$SA

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Seabridge Gold Maintained at Outperform, Speculative, at RBC Ahead of Valor Spinout; Price Target Kept at US$71

RBC Capital Markets on Monday reiterated its outperform, speculative risk, rating on the shares of Seabridge Gold (SEA.TO, SA) ahead of its spin out of its Courageous Lake and Walsh Lake gold assets in the Northwest Territories into Valor Gold."The spin-out of Courageous Lake into Valor Gold could surface meaningful embedded value within the Seabridgeportfolio. With renewed project momentum and a dedicated management team, we see a path to independent valuation expansion as Valor advances the project through its own development milestones. We estimate NAV8% at spot (~US$4,500/oz) of US$2.0-2.9B, implying C$10-14/sh at 0.2x (current SEA P/NAV at spot). This implies a potential future market cap range of ~US$400-$600m vs. our carried valuation in SEA at US$150m ((covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $46.22, Change: $-0.36, Percent Change: -0.77%

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Mining & Metals47d ago

RBC Maintains Seabridge Gold's Outperform Rating, US$71.00 Price Target, Ahead of Valor Gold Spin Out

RBC Capital Markets on Monday reiterated its outperform, speculative risk, rating on the shares Seabridge Gold (SEA.TO, SA) and its US$71.00 price target ahead of its Valor Gold spin out.Seabridge recently provided an update on the planned spin out of its Courageous Lake project in the Northwest Territories. A special shareholder vote is scheduled May 22 and closing is targeted in June.Under the planned arrangement, Seabridge will subscribe to 700,000 shares of spinout company Valor Gold at C$7.29 per share for total consideration of C$5.1 million.Seabridge will also receive a stream that allows the company the right to purchase 10% of future quarterly gold production at a fixed price of US$4,000 per ounce if the average price of gold over the quarter remains above US$4,000/oz, in exchange for 54.3 million Valor shares and an advance payment of C$4.9 million.Following the spin-out, Valor is expected to maintain C$10 million in cash to support project development.Upon approval, Seabridge will distribute 55-million shares in Valor gold to shareholders at a 1:1.953 ratio, implying a per-share valuation of C$21.10 per share.Valor Gold has applied to be listed on the Toronto Stock Exchange and OTCQB in the U.S.Price: $38.76, Change: $-2.45, Percent Change: -5.95%

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Mining & Metals59d ago

RBC Maintains Seabridge Gold's Outperform Rating, US$71.00 Price Target, Following Snip North MRE

RBC Capital Markets on Wednesday maintained its outperform, speculative risk, rating on the shares of Seabridge Gold (SEA.TO, SA) its US$71.00 price target after the company released a maiden resource estimate (MRE) for the Snip North deposit within the Iskut project in British Columbia's Golden Triangle region.The estimate showed the deposit contains measured and indicated resources of 9.5-million ounces of gold grading 0.47 grams per tonne (g/t), 29.5-million ounces of silver at 1.45 g/t silver, and 959-million pounds of copper grading 0.07% copper.Recent drilling indicates a strike length of 2.1 kilometers, 0.6 km of depth and up to 0.7 km in width. The deposit remains open at depth to the northwest and along strike to the north and west, RBC said.The Iskut project is being renamed as the Bronson corridor project and comprises two deposits, Bronson Slope and Snip North. An initial resource for Bronson Slope released in 2024 outlined an inferred resource of 5.4-million ounces of gold, 1.06-billion pounds of copper and 45-million ounces of silver.Price: $43.03, Change: $+0.27, Percent Change: +0.63%

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