Seabridge Gold (SEA) Q4 2025 earnings summary

Executive summary

• Completed significant drilling at Iskut (24,225m), advancing the Snip North discovery and confirming a major porphyry system; resource estimate planned for Q2 2026.

• Raised $142.5M in equity (bought deal and private placement), $100.8M via ATM, and $36M post-year-end, strengthening liquidity.

• At KSM, completed 8,500m of geotechnical drilling for feasibility study; received Substantially Started Designation (SSD), securing environmental approvals.

• Announced spin-out of Courageous Lake Project into Valor Gold, expected to complete by Q2 2026.

Financial highlights

• Net loss of $53.2M in 2025 (vs. $31.2M in 2024), mainly due to remeasurement losses on secured note liabilities and higher admin costs.

• Cash and cash equivalents at year-end: $117.5M (up from $49.8M in 2024).

• Mineral interests, property, and equipment increased to $1.35B (from $1.25B in 2024).

• Secured note liabilities rose to $598.5M (from $562.6M in 2024), reflecting higher metal prices and valuation changes.

• Cash used in investing activities: $187.9M (vs. $121.2M in 2024); cash from financing activities: $272.2M (vs. $101.3M in 2024).

Outlook and guidance

• KSM: Focus on feasibility study, advancing permitting, and seeking a joint venture partner; $283.1M budgeted for 2026, with $93M contingent on JV funding.

• Iskut: Complete resource estimate for Snip North and continue exploration; $18.4M exploration budget for 2026.

• 3 Aces: Compile data and prepare independent technical report; $1.8M budget.

• Courageous Lake: Spin-out to Valor Gold expected by Q2 2026.