en.Wedoany.com Reported - Cantor Fitzgerald analyst Mike Kozak reiterated a Buy rating and a target price of $53.00 / C$66.00 on Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT). Based on the July 20, 2026 closing price of $24.64 / C$34.47, this target price implies an upside of 115%. The company recently arranged an unsecured short-term credit facility of up to $100 million with an unnamed strategic investor.
The credit facility was finalized over the weekend, carries an interest rate of 7.0%, and matures on December 31, 2026. Loans can be drawn in minimum tranches of $10 million, and the company has the option to repay in cash or Seabridge shares.
Kozak characterized this development as "modestly positive." He stated that this non-equity-dilutive arrangement allows Seabridge to continue advancing the feasibility study phase (including design and engineering) for its wholly-owned KSM project, while also finalizing a joint venture partner agreement based on project value-enhancing terms. The analyst still expects this partnership to be reached in 2026.
Given the credit facility's approximately five-month term and the strategic nature of the funding provider, Kozak believes the joint venture is likely to materialize before year-end. The funds will be specifically used for the KSM project's feasibility study, including building a road to future on-site infrastructure, as well as collecting geotechnical, metallurgical, and environmental data through test pit drilling and bulk sampling.
The KSM project, located in northern British Columbia, is one of the world's largest development-stage gold-copper projects. The project has received its construction permit and is designed for a multi-decade life, with annual production capacity exceeding 1 million ounces of gold and by-products. KSM's total resource base is 14.72 billion tonnes at a grade of 0.68 g/t gold equivalent, totaling 320.5 million ounces of gold equivalent. Of this, proven and probable reserves stand at 2.29 billion tonnes at 0.87 g/t gold equivalent, totaling 63.9 million ounces; measured and indicated resources are 6.26 billion tonnes at 0.71 g/t gold equivalent, totaling 143.5 million ounces; and inferred resources are 8.47 billion tonnes at 0.65 g/t gold equivalent, totaling 177.0 million ounces.
The company holds approximately C$127 million in cash and cash equivalents, with 107.6 million shares outstanding, a market capitalization of $2.652 billion, and a public float of $2.188 billion. Over the past 52 weeks, the stock has traded in a range of $14.13 to $37.46, with a 30-day average trading volume of 841,000 shares.
This target price is based on an unchanged 0.8x net asset value per share (NAVPS) multiple, a 7.5% discount rate, and assumes a 50/50 joint venture partnership for the KSM project on industry-standard terms. Cantor Fitzgerald believes the KSM project is likely to attract numerous potential buyers and joint venture partners.
