Seabridge Gold (NYSE: SA, TSX: SEA) filed its Q1 2026 interim financial statements and MD&A for the period ended March 31, 2026 on SEDAR+ and its website.
Q1 2026 highlights include a net loss of $6.6M ($0.06/share), $22.3M invested in mineral interests, and working capital rising to $131.3M after raising $35.8M net through its ATM program.
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Positive
Working capital increased by $21.5M to $131.3M as of March 31, 2026
$35.8M raised net of fees through at-the-market (ATM) equity program
$22.3M invested in mineral interests, property and equipment in Q1 2026 vs $14.3M in Q1 2025
Increased activity at the KSM Project supported higher Q1 2026 investment levels
Negative
Q1 2026 net loss of $6.6M ($0.06 per share) vs Q1 2025 net profit of $10.6M ($0.11 per share)
Loss driven in part by non-cash revaluation movements on secured notes
Higher corporate and administrative expenses in Q1 2026 vs prior-year period
News Market Reaction – SA
-5.11%
15 alerts
-5.11%Session close to close
$3.35BMarket Cap
0.4xRel. Volume
In the May 14 session, SA declined 5.11%, reflecting a notable negative market reaction.
Our momentum scanner triggered 15 alerts that day, indicating notable trading interest and price volatility.
The stock moved -5.1% in the session following this news. A negative reaction despite the company’s ...
Analysis
The stock moved -5.1% in the session following this news. A negative reaction despite the company’s strengthened working capital of $131.3 million could reflect concern about the shift from a $10.6 million profit in Q1 2025 to a $6.6 million loss in Q1 2026 and higher spending of $22.3 million on mineral interests. Past news has often been project-positive, but delays such as the Mitchell Treaty Tunnels decision have weighed on sentiment. Continued reliance on equity, including $35.8 million raised under the ATM program, may also feed dilution concerns.
Key Figures
Net loss:$6.6 millionEPS:$0.06 loss per shareNet profit:$10.6 million+5 more
8 metrics
Net loss$6.6 millionQ1 2026
EPS$0.06 loss per shareQ1 2026
Net profit$10.6 millionQ1 2025
EPS$0.11 per shareQ1 2025
Mineral interests investment$22.3 millionQ1 2026 spending on mineral interests, property and equipment
Mineral interests investment$14.3 millionQ1 2025 spending on mineral interests, property and equipment
Working capital$131.3 millionBalance at March 31, 2026
ATM proceeds$35.8 millionNet raised through ATM program in Q1 2026
BC delayed decision on Mitchell Treaty Tunnels permits pending legal outcome.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
News flow over the last month shows mostly positive project and corporate updates, with share price generally aligning with the news tone except for one resource update that saw a negative reaction.
Recent Company History
Over the past several weeks, Seabridge has announced multiple strategic milestones. On Mar 31, it updated KSM mineral resources, followed by a Apr 10 permit delay for the Mitchell Treaty Tunnels. Mid-April brought a maiden Snip North resource and an analyst coverage update highlighting valuation. Late April saw progress on the Courageous Lake spin-out and KSM’s designation as a provincial priority project. Today’s Q1 2026 financials, showing a net loss and higher project investment, fit into this broader pattern of funding and advancing large-scale gold-copper assets.
Key Terms
management's discussion and analysis, sedar+, atm program
3 terms
management's discussion and analysisfinancial
"announced today that it has filed its Interim Financial Statements and Management's Discussion and Analysis for the three-month period"
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.
sedar+regulatory
"ended March 31, 2026 on SEDAR+ (www.sedarplus.ca). These statements are also available on Seabridge's website"
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.
atm programfinancial
"improved by $21.5 million to $131.3 million, compared to $109.8 million on December 31, 2025 as we raised $35.8 million, net of fees, through our ATM program."
An at-the-market (ATM) program is an arrangement that lets a publicly traded company sell newly issued shares gradually into the open market at prevailing prices, through a designated broker-dealer, instead of raising money in one large offering. It gives the company flexible, lower-cost fundraising; for existing shareholders it matters because each sale adds to the share count, which can dilute their ownership stake.
Toronto, Ontario--(Newsfile Corp. - May 13, 2026) - 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, 2026 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 2026 Report to Shareholders can be found here.
Recent Highlights
Board sets corporate objectives for 2026
KSM positioned for partnership announcement
KSM mineral resources updated using metal prices consistent with most Tier 1 mining companies
Maiden mineral resource reported for Snip North deposit
Meeting date set to approve Courageous Lake spin-out
Update on the Legal Status of the Mitchell Treaty Tunnels
The Gold Market: Waiting for Hormuz
Financial Results During the first quarter of 2026, Seabridge posted a net loss of $6.6 million ($0.06 per share) compared to a net profit of $10.6 million ($0.11 per share) for the same period in 2025. The first quarter of 2026 loss compared to the same period of 2025 was largely driven by non-cash revaluation movements on the Company's secured notes and higher corporate and administrative expenses partially offset by a non-cash revaluation gain on our investment in Paramount Gold. During the first quarter of 2026, Seabridge invested $22.3 million in mineral interests, property and equipment compared to $14.3 million invested in the first quarter of 2025 due to increased activity at our KSM Project. Seabridge's working capital position at March 31, 2026 improved by $21.5 million to $131.3 million, compared to $109.8 million on December 31, 2025 as we raised $35.8 million, net of fees, through our ATM program.
About Seabridge Gold Seabridge Gold holds a 100% interest in several North American gold projects. Its principal assets are the KSM and Bronson Corridor projects in British Columbia's Golden Triangle. Additional projects include Courageous Lake in the Northwest Territories, Snowstorm in Nevada's Getchell Gold Belt, and the 3 Aces project in the Yukon. Further information on Seabridge's mineral reserves and resources is available at 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" 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 were Seabridge Gold (NYSE: SA) Q1 2026 financial results?
Seabridge Gold reported a Q1 2026 net loss of $6.6 million, or $0.06 per share. According to Seabridge Gold, this compares with a net profit of $10.6 million, or $0.11 per share, in the same quarter of 2025.
Why did Seabridge Gold report a net loss in Q1 2026?
Seabridge Gold’s Q1 2026 net loss was mainly linked to non-cash revaluation movements on its secured notes and higher corporate and administrative expenses. According to Seabridge Gold, this was partly offset by a non-cash revaluation gain on its investment in Paramount Gold.
How much did Seabridge Gold invest in its projects during Q1 2026?
Seabridge Gold invested $22.3 million in mineral interests, property and equipment in Q1 2026. According to Seabridge Gold, this compares with $14.3 million in Q1 2025 and reflects increased activity at its KSM Project during the quarter.
What is Seabridge Gold’s working capital position after Q1 2026?
Seabridge Gold reported working capital of $131.3 million as of March 31, 2026. According to Seabridge Gold, this represents an improvement of $21.5 million from $109.8 million at December 31, 2025, helped by capital raised through its ATM program.
How much capital did Seabridge Gold raise through its ATM program in early 2026?
Seabridge Gold raised $35.8 million, net of fees, through its at-the-market (ATM) equity program in Q1 2026. According to Seabridge Gold, this financing contributed to the company’s higher working capital of $131.3 million at March 31, 2026.
