SA - Markets Giving Tailwinds to Gold Co. With Massive BC Project | Benzinga
Source: Streetwise Reports 05/14/2024
Seabridge Gold Inc. (NYSE: SA) is sharing its highlights and financials for the quarter ending March 31 with shareholders, noting its application for "substantially started" status for its KSM project and exploration plans for its Iskut and 3 Aces projects.
Seabridge has worked diligently toward fulfilling the requirements needed to earn the substantially started designation for KSM, with which its Environmental Assessment Certificate would remain valid for its life.
Recent moves in the gold and copper markets are providing tailwinds for the company's stock as it searches for a partner for the massive gold and copper project in British Columbia. Seabridge went from a six-month low of CA$12.75 per share to as high as CA$23 on April 12. It was at CA$20.86 per share on Tuesday.
Gold and copper are breaking higher so far this year — especially gold, which is up more than 15% so far this year and went up 1% to US$2,362.49 per ounce Friday, Reuters reported. The spot price was US$2,348.63 on Tuesday.
"We're starting to see the benefit of higher gold prices and our share price should also be reacting to copper prices" Seabridge Chairman and Chief Executive Officer Rudi Fronk told Streetwise Reports during a recent interview. "A successful KSM joint venture clearly will be the biggest driver of value for us going forward. And we're diligently working on trying to get the joint venture done with the right partner under the right terms."
Companies are recognizing that that they need new projects, especially in the copper space, Fronk said, which makes KSM even more valuable.
"And here sits KSM, the largest undeveloped gold and copper project in the world, as measured by reserves and resources in a safe jurisdiction with permits in hand and support of the local indigenous peoples" Fronk said. "So, KSM checks a lot of boxes."
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