Quarterly ResultMay 14, 2026, 12:33 PM
Seabridge Gold Swings to Q1 Net Loss of $6.6M; Updates Resources
AI Summary
Seabridge Gold reported a net loss of $6.6 million ($0.06 per share) for the first quarter of 2026, a shift from a net profit of $10.6 million in the same period last year, primarily due to non-cash revaluation movements on secured notes and increased corporate expenses. The company invested $22.3 million in mineral interests, property, and equipment, largely driven by increased activity at its KSM Project. Seabridge's working capital improved to $131.3 million, bolstered by raising $35.8 million through its ATM program. Additionally, the company updated KSM mineral resources, reported a maiden mineral resource for the Snip North deposit, and set a meeting date to approve the Courageous Lake spin-out.
Key Highlights
- Reported Q1 2026 net loss of $6.6 million ($0.06 per share) compared to a net profit of $10.6 million ($0.11 per share) in Q1 2025.
- Loss driven by non-cash revaluation movements on secured notes and higher corporate/administrative expenses.
- Invested $22.3 million in mineral interests, property, and equipment in Q1 2026, up from $14.3 million in Q1 2025.
- Working capital improved by $21.5 million to $131.3 million at March 31, 2026, from $109.8 million.
- Raised $35.8 million, net of fees, through the ATM program.
- KSM mineral resources updated using metal prices consistent with most Tier 1 mining companies.
- Maiden mineral resource reported for the Snip North deposit.
- Meeting date set to approve the Courageous Lake spin-out.
Price Impact
More from SA