The swing to a net loss is a negative signal for a pre-revenue developer, but the improved working capital and KSM partnership positioning are positive catalysts. Monitor for the KSM partnership announcement and Courageous Lake spin-out vote as potential near-term re-rating events.
Price Chart
Executive Summary
Seabridge Gold filed its Q1 2026 financial results, reporting a 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, driven by non-cash revaluation movements on secured notes and higher corporate expenses. The company invested $22.3 million in mineral interests (up from $14.3 million) and raised $35.8 million net via its ATM program, improving working capital to $131.3 million. Key operational highlights include KSM positioned for a partnership announcement, a maiden mineral resource at Snip North, and a meeting date set to approve the Courageous Lake spin-out.
Key Facts
- Q1 2026 net loss of $6.6 million ($0.06 per share) vs. net profit of $10.6 million ($0.11 per share) in Q1 2025
- 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 from $109.8 million at Dec 31, 2025
- Raised $35.8 million net through ATM program
- KSM project positioned for partnership announcement
- Maiden mineral resource reported for Snip North deposit
- Meeting date set to approve Courageous Lake spin-out
Financial Impact
Net loss of $6.6 million in Q1 2026 vs. net profit of $10.6 million in Q1 2025; $22.3 million invested in mineral interests; $35.8 million raised via ATM
Risk Factors
- No operating revenue — fully dependent on equity/debt financing and asset development
- KSM partnership may not materialize or could be on dilutive terms
- Continued cash burn from elevated project spending ($22.3M in Q1)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001062993-26-002619 |
| Document: form6k.htm | 0001062993-26-002619 |
| Document: 0001062993-26-002619-index-headers.html | 0001062993-26-002619 |
| Document: 0001062993-26-002619-index.html | 0001062993-26-002619 |
| Document: 0001062993-26-002619.txt | 0001062993-26-002619 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | 6-K | $26.73 | awaiting T+60 | — | $26.57 (−0.60%) |
Sep 22, 2026 5w ago | 6-K | $32.56 | awaiting T+60 | — | $26.57 (−18.40%) |
Aug 21, 2026 9w ago | 6-K | $30.16 | awaiting T+60 | — | $26.57 (+11.90%) |
Jul 20, 2026 14w ago | 6-K | $24.79 $26.73 | ▲ +7.83% | ▲ +2.99% | $26.57 (+7.18%) |
Jun 9, 2026 20w ago | 6-K | $27.80 $31.11 | ▲ +11.91% | ▲ +8.09% | $26.57 (−4.42%) |
Jun 8, 2026 20w ago | 6-K | $27.83 $29.92 | ▲ +7.51% | ▲ +4.46% | $26.57 (−4.53%) |
Jun 5, 2026 20w ago | 25-NSE | $29.42 $31.78 | ▲ +8.02% | ▲ +4.02% | $26.57 (−9.69%) |
Jun 4, 2026 20w ago | 6-K | $34.05 $32.39 | ▼ −4.88% | ▼ −6.76% | $26.57 (−21.97%) |
May 27, 2026 21w ago | 6-K | $30.93 $33.27 | ▲ +7.57% | ▲ +5.69% | $26.57 (−14.10%) |
May 22, 2026 22w ago | 6-K | $31.45 $33.55 | ▲ +6.68% | ▲ +3.95% | $26.57 (−15.52%) |
US Market Status
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