Seabridge Gold Files First Quarter Financial Statements and MD&A

Rhea-AI Summary

Seabridge Gold (TSX: SEA, NYSE: SA) has filed its Interim Financial Statements and Management's Discussion and Analysis for Q1 2024, ending March 31. Highlights include the application for Substantially Started Status for the KSM project, filing an NI-43-101 Technical report for the Courageous Lake Project, and submitting a permit application for the Mitchell Treaty Tunnel. The company plans a 15,000-meter drill program at Iskut and a drill program at 3 Aces aimed at resource estimation. Financially, Seabridge reported a net loss of $8.2 million ($0.09 per share), an improvement from a $10.8 million loss ($0.13 per share) in Q1 2023. The company invested $39.3 million in mineral interests, down from $48.6 million year-over-year, and holds $43.2 million in net working capital, compared to $54.5 million at the end of 2023.

Positive

• Seabridge Gold reduced its net loss to $8.2 million in Q1 2024 from $10.8 million in Q1 2023.
• The company invested $39.3 million in mineral interests, indicating robust project development.
• Application for Substantially Started Status for KSM Project submitted, showing progress in project timelines.
• 15,000-meter drill program at Iskut aims to identify new copper-gold sources, potentially increasing resource base.
• Plans to advance the 3 Aces project towards resource estimation, signifying exploration growth.
• Filed an NI-43-101 Technical report for the Courageous Lake Project, providing updated economic evaluations.

Negative

• Seabridge Gold's net working capital decreased to $43.2 million as of March 31, 2024, from $54.5 million at the end of 2023.
• The company reported a net loss of $8.2 million in Q1 2024, reflecting ongoing financial challenges.
• Investment in mineral interests decreased to $39.3 million in Q1 2024 from $48.6 million in Q1 2023, indicating possible budget constraints or reduced project activity.

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Toronto, Ontario--(Newsfile Corp. - May 13, 2024) - Seabridge Gold (TSX: SEA) (NYSE: SA) announced today that it has filed its Interim Financial Statements and Management's Discussion and Analysis for the three-month period ended March 31, 2024 on SEDAR+ (www.sedarplus.ca). These statements are also available on Seabridge's website at https://www.seabridgegold.com/investors/financial-reports.

Seabridge's Q1 2024 Report to Shareholders can be found here.

Recent Highlights

• Submits application to BC government for Substantially Started Status for KSM
• Issues 2023 report card and 2024 corporate objectives
• Files NI-43-101 Technical report for an economic Courageous Lake Project
• Submits permit application to construct balance of the Mitchell Treaty Tunnel
• Plans 15,000-meter core drill program at Iskut to test for copper-gold source intrusions
• 2024 drill program at 3 Aces to move the project towards resource estimation

Financial Results

During the three-month period ended March 31, 2024 Seabridge posted a net loss of $8.2 million ($0.09 per share) compared to a net loss of $10.8 million ($0.13 per share) for the same period in 2023. During the 1^st quarter, Seabridge invested $39.3 million in mineral interests project spending compared to $48.6 million in the 1^st quarter of 2023. At March 31, 2024, net working capital was $43.2 million compared to $54.5 million at December 31, 2023.

Seabridge holds a 100% interest in several North American gold projects. Seabridge's assets include the KSM and Iskut projects located in northwest British Columbia, Canada's "Golden Triangle", the Courageous Lake project located in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project set in the Yukon Territory. For a full breakdown of Seabridge's mineral reserves and mineral resources by category please visit Seabridge's website at http://www.seabridgegold.com.

None of the Toronto Stock Exchange, New York Stock Exchange, or their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD
"Rudi Fronk"
Chairman and C.E.O.

For further information please contact:
Rudi P. Fronk, Chairman and C.E.O.
Tel: (416) 367-9292 • Fax: (416) 367-2711
Email: info@seabridgegold.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208977

FAQ

What were Seabridge Gold's financial results for Q1 2024?

Seabridge Gold reported a net loss of $8.2 million ($0.09 per share), an improvement from a $10.8 million loss ($0.13 per share) in Q1 2023. The company invested $39.3 million in mineral interests and holds $43.2 million in net working capital.

What significant applications and reports did Seabridge Gold file in Q1 2024?

Seabridge Gold submitted an application for Substantially Started Status for the KSM project, a permit application for the Mitchell Treaty Tunnel, and filed an NI-43-101 Technical report for the Courageous Lake Project.

What are Seabridge Gold's drilling plans for 2024?

Seabridge Gold plans a 15,000-meter core drill program at Iskut to test for copper-gold source intrusions and a drill program at the 3 Aces project aimed at moving towards resource estimation.

How did Seabridge Gold's investment in mineral interests in Q1 2024 compare to Q1 2023?

Seabridge Gold invested $39.3 million in mineral interests in Q1 2024, compared to $48.6 million in Q1 2023.

What is Seabridge Gold's net working capital as of March 31, 2024?

Seabridge Gold's net working capital was $43.2 million as of March 31, 2024, compared to $54.5 million at the end of 2023.