SA - Seabridge Gold: All That Glitters Is Not Gold Not Until Very 'Long'

• An investment case in Seabridge revolves around a largely risk-free business model, strong balance sheet, as well as mining projects with eye-catching mining dynamics.
• Yet, we don't find Seabridge currently worth an investment due to several reasons including high initial CAPEX, share dilution by management, long development timelines, and uncertainty in gold prices.
• Here, we discuss the positive aspects to an investment thesis in Seabridge Gold, and contrast them with the risk factors.
• Our analysis reveals that Seabridge is a speculative play capable of offering strong leverage to a rising gold price environment and should only be invested with a near-term horizon for swing trading gains.
• In my view, Seabridge's projects are likely to have acquisition offers in a stronger gold price environment, where gold prices breach and sustain >$2000/ounce.

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