05. Seabridge Gold Inc. (NYSE:SA)
Upside Potential: 142%
Average Analyst Share Price Target: $39.04
Seabridge Gold Inc. (NYSE:SA) stands at number five on our list of ten best Canadian stocks to buy according to wall street analysts. Seabridge Gold Inc. (NYSE:SA), headquartered in Toronto, Canada, focuses on acquiring and exploring gold properties, with key projects including the Kerr-Sulphurets-Mitchel (KSM) in British Columbia, Courageous Lake, Iskut, and 3 Aces. Its flagship project, KSM, achieved a significant milestone in July 2024 when it received the “substantially started” designation from the BC Government, solidifying its environmental assessment certificate and ensuring its long-term viability. This is a crucial step for Seabridge as it advances the KSM project, which is expected to be a major copper and gold producer. Seabridge Gold Inc. (NYSE:SA) is also actively exploring the Iskut and 3 Aces projects, with a $12 million drill program at Iskut and a $6 million exploration initiative at 3 Aces. Both projects show strong potential for copper-gold porphyry systems, with recent discoveries supporting further resource expansion. At Iskut, the first mineral resource estimate for the Bronson deposit reveals an impressive 5.4 million ounces of gold and 1.06 billion pounds of copper.
Seabridge Gold Inc. (NYSE:SA) commitment to sustainability is evident in its 2023 report, highlighting progress in environmental compliance, indigenous partnerships, and safety. The company aims to lead in low-carbon copper production at KSM, while maintaining strong community ties and a focus on decarbonization. Financially, Seabridge Gold Inc. (NYSE:SA) reported a net profit of $45.2 million for Q2 2024, driven by gains from its secured note liabilities. With solid working capital and ongoing exploration, Seabridge Gold Inc. (NYSE:SA) is well-positioned for growth, making it an attractive stock for investors seeking exposure to the gold and copper markets.
Old West Management made the following comment about Seabridge Gold Inc. (NYSE:SA) in its Q4 2022 investor letter:
“Seabridge Gold Inc. (NYSE:SA) was founded by current chairman and CEO Rudi Fronk in 1999. To say Seabridge is Fronk’s life work would be accurate. Fronk, who has two degrees in mining and minerals, is a top shareholder of the company. Seabridge owns the KSM project in northwestern British Colombia. KSM has proven and probable reserves of 47 million ounces of gold and 7 billion pounds of copper. Seabridge also owns attractive deposits in Nevada and Northwest territories of Canada, although much smaller than KSM. The average grade of KSM’s gold deposit is less than one gram per ton, but there is good accessibility to the site, and it is in the safe jurisdiction of mining friendly Canada.
Seabridge’s market cap is C $1.5 billion, they have no long term debt and C $200 million cash. They have been burning C $75 million of cash per year. The company is openly looking to partner with a major miner to develop their properties.”
