Dallas, Texas--(Newsfile Corp. - August 20, 2026) - Seabridge Gold Inc. (NYSE: SA): Stonegate Capital Partners Updates Coverage on Seabridge Gold Inc. (NYSE: SA). Seabridge's 2Q26 materially strengthened the KSM development and financing setup. The Company continues to advance an earn-in JV with its preferred partner, while the subsequent US$100M strategic facility provides funding certainty for planned KSM work and, in our view, represents an additional validation point as the partnership process advances. Quarterly financials remain secondary, with Q2 net income largely reflecting the one time Courageous Lake distribution gain.

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Key Takeaways:

• The KSM partnership is the primary rerating catalyst. Seabridge is advancing an earn-in JV with its preferred partner, under which the partner would be expected to commit capital and advance the project to earn a majority interest. In our view, naming the partner and defining the funding structure would provide the clearest external validation of KSM and could materially reduce the financing and execution discount currently reflected in SA shares.
• The US$100M strategic facility strengthens both liquidity and the broader KSM setup. The unsecured facility provides Seabridge with the ability to continue the 2026 KSM program and feasibility work while partnership agreements are finalized. No amounts had been drawn as of August 13. While the strategic investor has not been identified, we view the size, unsecured structure and timing of the facility as an important signal of confidence in KSM and a meaningful reduction in near-term funding risk.
• The valuation gap remains significant. Seabridge trades at roughly 10% of KSM's $33.3B after-tax recent-metal-price NPV(5%), versus materially higher P/NAV multiples for development-stage peers. We believe much of that discount reflects uncertainty around the partner and funding path rather than the quality or scale of KSM itself. As the earn-in JV, feasibility work and long-term financing structure become clearer, there is meaningful potential for SA to move higher on the P/NAV curve.

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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.

Source: Stonegate, Inc.

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