en.Wedoany.com Reported - Seabridge Gold Inc.'s KSM project ranks among the world's largest undeveloped copper-gold assets, with estimated reserves of 47.3 million ounces of gold and 7.3 billion pounds of copper, totaling 2.29 billion tonnes. Recent gold price recovery from six-month lows and stable copper markets driven by long-term electrification demand create a favorable backdrop for this major copper-gold development project.
The Supreme Court of British Columbia recently reviewed two challenges to the BC Environmental Assessment Office's July 2024 ruling, which determined that the KSM project had substantially started. The court upheld the reasonableness of the ruling while directing a 90-day consultation period with petitioner Tsetsaut Skii km Lax Ha. Another petition filed by the SkeenaWild Conservation Trust was entirely dismissed. Field work has not been interrupted, and the company has invested an additional C$208 million in permanent improvements since January 2024, bringing total expenditures to C$1.2 billion.
Seabridge prioritizes partnership arrangements for the KSM project. The company reports ongoing technical collaboration with a preferred partner on feasibility studies and early construction planning while finalizing formal agreement terms. The KSM project has also been granted provincial priority project status in British Columbia, expected to coordinate and accelerate the remaining permitting processes.
Seabridge released its 2025 Sustainability Report, highlighting progress in environmental, social, and governance areas. The KSM project received the 2025 AME David Barr Award, recognizing its health and safety performance in a remote location. In collaboration with the Nisga'a Lisims Government and the Tahltan Central Government, the company provided C$50,000 in scholarships to 48 students in northwestern British Columbia and directed most procurement spending to local suppliers. These efforts complement ongoing support from the Nisga'a and Tahltan Nations and the Gitxsan Hereditary Chiefs Office.
Harrison Reynolds, an analyst at RBC Capital Markets, noted that the court confirmed the substantive correctness of the "substantial start" determination, with consultations being a procedural matter rather than a broad challenge. The 2026 work plan is proceeding as scheduled, including road construction, environmental studies, and preparations for a feasibility study expected to be completed in the second half of 2027. Dave Storms, an analyst at Stonegate Capital Partners, stated that Seabridge is entering a catalyst-rich phase, including partnership discussions, feasibility study progress, BC permitting support, Valor Gold spin-out, and initial resource estimates for Snip North. He views KSM as the primary value driver, with potential near-term revaluation once a formal partnership is announced.
Storms applied an EV/NAV range of 0.8x to 0.9x, yielding a valuation range of $67.86 to $76.85, with a midpoint of $72.36. Using an EV/in-situ multiple range of 7x to 9x, he derived a range of $72.41 to $94.25, with a midpoint of $83.33. Gold prices have shown resilience under recent pressure; according to a CNBC update on June 11, spot gold rose 0.6% to $4,097.01 per ounce due to short covering. Independent analyst Ross Norman noted oversold signals in gold, while A.G. Thorson of FX Empire indicated that breaks below the 200-day moving average have historically preceded strong multi-year rallies.
Management and insiders hold approximately 2% of shares, while institutions hold about 63%. Major institutional holders include Friedberg Mercantile Group Ltd. (15.08%), Kopernik Global Investors L.L.C. (10.26%), Pan Atlantic Bank and Trust (9.92%), and Van Eck Associates Corp. (6.07%). The company has approximately 107.62 million shares outstanding, with a market capitalization of C$3.76 billion and a 52-week trading range of C$17.90 to C$50.77.
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