Seabridge Gold secures US$100 million loan for KSM project
Net income for the second quarter rose to $117.5 million, driven by gains from the spin-out of the Courageous Lake project
Seabridge Gold Inc. (SA), a gold exploration company, reported net income of $117.5 million, or $1.08 a share, for the three months ended June 30, 2026. The company said the result compared to a net profit of $12.3 million, or $0.12 a share, for the same period in 2025.
Seabridge attributed the increase in net income largely to gains realized on the distribution of the Courageous Lake project. The company completed the spin-out of the project to shareholders during the period.
Capital expenditures rose as the company invested $32.5 million in mineral interests, property and equipment during the second quarter, up from $21.1 million in the second quarter of 2025. Net working capital stood at $53.6 million at June 30, 2026, down from $109.8 million at December 31, 2025.
To support summer season work programs at the KSM project, Seabridge arranged an unsecured, short-term loan agreement with a strategic investor in July 2026 for up to US$100 million. The loan carries a 7% interest rate compounded monthly and matures on December 31, 2026. Seabridge may repay the loan in cash or, subject to TSX approval, in common shares at the company's option.
No amounts were drawn on the loan as of the reporting date, though the company intends to use the facility to strengthen its consolidated liquidity position. The company also stated that its 2026 KSM field program to support the feasibility study is advancing on schedule.