CANADA — Seabridge Gold (TSX: SEA; NYSE: SA) has filed its second-quarter 2025 Report to Shareholders, interim financial statements, and Management’s Discussion and Analysis on SEDAR+, outlining lower quarterly profit but increased investment across its projects in British Columbia’s Golden Triangle and beyond.
For the three months ended June 30, 2025, the company reported net profit of $12.3 million ($0.12 per share), compared to $45.2 million ($0.51 per share) in the same period last year. Seabridge attributed the decline primarily to the remeasurement of secured note liabilities.
At the same time, project spending rose significantly. The company invested $21.1 million in mineral interests, property, and equipment during the quarter, up from $12.6 million in Q2 2024. As of June 30, 2025, Seabridge reported working capital of $103.1 million, compared to $37.8 million at December 31, 2024.
KSM Project and Legal Wins
Seabridge said field activities and partnership discussions at its flagship KSM Project in northwest B.C. are progressing. The company also confirmed it has responded to petitions challenging KSM’s “substantially started” designation, granted by the B.C. Environmental Assessment Office in 2024. This designation prevents the project’s environmental approval from expiring.
In a separate development, B.C.’s Chief Gold Commissioner has rejected Tudor Gold’s application to rescind certain KSM tunnel rights, securing continued access for the Mitchell-Treaty-Tunnels infrastructure.
Exploration Success at Iskut
Drilling at the Snip North target within the Iskut Project has confirmed a large copper-gold porphyry deposit, the company reported. This find could add district-scale potential near KSM, with the 2025 drilling program continuing through the season.
Other Project Updates
- 2024 Sustainability Report: Seabridge has published its latest ESG report, noting record safety performance and ongoing environmental initiatives.
- 3 Aces Project (Yukon): The 2025 exploration program is now underway.
- Courageous Lake (NWT) & Snowstorm (Nevada): No major updates this quarter, but both remain part of Seabridge’s longer-term development pipeline.
About Seabridge Gold
Seabridge holds a 100% interest in several North American gold projects, including:
- KSM and Iskut projects in B.C.’s Golden Triangle
- Courageous Lake in Canada’s Northwest Territories
- Snowstorm in Nevada’s Getchell Gold Belt
- 3 Aces in Yukon
Full financial statements and project details are available at www.seabridgegold.com/investors/financial-reports.
