Stonegate Capital Partners Updates Coverage on Seabridge Gold Inc. (SA) 3Q25

Rhea-AI Summary

Seabridge Gold (NYSE: SA) coverage was updated by Stonegate Capital Partners as of 3Q25 (Nov 20, 2025). Key disclosed facts: Seabridge held $103.1M cash and equivalents at quarter end, supported by a US$100.2M equity financing (Feb 2025) and a $30.5M flow-through financing (Jun 2025).

The company renewed a US$750M base shelf prospectus and a US$100M ATM facility in early 2025. Development updates include KSM advancing toward partnership and feasibility with Treaty Creek substation construction on schedule for 4Q26, and field programs moving toward a bankable study. Iskut Snip North drilling returned 819.7 m at 0.66 g/t Au and 0.14% Cu with a maiden resource targeted for 1Q26. Secured note liabilities totaled $583.1M, which the company says support ongoing programs.

Positive

• Quarter-end cash of $103.1M
• Completed financings: US$100.2M equity and $30.5M flow-through in 2025
• Maintained US$750M base shelf and US$100M ATM capacity
• 819.7 m at 0.66 g/t Au and 0.14% Cu at Iskut Snip North; maiden resource targeted 1Q26
• KSM advanced toward partnership and feasibility; Treaty Creek substation on schedule for 4Q26

Negative

• Secured note liabilities of $583.1M
• Large shelf/ATM capacity (US$750M shelf, US$100M ATM) could enable future equity issuance and dilution

Dallas, Texas--(Newsfile Corp. - November 20, 2025) - Seabridge Gold Inc. (NYSE: SA): Stonegate Capital Partners updates their coverage on Seabridge Gold Inc. (NYSE: SA). As of 3Q25, Seabridge Gold maintained a robust financial position, with cash and cash equivalents of $103.1 million, supported by a US$100.2 million equity financing in February 2025 and a $30.5 million flow-through financing in June 2025. Operating costs remain focused on advancing its flagship KSM project and exploration at Iskut, 3 Aces, and Snowstorm. Seabridge also renewed its US$750 million base shelf prospectus and US$100 million ATM facility in early 2025.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• KSM advanced toward partnership and feasibility with Treaty Creek substation construction on schedule for 4Q26 and field programs progressing to a bankable study.

• Iskut Snip North drilling confirmed a large Cu Au porphyry including 819.7 m at 0.66 g t Au and 0.14% Cu with a maiden resource targeted for 1Q26.

• Quarter end cash was $103.1M with secured note liabilities of $583.1M supporting ongoing programs.

Click image above to view full announcement.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275376

FAQ

What was Seabridge Gold's cash position at the end of 3Q25 (SA)?

Seabridge reported $103.1M in cash and cash equivalents at quarter end.

How much financing did Seabridge secure in 2025 for SA?

Seabridge completed a US$100.2M equity financing in Feb 2025 and a $30.5M flow-through financing in Jun 2025.

What are the terms of Seabridge's shelf and ATM facilities (SA)?

Seabridge renewed a US$750M base shelf prospectus and a US$100M ATM facility in early 2025.

What did Iskut Snip North drilling report for Seabridge (SA)?

Drilling returned 819.7 m at 0.66 g/t Au and 0.14% Cu, with a maiden resource targeted for 1Q26.

What progress was reported on the KSM project for Seabridge (SA)?

KSM is advancing toward partnership and feasibility; Treaty Creek substation construction is scheduled for 4Q26 and field programs are progressing to a bankable study.

How large are Seabridge's secured liabilities at 3Q25 (SA)?

Secured note liabilities were reported at $583.1M, described as supporting ongoing programs.