Seabridge Gold Files Third Quarter 2026 Report to Shareholders, Financial Statements and MD&A

Release content

• Seabridge Gold filed its Report to Shareholders, Interim Financial Statements and MD&A for the three and nine months ended September 30, 2026 on SEDAR+; the documents are also available on the company website.
• The release itself contains no Q3 2026 financial figures, no KSM project metrics, no joint-venture update, no permitting update and no guidance.
• It repeats the portfolio description: 100% interests in KSM and Bronson Corridor in British Columbia’s Golden Triangle, Snowstorm in Nevada and 3 Aces in Yukon.
• The full text is a filing notice, not an earnings teardown. Q3 2026 financial statements are referenced but are not reproduced in the provided materials.

Historical progression, oldest to newest

• December 2025: Seabridge announced the Courageous Lake spin-out into Valor Gold, targeting a Q2 2026 listing. It also disclosed 8,500 m of KSM geotechnical drilling, Treaty Creek Terminal construction progress, an M-245 permit expected in Q1 2026 and a KSM “substantially started” court decision expected in Q1 2026.
• December 2025: Snip North drilling defined a large porphyry system over 2,100 m strike; the maiden resource was targeted for early 2026.
• January 2026: Valor Gold management was appointed, led by Mark J. Ashley, with C$10 million in initial cash.
• March 2026: KSM resources were restated using higher metal prices. The company explicitly said the changes were not material to the project. Tudor Gold abandoned its appeal over the Chief Gold Commissioner’s decision on the Mitchell Treaty Tunnels.
• April 2026: The Snip North maiden inferred resource was reported at 9.2 Moz Au and 923 Mlb Cu. Separately, the BC Ministry delayed the MTT permit amendment pending resolution of a Tudor Gold legal dispute over the Conditional Mineral Reserve.
• May–June 2026: Shareholders approved the Valor spin-out; it closed June 3, 2026. The BC Supreme Court upheld the KSM “substantially started” determination as reasonable but ordered a 90-day TSKLH consultation before the EAO reconsiders.
• August–September 2026: The Gitxsan Huwilp Government withdrew its earlier KSM support letter pending “proper treatment” of TSKLH. The EAO set out the SSD reconsideration process. BC Hydro energized the Treaty Creek Terminal; full service was expected by November 2026.
• October 2026: Seabridge agreed to acquire the early-stage Slaughterhouse IOCG project in Wyoming from Orogen Royalties for US$300,000 upfront, up to US$2.55 million in milestones and retained NSR royalties.
• November 12, 2026: The Q3 2026 filing notice is the most recent release.

Prior-period context — not disclosed in today’s release

• Q2 2026: net income was $117.5 million, largely driven by the Courageous Lake spin-out gain; net working capital was $53.6 million at June 30, 2026; the company arranged a US$100 million unsecured short-term facility with a strategic investor at 7%, maturing December 31, 2026, undrawn at the time.
• Q1 2026: net loss was $6.6 million; working capital was $131.3 million at March 31, 2026; $35.8 million net was raised through the ATM.
• These figures are prior-period context. Q3 2026 cash, working capital, capex, secured-note remeasurement and ATM/facility drawdown details are not in the release text and cannot be verified here.

• The most recent release is an administrative filing notice. It adds no new Q3 financial results, no change to guidance, no KSM JV announcement and no permitting resolution.
• For a company whose stock is driven by KSM partnership progress, SSD/permitting outcomes and funding, this release is in line with expectations and does not change the investment thesis by itself.
• The rating is Routine - Neutral: a scheduled quarterly filing announcement with no new market-moving information in the release itself. The actual Q3 statements may contain important liquidity or remeasurement detail, but that detail is not provided in the release text.

• Seabridge Gold is a Toronto-listed, US-listed development company with a 100% interest in several North American gold-copper projects. Its flagship is the KSM Project in northwestern British Columbia’s Golden Triangle.
• KSM is described as one of the world’s largest undeveloped copper-gold projects. Proven and probable reserves are 2.292 billion tonnes at 0.64 g/t Au and 0.14% Cu, containing 47.3 Moz Au and 7.32 Blb Cu. Measured and indicated resources are 95.5 Moz Au and 21.1 Blb Cu; inferred resources are 84.4 Moz Au and 42.7 Blb Cu.
• The 2022 PFS outlined a 33-year, 195 ktpd open-pit operation. At US$1,742/oz Au and US$3.53/lb Cu, the company cited a US$7.9 billion NPV5%, 16.1% IRR, US$601/oz AISC and US$6.4 billion initial capex. The presentation’s spot case at US$4,400/oz Au and US$6.55/lb Cu shows a US$34.5 billion NPV5%, but that is a promotional sensitivity, not a funding commitment.
• Other assets include Bronson Corridor (formerly Iskut; Snip North maiden inferred resource of 9.2 Moz Au and 923 Mlb Cu), Snowstorm in Nevada, 3 Aces in Yukon and the newly acquired early-stage Slaughterhouse IOCG project in Wyoming. Courageous Lake was spun out to Valor Gold in June 2026.
• Management: Rudi Fronk is Chair and CEO. Valor Gold is led by Mark J. Ashley, a 40-plus-year mining executive and former CEO of LionOre Mining.