Seabridge Gold posts Q1 2026 loss, ups project spend

Seabridge Gold Inc. filed its Q1 2026 interim financial statements, Management's Discussion and Analysis, and a shareholder report for the three months ended March 31, 2026.

Rhea-AI Filing Summary

Seabridge Gold Inc. filed its Q1 2026 interim financial statements, Management's Discussion and Analysis, and a shareholder report for the three months ended March 31, 2026. The company reported a net loss of $6.6 million, or $0.06 per share, compared with a net profit of $10.6 million, or $0.11 per share, in Q1 2025, mainly due to non-cash revaluation movements on secured notes and higher corporate costs, partly offset by a revaluation gain on its Paramount Gold investment.

Seabridge invested $22.3 million in mineral interests, property and equipment in Q1 2026, up from $14.3 million a year earlier, reflecting increased activity at the KSM Project. Working capital improved to $131.3 million as of March 31, 2026 from $109.8 million at December 31, 2025, supported by $35.8 million raised, net of fees, through an at-the-market (ATM) equity program.

Recent highlights include 2026 corporate objectives set by the board, positioning KSM for a partnership announcement, an updated KSM mineral resource using metal prices aligned with many Tier 1 mining companies, a maiden mineral resource at the Snip North deposit, scheduling a meeting to approve a Courageous Lake spin-out, and an update on the legal status of the Mitchell Treaty Tunnels.

Positive

• None.

Negative

• Q1 2026 results show a move from a $10.6 million net profit in Q1 2025 to a $6.6 million net loss, with higher corporate expenses and non-cash secured-note revaluation impacting earnings.

Insights

Mining equity analyst

Q1 swings to a loss, but spending and liquidity support project build-out.

Seabridge Gold moved from a Q1 2025 profit of $10.6 million to a Q1 2026 net loss of $6.6 million, driven largely by non-cash revaluation of secured notes and higher corporate expenses. This is an accounting and cost issue rather than a pure revenue shock.

The company increased investment in mineral interests, property and equipment to $22.3 million in Q1 2026, up from $14.3 million, tied to greater activity at the KSM Project. That signals continued advancement of its core asset base, albeit with higher near-term cash use.

Working capital rose to $131.3 million as of March 31, 2026, supported by $35.8 million raised through an ATM program. This strengthens liquidity while Seabridge progresses catalysts such as a potential KSM partnership, the planned Courageous Lake spin-out, and updated mineral resource work highlighted in the quarter.

Key Figures

Q1 2026 net result: $6.6 million net loss ($0.06/share) Q1 2025 net result: $10.6 million net profit ($0.11/share) Q1 2026 project investment: $22.3 million +4 more

7 metrics

Q1 2026 net result $6.6 million net loss ($0.06/share) Three-month period ended March 31, 2026

Q1 2025 net result $10.6 million net profit ($0.11/share) Same quarter in prior year

Q1 2026 project investment $22.3 million Mineral interests, property and equipment in Q1 2026

Q1 2025 project investment $14.3 million Mineral interests, property and equipment in Q1 2025

Working capital March 31, 2026 $131.3 million Working capital as of March 31, 2026

Working capital December 31, 2025 $109.8 million Working capital as of December 31, 2025

ATM program proceeds $35.8 million Net of fees raised in Q1 2026 via ATM program

Key Terms

Management's Discussion and Analysis, working capital, ATM program, mineral resources, +2 more

6 terms

Management's Discussion and Analysis financial

"it has filed its Interim Financial Statements and Management's Discussion and Analysis for the three-month period ended March 31, 2026"

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.

working capital financial

"Seabridge's working capital position at March 31, 2026 improved by $21.5 million to $131.3 million"

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

ATM program financial

"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.

mineral resources financial

"KSM mineral resources updated using metal prices consistent with most Tier 1 mining companies"

Mineral resources are naturally occurring concentrations of metals or other valuable materials in the earth that could be mined and sold, like pockets of useful ingredients inside a giant pantry. For investors they show the raw-material potential behind a mining project: bigger or higher-quality resources can mean more future revenue, while the cost, technical difficulty and regulatory hurdles determine how much of that value can actually be realized.

spin-out financial

"Meeting date set to approve Courageous Lake spin-out"

A spin-out is when a company separates part of its operations, assets, or a business unit into a new, independent company and gives existing shareholders an ownership stake in the new entity. Think of it like slicing a specific product line out of a larger store and opening it as its own shop; investors watch spin-outs because they can reveal the true value of the separated business, allow focused management, change risk profiles, and affect share value or ownership stakes.

Tier 1 mining companies financial

"KSM mineral resources updated using metal prices consistent with most Tier 1 mining companies"

FAQ

How did Seabridge Gold (SA) perform financially in Q1 2026?

Seabridge Gold reported a Q1 2026 net loss of $6.6 million, or $0.06 per share. This compares with a net profit of $10.6 million, or $0.11 per share, in Q1 2025, mainly due to non-cash revaluation and higher corporate expenses.

How much did Seabridge Gold invest in projects during Q1 2026?

In Q1 2026, Seabridge Gold invested $22.3 million in mineral interests, property and equipment. This was higher than the $14.3 million invested in Q1 2025 and reflects increased activity at the company’s flagship KSM Project and related development work.

What was Seabridge Gold’s working capital position at March 31, 2026?

Working capital was $131.3 million at March 31, 2026. This improved from $109.8 million at December 31, 2025, supported by $35.8 million in net proceeds raised through Seabridge Gold’s at-the-market (ATM) equity program during the first quarter.

How did Seabridge Gold strengthen its balance sheet in Q1 2026?

Seabridge Gold strengthened liquidity by raising $35.8 million, net of fees, through its ATM program. These funds helped increase working capital to $131.3 million by March 31, 2026, supporting ongoing investments in key projects, including the KSM Project in British Columbia.

What strategic project developments did Seabridge Gold highlight for 2026?

Seabridge Gold highlighted several developments, including positioning the KSM Project for a partnership announcement, updating KSM mineral resources using Tier 1 metal price assumptions, reporting a maiden mineral resource at the Snip North deposit, and advancing a proposed Courageous Lake project spin-out.

What documents did Seabridge Gold file with its May 2026 Form 6-K?

Seabridge Gold filed its Q1 2026 Interim Financial Statements, Management's Discussion and Analysis, and a Report to Shareholders. These materials cover the three-month period ended March 31, 2026 and are available on SEDAR+ and the company’s website.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/14/2026 - 12:26 PM Learn about SEC filing dates

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number 1-32135

SEABRIDGE GOLD INC.
(Name of Registrant)

106 Front Street East, Suite 400, Toronto, Ontario, Canada M5A 1E1
(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [   ]          Form 40-F [X]

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Seabridge Gold Inc.
	(Registrant)
	By:	/s/ Gregory Martin
	Name:	Gregory Martin
	Title:	Chief Financial Officer
Date: May 13, 2026

EXHIBITS

Exhibit		Description
99.1		News Release dated May 13, 2026

News Release

Trading Symbols:	TSX: SEA	For Immediate Release
	NYSE: SA	May 13, 2026

Seabridge Gold Files First Quarter

Report to Shareholders, Financial Statements and MD&A

Toronto, Canada - 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

106 Front Street East, Suite 400, Toronto, ON M5A 1E1, Canada
416-367-9292   www.seabridgegold.com

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 6.9 KB