Seabridge Gold Advances KSM Project Review and Infrastructure Progress

Seabridge Gold (CA8119271028) has taken a significant step forward in the regulatory process for its KSM project. On September 22, 2026, British Columbia's Environmental Assessment Office updated the company, marking progress after a Supreme Court ruling in June 2026 required additional consultation with the Tsetsaut Skii km Lax Ha. The consultation period ended on September 28, 2026, allowing Seabridge Gold to respond to submissions before the EAO prepares a final report and recommendation.

The KSM project also reached an infrastructure milestone with the completion and energization of the Treaty Creek Terminal on August 27, 2026. Streetwise Reports indicated that the terminal is expected to be operational by November 2026, and Seabridge has secured a USD 100.00 million short-term credit facility. Additionally, the KSM feasibility study is targeted for the second half of 2027, with 40.00 percent of the underground tunnel and access road system already complete.

On the financial front, Royal Bank of Canada raised its target price for Seabridge Gold stock from USD 71.00 to USD 72.00 on September 16, 2026, while maintaining an Outperform rating. As of October 2, 2026, Seabridge Gold was trading at USD 26.97 on the NYSE, with a market capitalization of USD 2.9 billion and a 52-week range of USD 21.67 to USD 40.06. Lang & Schwarz listed a prior close of EUR 24.00 for the same date.

The company's valuation remains tied to permitting progress, infrastructure readiness, and financing for future construction. As an exploration and development company, Seabridge Gold's success hinges on these key milestones.