Seabridge Gold Posts $53.2M Net Loss, Proposes Courageous Lake Spin-Out
Seabridge Gold posted a $53.2 million net loss in 2025 versus $31.2 million in 2024 and raised mineral investments to $137 million from $106.3 million. It recorded a non-cash $60.1 million Secured Note remeasurement loss and proposed a spin-out of its Courageous Lake project.
1. 2025 Financial Results
Seabridge Gold reported a net loss of $53.2 million for 2025 compared to $31.2 million in 2024, increased mineral investments to $137.0 million from $106.3 million and ended the year with net working capital of $109.8 million.
2. Secured Note Remeasurement Loss
Under IFRS the company recorded a non-cash $60.1 million remeasurement loss on U.S. dollar-denominated Secured Notes, reflecting fair value changes that are unrealized and expected to convert into royalties or be repaid at maturity.
3. Infrastructure Progress
The BC Hydro switching station was advanced towards completion in 2025, ensuring low-cost, green hydro power availability for the KSM project ahead of peer developments in the region.
4. Corporate Restructuring and Strategy
Seabridge Gold approved a spin-out of its prospective Courageous Lake project into Valor Gold Corp. to focus on advancing KSM and the Iskut project, and is progressing negotiations to secure a partner for KSM’s production phase.