Seabridge Gold Inc. ownership update: Kopernik Global Investors, LLC and David B. Iben report aggregate beneficial ownership of 11,044,218 Common Shares, representing 10.26% of common shares outstanding. Shares outstanding were 107,622,939 as of May 29, 2026. The filing states shared voting power of 10,664,462 and shared dispositive power of 11,044,218. The stake is held on behalf of investment advisory clients; no single client is reported as holding more than 5%.
Positive
None.
Negative
None.
Insights
Passive 13G/A disclosure shows a >10% institutional stake.
The filing reports an aggregate beneficial position of 11,044,218 shares (10.26%) as of May 29, 2026, held by Kopernik and related accounts. It characterizes the holdings as advisory client positions rather than direct sole ownership.
Key dependencies include client-level holdings and voting arrangements; subsequent filings could show changes if clients cross ownership thresholds or convert to an active filing status.
Key Figures
Shares beneficially owned:11,044,218 sharesPercent of class:10.26%Shares outstanding:107,622,939 shares+2 more
5 metrics
Shares beneficially owned11,044,218 sharesAggregate beneficial ownership reported by Kopernik and David B. Iben
Percent of class10.26%Percent of common shares outstanding as of <date>May 29, 2026</date>
Shares outstanding107,622,939 sharesCommon shares outstanding as of <date>May 29, 2026</date>
Shared voting power10,664,462 sharesShared power to vote reported in the filing
Shared dispositive power11,044,218 sharesShared power to dispose reported in the filing
Key Terms
Schedule 13G/A, Beneficial ownership, Shared dispositive power
3 terms
Schedule 13G/Aregulatory
"Amendment No. 2 ) Seabridge Gold Inc. Common Shares"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Beneficial ownershipregulatory
"Amount beneficially owned: The Reporting Persons beneficially own, in the aggregate, 11,044,218"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Shared dispositive powerregulatory
"Shared power to dispose or to direct the disposition of: 11,044,218"
What stake in Seabridge Gold (SEA) does Kopernik report?
Kopernik reports beneficial ownership of 11,044,218 shares (10.26%). These figures are based on 107,622,939 shares outstanding as of May 29, 2026, and reflect aggregated advisory client holdings reported jointly by Kopernik and David B. Iben.
Does the filing show who controls the shares Kopernik reports?
The filing shows shared voting power of 10,664,462 and shared dispositive power of 11,044,218. It states the shares are held for advisory clients and none of those clients is identified as owning over 5%.
Is Kopernik claiming sole ownership or direct holdings of the reported shares?
No. The filing states none of the securities are held by the Reporting Persons and that holdings are beneficially owned by advisory clients, not held directly by Kopernik or Mr. Iben.
What date is used to calculate the ownership percentage?
The ownership percentage uses the share count 107,622,939 common shares outstanding as of May 29, 2026. The 10.26% figure is computed with that outstanding share number cited in the filing.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Seabridge Gold Inc.
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
811916105
(CUSIP Number)
05/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
811916105
1
Names of Reporting Persons
Kopernik Global Investors, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
10,664,462.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,044,218.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,044,218.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.26 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: (1) Based on 107,622,939 common shares outstanding as of May 29, 2026 as set forth on the Toronto Stock Exchange under the symbol "SEA."
SCHEDULE 13G
CUSIP Number(s):
811916105
1
Names of Reporting Persons
David B. Iben
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
10,664,462.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
11,044,218.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
11,044,218.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.26 %
12
Type of Reporting Person (See Instructions)
HC
Comment for Type of Reporting Person: (1) Based on 107,622,939 common shares outstanding as of May 29, 2026 as set forth on the Toronto Stock Exchange under the symbol "SEA."
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Seabridge Gold Inc.
(b)
Address of issuer's principal executive offices:
106 Front Street East, Suite 400, Toronto, Ontario, Canada
Item 2.
(a)
Name of person filing:
This Schedule 13G is jointly filed by Kopernik Global Investors, LLC ("Kopernik Global Investors") and David B. Iben (collectively, the "Reporting Persons"). Kopernik Global Investors is an investment adviser. Mr. Iben is the controlling member and Chief Investment Officer of Kopernik Global Investors.
(b)
Address or principal business office or, if none, residence:
2502 N. Rocky Point Drive, Suite 300
Tampa, FL 33607
(c)
Citizenship:
Kopernik Global Investors is a limited liability company organized under the laws of Delaware. Mr. Iben is a citizen of the United States of America.
(d)
Title of class of securities:
Common Shares, no par value
(e)
CUSIP No.:
811916105
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The Reporting Persons beneficially own, in the aggregate, 11,044,218 Common Shares. None of the securities are held by the Reporting Persons. The filing of this statement shall not be construed as an admission that either of the Reporting Persons is the beneficial owner of any of the securities covered by this Schedule 13G for any other purpose.
(b)
Percent of class:
The number of Common Shares beneficially owned by the Reporting Persons represents 10.26% of the Issuer's outstanding Common Shares based on 107,622,939 common shares outstanding as of May 29, 2026 as set forth on the Toronto Stock Exchange under the symbol "SEA."
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
10,664,462
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
11,044,218
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Securities reported on this Schedule 13G are beneficially owned by investment advisory clients which may include investment companies registered under the Investment Company Act and/or other separately managed accounts. No such person beneficially owns over 5%.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Kopernik Global Investors, LLC
Signature:
/s/ Sarah L. Bertrand
Name/Title:
Sarah L. Bertrand, General Counsel and Chief Compliance Officer
Date:
06/04/2026
David B. Iben
Signature:
/s/ David B. Iben
Name/Title:
David B. Iben by Sarah L. Bertrand, power of attorney
Date:
06/04/2026
Exhibit Information
99.1 Joint Filing Agreement, dated November 4, 2024, by and between Kopernik Global Investors, LLC and David B. Iben is incorporated herein by reference to Exhibit 99.1 of Schedule 13G filed with the SEC via EDGAR Accession No. 0000930413-24-003091 on November 4, 2024.
99.2 Power of Attorney appointing Sarah L. Bertrand, dated October 25, 2024, signed by David B. Iben is incorporated herein by reference to Exhibit 99.2 of Schedule 13G filed with the SEC via EDGAR Accession No. 0000930413-24-003091 on November 4, 2024.
