Seabridge Gold Provides Updated Mineral Resource Estimates for KSM Project
Rhea-AI Summary
Seabridge Gold (NYSE: SA) provided updated Mineral Resource Estimates for the KSM Project effective March 30, 2026, using higher metal prices (US$2,000/oz Au; US$4.00/lb Cu; US$25/oz Ag; US$22/lb Mo) and an exchange rate of 0.746 US$/C$.
Measured + Indicated totals: 95.5 million oz Au, 21,146 million lbs Cu, 459.9 million oz Ag, 837 million lbs Mo; Inferred totals: 84.4 million oz Au, 42,722 million lbs Cu, 570 million oz Ag, 606 million lbs Mo.
Positive
- Measured + Indicated gold of 95.5 million ounces
- Measured + Indicated copper of 21,146 million pounds
- Inferred gold of 84.4 million ounces
- M&I increase of +6.8 million oz Au vs January 2024
- Inferred increase of +12.9 million oz Au vs January 2024
Negative
- Resource gains driven solely by higher metal price and cost assumptions
- Updated mineral resources do not materially change existing mineral reserves
- Mineral resources that are not mineral reserves do not have demonstrated economic viability
Market Reaction – SA
Following this news, SA has gained 4.60%, reflecting a moderate positive market reaction. The stock is currently trading at $26.85. This price movement has added approximately $118M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
While SA was down 0.96% on lighter volume, momentum scanner peers like GAU, IAUX and CMCL showed 4–6% upside moves, and broader listed peers were mixed. This points to a stock-specific setup rather than a broad gold-sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 26 | Annual filings | Neutral | +3.1% | Filed 2025 AIF, audited financials and MD&A showing net loss and project spend. |
| Mar 19 | Legal resolution | Positive | -8.0% | Tudor abandoned appeal on KSM Mitchell Treaty Tunnels jurisdiction decision. |
| Mar 10 | 2026 objectives | Neutral | +2.4% | Outlined 10 objectives for 2026 tied to at‑risk compensation and strategy. |
| Mar 02 | Metallurgy results | Positive | -0.1% | Reported strong metallurgical test results for Snip North at Iskut project. |
| Feb 12 | Management changes | Negative | -7.8% | Announced CFO retirement and new CFO appointment plus finance leadership changes. |
Recent KSM- and strategy-related news has produced mixed reactions, with both rallies and sell-offs around ostensibly constructive updates.
Over the past few months, Seabridge released several KSM- and strategy-focused updates. On Mar 26, 2026, 2025 financials showed a $53.2M net loss but higher investment in mineral interests, with shares rising modestly. A legal win on the KSM Mitchell Treaty Tunnels on Mar 19 coincided with an -8.03% move, showing divergence from seemingly positive news. Metallurgical results at Snip North and 2026 objectives also drew mixed reactions. Today’s KSM resource restatement continues this theme of technically focused updates within a long-term project build-out.
Market Pulse Summary
This announcement updates KSM Mineral Resource Estimates using higher metal-price and cost assumptions, increasing Measured and Indicated gold by 6.8 million ounces and Inferred gold by 12.9 million ounces versus January 2024. The underlying resource model remains unchanged, and reserves are described as not materially affected. Investors may track how these parameters flow into future technical reports, the planned KSM joint venture process, and any subsequent changes in reserve estimates or project economics.
Key Terms
mineral resource estimates technical
measured and indicated mineral resources technical
inferred mineral resources technical
ni 43-101 regulatory
net smelter return financial
nsr cut-off financial
block cave technical
qualified person regulatory
AI-generated analysis. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - March 31, 2026) - Seabridge Gold Inc. (TSX: SEA) (NYSE: SA) ("Seabridge") announced today updated Mineral Resource Estimates for its KSM Project located in northwestern British Columbia using metal prices of US
Measured and Indicated Mineral Resources increase by 6.8 million ounces of gold, 1.5 billion pounds of copper, 42.7 million ounces of silver and 93 million pounds of molybdenum compared to the last resource update in January 2024.
Inferred Mineral Resources increase by 12.9 million ounces of gold, 4.2 billion pounds of copper, 108.8 million ounces of silver and 140 million pounds of molybdenum compared to the last resource update in January 2024.
The mineral resource model has not changed, only the assumed metal prices and costs used to constrain the mineral resources and calculate cut-offs. The only difference is the tabulation of the resource blocks above updated cut-offs and inside updated constraining mining shapes. The updated mineral resource tabulation uses the same grade models used in the KSM Preliminary Feasibility Study and Preliminary Economic Assessment, NI 43-101 Technical Report", with an effective date of August 8, 2022 (see 2022 KSM TECHNICAL REPORT).
Seabridge Chair and CEO Rudi Fronk said the resource restatements reflect gains from the application of updated metal price parameters and operating costs. "As we move towards a joint venture on KSM, our resource estimates' price assumptions are now consistent with most Tier 1 mining company disclosure."
The updated Mineral Resource Estimates for KSM are as follows:
| Measured Resources | |||||||||
| Deposit | Tonnes (000) | Gold | Copper | Silver | Molybdenum | ||||
| Grade (g/t) | Ounces (millions) | Grade (%) | Pounds (millions) | Grade (g/t) | Ounces (millions) | Grade (ppm) | Pounds (millions) | ||
| Mitchell - OP | 700,000 | 0.67 | 15.1 | 0.19 | 2,932 | 3.26 | 73.4 | 52 | 80 |
| East Mitchell - OP | 1,105,000 | 0.62 | 22.0 | 0.11 | 2,680 | 1.78 | 63.2 | 86 | 210 |
| Total Measured | 1,805,000 | 0.64 | 37.1 | 0.14 | 5,612 | 2.35 | 136.6 | 73 | 290 |
| Indicated Resources | |||||||||
| Deposit | Tonnes (000) | Gold | Copper | Silver | Molybdenum | ||||
| Grade (g/t) | Ounces (millions) | Grade (%) | Pounds (millions) | Grade (g/t) | Ounces (millions) | Grade (ppm) | Pounds (millions) | ||
| Mitchell - OP | 1,922,000 | 0.46 | 28.4 | 0.13 | 5,508 | 2.7 | 166.8 | 65 | 274 |
| East Mitchell - OP | 1,069,000 | 0.36 | 12.4 | 0.08 | 1,885 | 1.5 | 52.9 | 73 | 172 |
| Sulphurets - OP | 477,000 | 0.53 | 8.1 | 0.20 | 2,103 | 1.0 | 15.3 | 50 | 53 |
| Kerr - OP | 396,000 | 0.21 | 2.7 | 0.38 | 3,318 | 1.1 | 14 | 4 | 4 |
| Kerr - UG | 31,000 | 0.21 | 0.2 | 0.40 | 273 | 1.5 | 1.5 | 12 | 1 |
| Iron Cap - UG | 555,000 | 0.37 | 6.6 | 0.20 | 2,447 | 4.1 | 72.8 | 35 | 43 |
| Total Indicated | 4,450,000 | 0.41 | 58.4 | 0.16 | 15,534 | 2.3 | 323.3 | 56 | 547 |
| Measured plus Indicated Resources | |||||||||
| Deposit | Tonnes (000) | Gold | Copper | Silver | Molybdenum | ||||
| Grade (g/t) | Ounces (millions) | Grade (%) | Pounds (millions) | Grade (g/t) | Ounces (millions) | Grade (ppm) | Pounds (millions) | ||
| Mitchell - OP | 2,622,000 | 0.52 | 43.5 | 0.15 | 8,440 | 2.8 | 240.2 | 61 | 354 |
| East Mitchell - OP | 2,174,000 | 0.49 | 34.4 | 0.10 | 4,565 | 1.7 | 116.1 | 80 | 382 |
| Sulphurets - OP | 477,000 | 0.53 | 8.1 | 0.20 | 2,103 | 1.0 | 15.3 | 50 | 53 |
| Kerr - OP | 396,000 | 0.21 | 2.7 | 0.38 | 3,318 | 1.1 | 14.0 | 4 | 4 |
| Kerr - UG | 31,000 | 0.21 | 0.2 | 0.40 | 273 | 1.5 | 1.5 | 12 | 1 |
| Iron Cap - UG | 555,000 | 0.37 | 6.6 | 0.2 | 2,447 | 4.1 | 72.8 | 35 | 43 |
| Total Measured + Indicated | 6,255,000 | 0.48 | 95.5 | 0.15 | 21,146 | 2.3 | 459.9 | 61 | 837 |
| Inferred Resources | |||||||||
| Deposit | Tonnes (000) | Gold | Copper | Silver | Molybdenum | ||||
| Grade (g/t) | Ounces (millions) | Grade (%) | Pounds (millions) | Grade (g/t) | Ounces (millions) | Grade (ppm) | Pounds (millions) | ||
| Mitchell - OP | 1,980,000 | 0.26 | 16.6 | 0.12 | 5,238 | 2.36 | 150.2 | 45.8 | 200 |
| East Mitchell - OP | 589,000 | 0.30 | 5.7 | 0.06 | 779 | 1.83 | 34.7 | 58.1 | 75 |
| Sulphurets - OP | 326,000 | 0.39 | 4.1 | 0.11 | 791 | 1.35 | 14.1 | 26.0 | 19 |
| Kerr - OP | 106,000 | 0.24 | 0.8 | 0.18 | 421 | 1.07 | 3.6 | 4.9 | 1 |
| Kerr - UG | 2,699,000 | 0.27 | 23.4 | 0.34 | 20,231 | 1.7 | 147.5 | 21.1 | 126 |
| Iron Cap - UG | 2,769,000 | 0.38 | 33.8 | 0.25 | 15,262 | 2.47 | 219.9 | 30.3 | 185 |
| Total Inferred | 8,469,000 | 0.31 | 84.4 | 0.23 | 42,722 | 2.1 | 570 | 32.5 | 606 |
Notes:
| |||||||||
The mineral resource model has not changed, only the assumed metal prices and costs used to constrain the mineral resources and to calculate the cut-off grade. The updated mineral resource does not materially change the existing mineral reserves because the constraining mining shapes for the mineral reserves are interior to the mining surfaces used for the mineral resources. Also, the cut-offs applied to the Mineral Reserves are higher than those applied to the Mineral Resources.
The change to the Mineral Resources are not considered material to the KSM Project or to Seabridge.
Qualified Persons
Henry Kim P.Geo., the independent Qualified Person and Principal Resource Geologist with Wood Canada Limited, has reviewed and approved the scientific and technical information contained in this press release. Details of the data verification performed to support the Mineral Resource estimates, and identification of any known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources are provided in Technical Report dated August 8, 2022.
About Seabridge Gold
Seabridge holds a
None of the Toronto Stock Exchange, the New York Stock Exchange, nor their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.
Cautionary note to U.S. Investors concerning estimates of Mineral Reserves and Mineral Resources
All mineral reserve and resource estimates reported by Seabridge were estimated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards (May 10, 2014). The U.S. Securities and Exchange Commission ("SEC") now recognizes estimates of "measured mineral resources," "indicated mineral resources" and "inferred mineral resources" and uses new definitions of "proven mineral reserves" and "probable mineral reserves" and the supporting mining studies that are substantially similar to the corresponding CIM Definition Standards. However, the CIM Definition Standards differ from the requirements applicable to US domestic issuers. Further, "inferred mineral resources" are that part of a mineral resource for which quantity and grade are estimated on the basis of limited geologic evidence and sampling. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
Cautionary Note Regarding Forward-Looking Information
This document contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. This information and these statements, referred to herein as "forward-looking statements" are made as of the date of this document. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the estimated amount and grade of mineral resources, including the cut-offs; (ii) the estimated amount of future production, both material processed and metal recovered and recovery rates; (iii) estimates of operating costs, life of mine costs and net cash flow from an operating mine. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "plans", "projects", "estimates", "envisages", "assumes", "intends", "strategy", "goals", "objectives" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
All forward-looking statements are based on Seabridge's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. The most significant assumptions are set forth above, but other assumptions include: (i) the presence of and continuity of metals at the Project at estimated grades; (ii) the geotechnical and metallurgical characteristics of rock conforming to sampled results; (iii) the quantities of water and the quality of the water that must be diverted or treated during mining operations; (iv) the capacities and durability of various machinery and equipment; (v) the availability of personnel, machinery, equipment at estimated prices and within the estimated delivery times; (vi) currency exchange rates; (vii) metals sales prices; (viii) anticipated mining losses and dilution; (ix)success in realizing contemplated operations; (x) receipt of permits and other regulatory approvals on acceptable terms; and (xi) the successful conclusion of consultation with impacted indigenous groups. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Many forward-looking statements are made assuming the correctness of other forward-looking statements and therefore are conditional on the other statements being accurate.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that estimates, forecasts, projections and other forward-looking statements will not be achieved or that assumptions do not reflect future experience. 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. These risk factors may be generally stated as the risk that the assumptions and estimates expressed above do not occur as forecast, but specifically include, without limitation: risks relating to variations in the mineral content within the material identified as mineral resources from that predicted; variations in rates of recovery and extraction; the geotechnical characteristics of the rock mined or through which infrastructure is built differing from that predicted, the quantity of water that will need to be diverted or treated during mining operations being different from what is expected to be encountered during mining operations or post closure, or the rate of flow of the water being different; developments in world metals markets; risks relating to fluctuations in the Canadian dollar relative to the US dollar; difficulties attracting the necessary work force; and risks relating to the costs of other energy sources; changes in development or mining plans due to changes in logistical, technical or other factors; changes in project parameters as plans continue to be refined; risks relating to receipt of regulatory approvals or the conclusion of successful consultation with impacted indigenous groups; changes in regulations applying to the development, operation, and closure of mining operations from what currently exists; the effects of competition in the markets in which Seabridge operates; operational and infrastructure risks and the additional risks described in Seabridge's Annual Information Form filed with SEDAR in Canada (available at www.sedarplus.ca) and in Seabridge's Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission on EDGAR(available at www.sec.gov/edgar.shtml for the year ended December 31, 2025. Seabridge cautions that the foregoing list of factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions with respect to Seabridge, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Seabridge does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by Seabridge or on our behalf, except as required by law.
| ON BEHALF OF THE BOARD "Rudi Fronk" Chair & 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 |
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290564
FAQ
How much did Seabridge Gold (SA) increase KSM measured and indicated gold in March 2026?
What are the total Measured + Indicated metal totals for KSM reported by Seabridge (SA)?
Do the March 2026 KSM resource updates change Seabridge Gold's (SA) mineral reserves?
Why did inferred resources at KSM rise in Seabridge Gold's (SA) March 2026 update?
What metal prices and exchange rate did Seabridge Gold (SA) use for the KSM March 2026 resource update?
Are the updated KSM mineral resources economically proven for Seabridge Gold (SA)?
