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Sep 30, 2025
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Seabridge Gold Q3 2025 Earnings Report
Seabridge Gold reported a net loss in Q3 2025 driven by increased project spending at KSM and exploration activities at Iskut and 3 Aces.
Key Takeaways
Seabridge Gold incurred a larger net loss in Q3 2025 as it ramped up investments in its KSM, Iskut, and 3 Aces projects. The company remains focused on advancing feasibility studies and progressing strategic partnerships for KSM.
Net loss widened to $32.3 million in Q3 2025 due to higher exploration and development expenses.
KSM project preparations advanced with major infrastructure and feasibility data collection activities.
A 24,000 meter drilling program at Iskut confirmed a new porphyry discovery at Snip North.
Net working capital improved to $83.2 million, indicating strong liquidity.
Forward Guidance
Seabridge expects to complete a feasibility study for the KSM project and advance partnership negotiations. Further exploration and drilling programs are planned for 2026.
Positive Outlook
- Feasibility study preparations for KSM progressing as scheduled
- Ongoing construction of BC Hydro Treaty Creek Terminal to support KSM power needs
- 80% of 2025 field contracts awarded to First Nation affiliated companies
- Exploration at Snip North shows strong gold-copper mineralization
- Direct negotiations underway with preferred KSM partner
Challenges Ahead
- Three new legal challenges filed by Tudor Gold against KSM’s authorizations
- High exploration and development expenses leading to continued net losses
- Uncertainty regarding outcome of court decision on KSM's Substantially Started designation
- Limits of Snip North porphyry system not yet defined, requiring more drilling
Historical Earnings Impact
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Avg. Return Before/After Earnings
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