Bill

@Nikkicarrots @MKnight_1984 Most likely, analysts are still using much lower metals prices in their models. They are unsure that metals prices will stay as high as they are now. Most likely they are using the average price over the last 3 to 5 years….

@MKnight_1984 Why??? It makes zero sense to me 😡😡😡

Many gold juniors are the same price (or even lower) today then when gold was $400/oz cheaper last week. Makes perfect sense.

@Nikkicarrots @MKnight_1984 I agree. $SA is a hidden gem. I'd guess that many institutions are waiting for a JV announcement before they buy.

@MKnight_1984 It seems to me like this $sa is like a once in a lifetime opportunity make an insane amount of money 🤦🏼‍♀️ we could be wrong about Rudi. But I don't think so. I'm holding my options and buying more

Another sign of progress at Seabridge Gold's KSM: per a recent filing, $SA is looking to build a bridge over the Unuk River, a key logistical step in the project's construction. Timing suggests a 2027 build, exactly when main construction logistics would kick in. $SEA.TO

I personally think SA will retain more than 30% of the JV. I think it is possible for SA to retain more than 40%, maybe even 49%. SA has already spent close to $1B on substantially started efforts. These expenditure will decrease the time to production and costs for the major. Additionally, metals prices are going higher making the profitability of the mine more. Several months ago, Rudi was on an interview and he seemed to hint at a higher % ownership. Also, in the most recent interview Rudi said that they are working out "alignment" on the inputs to the bankable feasibility study with their preferred JV partner. Basically, Rudi is not rushing this and never has rushed it. He knows he only has one chance to get the best deal possible. I think we would have already had a deal at 30%. However, this is just my opinion.

@BillOnly1Bill @MKnight_1984 @eaton3450 @SquatchHead $98 USD, based on a 30% JV with a major. I’d say it seems high but he was on the conservative side of share of the mine. That said I think he’s right, we’d do well do get more than 30%.

....and at this rate, we might hit $40 by the end of the day! $SA 🤣

What value does he come up with for SA? At production KSM is not really a producer. They are effectively getting a revenue stream from the producer. So, maybe they get valued more like a royalty company that has exploration properties. Is a PE ratio of 20-25 unrealistic on that cash flow? What would the share price be at that valuation?

@MKnight_1984 @BillOnly1Bill @eaton3450 @SquatchHead He does indeed, discounts accordingly. But he values it on production you’re right. Theoretically as a long term investor he’s correct to do so, but it’s relatively arbitrary and a long time out.

Agree. You might be selling it short at current metal prices. With Iskut maiden resource announcement, Valor Gold spinoff, all occurring this year -- $150 could be in the cards this year. HOWEVER, if you can wait several years after production starts (2032-2033) it may be possible for SA to re-rate into a PE multiple similar to some passive royalty companies and get into the $300-$500 range without contribution of Iskut. The path to these much higher prices might continue to be volatile. I'm not sure what will actually happen but current analysts projections are really only looking out about 1-year and they are not including another catalyst like Iskut having a large maiden resource announcement.

@BillOnly1Bill $120 for my shares. KSMs economics are undeniable at these metal prices. JV is matter of when, not if. Iskut appears to be a monster. Think $120 might even be selling it short so much depends on the metals over time. Long term in the stocks here… January 2027 on options.

You’d have to pry my Seabridge out of my cold dead hands. $SA

My thoughts are that a JV announcement will happen in the next several months - before June. Rudi said in his most recent interview that they are currently making sure that they are "aligned on factors going into the bankable feasibility study". To me, this means that they have a basic terms sheet put is potentially dependent on the results of the bankable feasibility study and Rudi doesn't want to rush an announcement, if he is not assured to ultimately get the terms that he wants.

@BillOnly1Bill @MKnight_1984 @SquatchHead Denkt ihr das es verhältnismäßig zeitnah passieren wird ?

In the Jan 19th Youtube Video Rudi said that the current NPV is actually $3B. If they aim for 20M shares at a valuation of 0.3 to 0.5x. The initial share price could be $45 to $75. This provides room for capital raises and a volatile market. IDK, at this $3B valuation they might issue 40M to 50M shares. This would provide an initial price of $20 to $30. Which some how seems more likely.

I think it is possible for the valuation to be 0.3 to 0.5 of the NPV at current metal prices. I'm not sure what the NPV is at current metal prices. Maybe $1B. If so, the market cap might be $300M to $500M. At if they aim for 10M shares. A initial share price of $30 to $50 USD might be appropriate.

@MKnight_1984 @eaton3450 @SquatchHead True but why not just do it from the beginning and save the hassle and cost of doing it later.

@BillOnly1Bill @eaton3450 @SquatchHead Makes sense. Can always do a reverse split later I suppose.

@MKnight_1984 @eaton3450 @SquatchHead Agree. I've said I won't get worried until June. What valuation do you think Valor Gold will open at on the TSX?

@BillOnly1Bill @eaton3450 @SquatchHead Let's hope so. If you were looking for optimal conditions to try to get a deal done, I don't think we could ask for much more than what we have now. If Rudi can pull this off this quarter it would be transformational, and likely jumpstart a lot more M&A across the industry. $SA

@eaton3450 @MKnight_1984 @SquatchHead Agree. What ever caused it. Very happy! However, $SA can move much higher.

@MKnight_1984 @BillOnly1Bill @SquatchHead Valor might not be the reason, but I sure am happy with today’s price action. This is what I have patiently waiting for. Here’s to more positive results going forward.

@hussey47325 @MKnight_1984 @MKnight_1984 has indeed great vision on the future price of $SA

@MKnight_1984 I think you sir, are born with foresight!

Courageous Lake (Valor Gold) is easily worth a few dollars per share. The initial resource estimate on Iskut, (due Q1) should also be favorable. Neither is priced into the stock today and imo we should currently be flirting with $40/sh even before a JV announcement. $SA

@accidentalJD @MKnight_1984 People may be starting to believe. ⬆️🚀

@MKnight_1984 It should be… but the JV, no one believes… except us lol

@MKnight_1984 @SquatchHead Yep the price action for the Valor Gold announcement is just a preview of the potential price action for a JV announcement on KSM.

@SquatchHead Good eye spotting the $50 strikes, I was just looking at them. It's really remarkable, we're definitely in uncharted territory. I can't imagine the euphoria and explosion in share price if Rudi's able to land the JV in this kind of market environment. Bring it home! $SA

@TaylorStCap @John_Hempton Congratulations on $SA being the biggest returner of your life! Are you still holding? Where do you see Seabridge shares upon an announcement of a JV partner?

@SeabridgeInc Is SA planning any interviews with the new CEO of Valor Gold? It would be nice to get to know more about the plan for Valor!

We are pleased to share an update on our planned spin‑out of the Courageous Lake Project into Valor Gold Corp., following our announcement in December. The proposed plan of arrangement would distribute Valor shares to Seabridge shareholders, with a vote expected in June 2026 and trading anticipated prior to the end of Q2. Valor intends to list on the TSX and OTCQB and is expected to launch with C$10 million in treasury. We’re also pleased to share that Mark J. Ashley has agreed to serve as Valor’s CEO and Director. Read the full press release: t.ly/8AzYb #SeabridgeGold #CourageousLake #ValorGold #TSX #OTCQB

@GoldSeabridge KSM = Gold-Copper-Silver porphyry, Iskut = Gold-Copper porphyry & $SA owns them both 100%…

Gold-Copper-Silver porphyries have become the favored opportunity in mining with price gains in all three metals, two of which have been designated as critical by governments and markets. $SA

@MKnight_1984 Waiting for the JV announcement to find out the details of the deal! 🤞

Back-of-envelope ~1.4Moz/yr Au (yrs 1-7) at $4,400 gold. If $SA keeps 40%, that’s ~565k oz/yr. With by-product credits, looks like ~$2.3–$2.5B/yr of operating margin. Put a 15x “royalty-like” multiple on that and you’re talking >$250/sh. A lot has to go right, but it's possible.