Major Snip North Discovery and Growing Asset Base Could Be a Game Changer for Seabridge Gold (TSX:SEA)

  • Seabridge Gold announced its third-quarter 2025 financial results, reporting a net loss of C$32.27 million and confirming a new large porphyry deposit at Snip North from a 24,000-metre drill program at Iskut, while ongoing legal proceedings continue for the KSM project.

  • Despite the increased net loss, the company’s total assets grew to C$1.71 billion, reflecting active investment in advancing key mineral projects amid regulatory uncertainty.

  • We’ll explore how Seabridge Gold’s major exploration success at Snip North shapes its investment narrative during a period of heightened legal risk.

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To be a Seabridge Gold shareholder, you need to believe in the company’s ability to create value from its ambitious exploration assets during periods of financial volatility and regulatory uncertainty. The recent confirmation of a large porphyry deposit at Snip North stands out as a potential catalyst, reinforcing the long-term project pipeline, even as the latest results showed higher net losses and persistent zero revenues. This new discovery helps offset some concerns over legal headwinds at the KSM project, though these proceedings remain the biggest short-term risk and could impact development timelines or asset values if setbacks occur. The company’s increased asset base, now at C$1.71 billion, reflects continued investment despite unprofitability. For now, Snip North’s promise brings some optimism, but financial sustainability and legal outcomes are the factors that could truly shift the story in the near term.

Yet, despite the mining success, the uncertainty around legal proceedings is a factor investors should watch. According our valuation report, there’s an indication that Seabridge Gold’s share price might be on the expensive side.

TSX:SEA Community Fair Values as at Nov 2025

With two community-driven estimates ranging from C$6.03 to C$60.25, the Simply Wall St Community highlights how sharply opinions on Seabridge Gold’s fair value can differ. While optimism around new discoveries resonates, ongoing legal risk remains front and centre for those comparing broader outlooks. Explore more perspectives from the Community to see the wide range of views on where the company could head next.

Explore 2 other fair value estimates on Seabridge Gold – why the stock might be worth as much as 81% more than the current price!

Disagree with this assessment? Create your own narrative in under 3 minutes – extraordinary investment returns rarely come from following the herd.

  • A great starting point for your Seabridge Gold research is our analysis highlighting 4 important warning signs that could impact your investment decision.

  • Our free Seabridge Gold research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Seabridge Gold’s overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include SEA.TO.

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