Seabridge Gold (NYSE: SA) filed its Q2 2026 Report to Shareholders, interim financial statements and MD&A for the periods ended June 30, 2026. Recent highlights include an extensive 2026 KSM field program supporting a feasibility study, engagement with a preferred earn-in joint venture candidate, completion of the Courageous Lake spin-out to shareholders, publication of the 2025 Sustainability Report, a BC Supreme Court requirement to reconsider the KSM “Substantially Started” designation, and receipt of the Smithers Resource and Mining Excellence Award.
For Q2 2026, Seabridge reported net income of $117.5 million ($1.08 per share), up from $12.3 million ($0.12 per share) in Q2 2025, largely due to gains from the Courageous Lake distribution. The company invested $32.5 million in mineral interests, property and equipment versus $21.1 million a year earlier. Net working capital was $53.6 million at June 30, 2026, down from $109.8 million at December 31, 2025. In July 2026, Seabridge arranged an unsecured, short-term loan facility with a strategic investor for up to US$100 million at 7% interest, maturing December 31, 2026, to support KSM summer work programs, with no amounts drawn as of the announcement.
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Positive
Q2 2026 net income $117.5M vs. $12.3M in Q2 2025
Earnings per share $1.08 in Q2 2026 vs. $0.12 in Q2 2025
Investment in mineral interests and equipment $32.5M in Q2 2026 vs. $21.1M in Q2 2025
US$100M unsecured loan facility arranged to fund KSM summer work programs
Courageous Lake project spin-out to shareholders completed
KSM feasibility work advancing with extensive 2026 field program and JV candidate engagement
Negative
Net working capital declined to $53.6M from $109.8M at December 31, 2025
Short-term loan facility up to US$100M bears 7% interest compounded monthly, maturing December 31, 2026
BC Supreme Court requires reconsideration of KSM “Substantially Started” designation, adding regulatory uncertainty
News Explained
The loan may, if still outstanding at maturity and in certain circumstances, be repaid in Seabridge common shares rather than cash, subject to TSX approval, creating a conditional share-settlement route in addition to cash repayment.
Market Context
The prior credit-facility announcement was followed by 0.61% in 24-hour price change. This filing co...
Analysis
The prior credit-facility announcement was followed by 0.61% in 24-hour price change. This filing confirms no amounts were drawn, while lower working capital and potential share repayment remain relevant risks to monitor.
Key Figures
Net income:$117.5M vs. $12.3MEarnings per share:$1.08 vs. $0.12Project investment:$32.5M vs. $21.1M+5 more
8 metrics
Net income$117.5M vs. $12.3MThree months ended June 30, 2026 vs. same period in 2025
Earnings per share$1.08 vs. $0.12Three months ended June 30, 2026 vs. same period in 2025
Project investment$32.5M vs. $21.1MSecond quarter 2026 vs. second quarter 2025
Net working capital$53.6M vs. $109.8MJune 30, 2026 vs. December 31, 2025
Credit facilityUp to US$100MUnsecured short-term loan arranged in July 2026
Minimum drawUS$10MMinimum amount for each facility call
Courageous Lake was transferred to Valor Gold through the completed spin-out.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Pattern Detected
Recent announcements produced mixed responses, with positive reactions to the credit-facility and annual-meeting news but a negative reaction to the sustainability report.
Key Terms
sedar+, md&a, net working capital, earn-in joint venture
4 terms
sedar+regulatory
"filed its Report to Shareholders, Interim Financial Statements and Management's Discussion"
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.
md&afinancial
"Management's Discussion and Analysis for the three and six months ended June 30, 2026"
Management’s Discussion and Analysis (MD&A) is a section of a company’s financial filing where executives explain recent results, the reasons behind changes, risks faced, and expectations for the future in plain language alongside the numbers. Investors use it like an owner’s narrative to understand the story behind the raw financial data — what drove performance, potential pitfalls, and management’s plans — helping judge whether the company’s numbers are likely to improve or worsen.
net working capitalfinancial
"At June 30, 2026, net working capital was $53.6 million"
Net working capital is the amount left when you subtract a company’s short-term bills (like accounts payable and short-term loans) from its short-term assets (cash, money owed to it, and inventory). Think of it as the cash cushion a business has to keep daily operations running — a bigger cushion means fewer short-term funding worries, while a small or negative number can signal pressure to raise cash or cut activity, which matters to investors assessing stability and short-term risk.
earn-in joint venturefinancial
"Engagement with preferred candidate for earn-in joint venture continues"
An earn-in joint venture is a deal where one party gradually wins an ownership stake in a project by meeting pre-agreed milestones—such as paying cash, funding exploration or development work, or reaching production targets—rather than buying the stake outright. Think of it like earning shares in a group project by doing specific tasks; for investors it clarifies who bears costs, who takes technical risk, how ownership can change over time, and what future cash commitments or rewards may follow.
Toronto, Ontario--(Newsfile Corp. - August 13, 2026) - Seabridge Gold (TSX: SEA) (NYSE: SA) announced today that it has filed its Report to Shareholders, Interim Financial Statements and Management's Discussion and Analysis for the three and six months ended June 30, 2026 on SEDAR+. To review these documents on the Company website, please see https://www.seabridgegold.com/investors/financial-reports.
Recent Highlights
Extensive 2026 KSM field program to support the feasibility study advancing on schedule.
US$100M credit facility enables KSM momentum to continue
Engagement with preferred candidate for earn-in joint venture continues
2025 Sustainability Report published
BC Supreme Court requires reconsideration of KSM Substantially Started Designation
Spin-out of Courageous Lake project to shareholders completed
Awarded Smithers Resource and Mining Excellence Award
The Gold Market: Finding Stability
Financial Results
During the three-months ended June 30, 2026, Seabridge posted net income of $117.5 million ($1.08 per share) compared to a net profit of $12.3 million ($0.12 per share) for the same period in 2025. The increase in net income was largely driven by gains realized on the distribution of the Courageous Lake project. During the second quarter, Seabridge invested $32.5 million in mineral interests, property and equipment at its projects compared to $21.1 million invested in the second quarter of 2025.At June 30, 2026, net working capital was $53.6 million compared to $109.8 million at December 31, 2025.
In July 2026, Seabridge arranged an unsecured, short-term loan agreement with a strategic investor for up to US$100 million. The Loan will be used to support the significant investments we are making in our summer season work programs at KSM. The loan is drawable at the Company's election in minimum calls of US$10 million each, has an interest rate of 7% compounded monthly, and is capitalized and matures on December 31, 2026. The Loan is repayable either in cash at any time or, in certain circumstances and subject to TSX approval, in common shares of Seabridge if outstanding at maturity, at the Company's option. The Loan includes customary conditions, representations, warranties and covenants. The Company intends to draw on the Loan, if required, to strengthen its consolidated liquidity position. No amounts are currently drawn on the Loan.
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 Snowstorm in Nevada's Getchell Gold Belt and the 3 Aces project in the Yukon. Further information on Seabridge's mineral reserves and mineral 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
How did Seabridge Gold (NYSE: SA) perform financially in Q2 2026?
Seabridge Gold reported Q2 2026 net income of $117.5 million, or $1.08 per share. According to Seabridge Gold, this compares with $12.3 million, or $0.12 per share, in Q2 2025, mainly reflecting gains from distributing the Courageous Lake project.
What are the key terms of Seabridge Gold’s US$100 million loan facility announced in July 2026?
The company arranged an unsecured, short-term loan facility for up to US$100 million at 7% interest. According to Seabridge Gold, interest is compounded monthly, the loan matures on December 31, 2026, is drawable in US$10 million tranches, and currently has no amounts drawn.
How did Seabridge Gold’s working capital change by June 30, 2026?
Net working capital declined to $53.6 million at June 30, 2026. According to Seabridge Gold, this compares with $109.8 million at December 31, 2025, reflecting higher project investment and overall funding needs across its portfolio, including KSM activities.
What impact did the Courageous Lake spin-out have on Seabridge Gold’s Q2 2026 results?
The Courageous Lake spin-out generated gains that significantly boosted Q2 2026 net income. According to Seabridge Gold, the increase in net income was largely driven by gains realized on the distribution of the Courageous Lake project to shareholders, which was completed.
What progress did Seabridge Gold report on the KSM project in its Q2 2026 filings?
Seabridge Gold highlighted an extensive 2026 KSM field program supporting an on-schedule feasibility study. According to Seabridge Gold, engagement continues with a preferred earn-in joint venture candidate, and a new US$100 million loan facility will support significant summer work programs at KSM.
What did the BC Supreme Court decide regarding Seabridge Gold’s KSM Substantially Started designation?
The BC Supreme Court required reconsideration of KSM’s Substantially Started designation. According to Seabridge Gold, this court decision means regulators must reassess that status, introducing an additional regulatory review step related to the project’s development and permitting framework.
