Seabridge Gold Posts $53.2M Loss, Invests $137M and Plans Courageous Lake Spin-Out
Seabridge Gold reported a 2025 net loss of $53.2 million ($0.53/share) compared with a $31.2 million loss ($0.35/share) in 2024, largely due to a non-cash $60.1 million remeasurement of U.S.-denominated secured notes. The company invested $137.0 million in mineral assets and will spin out its Courageous Lake project to shareholders.
1. Financial Results
For the year ended December 31, 2025, Seabridge Gold recorded a net loss of $53.2 million ($0.53 per share), up from a $31.2 million loss ($0.35 per share) in 2024. The increased loss was driven primarily by a non-cash $60.1 million unrealized adjustment on U.S.-denominated secured note liabilities as required under IFRS.
2. Investments and Infrastructure
During 2025, the company invested $137.0 million in mineral interests, property and equipment, up from $106.3 million in 2024. Significant progress was made on the BC Hydro switching station, securing low-cost, green hydro power for the KSM project and enhancing its competitive position.
3. Spin-Out and 2026 Objectives
Seabridge plans to distribute 100% of its Courageous Lake project through a new publicly listed entity, Valor Gold Corp., to focus resources on KSM and the Iskut project, where a new gold-copper deposit was confirmed at Snip North. The top corporate goal for 2026 is to secure a technical and financial partner for KSM and advance the project toward production.