Seabridge Gold Announces Successful Energization of KSM Project's Treaty Creek Terminal
Seabridge energizes the KSM power link, though full service is scheduled for November.
Seabridge Gold Inc. (SEA) announced the substantial completion and successful energization of the Treaty Creek Terminal on August 27, 2026. Located on Highway 37, approximately 2 km north of the KSM Project entrance, the terminal is expected to be ready for service by November 2026. The facility connects the KSM project to BC Hydro hydroelectric power, a move management states will lower the project’s carbon footprint and reduce operating costs.
The company reiterated that KSM has invested over C$1.2 billion to date and remains one of the world’s largest undeveloped copper-gold projects held by a public company. This announcement follows previous disclosures regarding the project’s development; the June 8, 2026 sustainability report already detailed the completion of the TCT switching station, and the December 18, 2025 year-end update described construction progress. The release contained no new financial results, reserve or resource updates, permit decisions, or joint-venture announcements.
Seabridge Gold Inc. (SEA) has confirmed the successful energization of its infrastructure, a milestone that validates execution but does not constitute new, unexpected information. Prior disclosures had already indicated that the TCT switching station was completed and that BC Hydro would finish the terminal. The company’s Q1 2026 MD&A outlook explicitly stated that BC Hydro would complete the Treaty Creek Terminal to provide power from the Northwest Transmission Line.
The energization does not resolve the more material issues facing Seabridge, including TSKLH consultation on the substantial-start designation, Gitxsan’s withdrawal of support, the delayed Mitchell Treaty Tunnels permit amendment, Tudor litigation, the absence of a definitive KSM joint-venture agreement, and funding requirements. No new capital, reserve, permit, or partner information is provided in the release.
Seabridge Gold Inc. (SEA) holds 100% interests in several North American gold projects, with principal assets including the KSM and Bronson Corridor projects in British Columbia’s Golden Triangle, Snowstorm in Nevada, and 3 Aces in Yukon. The company spun out its Courageous Lake project to Valor Gold Corp. in June 2026.
KSM serves as the flagship project and is one of the world’s largest undeveloped copper-gold projects. The project holds proven and probable reserves of 2.29 billion tonnes at 0.64 g/t gold and 0.14% copper, containing 47.3 million ounces of gold and 7.3 billion pounds of copper. Updated 2026 measured and indicated resources total 95.5 million ounces of gold, 21.1 billion pounds of copper, and 460 million ounces of silver. Updated inferred resources stand at 84.4 million ounces of gold, 42.7 billion pounds of copper, and 570 million ounces of silver.
A 2022 Preliminary Feasibility Study (PFS) base case outlined a 33-year mine life with production of 195,000 tonnes per day, an initial capital expenditure of US$6.4 billion, an after-tax NPV5 of US$7.9 billion, and an internal rate of return (IRR) of 16.1%. An investor deck spot case projected an after-tax NPV5 of US$34.5 billion and an IRR of 35.8% at significantly higher metal prices.
Regulatory progress for KSM includes a substantially started designation received on July 25, 2024. On June 8, 2026, the BC Supreme Court upheld that determination as reasonable but ordered further consultation with TSKLH.
The Bronson Corridor includes the Snip North maiden inferred resource announced in April 2026, which contains 9.2 million ounces of gold and 0.9 billion pounds of copper.