If you happen to had to purchase only one Canadian inventory and maintain it endlessly, you’d in all probability need one thing steady — one thing with long-term progress potential … one thing tied to actual worth, not simply buzz or hype. That’s the place Seabridge Gold (TSX:SEA) is available in. It won’t be essentially the most well-known identify on the TSX, however it quietly holds probably the most spectacular collections of gold and copper sources on the planet. And in the event you’re taking part in the lengthy sport, that issues so much.
About Seabridge
Seabridge Gold isn’t a mining Canadian inventory within the conventional sense. It’s extra of a improvement firm. Which means it doesn’t produce gold or copper but, however it owns the rights to a number of the greatest untapped deposits in North America. Probably the most well-known of those is the KSM challenge in British Columbia’s Golden Triangle. KSM stands for Kerr-Sulphurets-Mitchell, the names of three huge mineral deposits that sit facet by facet. It’s one of many largest undeveloped gold-copper initiatives on the planet, with confirmed and possible reserves of 47.3 million ounces of gold and seven.3 billion kilos of copper.
Now, gold and copper costs fluctuate, however after they rise, and so they typically do in instances of uncertainty, Seabridge turns into rather more beneficial. In reality, gold not too long ago hit a file excessive above US$2,400 per ounce. That offers a critical enhance to Seabridge’s in-ground sources. However Seabridge isn’t simply sitting on KSM and hoping for the very best. In its most up-to-date earnings report for the primary quarter (Q1) of 2025, the Canadian inventory confirmed progress throughout the board. Internet earnings got here in at $10.6 million, in comparison with a lack of $8.2 million throughout the identical interval final yr. The corporate secured US$100 million in new financing, with US$20 million of that coming from a strategic investor. Which means it now has greater than $148 million in working capital.
Extra to come back
There’s additionally the Iskut Mission, which can also be situated in British Columbia. It’s earlier-stage however nonetheless promising, and Seabridge is investing in exploration and reclamation there, too. The Canadian inventory launched a $12 million program targeted on environmental cleanup and has already been acknowledged by British Columbia’s authorities for its efforts in accountable useful resource improvement. That type of status helps, particularly when working in areas the place social and environmental issues matter.
Then there’s 3 Aces within the Yukon, Snowstorm in Nevada, and Brave Lake within the Northwest Territories. Every of those properties provides extra upside. The Canadian inventory’s technique is to increase its gold and copper sources sooner than it points shares. Over the past 20 years, it has grown its gold reserves by almost 5 instances greater than its share rely. Which means every share represents extra worth, not much less, which is uncommon today.
Concerns
Nonetheless, it’s necessary to acknowledge that Seabridge isn’t for everybody. This isn’t a dividend inventory. It’s not a defensive utility or a cash-flow machine. It’s a guess on the longer term. If you happen to want common earnings or fast returns, this in all probability isn’t the inventory to purchase. However in the event you consider within the long-term worth of gold and copper, and also you assume the demand for each will rise because the world transitions to greener applied sciences and extra monetary uncertainty, then Seabridge might be one of many smartest long-term buys on the TSX.
What additionally makes it stand out is its clear stability sheet. No long-term debt, lots of money, and tight share management. That’s a uncommon combine within the mining world. It means Seabridge could make strikes with out worrying about refinancing or collapsing margins. It may possibly look forward to the suitable time to strike a improvement deal or dump a part of a challenge at value.
Backside line
So, in the event you requested me to place all my Canadian investing hopes into one inventory and maintain it with out touching it for years, this is able to be the one. It’s constructed for the lengthy haul. It’s tied to actual, tangible sources that the world will all the time want. And it’s run with self-discipline, not flash.
