think of it as a detailed owner’s manual or dossier that supplements financial statements, helping investors do deeper homework on how the business works and what could affect its future performance.
management's discussion and analysisfinancial
"Audited Consolidated Financial Statements and Management's Discussion and Analysis for the year"
Management's discussion and analysis (MD&A) is a section in a company’s regulatory filings where company leaders explain recent results, trends, risks, and the plans behind their numbers in plain language. It matters to investors because it offers management’s view of what drove performance and what could affect future results — like a coach explaining the game plan and potential challenges — helping investors judge whether the company’s story and strategy are credible.
form 40-fregulatory
"Seabridge's Form 40-F will be filed shortly with the SEC on EDGAR"
A Form 40-F is a standardized annual filing used by certain Canadian companies that trade in U.S. markets to give U.S. regulators and investors the same core financial statements and key disclosures they file in Canada. Think of it as a translated, formally packaged annual report that lets investors in a different marketplace compare a company’s results, governance and risks more easily, which reduces uncertainty and helps investment decisions.
sedar+regulatory
"for the year ended December 31, 2025 on SEDAR+ (https://www.sedarplus.ca/home/)"
SEDAR+ is Canada’s centralized online system where publicly traded companies submit required regulatory documents such as financial reports, prospectuses and disclosure statements. It gives investors a single, searchable place — like a public library or online filing cabinet — to check a company’s official records for transparency, compare performance, and verify material information before making investment decisions.
edgarregulatory
"filed shortly with the SEC on EDGAR (www.sec.gov/)."
EDGAR is a system used by companies to share important financial and business information with the public. It functions like an online filing cabinet where investors can access official reports and documents that help them understand a company's financial health and operations. This transparency allows investors to make more informed decisions, much like checking a company's report card before investing.
ifrsregulatory
"Under IFRS, remeasurement of the Secured Note liabilities, result in changes"
International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.
secured notefinancial
"loss associated with the remeasurement of the Secured Note liabilities that are denominated"
A secured note is a loan-like obligation where the borrower pledges specific assets as a guarantee, so if they fail to pay, the lender can seize those assets to recover money owed. For investors, this matters because the pledged assets lower the risk of losing principal compared with unsecured debt, usually leading to clearer recovery prospects and often a different interest rate and priority in repayment if the borrower faces financial trouble.
royaltiesfinancial
"structured to be exchanged into royalties at KSM upon commercial production."
Payments made to the owner of an asset or intellectual property each time that asset is used or a product is sold, often calculated as a percentage of sales or a set amount per unit. Royalties matter to investors because they create predictable, ongoing income streams and affect a company’s cash flow and valuation—like a landlord collecting rent or an author getting a steady cut whenever a book is sold.
AI-generated analysis. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - March 26, 2026) - Seabridge Gold (TSX: SEA) (NYSE: SA) has filed its Annual Information Form, Audited Consolidated Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2025 on SEDAR+ (https://www.sedarplus.ca/home/). These documents are also available on the Company's website at https://www.seabridgegold.com/investors/financial-reports. Seabridge's Form 40-F will be filed shortly with the SEC on EDGAR (www.sec.gov/). The Company's Shareholders may, upon written request, receive a hard copy of the Company's complete 2025 audited consolidated financial statements free of charge.
During the year ended December 31, 2025, Seabridge posted a net loss of $53.2 million ($0.53 per share) compared to a net loss of $31.2 million ($0.35 per share) for the previous 12-month period. During 2025, Seabridge invested $137.0 million in mineral interests, property and equipment compared to $106.3 million in 2024. Excluding assets and liabilities held for distribution related to the spin-out of our Courageous Lake Project, at December 31, 2025, net working capital was $109.8 million compared to $44.8 million (excluding $6.9 million Flow-Through share premium) at December 31, 2024.
The reported net loss for 2025 was mostly due to a non-cash $60.1 million loss associated with the remeasurement of the Secured Note liabilities that are denominated in U.S. dollars and structured to be exchanged into royalties at KSM upon commercial production. Under IFRS, remeasurement of the Secured Note liabilities, result in changes in the fair value at each reporting date, due to changes in input variables such as market interest rates and metal prices. However, these changes in fair value are unrealized. The Secured Notes will either be put back to the Company at the prescribed amount under the rights of the noteholders, or they will be exchanged for the prescribed royalties at maturity. For details on the accounting for the secured notes please see Note 12 to the 2025 Audited Financial Statements.
Chair and CEO Rudi Fronk commented: "2025 was a year of important accomplishments. The BC Hydro switching station, a critical piece of infrastructure, was advanced towards completion. This asset keeps available low cost, green hydro power for KSM ahead of other projects in the area. To surface value for shareholders, we propose to spin-out 100% of the prospective Courageous Lake project to our shareholders through a new company, Valor Gold Corp., that is expected to be listed publicly. A separate company can more effectively advance Courageous Lake while we remain focused on KSM and, also, the Iskut project where we confirmed a new large gold-copper deposit at Snip North. For a detailed analysis of 2025 activities, please see the 2025 Report Card. Seabridge recently announced 10 new objectives for 2026 with our number one corporate objective for 2026 to complete the process of securing a partner for KSM with the technical, financial and social skills to advance the project to production. Negotiations continue to advance with our preferred partner".
Seabridge holds a 100% interest in several North American gold projects. Two of Seabridge's principal assets, the KSM project and its Iskut project, are located in British Columbia's "Golden Triangle". The Courageous Lake project is located in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project in the Yukon Territory. For a full breakdown of Seabridge's mineral reserves and mineral resources by category please visit the Company's website at http://www.seabridgegold.com.
Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements This news release includes certain forward-looking statements or forward-looking information. This information and these statements, referred to herein as "forward-looking statements" are made as of the date of this news release. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding: (i) completion of the spin-out of the Courageous Lake Project and the public listing of Valor Gold Corp.; and (ii) the objectives of the Company in 2026, including completing the process of securing a partner for KSM, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include regulatory and transaction execution issues, failure to successfully negotiate joint venture terms, general economic, capital market or business conditions, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable securities legislation. We caution readers not to place undue reliance on these forward-looking statements as a number of important factors could cause the actual outcomes to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates, assumptions and intentions expressed in such forward-looking statements.
ON BEHALF OF THE BOARD "Rudi Fronk" Chair and C.E.O.
For further information please contact: Rudi P. Fronk, Chair and C.E.O. Tel: (416) 367-9292 • Fax: (416) 367-2711 Email: info@seabridgegold.com
What did Seabridge Gold (SA) report for its 2025 net loss and EPS on March 26, 2026?
Seabridge reported a net loss of $53.2 million, or $0.53 per share, for 2025. According to the company, this compares to a $31.2 million loss ($0.35 per share) for 2024 and reflects non-cash remeasurement impacts.
How much did Seabridge Gold (SA) invest in mineral interests and equipment in 2025?
Seabridge invested $137.0 million in mineral interests, property and equipment during 2025. According to the company, this increased from $106.3 million in 2024, reflecting continued project development spending.
What caused the $60.1 million non-cash loss Seabridge disclosed for 2025?
The $60.1 million non-cash loss was due to remeasurement of Secured Note liabilities denominated in U.S. dollars. According to the company, fair-value changes stem from market interest rates and metal price inputs and are unrealized.
What corporate action did Seabridge Gold (SA) announce regarding Courageous Lake on March 26, 2026?
Seabridge proposed to spin out 100% of the Courageous Lake project to shareholders via Valor Gold Corp.. According to the company, the new company is expected to be publicly listed to advance Courageous Lake separately.
What liquidity position did Seabridge Gold (SA) report at December 31, 2025?
Seabridge reported adjusted net working capital of $109.8 million at December 31, 2025. According to the company, this excludes assets and liabilities held for distribution related to the Courageous Lake spin-out.
