Recent News
On November 12, 2025 the company filed its third-quarter 2025 Report to Shareholders, interim financial statements and MD&A, noting continued KSM field activities, a 24,000‑metre drill program at Iskut that confirmed a new porphyry at Snip North, and court hearings on petitions challenging KSM’s substantially‑started designation.
In September 2025 several analysts adjusted coverage: Wall Street Zen upgraded the rating to Hold on September 13, and Zacks Research raised its rating to Hold in mid‑September; coverage remained mixed through October with a Weiss Ratings Sell (D) on October 9.
SEC/13F and filings activity in mid‑November 2025 reported that Paulson & Co. exited its position in Seabridge during Q3 2025.
Technical Analysis
ADX at 14.77 signals no dominant trend; directional indicators tilt bullish as DI+ shows a dip-and-reversal while DI- decreases, creating a short-term directional advantage that supports a near-term upside bias for the stock relative to its current valuation.
MACD sits at 0.27 with a 0.25 signal line; the MACD currently trades slightly above the signal line, producing a short-term bullish crossover, but the MACD trend registers a peak-and-reversal, indicating momentum has begun to roll over and warrants guarded optimism for continuation.
MRO at 2.02 with an increasing trajectory implies the price sits modestly above WMDST’s target and faces some potential downward pressure if momentum falters; that over-target signal counters some of the bullish directional readings.
RSI at 56.19 with a dip-and-reversal indicates renewed buying interest without overbought extremes, aligning with the DI+ reversal and supporting a measured upside over the coming weeks.
Price sits at $23.98, above the 200‑day average of $16.15 and near the 20‑day average of $23.63; the 12‑day EMA shows a peak-and-reversal, pointing to short-term cooling even as medium‑term averages remain supportive. Bollinger bands place the price inside the 1× band range ($22.54–$24.72), implying limited immediate volatility expansion. SuperTrend lower support appears near $22.26, and volume currently runs slightly above the 10‑day average but below longer-term averages, suggesting conviction remains modest.
Fundamental Analysis
Profitability and earnings: EPS came in at -$0.32 versus an estimate of -$0.04, yielding an EPS surprise of -700.0%. WMDST notes persistent negative net income of -$32,270,000 and negative EBIT of -$27,616,000, reflecting ongoing operating losses that weigh on near-term earnings improvement prospects.
Cash and liquidity: Cash at $103,104,000 and cash plus short‑term investments of $111,285,000 provide significant liquidity. The current ratio stands at 2.99, above the industry peer mean of 2.27016, and the cash ratio of 2.67 indicates strong short‑term coverage of liabilities—factors that support operational flexibility while projects advance.
Capital structure: Total debt equals $584,436,000 with net debt of $480,032,000; debt‑to‑assets at 34.239% sits above the industry peer mean of 12.406%, and debt‑to‑equity at 0.553 is above the industry peer mean of 0.23015, indicating higher leverage versus peers despite ample cash on the balance sheet.
Returns and cash flow: Return on equity registers -3.054% and return on assets -1.926%, both below industry peer means; operating cash flow remains negative at -$29,510,000 and free cash flow stands at -$54,970,000, although free cash growth shows meaningful sequential improvement versus prior periods.
Valuation metrics: Price‑to‑book sits at 2.13, beneath the industry peer mean of 3.09805 and below the peer median of 2.58476, while the forward P/E remains negative. WMDST values the stock as under‑valued, driven by asset base, project optionality and cash reserves, but the valuation case must account for operating losses and elevated leverage.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-12 |
| NEXT REPORT DATE: | 2026-02-11 |
| CASH FLOW | Begin Period Cash Flow | $ 121.4 M |
| Operating Cash Flow | $ -29.51 M | |
| Capital Expenditures | $ -52.86 M | |
| Change In Working Capital | $ 861.0 K | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -18.28 M | |
| End Period Cash Flow | $ 103.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 19.0 K | |
| Depreciation and Amortization | $ 19.0 K | |
| Research and Development | — | |
| Total Operating Expenses | $ 4.7 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -27.60 M | |
| EBIT | $ -27.62 M | |
| Operating Income | $ -4.67 M | |
| Interest Income | $ 1.5 M | |
| Interest Expense | $ 143.0 K | |
| Net Interest Income | $ 1.4 M | |
| Income Before Tax | $ -27.76 M | |
| Tax Provision | $ 4.5 M | |
| Tax Rate | 15.0 % | |
| Net Income | $ -32.27 M | |
| Net Income From Continuing Operations | $ -32.27 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.04 | |
| EPS Actual | $ -0.32 | |
| EPS Difference | $ -0.28 | |
| EPS Surprise | -700.0 % | |
| Forward EPS | $ -0.05 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.7 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 1.1 B | |
| Total Current Assets | $ 124.9 M | |
| Cash and Short-Term Investments | $ 111.3 M | |
| Cash | $ 103.1 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 22.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 7.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 41.8 M | |
| Net Debt | $ 480.0 M | |
| Total Debt | $ 584.4 M | |
| Total Liabilities | $ 650.2 M | |
| EQUITY | ||
| Total Equity | $ 1.1 B | |
| Retained Earnings | $ -227.28 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 10.18 | |
| Shares Outstanding | 103.842 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 2.2 B |
| Enterprise Value | $ 2.7 B | |
| Enterprise Multiple | -98.669 | |
| Enterprise Multiple QoQ | -150.819 % | |
| Enterprise Multiple YoY | 137.033 % | |
| Enterprise Multiple IPRWA | high: 117.578 median: 26.722 mean: 23.831 SA: -98.669 low: -180.008 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.615 | |
| Asset To Liability | 2.625 | |
| Debt To Capital | 0.356 | |
| Debt To Assets | 0.342 | |
| Debt To Assets QoQ | -2.464 % | |
| Debt To Assets YoY | 142562.5 % | |
| Debt To Assets IPRWA | high: 0.485 SA: 0.342 mean: 0.124 median: 0.103 low: 0.001 |
|
| Debt To Equity | 0.553 | |
| Debt To Equity QoQ | -2.364 % | |
| Debt To Equity YoY | 138160.0 % | |
| Debt To Equity IPRWA | high: 1.987 SA: 0.553 mean: 0.23 median: 0.17 low: 0.001 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.129 | |
| Price To Book QoQ | 36.808 % | |
| Price To Book YoY | 18.855 % | |
| Price To Book IPRWA | high: 8.202 mean: 3.098 median: 2.585 SA: 2.129 low: 0.927 |
|
| Price To Earnings (P/E) | -67.706 | |
| Price To Earnings QoQ | -0.0 % | |
| Price To Earnings YoY | 22.75 % | |
| Price To Earnings IPRWA | high: 163.615 mean: 44.78 median: 41.717 SA: -67.706 low: -173.761 |
|
| PE/G Ratio | — | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -369.39 | |
| Forward PE/G | — | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -2782.316 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.6 B | |
| Net Invested Capital | $ 1.6 B | |
| Invested Capital | $ 1.6 B | |
| Net Tangible Assets | $ 1.1 B | |
| Net Working Capital | $ 83.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.665 | |
| Current Ratio | 2.992 | |
| Current Ratio QoQ | -29.412 % | |
| Current Ratio YoY | 31.036 % | |
| Current Ratio IPRWA | high: 12.496 SA: 2.992 mean: 2.27 median: 2.039 low: 0.232 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -21.178 | |
| Cost Of Debt | 0.021 % | |
| Interest Coverage Ratio | -193.119 | |
| Interest Coverage Ratio QoQ | -393.471 % | |
| Interest Coverage Ratio YoY | 73.058 % | |
| Interest Coverage Ratio IPRWA | high: 49.212 median: 34.164 mean: 31.688 SA: -193.119 low: -194.931 |
|
| Operating Cash Flow Ratio | -0.707 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.8 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 0.0 % | |
| Earnings Growth QoQ | — | |
| Earnings Growth YoY | -100.0 % | |
| Earnings Growth IPRWA | high: 257.143 % mean: 24.875 % median: 19.58 % SA: 0.0 % low: -150.0 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -54.97 M | |
| Free Cash Flow Yield | -2.443 % | |
| Free Cash Flow Yield QoQ | 56.603 % | |
| Free Cash Flow Yield YoY | 28.241 % | |
| Free Cash Flow Yield IPRWA | high: 4.504 % mean: 1.95 % median: 1.829 % SA: -2.443 % low: -7.163 % |
|
| Free Cash Growth | 122.209 % | |
| Free Cash Growth QoQ | 119.552 % | |
| Free Cash Growth YoY | 306.266 % | |
| Free Cash Growth IPRWA | high: 537.296 % SA: 122.209 % mean: 15.987 % median: 1.513 % low: -251.799 % |
|
| Free Cash To Net Income | 1.703 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.914 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -1.926 % | |
| Return On Assets QoQ | -353.088 % | |
| Return On Assets YoY | -0.824 % | |
| Return On Assets IPRWA | high: 6.16 % median: 3.335 % mean: 3.163 % SA: -1.926 % low: -14.746 % |
|
| Return On Capital Employed (ROCE) | -1.658 % | |
| Return On Equity (ROE) | -0.031 | |
| Return On Equity QoQ | -352.397 % | |
| Return On Equity YoY | -4.353 % | |
| Return On Equity IPRWA | high: 0.115 median: 0.055 mean: 0.049 SA: -0.031 low: -0.432 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -1.431 % | |
| Return On Invested Capital QoQ | -356.452 % | |
| Return On Invested Capital YoY | -102.929 % | |
| Return On Invested Capital IPRWA | high: 9.171 % mean: 5.174 % median: 4.597 % SA: -1.431 % low: -7.136 % |
|