Recent News
Dec 18, 2025 — Year-end update: Seabridge reported extensive KSM field work including ~8,500 m of geotechnical drilling across 117 holes, construction progress on the Treaty Creek Terminal switching station, and announced plans to spin out the Courageous Lake asset into a separately listed company (to be named Valor Gold). Nov 20, 2025 — Coverage update from Stonegate highlighted KSM partnership progress, Iskut drilling results (including long Cu–Au intercepts) and quarter-end cash of $103.1M. Mid‑Dec 2025 — several outlets reported analyst price-target increases and continued positive commentary tied to project milestones and potential joint‑venture progress.
Technical Analysis
ADX and Directional Indicators: ADX at 13.87 signals no dominant trend, reducing confidence that short-term directional moves will sustain; this tempers the near-term bullish narrative tied to project news. DI+ at 23.96 shows a peak-and-reversal, which reads as bearish pressure on directional strength, while DI- at 21.88 decreasing reads as incrementally bullish; together they indicate contested directional control that favors sideways consolidation rather than a strong trend extension.
MACD: MACD stands at 0.48 and trends increasing with the MACD line above the 0.40 signal line, a bullish momentum signal that supports further upside attempts and aligns with price staying above short-term averages.
MRO: MRO registers 14.2 (positive), indicating the market price sits above the implied target and therefore carries pressure toward mean reversion; this places a cap on sustained upside even while momentum indicators show improvement.
RSI and Price Structure: RSI at 56.09 with a peak-and-reversal read suggests near-neutral momentum with short-term topping risk; price trades above the 12/26-day EMAs and both 20‑ and 50‑day averages (price close $33.06 vs 20‑day $31.30 and 50‑day $31.18), and well above the 200‑day average ($21.70), supporting a constructive medium-term bias but with near-term caution.
Additional Structure: Ichimoku Tenkan (31.54) and Kijun (32.70) sit below the current price, reinforcing short‑term support; price approaches the upper Bollinger 1σ band ($33.91). Short-term volatility (42‑day beta 1.64) exceeds the 52‑week beta (0.80), and volume runs below 10‑ and 50‑day averages, indicating breakouts would need stronger participation to sustain.
Fundamental Analysis
Profitability and Earnings: Net income for the period registers a loss of $32.27M; EPS actual amounted to -$0.32 versus an estimate of -$0.04 (EPS difference -$0.28), with an EPS surprise reported as -700%. Operating metrics show EBIT of -$27.616M and EBITDA of -$27.597M, confirming exploration-stage negative earnings driven by project and development spend rather than operating margin pressure.
Liquidity and Cash Flow: Cash on hand totaled $103.104M and cash & short-term investments $111.285M; beginning period cash flow showed $121.383M. Current ratio stands at 2.99, above the industry peer mean of 2.35682, providing near-term liquidity to advance field programs. Operating cash flow ran negative at -$29.51M and free cash flow at -$54.97M, while free cash growth metrics display strong percentage increases year-over-year, reflecting financing-driven cash inflows supporting exploration expenditures.
Capital Structure: Total debt equals $584.436M with net debt $480.032M; debt to assets equals 34.24%, which sits above the industry peer mean of 12.596%, and debt to equity equals 55.30%, above the industry peer mean of 23.507%. Interest expense remains minimal at $143k, and interest coverage appears negative due to loss-making operations. The capital base includes total equity of $1,056.769M and net tangible assets of $1,056.769M, reflecting significant resource assets on the balance sheet.
Valuation Metrics: Price-to-book sits at 2.13, below the industry peer mean of 3.47 and below the industry peer median of 3.28. Reported P/E multiple remains negative at -67.71 and forward PE occupies a deeply negative reading, driven by expected continued losses. Enterprise multiple and free cash flow yield both register negative values. WMDST values the stock as under-valued, a conclusion that reflects asset-heavy balance sheet metrics, ongoing project progress, and the current book-value orientation of the valuation.
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 | $ -0.03 | |
| 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: 157.603 mean: 52.627 median: 27.604 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: 0.574 SA: 0.342 mean: 0.126 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: 2.001 SA: 0.553 mean: 0.235 median: 0.189 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: 3.473 median: 3.278 SA: 2.129 low: 0.704 |
|
| 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: 67.882 median: 48.994 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 median: 2.458 mean: 2.357 low: 0.005 |
|
| 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 mean: 25.336 median: 21.14 low: -56.853 SA: -193.119 |
|
| 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 % median: 5.6 % SA: 0.0 % mean: -0.089 % 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: 11.174 % median: 1.829 % mean: 1.479 % 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 % median: -14.298 % mean: -59.239 % low: -339.64 % |
|
| 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: 2.374 % 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: 0.037 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 % median: 4.597 % mean: 4.036 % SA: -1.431 % low: -12.191 % |
|