Toronto, Ontario–(Newsfile Corp. – March 27, 2024) – Seabridge Gold (TSX: SEA) (NYSE: SA) today announced its annual information form, audited consolidated financial statements and management's We announced that we had submitted our discussion and analysis. on SEDAR (www.sedarplus.ca) for the year ending December 31, 2023. These documents are also available on our website at https://www.seabridgegold.com/investors/financial-reports. Seabridge's Form 40-F is expected to be filed soon with the SEC on EDGAR (www.sec.gov/). Our stockholders may receive a free hard copy of our complete 2023 audited consolidated financial statements upon written request.
Summary of financial results
For the year ended December 31, 2023, Seabridge recorded a net loss of $29.3 million, or $0.35 per share. This compared to a net loss of $7.4 million, or $0.09 per share, in the prior twelve months. In 2023, Seabridge invested $69.7 million in mineral interests (compared to $55.1 million in 2022). Net working capital was $54.5 million at December 31, 2023 (compared to $88.4 million at December 31, 2022).
The reported 2023 net loss was primarily due to a non-cash loss of $29.7 million related to the remeasurement of secured debt debt structured to convert into royalties at KSM upon commercial production. Under IFRS, remeasurement of collateralized debt obligations results in changes in fair value at each reporting date due to changes in input variables such as market interest rates and metal prices. However, these fair value changes have not been realized. The secured notes will either be returned to us in a predetermined amount based on the rights of the bondholders or exchanged for a predetermined royalty upon maturity. See Note 12 of our 2023 Audited Financial Statements for further information on the accounting treatment of our secured notes.
Seabridge holds 100% interests in several gold projects in North America. Seabridge's major assets, the KSM Project and its Iskut Project, are located in Canada's “Golden Triangle” of British Columbia, the Courageous Lake Project is located in Canada's Northwest Territories, and the Snowstorm Project is located in the Getchell Gold Project in Northern Nevada. Located in the Belt, The Three Aces Project is set in the Yukon Territory. For more information on 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 nor the New York Stock Exchange nor their regulatory services providers accept responsibility for the adequacy or accuracy of this release.
on behalf of the board of directors
“Rudy Fronk”
Chairman and CEO
For more information, please contact us below.
Rudy P. Fronk, Chairman and CEO
Phone: (416) 367-9292 • Fax: (416) 367-2711
Email: info@seabridgegold.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203401.
