Should you had to purchase only one Canadian inventory and maintain it ceaselessly, you’d in all probability need one thing steady — one thing with long-term development 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 probably the most well-known title on the TSX, but it surely quietly holds probably the most spectacular collections of gold and copper sources on the planet. And when you’re taking part in the lengthy recreation, that issues rather a lot.
About Seabridge
Seabridge Gold isn’t a mining Canadian inventory within the conventional sense. It’s extra of a growth firm. Meaning it doesn’t produce gold or copper but, but it surely owns the rights to a number of the largest untapped deposits in North America. Probably the most well-known of those is the KSM mission in British Columbia’s Golden Triangle. KSM stands for Kerr-Sulphurets-Mitchell, the names of three large 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, they usually typically do in instances of uncertainty, Seabridge turns into far more precious. In truth, gold not too long ago hit a document excessive above US$2,400 per ounce. That provides a critical enhance to Seabridge’s in-ground sources. However Seabridge isn’t simply sitting on KSM and hoping for the perfect. In its most up-to-date earnings report for the primary quarter (Q1) of 2025, the Canadian inventory confirmed progress throughout the board. Web revenue got here in at $10.6 million, in comparison with a lack of $8.2 million throughout the identical interval final 12 months. The corporate secured US$100 million in new financing, with US$20 million of that coming from a strategic investor. Meaning it now has greater than $148 million in working capital.
Extra to return
There’s additionally the Iskut Venture, which can 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 growth. That sort of popularity 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. During the last 20 years, it has grown its gold reserves by almost 5 instances greater than its share rely. Meaning every share represents extra worth, not much less, which is uncommon as of late.
Issues
Nonetheless, it’s vital 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 long run. Should you want common revenue or fast returns, this in all probability isn’t the inventory to purchase. However when you imagine 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 could possibly 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, masses of cash, 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 well anticipate the fitting time to strike a growth deal or unload a part of a mission at a superb value.
Backside line
So, when you requested me to place all my Canadian investing hopes into one inventory and maintain it with out touching it for years, this might be the one. It’s constructed for the lengthy haul. It’s tied to actual, tangible sources that the world will at all times want. And it’s run with self-discipline, not flash.
