When looking through stocks that could give me exposure to gold, I have stumbled on Seabridge Gold Inc. (SA), which is not really a normal gold miner. I could not value it either through P/E, EBITDA, or Summary - Seabridge Gold is a speculative buy due to the massive scale and strategic potential of its KSM gold-copper project.
- KSM boasts 47.3M oz of gold and 7.3B lb of copper reserves, with a 33-year mine life and robust project economics in a stable Canadian jurisdiction. - Permitting momentum, priority project status in British Columbia, and a risked NAV model suggest ~40% upside from current levels, contingent on financing and partnerships. - SA's balance sheet supports ongoing development, but project execution depends on securing a major partner or financing; dilution and debt risks remain material.
