Revenue distribution by sectors: Mainly mining and precious metals

TOP 3 markets:

1. Canada: approx. 40%
2. USA: approx. 35%
3. Europe: approx. 15%

Seabridge Gold Inc. is primarily engaged in the exploration and development of gold deposits. The majority of revenues come from the mining and precious metals sector, with Canada and the USA being the most important markets. Europe follows as the third largest market, with a focus on developing new projects and increasing production capacities.

Production Sites: No active production (as of 2026)

Seabridge Gold Inc. is a company that focuses on the exploration and development of gold deposits. Currently, Seabridge Gold does not operate any active production sites. The company is best known for its projects in Canada, especially the KSM project in British Columbia.

The KSM project is one of the largest undeveloped gold-copper projects worldwide, but it is still in the development phase. Seabridge Gold is concentrating on increasing its resource base and preparing for future production possibilities, but has not yet commenced commercial production.

Strategy for Future Growth:

Seabridge Gold Inc. pursues a strategy focusing on the exploration and development of gold projects, particularly in politically stable regions like Canada. The company aims to unlock large, high-quality gold deposits to create long-term value for shareholders.

A key element of the growth strategy is the KSM project (Kerr-Sulphurets-Mitchell) in British Columbia, one of the largest undeveloped gold projects globally. Seabridge Gold plans to advance the development of this project through strategic partnerships with major mining companies.

In addition, Seabridge Gold is dedicated to acquiring and developing other promising properties to diversify the portfolio and mitigate risks. The company places great emphasis on sustainable practices and collaborating with local communities to ensure social acceptance and long-term operational security.

Main Commodities: Gold, Copper, Silver, Molybdenum
Import Countries: Canada, USA, Chile

Seabridge Gold Inc. is primarily an exploration company focusing on the development of gold, copper, silver, and molybdenum deposits. The company's main activities are located in Canada, particularly in British Columbia. Therefore, Seabridge Gold generally does not import commodities but instead focuses on the exploration and development of its own resources.

However, if specific materials or equipment are needed for the mining process, these could be imported from the USA or other countries with a strong mining equipment industry such as Chile. The exact import countries may vary depending on project requirements and availability.

Resource Base: 49.7 million ounces of gold (2023)

Project Expansions: KSM Project in British Columbia

Seabridge Gold Inc. has a significant competitive advantage due to its extensive resource base, especially in the KSM Project, which is one of the largest undeveloped gold projects in the world. This resource size provides the company with a strong market position as it has substantial gold reserves that can be advantageous in rising gold prices.

Another advantage is the strategic location of the projects in politically stable regions like Canada, which reduces the risk of geopolitical uncertainties. Furthermore, Seabridge Gold has been consistently investing in the exploration and development of its projects in recent years, increasing the potential for future growth.

However, competition in the gold sector is intense, and Seabridge's success also depends on its ability to efficiently develop and operate these projects. Continuous development and potential partnerships with larger mining companies could further strengthen the competitive advantage.

Institutional Investor Share: 45% (estimated for 2026)

Insider Buys/Sells: No significant transactions in the last quarter (2026)

The institutional investor share in Seabridge Gold Inc. is estimated to be around 45%, indicating a healthy interest from institutional investors. These investors play an important role in the stability and confidence in the stock.

In 2026, there were no significant insider buys or sells, suggesting that the management and other insiders are currently not planning any significant changes in their holdings. This can be seen as a sign of confidence in the company's future development.

Market share of Seabridge Gold Inc.: Estimate: 2-3% (2026)

Main competitors and their market shares:

1. Barrick Gold Corporation: 15-18%
2. Newmont Corporation: 14-16%
3. AngloGold Ashanti Limited: 10-12%
4. Kinross Gold Corporation: 8-10%
5. Gold Fields Limited: 6-8%
6. Agnico Eagle Mines Limited: 5-7%
7. Sibanye Stillwater Limited: 4-6%
8. Yamana Gold Inc.: 3-5%
9. Seabridge Gold Inc.: 2-3%
10. Harmony Gold Mining Co. Ltd.: 2-3%

Moat of Seabridge Gold Inc.:

Seabridge Gold Inc. is known for its large gold deposits, especially the KSM project in British Columbia, which is one of the largest undeveloped gold projects in the world. This represents a significant advantage as it offers the potential for future returns once development progresses.

However, larger companies like Barrick Gold and Newmont Corporation have established operating mines, a diversified geographic presence, and strong financial resources that provide them with a more stable and broader moat. These companies benefit from economies of scale, an established supply chain, and a strong market position, giving them an advantage over smaller companies like Seabridge.

In summary, Seabridge Gold has a potential moat through its resource base, but the operational and financial strengths of larger competitors currently outweigh it.

Gold reserves: 45 million ounces (estimated, 2025) Project progress: KSM project in the construction phase (2026) Cash flow: Positive cash flow expectations from 2027

Seabridge Gold Inc. has distinguished itself in recent years through the development of the KSM project, one of the largest undeveloped gold projects worldwide. With estimated gold reserves of 45 million ounces, the company offers significant potential for future revenue.

The KSM project is currently in the construction phase, indicating progress towards the start of production. Completion and transition to production are crucial factors that will influence the company's future growth and profitability.

Analysts expect Seabridge Gold to generate positive cash flow from 2027, which could stabilize the company financially and improve its ability to finance further projects. These factors suggest that Seabridge Gold could be an attractive investment opportunity for long-term investors willing to bear the risks of mine development.

Dividend payment: None

Seabridge Gold Inc. currently does not pay a dividend. The company primarily focuses on the exploration and development of gold projects, particularly the KSM project in British Columbia, Canada.

Since Seabridge Gold has not yet reached the production phase and its revenue mainly comes from financing its exploration projects, it is unlikely that a dividend will be distributed in the near future. Investors in Seabridge Gold typically rely on long-term value appreciation through the development of gold reserves rather than regular dividend payouts.