Can you update us on Seabridge Gold’s activity through 2024?

Our most important achievement was obtaining the ‘Substantially Started’ designation at our KSM megaproject in BC. This designation means our permits, which would have expired in 2026, are now permanent. This de-risking now gives us a clear path to completing a JV with a major mining company. 

The second major accomplishment in 2024 was exploration success at our Iskut project, also located in BC. We think we may have found another billion+ tonne gold-copper deposit. Since we launched the company in 1999, we have made our name by identifying and buying early-stage exploration opportunities at low valuations and then growing them through exploration. 

What is the advantage of being headquartered in Toronto, given your major projects are in BC?

Toronto is a true global center of excellence for the mining industry, especially from a financial standpoint. The big banks have their HQs here with dedicated mining divisions, bankers and analysts who set the market for evaluating projects and moving them to production. So, having a presence in Toronto is key. We maintain a strong operating presence in the provinces in which we operate, namely BC, the Northwest Territories, and, more recently, the Yukon. In each of the jurisdictions, we strive to maintain strong relationships with the regulators and, more importantly, with our Indigenous neighbors. 

What is your experience with the permitting process for projects?

Permitting a massive project like KSM costs more and takes longer than exploring to find it. The major companies are scouring the globe for potential new projects, especially in critical metals like copper, and before they spend the effort to evaluate the technical merits of a project, they want to know if it has a reasonable path to permits. 

No matter where you operate, permitting mining projects is challenging. At Seabridge Gold, before we enter the permitting process, we strive to get Indigenous and local communities onside by investing in social license. Whatever the rules are, you can be sure that the underlying issue is whether you have proved you are a good partner to local communities. This takes years of concerted effort. Social license aids regulators in making their decisions and support, especially from Indigenous partners, carries a lot of weight when applying for permits. Without support from First Nations and other nearby communities, you are unlikely to get permit approvals.

How important is divestiture for Seabridge Gold?

Divestiture only comes into play for us when we determine that a project can no longer drive additional value to our shareholders. At that point, we look to sell such assets and then reinvest proceeds in projects we believe can continue to drive shareholder value. 

What is your opinion on the junior mining market in 2024?

Over the past couple of years, the junior market has been starved of capital. Without additional funding soon, many companies may die on the vine.  Even with gold prices at all-time highs, gold mining equities are very cheap relative to gold on a historical basis. Western investors are holding very little exposure to gold, while Eastern investors continue to buy physical gold regardless of price. We believe that Western investors will soon return to the gold space, and when they do, we will start to see a better correlation between the gold price and gold mining equities. 

What criteria are important when selecting a JV partner for the KSM project?

Our JV partner must have a track record of building and operating mines of a similar scale to KSM and will need to have a strong enough balance sheet to raise the capital externally or sufficient cash flow from operations to internally fund the development of KSM. 

What is Seabridge Gold looking to accomplish in the coming years?

The most important objective is to secure a JV partner for KSM willing to complete a Bankable Feasibility Study and then commit to constructing the project.  When built, KSM is projected to be one of the largest gold and copper mines in the world. During the initial 33 years of mine life, we expect to produce more than 1 million oz/y plus nearly 200 million lb/y of copper.