Seabridge Gold Inc

Seabridge Gold Inc. (NYSE: SA) is a company engaged in acquiring, exploring, and advancing mineral properties, with an emphasis on gold resources, located in Canada and the United States of America. The Company holds a 100% interest in several North American gold projects. Its principal assets, the KSM project and its Iskut project, are located in British Columbia, Canada’s Golden Triangle. The Courageous Lake project is in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the three aces project are located in the Yukon Territory.

Key Business and Financial Updates:

• Financial Performance and Investment Activity: For FY2025, Seabridge reported a net loss of USD 53.2 million (USD 0.53 per share), compared to a net loss of USD 31.2 million (USD 0.35 per share) in FY2024, reflecting an increase in reported losses. Concurrently, the company significantly expanded its investment in mineral interests and capital assets, deploying USD 137.0 million in 2025 versus USD 106.3 million in 2024, indicating continued advancement of its project portfolio. Despite higher investment outlays, net working capital improved materially to USD 109.8 million, highlighting strengthened liquidity and financial positioning.
• Drivers of Net Loss and Accounting Adjustments: The elevated net loss in FY2025 was primarily attributable to a non-cash remeasurement loss of USD 60.1 million related to U.S. dollar-denominated secured note liabilities. Under IFRS, these instruments are subject to periodic fair value adjustments driven by fluctuations in market interest rates and metal prices. Importantly, these losses are unrealized and accounting-driven, rather than reflective of underlying operational performance, as the secured notes are structured to either be repaid or converted into royalty interests upon project commercialization.
• Strategic Developments and Capital Allocation Priorities: During 2025, Seabridge achieved key strategic milestones, including progress toward completion of a BC Hydro switching station, a critical infrastructure component supporting the KSM project with access to low-cost, renewable energy. The company also announced plans to spin out the Courageous Lake project into a separate publicly listed entity (Valor Gold Corp.), aimed at unlocking shareholder value while maintaining strategic focus on its flagship KSM and Iskut projects. Additionally, exploration success at the Snip North target within the Iskut project confirmed a significant new gold-copper discovery.
• Asset Portfolio and Growth Outlook: Seabridge maintains a 100% ownership interest in a diversified portfolio of North American gold projects, with flagship assets including KSM and Iskut located in British Columbia’s Golden Triangle, alongside Courageous Lake, Snowstorm, and 3 Aces projects. The company’s strategic priority for 2026 is to secure a development partner for KSM with the requisite technical, financial, and social capabilities to advance the project toward production. This partner-led development approach, combined with a high-quality resource base and ongoing exploration success, positions Seabridge for long-term value creation within the gold and copper mining sector.

Key Company specific risks for SA:

• Project Development and Execution Risk: Seabridge’s valuation is highly dependent on advancing large-scale projects such as KSM, which require securing a strategic partner, regulatory approvals, and significant capital; delays or execution challenges could materially impact timelines and project viability.
• Funding and Capital Intensity Risk: The company operates with ongoing net losses and high capital expenditure requirements, making it reliant on external financing, partnerships, or equity issuance, which may lead to dilution or balance sheet pressure if funding conditions tighten.
• Commodity Price and Valuation Sensitivity: Seabridge’s asset base and project economics are highly sensitive to gold and copper price fluctuations, with lower commodity prices potentially affecting project feasibility, reserve valuations, and investor sentiment.

Technical Observation (on the daily chart):

• Trend Reversal and Moving Average Breakdown: Seabridge Gold Inc. (SA) has transitioned from a well-defined medium-term uptrend into a corrective downtrend, as evidenced by the recent breakdown below both the 20-day (USD ~29.9) and 50-day (USD ~32.1) moving averages. After reaching a cyclical high near USD 40.0, the price has retraced sharply to the USD ~25–26 range, reflecting a loss of bullish momentum and a shift toward distribution. The downward slope of both moving averages, coupled with the failure to sustain above the 50-day average, indicates a bearish near-term technical structure, with trend confirmation contingent upon reclaiming these key dynamic resistance levels.
• Momentum Oscillators and Relative Strength Profile: The Relative Strength Index (RSI ~31.8) signals weakening momentum and is approaching oversold territory, suggesting that selling pressure has been persistent but may be nearing exhaustion. However, the absence of a clear bullish divergence implies that downside risks remain intact, and the current stabilization in RSI reflects consolidation rather than a confirmed reversal. A sustained recovery above the 40–50 RSI band would be required to indicate meaningful momentum reacceleration, while continued sub-40 readings reinforce a weak technical bias.
• Volume Dynamics and Support-Resistance Structure: Volume patterns indicate heightened activity during the recent decline, suggesting institutional distribution rather than low-conviction selling. Immediate support is observed near the USD 21–24 zone while resistance is concentrated between USD 29.5 and USD 32.10, aligning with key moving averages. The broader technical setup suggests a range-bound consolidation with a downward bias, where a breakout above resistance could trigger a recovery toward prior highs, whereas a breakdown below support may extend the corrective phase.

Seabridge Gold Inc. is a North America-focused gold exploration and development company with a diversified portfolio of large-scale projects, including flagship assets such as KSM and Iskut, supported by 100% ownership and long-term resource potential. While the company continues to advance its asset base through increased capital investment (USD 137.0 million in FY2025) and strategic initiatives such as infrastructure development and project spin-offs, its financial profile reflects ongoing development-stage characteristics, including a net loss of USD 53.2 million, largely driven by non-cash accounting adjustments. Liquidity has improved, with net working capital rising to USD 109.8 million, providing near-term financial flexibility. The investment case remains balanced, underpinned by significant resource scale and long-term growth potential, but tempered by execution risks related to project development, funding requirements, and sensitivity to commodity price movements, alongside a currently weak technical trend indicating near-term market caution. 

As per the above-mentioned price action, important support near USD22.00-USD24.00, momentum in the stock over the last month, and technical indicators analysis, a ‘WATCH’ rating has been given for Seabridge Gold Inc. (NYSE: SA), at the current market price of USD 27.41, as of March 31, 2026 (7:55 am PDT). 

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective, and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is March 31, 2026. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.