Stonegate Capital Partners Updates Coverage on Seabridge Gold Inc. (NYSE: SA) 4Q25

Dallas, Tx -- April 13, 2026

DALLAS, TX -- April 13th, 2026 -- Seabridge Gold Inc. (NYSE: SA): Stonegate Capital Partners Updates Coverage on Seabridge Gold Inc. (NYSE: SA). Seabridge Gold (“SA”) is a North American gold-copper developer anchored by KSM, one of the largest undeveloped gold-copper projects globally. The Company’s strategy is to maximize per-share value by advancing large-scale assets to a partner-ready stage and monetizing via joint venture, rather than self-funding multi-billion-dollar mine builds. At ~$3–4B market cap, SA appears to meaningfully discount the value of KSM and its broader asset base, despite multiple near-term catalysts expected to surface value.

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• KSM JV catalyst advancing - Seabridge is progressing toward a potential joint venture partner for its flagship KSM project,representing a key inflection point to unlock third-party capital and drive apotential re-rating.
• Courageous Lake spin-out expected in 2026 - Planned separation into Valor Gold is intended to surface standalone value currently attributed at little or no value in SA’s share price.
• Valuation disconnect vs. underlying asset value - Shares imply ~0.5x NPV (~$15–16B / ~$150 per share) versus >$30B NPV at spot, with multiple near-term catalysts positioned to close the gap.

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About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

Stonegate Capital Partners
(214) 987-4121
[email protected]

Source: Stonegate, Inc.

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