en.Wedoany.com Reported - Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced the completion of the spin-off transaction of Valor Gold Corp. The transaction was executed under a statutory plan of arrangement under the Canada Business Corporations Act, effective at 12:01 a.m. Vancouver time on June 3.
Under the terms of the arrangement, Seabridge transferred all of its interests in the Courageous Lake gold project in Canada's Northwest Territories to Valor. As of the close of business on June 2, each existing Seabridge share held by shareholders was exchanged for one new Seabridge share, while approximately one Valor share was received for every 1.957 Seabridge shares held. Upon completion of the arrangement, Valor had 55 million shares issued and outstanding. The Supreme Court of British Columbia approved the final order for the arrangement on May 27. The spin-off was approved by 99.76% of votes cast at the shareholder meeting.
Old Seabridge shares are expected to be suspended from trading on the Toronto Stock Exchange and the New York Stock Exchange at the close of trading on June 4. New Seabridge shares are expected to begin trading on the TSX and NYSE on June 5 under new CUSIP number 811927102, with ticker symbols "SEA" and "SA," respectively. Valor shares are expected to begin trading on the TSX on the same day under ticker symbol "VGC" and CUSIP number 919921106.
Seabridge Gold is advancing its 2026 goals, one of which is to secure a partnership for its large-scale KSM project. The company stated that substantial progress has been made in the partnership with a preferred partner, who is working with the technical team to advance the feasibility plan and early engineering work, while both parties are formalizing the cooperation agreement. The KSM project has been designated by British Columbia as a provincial priority project, which will provide provincial permitting coordination and support, potentially accelerating the permitting process. KSM is one of the world's largest undeveloped copper-gold projects, with reserves including 7.3 billion pounds of copper and 47.3 million ounces of gold, and a resource base of 2.29 billion tonnes.
The updated 2024 pre-feasibility study for the Courageous Lake project outlines an operation with an annual gold production of 201,000 ounces, an all-in sustaining cost of $999 per ounce, and a mine life of 13 years. The plan includes a processing plant with a capacity of 7,500 tonnes per day and an initial capital cost of $747 million. At a gold price of $1,850 per ounce, the project has a post-tax net present value of $523 million (at a 5% discount rate) and an internal rate of return of 21%. The project has total resources of 14.3 million ounces at a grade of 2.4 grams per tonne (non-refractory type).
In the Bronson Corridor area, the initial resource estimate for the Snip North zone indicates inferred gold resources of 9.2 million ounces, along with copper and silver exposure. Plans for the area in 2026 aim to assess its potential to develop into a major district-scale growth driver.
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