Seabridge Gold faces quarterly earnings test after KSM legal win

Seabridge Gold Inc is set to report fourth-quarter results on Thursday, with analysts expecting the development-stage gold miner to narrow its loss significantly as it advances its flagship KSM project in British Columbia. The company expects a loss of $0.03 per share, a substantial improvement from the $0.32-per-share loss reported in the third quarter.

The Toronto-based company, which trades at $25.94, has seen its shares recover from a 52-week low of $9.40, though still well below the $40.06 high reached over the past year. B.Riley maintained its Buy rating on March 3, raising its price target to $65 from $50, implying roughly 150% upside from current levels.

EPS estimates have remained stable over both the past week and two months, suggesting analyst conviction in the company’s development trajectory. The lack of forecast changes reflects the nature of Seabridge’s business model as a pre-production company focused on resource expansion rather than near-term earnings generation.

What Investors Are Watching

Shareholders will scrutinize project advancement metrics, particularly at KSM following recent legal developments. Tudor Gold filed a Notice of Abandonment of Appeal on March 19, 2026, relinquishing its challenge to the BC Chief Gold Commissioner’s decision concerning the KSM Mitchell Treaty Tunnels, removing a key uncertainty around the project’s critical infrastructure.

Cost management remains paramount for the cash-burning developer. With negative operating cash flow typical of exploration and development companies, investors will focus on how efficiently Seabridge is deploying capital across its portfolio of North American gold projects.

Resource expansion efforts will also draw attention following positive technical results. Metallurgical results from the Snip North maiden test program "provide a strong foundation to support the upcoming maiden resource estimate", according to management, signaling potential value accretion at the company’s Iskut project.

The fourth-quarter report comes as the gold mining sector enjoys favorable conditions. Gold miners are generating record margins and free cash flow as prices remain elevated, with disciplined capital allocation and costs below $2,000 per ounce positioning the sector well for 2026. While Seabridge doesn’t yet benefit from production margins, elevated gold prices enhance the strategic value of its resource base and improve project economics.

The company’s $2.7 billion market capitalization reflects investor appetite for quality development assets in a strong gold price environment. Central banks are forecast to purchase roughly 850 tonnes of gold in 2026, providing structural support for precious metals.

Thursday’s report will offer insight into whether Seabridge is successfully converting recent operational and legal progress into tangible advancement toward eventual production.

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