Thesis
Seabridge Gold (SA) is primarily a gold exploration company that is not currently involved in the mining of underlying resources in any of its properties. Its business model is based on accretive acquisitions of mining properties, which are then explored by the company to convert resources into reserves. The company does not develop a mine on feasible properties. Rather it sells those properties to other miners because mine development needs significant cash and Seabridge often has very limited cash at its disposal. However, at the time of sale, Seabridge attaches NSR interests