Seabridge Gold Files Second Quarter 2026 Report to Shareholders and Its Financial Statements and MD&A

Seabridge Gold Inc. filed its Report to Shareholders, interim financial statements, and Management’s Discussion and Analysis for the three and six months ended June 30, 2026, on August 13, 2026.

The company reported a second-quarter 2026 net income of $117.5 million, or $1.08 per share, a significant increase from the $12.3 million, or $0.12 per share, recorded in the same period of 2025. This rise in net income was primarily driven by gains realized from the distribution of the Courageous Lake project rather than operating revenue.

Capital expenditures increased during the quarter, with investment in mineral interests, property, and equipment totaling $32.5 million in Q2 2026, up from $21.1 million in Q2 2025. Net working capital stood at $53.6 million as of June 30, 2026, down from $109.8 million at December 31, 2025.

In July 2026, Seabridge arranged a US$100 million unsecured, short-term loan facility with a strategic investor to support summer work programs at the KSM project. The loan carries 7% interest compounded monthly, matures on December 31, 2026, and is drawable in minimum US$10 million calls. The facility was undrawn as of the release date. It may be repaid in cash at any time, or in common shares subject to TSX approval, if the balance remains outstanding at maturity.

Operational updates included the completion of the Courageous Lake spin-out and the advancement of the 2026 field program at KSM on schedule for the feasibility study. Engagement with a preferred earn-in joint venture candidate continues, while the BC Supreme Court has required a reconsideration of the KSM Substantially Started designation. Additionally, the company published its sustainability report and received a resource award in Smithers.

Seabridge remains a pre-revenue, development-stage company, and the reported net income is not derived from mining operations.

Seabridge Gold Inc. (SEA) reported a Q2 net income of $117.5 million, a figure driven primarily by a non-cash gain from the Courageous Lake spin-out distribution rather than operating performance. The spin-out became effective on June 3, 2026, and its contribution to the quarter’s results represents an accounting event rather than new operating activity.

Liquidity remains a central focus for the pre-revenue developer. The company holds a US$100 million loan facility, which was announced on July 20, 2026. However, net working capital declined significantly to $53.6 million, down from $109.8 million at year-end 2025 and $131.3 million in Q1 2026. This short-term loan is due on December 31, 2026, and if not repaid in cash, it may convert to shares, creating potential dilution. The decline in working capital is likely attributable to the spin-out and ongoing capital expenditures.

Project advancement continues on schedule, with KSM field work progressing and joint venture engagement ongoing. However, the company faces a legal overhang following a BC Supreme Court order issued on June 8, 2026, which requires reconsideration of the KSM Substantially Started designation. The Q2 filing confirms information previously disclosed, with no new joint venture agreements, permitting resolutions, or feasibility study completions announced.

Seabridge Gold Inc. holds a 100% interest in several North American gold projects, with its principal assets being the KSM and Bronson Corridor projects located in British Columbia’s Golden Triangle. The company’s portfolio also includes the Snowstorm project in Nevada and the 3 Aces project in the Yukon. In June 2026, Seabridge spun out the Courageous Lake project to Valor Gold Corp.

KSM is one of the world’s largest undeveloped gold-copper projects, containing proven and probable reserves of 47.3 million ounces of gold and 7.3 billion pounds of copper. The mineralization consists of 2.29 billion tonnes grading 0.64 g/t gold and 0.14% copper. A 2022 Preliminary Feasibility Study highlighted a 33-year mine life, an initial capital cost of US$6.1 billion, and average annual production of 1.027 million ounces of gold and 178 million pounds of copper over the life of mine. While KSM holds BC and federal environmental approvals, and a July 2024 Substantially Started designation locked permits for the project life, the BC Supreme Court has now required reconsideration.

The Bronson Corridor includes the Snip North maiden inferred resource announced on April 15, 2026, which contains 9.2 million ounces of gold, 28.3 million ounces of silver, and 923 million pounds of copper. Seabridge does not have producing mines or operating revenue and is an exploration and development company with significant future capital requirements.