Seabridge Gold Inc. (NYSE:SA) Poised To Accelerate Near-Term Construction Momentum

Seabridge advances project infrastructure and secures short-term financing, creating a constructive near-term operational backdrop. Near-term catalysts center on KSM site electrification, shareholder approvals, and bridge financing that support ongoing field programs.

Recent News

June 24, 2026 — Company reported results of its annual general meeting; all matters presented were approved. July 20, 2026 — Seabridge executed an unsecured, short-term loan agreement for up to US$100 million to support summer work programs at the KSM Project. August 13, 2026 — Seabridge filed its Report to Shareholders and interim financial statements for the three and six months ended June 30, 2026. September 8, 2026 — Company announced substantial completion and successful energization of the Treaty Creek Terminal (energized Aug 27, 2026), a key electrical milestone for KSM infrastructure.

Technical Analysis

Directional indicators: ADX at 13.32 indicates no established trend strength; however, DI+ shows a dip-and-reversal and DI- a peak-and-reversal, both of which read as bullish directional shifts. Together these directional moves imply short-term buying pressure despite the ADX’s lack of trend conviction, which supports a near-term constructive price bias relative to valuation.

MACD and signal: MACD registers 0.76 with a decreasing MACD_trend and a signal at 1.00; MACD sits below its signal line, indicating waning bullish momentum and a short-term bearish crossover condition that could impose downward pressure until momentum broadens.

MRO (Momentum/Regression Oscillator): MRO at 24.15 sits positive, signaling the price sits above the model target and may face moderate pullback pressure. The positive MRO moderates upside bias and aligns with the MACD’s indication of decelerating momentum.

RSI: RSI at 53.44 with a dip-and-reversal indicates renewed upward momentum from neutral levels; RSI supports limited upside continuation while still leaving room before overbought readings.

Price vs averages and cloud: Close at $32.32 sits marginally below the 20-day average ($32.39), above the 50-day ($29.01) and 200-day ($30.21) averages. The 12-day EMA trend shows a dip-and-reversal, and the price remains above the Ichimoku cloud (Senkou A $26.32 / Senkou B $29.72) with Tenkan at $32.45 and Kijun at $30.16 — technical positioning favors continuation of project-driven strength while short-term momentum indicators caution for pullbacks.

Volatility, breadth and volume: 42-day beta at 2.17 and 52-week beta 2.49 indicate elevated sensitivity to market moves. Current volume (408,393) sits below 10-day and 50/200-day averages, suggesting conviction requires returning volume; Bollinger bands place the close near the mid-band between $30.74 and $34.03, consistent with consolidation around the mean.

 


Fundamental Analysis

Profitability and earnings: Net income $117,506,000 and operating cash flow $121,263,000 reflect positive operating performance for the period ending June 30, 2026. EPS actual $0.77 versus estimate -$0.04 produced an EPS beat of $0.81, represented as a 20.25% EPS surprise. EBIT $151,882,000 and EBITDA $151,901,000 indicate operating earnings before non-cash items, while operating income shows a non-cash adjustment (operating income -$5,563,000) tied to reporting items.

Cash flow and investment: Cash and short-term investments total $95,453,000 with beginning-period cash $126,892,000 and end-period cash $81,472,000; operating cash flow remains positive at $121,263,000 while free cash flow stands negative at -$36,416,000 reflecting ongoing capital investment. Capital expenditures -$32,533,000 and a cashFlowDelta of -$45,420,000 indicate active project spending consistent with advancing KSM.

Balance sheet and solvency: Current ratio 2.08 (industry peer mean 2.92) and cash ratio 1.92 show strong near-term liquidity. Total debt $562,307,000 yields debt-to-equity 0.51, above the industry peer mean of 0.209 (industry peer median 0.15884), while debt-to-assets 0.321 sits above the industry peer mean of 0.1155 but below the industry peer high. Interest coverage 69.04, above the industry peer mean of 57.82, demonstrates ample coverage of interest expense.

Returns and growth: Return on equity 10.61% and return on assets 6.62% exceed the industry peer means (ROE mean 5.34%, ROA mean 3.28%), indicating comparatively stronger capital efficiency. Earnings growth shows a YoY decline of -9.56% but a QoQ improvement of +12.14%, evidencing recent quarter-on-quarter recovery in earnings momentum.

Valuation multiples: Trailing P/E 36.66 sits below the industry peer mean P/E of 43.12 and below the industry peer median of 43.28. Price-to-book 2.74 remains below the industry peer mean of 4.25 and below the industry peer median of 3.04, inside the industry peer range of 0.93–8.68. Enterprise multiple 23.08 sits materially below the industry peer mean of 48.88. Forward metrics show a negative forward PE driven by a forward EPS of -$0.05775, and PEG metrics reflect a negative PEG ratio; forward estimates suggest caution in extrapolating earnings into a single forward multiple.

Capital allocation and valuation context: Active capex and a secured short-term credit facility (US$100M) align capital deployment with construction milestones. WMDST values the stock as under-valued; valuation support derives from P/B and trailing P/E below industry peer means and a lower enterprise multiple versus the industry peer mean, balanced against negative free cash flow and ongoing project capital intensity.

MOST-RECENT QUARTERLY REPORT
REPORT PERIOD ENDING: 2026-06-30
REPORT DATE: 2026-08-13
NEXT REPORT DATE: 2026-11-12
CASH FLOW  Begin Period Cash Flow 126.9 M
 Operating Cash Flow 121.3 M
 Capital Expenditures -32.53 M
 Change In Working Capital 2.5 M
 Dividends Paid
 Cash Flow Delta -45.42 M
 End Period Cash Flow 81.5 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 5.6 M
PROFITABILITY
 Gross Profit
 EBITDA 151.9 M
 EBIT 151.9 M
 Operating Income -5.56 M
 Interest Income 1.1 M
 Interest Expense 2.2 M
 Net Interest Income -1.09 M
 Income Before Tax 149.7 M
 Tax Provision 32.2 M
 Tax Rate 21.496 %
 Net Income 117.5 M
 Net Income From Continuing Operations 117.5 M
EARNINGS
 EPS Estimate -0.04
 EPS Actual 0.77
 EPS Difference 0.81
 EPS Surprise 2025.0 %
 Forward EPS -0.06
 
BALANCE SHEET ASSETS
 Total Assets 1.8 B
 Intangible Assets
 Net Tangible Assets 1.1 B
 Total Current Assets 103.2 M
 Cash and Short-Term Investments 95.5 M
 Cash 81.5 M
 Net Receivables 7.8 M
 Inventory
 Long-Term Investments 33.8 M
LIABILITIES
 Accounts Payable 6.4 M
 Short-Term Debt
 Total Current Liabilities 49.7 M
 Net Debt 479.6 M
 Total Debt 562.3 M
 Total Liabilities 643.7 M
EQUITY
 Total Equity 1.1 B
 Retained Earnings -371.95 M
VALUATION & PER-SHARE METRICS EQUITY & PER-SHARE METRICS
 Book Value Per-Share 10.29
 Shares Outstanding 107.629 M
 Revenue Per-Share
VALUATION
 Market Capitalization 3.0 B
 Enterprise Value 3.5 B
 Enterprise Multiple 23.076
Enterprise Multiple QoQ -105.094 %
Enterprise Multiple YoY -88.115 %
Enterprise Multiple IPRWA high: 139.052
mean: 48.879
median: 28.546
SA: 23.076
low: -159.016
 EV/R
CAPITAL STRUCTURE
 Asset To Equity 1.581
 Asset To Liability 2.721
 Debt To Capital 0.337
 Debt To Assets 0.321
Debt To Assets QoQ 3.37 %
Debt To Assets YoY -8.526 %
Debt To Assets IPRWA high: 0.586
SA: 0.321
mean: 0.116
median: 0.097
low: 0.001
 Debt To Equity 0.508
Debt To Equity QoQ 9.229 %
Debt To Equity YoY -10.361 %
Debt To Equity IPRWA high: 1.543
SA: 0.508
mean: 0.209
median: 0.159
low: -0.023
PRICE-BASED VALUATION
 Price To Book (P/B) 2.744
Price To Book QoQ 0.694 %
Price To Book YoY 76.304 %
Price To Book IPRWA high: 8.682
mean: 4.249
median: 3.043
SA: 2.744
low: 0.928
 Price To Earnings (P/E) 36.664
Price To Earnings QoQ -114.448 %
Price To Earnings YoY -154.151 %
Price To Earnings IPRWA high: 139.141
median: 43.282
mean: 43.121
SA: 36.664
low: -185.549
 PE/G Ratio -0.038
 Price To Sales (P/S)
Price To Sales QoQ
Price To Sales YoY
Price To Sales IPRWA
FORWARD MULTIPLES
Forward P/E -514.486
Forward PE/G 0.538
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 high: 217.108
median: 91.103
mean: 74.129
SA: 0
low: -79.162
CAPITAL DEPLOYMENT
 Cash Conversion Ratio
 CapEx To Revenue
 CapEx To Depreciation -1712.263
 
CAPITAL, LIQUIDITY & COVERAGE CAPITAL STRUCTURE
 Total Capital 1.7 B
 Net Invested Capital 1.7 B
 Invested Capital 1.7 B
 Net Tangible Assets 1.1 B
 Net Working Capital 53.6 M
LIQUIDITY
 Cash Ratio 1.922
 Current Ratio 2.078
Current Ratio QoQ -69.017 %
Current Ratio YoY -50.965 %
Current Ratio IPRWA high: 51.968
mean: 2.915
median: 2.581
SA: 2.078
low: 0.343
 Quick Ratio
Quick Ratio QoQ
Quick Ratio YoY
Quick Ratio IPRWA
COVERAGE & LEVERAGE
 Debt To EBITDA 3.702
 Cost Of Debt 0.308 %
 Interest Coverage Ratio 69.037
Interest Coverage Ratio QoQ -116.904 %
Interest Coverage Ratio YoY 4.912 %
Interest Coverage Ratio IPRWA high: 325.96
SA: 69.037
mean: 57.818
median: 44.684
low: -212.703
 Operating Cash Flow Ratio 2.442
TIMING / LIQUIDITY
 Days Payables Outstanding (DPO)
DIVIDENDS
 Dividend Coverage Ratio
 Dividend Payout Ratio
 Dividend Rate
 Dividend Yield
PERFORMANCE GROWTH
 Asset Growth Rate -2.706 %
 Revenue Growth
Revenue Growth QoQ
Revenue Growth YoY
Revenue Growth IPRWA
 Earnings Growth -955.556 %
Earnings Growth QoQ 1213.894 %
Earnings Growth YoY
Earnings Growth IPRWA high: 174.242 %
mean: 32.091 %
median: -21.429 %
low: -120.0 %
SA: -955.556 %
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) -36.42 M
 Free Cash Flow Yield -1.198 %
Free Cash Flow Yield QoQ 47.537 %
Free Cash Flow Yield YoY -23.205 %
Free Cash Flow Yield IPRWA high: 4.554 %
median: 2.056 %
mean: 1.334 %
SA: -1.198 %
low: -7.827 %
 Free Cash Growth 36.866 %
Free Cash Growth QoQ -169.323 %
Free Cash Growth YoY -33.769 %
Free Cash Growth IPRWA high: 75.394 %
SA: 36.866 %
mean: -15.808 %
median: -20.991 %
low: -214.37 %
 Free Cash To Net Income -0.31
 Cash Flow Margin
 Cash Flow To Earnings 1.032
VALUE & RETURNS
 Economic Value Added 0.04
 Return On Assets (ROA) 6.618 %
Return On Assets QoQ -1874.263 %
Return On Assets YoY 769.645 %
Return On Assets IPRWA high: 11.146 %
SA: 6.618 %
median: 3.819 %
mean: 3.281 %
low: -15.56 %
 Return On Capital Employed (ROCE) 8.927 %
 Return On Equity (ROE) 0.106
Return On Equity QoQ -2018.626 %
Return On Equity YoY 776.86 %
Return On Equity IPRWA high: 0.117
SA: 0.106
median: 0.062
mean: 0.053
low: -0.206
 DuPont ROE
 Return On Invested Capital (ROIC) 7.146 %
Return On Invested Capital QoQ -1995.491 %
Return On Invested Capital YoY 1180.645 %
Return On Invested Capital IPRWA high: 11.567 %
SA: 7.146 %
mean: 5.454 %
median: 5.116 %
low: -8.735 %

Six-Week Outlook

Near-term price action should track project execution headlines and financing cadence. Technical indicators present mixed signals: directional indicators and Ichimoku positioning favor continuation, while MACD and MRO warn of consolidation or pullback. Expect consolidation around the low $30s with event-driven intraday moves tied to updates on KSM electrification, drawdowns on the US$100M facility, and any operational disclosures; elevated beta suggests amplified reactions to such items. Trade-planning should prioritize event windows and monitor volume for conviction signals.

About Seabridge Gold Inc.

Seabridge Gold Inc. (NYSE:SA) acquires and explores mineral properties in North America, with a primary emphasis on gold. The company actively investigates potential deposits of gold, copper, silver, and molybdenum. Seabridge Gold’s portfolio includes several significant projects, such as the KSM Project in British Columbia, which ranks among the world’s largest undeveloped gold projects. Established in 1979 and headquartered in Toronto, Canada, Seabridge Gold focuses on increasing its resource base through exploration and strategic acquisitions. By advancing its projects through various stages of development, the company aims to enhance shareholder value. Seabridge Gold’s commitment to responsible mining practices underscores its operations, ensuring environmental stewardship and community engagement. The company continues to evaluate opportunities to expand its asset base and strengthen its position in the precious metals sector.



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