SEABRIDGE GOLD INC

Called a special meeting for 22 May 2026 to approve splitting the company in two: Courageous Lake and its January 2024 study would move to a new listed company, Valor Gold Corp, with Seabridge shareholders receiving Valor shares pro rata and Seabridge keeping only KSM. The board recommends it and argues each project gets better access to capital on its own - the end of the two-project structure the company has carried since the cached record begins.

business combination

Closed both halves of the February financing: US$80 million from the bought deal at US$12.25 and US$20 million from the strategic investor's placement on the same terms.

capital raising announcement

Announced about US$100 million of equity - 6,540,000 shares at US$12.25 in a bought deal plus 1,640,000 shares to an unnamed strategic investor on the same terms for US$20 million - to pay BC Hydro for the KSM switching station, finish field data collection and start value engineering for a bankable feasibility study. The company said it had committed about $150 million of work at KSM for 2025 and described it as positioning the project for a future partnership.

securities registration

Renewed the at-the-market programme for another US$100 million, this time with Cantor Fitzgerald and RBC as agents - the third such standing share-selling facility since 2021.

capital raising announcement

British Columbia granted KSM Mining ULC a 'substantially started' designation for KSM, which keeps the provincial environmental assessment certificate valid for the life of the project rather than letting it expire on a deadline. The single most durable thing Seabridge has obtained for a project it has still never built.

securities registration

A new Courageous Lake study cut the project to something buildable: 33.9 million tonnes of proven and probable reserves at 2.6 g/t for 2.8 million ounces, US$747 million of initial capital, after-tax value of US$523 million at a 5% discount, 20.6% return and a 2.8-year payback, with all-in sustaining costs of US$999 an ounce. The 2012 study had reported a 6.5 million ounce reserve at the same deposit, so the ounces in the mine plan have fallen by more than half even as the economics improved.

resource reserve update

KSM Mining ULC agreed the principal terms of a royalty deal with Sprott: US$150 million (about C$200 million) in cash for a 1.2% net smelter royalty over KSM. The second time in fifteen months that Seabridge has sold a slice of KSM's future output rather than issuing shares, after the US$225 million silver-royalty note of February 2022.

material agreement

Replaced the 2021 at-the-market programme with a new one of the same shape, up to US$100 million through Cantor Fitzgerald and B. Riley.

capital raising announcement

The 2022 prefeasibility study reshaped KSM into an all open-pit mine of Mitchell, East Mitchell and Sulphurets at 195,000 tonnes a day: proven and probable gold reserves up 22% to 47.3 million ounces, after-tax value at 5% up from US$1.5 billion to US$7.9 billion, return from 8.0% to 16.1%, payback down to 3.7 years, mine life cut from 53 to 33 years, and initial capital up from US$5.0 billion to US$6.4 billion. It mines about a quarter of the resource inventory and leaves out the copper-rich Kerr and Iron Cap deposits entirely.

resource reserve update

KSM Mining ULC signed a facilities agreement with BC Hydro for the design and construction of hydro-powered electricity supply for KSM's construction phase - grid power for a project that still has no construction decision.

material agreement

KSM Mining ULC agreed to sell Sprott and Ontario Teachers' a US$225 million secured note, to be exchanged at maturity for a 60% gross silver royalty on KSM, with Seabridge selling a Contingent Right alongside. The money funds physical works toward a 'substantially started' designation, and interest or put payments could be settled in Seabridge shares.

debt financing

Signed an at-the-market sales agreement with Cantor Fitzgerald and B. Riley allowing up to US$75 million of shares to be sold into the open market whenever the company chooses. A standing dilution tap rather than a discrete raise, and a new funding mode for a company that had until then issued in blocks.

capital raising announcement

A US$105 million bought deal - 6,100,000 shares at US$17.25 through Cantor Fitzgerald, with a 10% over-allotment and a 4% commission. Several times the size of any earlier raise in the cached record, whose largest was the C$30 million Royal Gold placement of 2011.

capital raising announcement

Refiled the KSM technical report with the 2020 economic assessment stripped out. Ontario Securities Commission staff accepted each study on its own but objected to publishing two mutually exclusive mine plans that use the same rock, and made Seabridge pick one; it kept the 2016 prefeasibility study because that is what the federal and provincial environmental approvals rest on. The headline 80% value uplift announced in April is no longer part of the filed record.

resource reserve update

A new preliminary economic assessment for KSM built around a much larger Iron Cap block cave lifted the after-tax value at a 5% discount rate from US$3.4 billion to US$6.0 billion, the return from 10% to 14%, and cut payback from 6.4 to 4.0 years. KSM's resources by then stood at 50.4 million ounces of gold measured and indicated plus 56.9 million inferred, with 14.2 and 32.1 billion pounds of copper; the study leans on inferred material, and the 2016 prefeasibility study remained the governing plan.

resource reserve update

Announced two bought deals at once: 1 million common shares for $14.3 million and a concurrent $20.0 million of flow-through shares, co-led by Canaccord and Cantor Fitzgerald, for KSM and the newly acquired Iskut project. Struck at $14.30 a share against the $8.10 the insiders paid in the November 2015 placement.

capital raising announcement

Filed the 2016 KSM prefeasibility update, which keeps a 53-year mine at 130,000 tonnes a day, puts total cost at US$673 an ounce of gold with a 6.8-year after-tax payback, and reports capital costs down and gold and copper reserves slightly up despite weaker metal prices. Filed alongside it is a separate preliminary economic assessment - a lower-confidence study - testing a smaller-pit, block-cave-led alternative.

resource reserve update

Launched a cross-border share offering off the 2014 shelf, with size and price left to the marketing, alongside a firm C$10.8 million bought deal of 450,000 flow-through shares at C$24.08 - a 30% premium and nearly three times the $8.10 the insiders paid five months earlier. The flow-through money was earmarked for KSM and, if the pending SnipGold acquisition completed, the Iskut property.

capital raising announcement

Raised $14.6 million by selling 1.8 million shares at $8.10 directly to two of its largest shareholders, 1.5 million of them to Albert Friedberg's FCMI Parent Co, for general working capital rather than a specific program. The price keeps falling - $10.17 in April, $8.10 now - and this round came from insiders' pockets rather than a public book.

capital raising announcement

Closed a $16.4 million flow-through bought deal, 1,610,000 shares at $10.17 including the full over-allotment. Each successive flow-through round since 2012 has been priced lower - $21.85, then $11.17, then $12.00, now $10.17 - so the same money costs more shares each time.

capital raising announcement

First resource for the Iron Cap Lower Zone, KSM's second core zone: 164 million tonnes inferred at 0.59 g/t gold and 0.27% copper. Between it and the Deep Kerr expansion, one year's drilling added 5.4 million inferred ounces of gold and 4.2 billion pounds of copper.

resource reserve update

Deep Kerr's inferred resource grew 52% in a year to 782 million tonnes at 0.54% copper and 0.33 g/t gold - 8.2 million ounces of gold and 9.3 billion pounds of copper - up from 515 million tonnes and 5.9 million ounces in the maiden estimate of April 2014. All of it still inferred.

resource reserve update

Confirmed a second major gold-copper discovery at KSM, the Iron Cap Lower Zone, with intercepts including 514 metres at 0.68 g/t gold and 0.30% copper; an extra rig was moved in to push it towards a resource estimate. The zone first appeared in the 2013 drilling that also found Deep Kerr.

drilling result

Closed a $13.8 million flow-through bought deal, 1.15 million shares at $12.00 including the over-allotment, led by Canaccord Genuity. The third flow-through round in under two years, and the price has been roughly flat since the December 2013 round at $11.17 after halving from $21.85 in 2012.

capital raising announcement

Filed the technical report putting a first number on Deep Kerr: 515 million tonnes of inferred resource at 0.53% copper and 0.36 g/t gold, or 5.9 million ounces of gold and 6.1 billion pounds of copper, from one season's drilling. It is an inferred-category resource, the lowest confidence category, and sits below the existing KSM pits.

resource reserve update

First resource for the Walsh Lake discovery of September 2012: 4.62 million tonnes of inferred material at 3.24 g/t for 482,000 ounces of gold. Small beside the 6.5 million ounce FAT reserve next door, but higher grade, and Seabridge frames it as potential early-years feed for a Courageous Lake mine.

resource reserve update

Closed a $16.8 million bought deal of 1.5 million flow-through shares at $11.17, struck at a 22.5% premium to the previous close, again for exploration at KSM. The price tells the story of the intervening year: the November 2012 flow-through round was done at $21.85 a share.

capital raising announcement

Closed out the Deep Kerr season: 23,802 metres drilled between June and October, with 23 of 25 completed holes cutting substantial widths of at least 0.5% copper, and a maiden resource estimate promised for January 2014. Seabridge said the discovery dramatically changes KSM's economic profile.

drilling result

Deep Kerr kept getting better: 228 metres at 0.72% copper and 0.96 g/t gold, and a second bornite-zone hit of 66 metres at 1.19% copper and 0.80 g/t gold. The zone measures at least 1,600 metres along strike and is open to the north and at depth, with five rigs drilling 1,000 metres of it for a first resource estimate.

drilling result

Reached agreement in principle with the Nisga'a Nation on the material terms of a benefits agreement for KSM covering economic benefits, jobs and contracting, and project certainty. The Nisga'a are the treaty nation whose feedback drove the 2011 access-route redesign, and their support matters to the environmental assessment then under review.

material agreement

Seabridge finished filing its provincial application and federal impact statement for KSM, a submission of 41 volumes and over 30,000 pages. Formal screening and review now begin, with a 45-day screening, 180-day review and 45-day ministerial decision, and the company expects the process to finish by mid-2014. This is the application the company had planned since 2010; the filing date was later than planned then, and the timing is the company's expectation, not a regulator's commitment.

regulatory community update

Final 2012 results confirmed Deep Kerr as a genuine discovery, with the last hole returning long copper runs including 22 metres at 0.98% copper, and three further core-zone targets identified. Seabridge planned a $15 million 2013 campaign from June aimed at a first Deep Kerr resource estimate.

drilling result

Raised $24.0 million by selling 1,100,000 flow-through shares at an average $21.85 on a bought-deal basis through Stonecap, Macquarie and Cormark, with the money earmarked for exploration at KSM and Courageous Lake. Flow-through shares are sold at a premium in exchange for handing the tax deductions to the buyer, so the cash must be spent in the ground - the second equity raise in the cached record after Royal Gold's C$30 million placement of June 2011.

capital raising announcement

A contractor surveyor was killed in an avalanche near the Sulphurets Creek camp at KSM on 23 October 2012; a second surveyor working the same slope escaped. Seabridge said it was working openly with the authorities investigating the accident.

other material event

Discovered high-grade gold at Walsh Lake, about 10 kilometres from the FAT deposit at Courageous Lake where Seabridge already holds a 6.5 million ounce proven and probable reserve; hole CL-210 returned 21.2 metres at 8.16 g/t gold, 5.6 metres at 5.93 g/t and a further intercept. The target appears to be the southern extension of the historic Tundra gold mine, abandoned in 1999.

drilling result

Seabridge filed the 2012 KSM preliminary feasibility study, prepared by Tetra Tech-Wardrop and announced on 14 May 2012, on SEDAR. The company said it included design changes made after aboriginal, public and regulator input and was the basis for the permit application it expected to file later in the year.

resource reserve update

KSM measured and indicated resources reached 49.0 million ounces of gold, 12.7 billion pounds of copper, 261 million ounces of silver and 304 million pounds of molybdenum, after the 2011 drilling added 3.7 million gold ounces to measured and indicated and 0.5 million to inferred. The estimate fed the April 2012 feasibility study.

resource reserve update

The 2011 drilling paid off in the count: Courageous Lake measured and indicated resources rose 18% to 7.97 million ounces (107.3 million tonnes at 2.31 g/t) with 3.43 million ounces inferred (49.0 million tonnes at 2.18 g/t), converting about 1.2 million inferred ounces for roughly $6 million of drilling. A feasibility study due May 2012 was to report the project's first reserves.

resource reserve update

Pushed the KSM permit application back to the third quarter of 2012 to incorporate the underground panel-cave design flagged in September and possible changes to access routes after feedback from the Nisga'a Nation and other First Nations. The redesign was to be captured in a new feasibility study due April 2012 - permitting slips to accommodate engineering, a pattern that recurs at KSM.

regulatory community update

Five geotechnical holes at KSM's Mitchell deposit supported mining the deeper part of the deposit by underground panel caving after an initial open pit, which Seabridge said would cut the strip ratio, waste rock volumes and environmental footprint. This design change is the one the company cited in December when it pushed its permit application back to the third quarter of 2012.

drilling result

Quarterly report whose real content is the cash: Royal Gold bought 1,019,000 Seabridge shares at C$29.44 (C$30 million, a 15% premium) and took an option over a 1.25% gold and silver royalty on KSM for a further C$100 million, exercisable only after KSM is fully permitted and financed - so the royalty money only arrives if a mine is ever approved. The quarter also brought a new economic study for Courageous Lake and an agreement to sell the early-stage Nevada properties.

quarterly activities report

Closed the Royal Gold private placement: 1,019,000 shares at C$29.44 for C$30 million, a 15% premium. Royal Gold also got an option over a 1.25% gold and silver royalty on KSM for C$100 million, exercisable only after full permits and project financing.

capital raising announcement

Filed the 2011 KSM prefeasibility study, prepared by Wardrop, which identified two higher-throughput scenarios said to improve the economics substantially. This is the study whose reserves - 38.5 million ounces of gold and 10 billion pounds of copper - anchor everything that follows.

resource reserve update

KSM measured and indicated resources rose 13% to 38.9 million ounces of gold and 17% to 10.0 billion pounds of copper, with Mitchell alone at 33.7 million ounces - which the company called the largest gold deposit ever found in Canada.

resource reserve update

An updated economic study for KSM cut initial capital 10% and unit operating costs 11% against the 2008 version.

resource reserve update

Agreed to sell Red Mountain to BonTerra Resources for C$12 million - $7.0 million cash and a $5.0 million convertible debenture. Red Mountain comes back to Seabridge later and is optioned out twice more, to Banks Island in 2012 and Revolution in 2014.

asset acquisition disposition

Completed the Noche Buena sale and was paid US$25 million in cash, funding feasibility work at KSM and Courageous Lake without issuing shares.

asset acquisition disposition

First economic study of KSM: a 30-year mine recovering more than 19 million ounces of gold at a cash operating cost of negative US$11 an ounce after base metal credits, and US$233 an ounce in total. The number that has justified holding KSM ever since.

resource reserve update

Signed a letter of intent to sell Noche Buena to Minera Penmont, a Fresnillo-Newmont joint venture, for US$25 million cash at closing and US$5 million on commercial production. It also kept a 1.5% net smelter royalty on production sold at US$800 an ounce gold or more.

asset acquisition disposition

The rebuilt Mitchell estimate moved more than 55% of the gold into the indicated category, where the whole of the 2007 estimate had been inferred - the confidence upgrade that makes a deposit financeable rather than merely large.

resource reserve update

First independent resource estimates for the Kerr and Sulphurets zones, completing the three-deposit picture at KSM alongside Mitchell.

resource reserve update

Hole M-07-35 extended Mitchell at least 300 metres deeper, running 682 metres of continuous mineralisation from surface averaging 0.92 g/t gold and 0.24% copper and ending in the best grades yet seen on the property.

drilling result

Filed on SEDAR the 43-101 technical report on the Mitchell porphyry deposit at Kerr-Sulphurets. The report confirmed the resource estimate announced in February 2007.

resource reserve update

Seven more holes at Mitchell expanded the newly recognised gold-copper porphyry and confirmed grade continuity comparable to operating mines. Mitchell had only just been drilled for the first time, five months after Seabridge bought back full ownership of Kerr-Sulphurets.

drilling result

Agreed to buy Falconbridge's option to earn 65% of Kerr-Sulphurets for 200,000 shares plus up to 2.0 million conditional warrants, one per new ounce of gold resource found. The warrants run five years at C$13.50, and the deal needed regulatory approval.

asset acquisition disposition

Closed the previously announced C$8,443,750 private placement of 875,000 shares at C$9.65. The shares carried a four-month hold expiring August 20, 2006, and no commissions or finder's fees were payable.

capital raising announcement

Agreed to buy the Noche Buena gold project in Sonora, Mexico from Hecla Mining for US$4,350,000 in cash, after commissioning its own technical report on it.

business combination