Seabridge Gold Inc 6-K, filed Mar 28, 2024
Seabridge Gold Inc (SA)
About this 6-K
Seabridge Gold Inc filed this 6-K on March 28, 2024.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2024
Commission File Number 1-32135
SEABRIDGE GOLD INC.
(Name of Registrant)
106 Front Street East, Suite 400, Toronto, Ontario, Canada M5A 1E1
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [ ] Form 40-F [X]
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Seabridge Gold Inc. | ||
| (Registrant) | ||
| By: | /s/ Chris Reynolds | |
| Name: | Chris Reynolds | |
| Title: | VP Finance and CFO | |
| Date: March 27, 2024 | ||
EXHIBITS
| Exhibit | Description | |
| 99.1 | News Release dated March 27, 2024 |
News Release
| Trading Symbols: | TSX: SEA | For Immediate Release |
| NYSE: SEA | March 27, 2024 |
Seabridge Gold Files 2023 Annual Information Form, Year End
Audited Financial Statements and MD&A
Toronto, Canada… Seabridge Gold announced today that it has filed its Annual Information Form, Audited Consolidated Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2023 on SEDAR (www.sedarplus.ca). These documents are also available on the Company's website at https://www.seabridgegold.com/investors/financial-reports. Seabridge's Form 40-F will be filed shortly with the SEC on EDGAR (www.sec.gov/). The Company's Shareholders may, upon written request, receive a hard copy of the Company's complete 2023 audited consolidated financial statements free of charge.
Financial Results
During the year ended December 31, 2023 Seabridge posted a net loss of $29.3 million ($0.35 per share) compared to a net loss of $7.4 million ($0.09 per share) for the previous 12 month period. During 2023, Seabridge invested $69.7 million in mineral interests, compared to $55.1 million in 2022. At December 31, 2023, net working capital was $54.5 million compared to $88.4 million at December 31, 2022.
The reported net loss for 2023 was mostly due to a non-cash $29.7 million loss associated with the remeasurement of the Secured Note liabilities that are structured to convert into royalties at KSM upon commercial production. Under IFRS, remeasurement of the Secured Note liabilities result in changes in the fair value at each reporting date, due to changes in input variables such as market interest rates and metal prices. However, these changes in fair value are unrealized. The Secured Notes will either be put back to the Company at the prescribed amount under the rights of the noteholders, or they will be exchanged for the prescribed royalties at maturity. For details on the accounting for the secured notes please see Note 12 to the 2023 Audited Financial Statements.
Seabridge holds a 100% interest in several North American gold projects. Seabridge's principal assets, the KSM project, and its Iskut project are located in British Columbia, Canada's "Golden Triangle", the Courageous Lake project is in Canada's Northwest Territories, the Snowstorm project in the Getchell Gold Belt of Northern Nevada and the 3 Aces project set in the Yukon Territory. For a full breakdown of Seabridge's mineral reserves and mineral resources by category please visit the Company's website at http://www.seabridgegold.com.
Neither the Toronto Stock Exchange, New York Stock Exchange, nor their Regulation Services Providers accepts responsibility for the adequacy or accuracy of this release.
| ON BEHALF OF THE BOARD "Rudi Fronk" Chairman and C.E.O. |
For further information please contact:
Rudi P. Fronk, Chairman and C.E.O.
Tel: (416) 367-9292 • Fax: (416) 367-2711
Email: info@seabridgegold.com
106 Front Street East, Suite 400, Toronto, ON M5A 1E1, Canada
416-367-9292 www.seabridgegold.com