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Seabridge Gold (SEA) AI Stock Analysis

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TSE:SEA

Seabridge Gold

(TSX:SEA)

Select Model
Rating:43.5Neutral
Price Target:CAD 34.00â–¼(-6.00% Downside)
Action:reiterated
Date:11/05/26

The score is primarily pressured by weak financial performance (no recurring revenue, ongoing operating losses, and large negative free cash flow), with additional downside from bearish technicals (price below key moving averages and negative MACD). Valuation provides limited support given the very high P/E and no dividend yield data.

Positive Factors
Substantial Capital BaseThe sizable equity base provides Seabridge with capital supporting exploration, engineering, permitting, and project advancement. This financial cushion can help sustain its development strategy and preserve strategic flexibility while it seeks to monetize large mineral assets.
Negative Factors
No Recurring RevenueThe absence of recurring operating revenue leaves Seabridge dependent on asset monetization and external capital rather than cash generated by producing mines. This makes financial performance less predictable and increases the importance of successful project advancement and transactions.

Seabridge Gold (SEA) vs. iShares MSCI Canada ETF (EWC)

-10%0%10%20%30%40%50%60%70%TSE:SEA+9.73%EWC+20.47%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
CAD 2.74B
Dividend Yield
―
Average Volume (3M)
94.97K
Price to Earnings (P/E)
125.6
Beta (1Y)
3.07
Revenue Growth
―
EPS Growth
―
Country
Canada
Employees
45
Sector
Basic Materials
Sector Strength
61
Industry
Gold

Seabridge Gold Business Overview & Revenue Model

Company Description

Seabridge Gold Inc., established in 1979 and based in Toronto, Canada, focuses on the acquisition and exploration of gold properties throughout North America. The company, formerly known as Seabridge Resources Inc. until its rebranding in June 2002,...

How the Company Makes Money

Seabridge Gold generally does not operate producing mines, so it typically does not generate recurring revenue from selling gold or copper. Instead, it seeks to create shareholder value by discovering and advancing mineral deposits (increasing estima...

Seabridge Gold Financial Statement Overview

Summary

Financials are weak overall: revenue is consistently $0 with meaningfully negative EBIT/EBITDA, and operating/free cash flow are persistently negative (TTM FCF about -$174.8M). The balance sheet is a relative positive with sizable equity (~$1.11B) and manageable leverage (debt-to-equity ~0.51), but the recent TTM net income improvement appears non-operating and is not supported by operating cash generation.

Income Statement

22Negative

Balance Sheet

56Neutral

Cash Flow

28Negative
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Mar 2023Dec 2021
Income Statement
Total Revenue000000
Gross Profit-123.00K-232.00K0000
EBITDA-107.29M-64.30M-21.25M-33.83M-22.66M-18.75M
Net Income34.81M-53.17M-31.25M-29.27M-7.39M895.00K
Balance Sheet
Total Assets1.75B1.86B1.45B1.35B1.10B747.74M
Cash, Cash Equivalents and Short-Term Investments95.45M126.28M55.22M86.19M131.54M44.13M
Total Debt562.31M599.96M563.90M575.32M265.17M272.00K
Total Liabilities643.66M733.94M609.72M621.04M355.09M45.41M
Stockholders Equity1.11B1.12B843.02M729.92M740.53M702.33M
Cash Flow
Free Cash Flow-174.82M-152.43M-120.50M-251.70M-191.28M-85.31M
Operating Cash Flow-18.40M-15.46M-14.22M-21.54M-7.98M-11.70M
Investing Cash Flow-162.78M-187.94M-121.24M-202.90M-286.44M-78.68M
Financing Cash Flow139.77M272.19M101.27M260.45M325.83M84.56M

Seabridge Gold Technical Analysis

Technical Analysis SentimentNegative
Last Price36.17

Price Trends

50DMA39.28Negative
100DMA39.63Negative
200DMA40.96Negative

Market Momentum

MACD-0.65Negative
RSI47.06Neutral
STOCH66.98Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:SEA, the sentiment is Negative. The current price of 36.17 is above the 20-day moving average (MA) of 36.02, below the 50-day MA of 39.28, and below the 200-day MA of 40.96, indicating a neutral trend. The MACD of -0.65 indicates Negative momentum. The RSI at 47.06 is Neutral, neither overbought nor oversold. The STOCH value of 66.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:SEA.

Seabridge Gold Peers Comparison

Overall Rating

UnderperformOutperform
Sector (61)

Financial Indicators

TSE:SEA against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TSE:WDOTSE:WDO81OutperformCAD 4.07B9.8041.49%0.11%36.58%47.36%
TSE:CGTSE:CG67NeutralCAD 6.09B9.6720.36%0.92%43.90%31.23%
TSE:AAUCTSE:AAUC65NeutralCAD 4.47B-144.62-2.79%―42.49%58.08%
Sector *61Neutral$10.43B7.12-0.05%2.87%2.86%-36.73%
TSE:MAUTSE:MAU60NeutralCAD 6.76B-87.51-25.28%――42.62%
TSE:SGDTSE:SGD46NeutralCAD 2.76B-33.47-60.63%――-104.86%
TSE:SEATSE:SEA44NeutralCAD 3.99B125.593.10%―――

* Basic Materials Sector Average

Performance Comparison

0%50%100%150%200%TSE:SEATSE:WDOTSE:CGTSE:MAUTSE:SGDTSE:AAUCDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TSE:SEA and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TSE:SEASeabridge Gold36.173.259.87%
TSE:WDOWesdome Gold Mines27.757.1734.83%
TSE:CGCenterra Gold Inc.30.3113.5580.83%
TSE:MAUMontage Gold Corp.16.059.15132.61%
TSE:SGDSnowline Gold Corp.14.111.8915.47%
TSE:AAUCAllied Gold Corporation30.917.8634.10%

Seabridge Gold Corporate Events

Business Operations and StrategyM&A Transactions

Seabridge Gold Buys Wyoming Slaughterhouse Project to Target Gold and Critical Minerals

Positive
Oct 13, 2026

Seabridge Gold has agreed to acquire a 100% interest in Orogen Royalties’ Slaughterhouse Project in southern Wyoming, a historic copper and gold camp now being targeted for large iron oxide copper-gold style mineralization with potential critical met...

Business Operations and Strategy

Seabridge Gold Energizes Key Power Terminal for KSM Project

Positive
Sep 8, 2026

Seabridge Gold has announced the substantial completion and successful energization of the Treaty Creek Terminal, a key electrical infrastructure component for its KSM Project in northwestern British Columbia. Located near Highway 37 and just north o...

Business Operations and StrategyLegal ProceedingsRegulatory Filings and Compliance

Seabridge Faces Renewed Indigenous Consultation Pressure Over KSM Project

Negative
Aug 20, 2026

Seabridge Gold has disclosed that the Gitxsan Huwilp Government has withdrawn a 2013 letter of support for the KSM Project’s environmental assessment to press for more meaningful consultation with neighboring Indigenous group Tsetsaut Skii km La Ha....

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 05, 2026