Mining Co. Boosts M&I Resources by Nearly 1 Billion Tons

The upgrading of resources from Inferred to Measured and Indicated “should allow the company to demonstrate improved economics compared to [its] previous prefeasibility study,” noted a ROTH Capital Partners report.

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) converted a significant amount of Inferred resources to the Measured and Indicated (M&I) category with its resource estimate update for KSM’s Mitchell and East Mitchell deposits, reported ROTH Capital Partners analyst Joe Reagor in an April 14 research note. This change “should benefit the project’s economic outlook in the upcoming prefeasibility study (PFS).”

Reagor presented the previous and current resource figures for both deposits.

At Mitchell, Indicated resources now are 1,667,000,0000 (1.667 Bt), up from 1.045 Bt. Measured resources decreased to 691,700,000 tons (691.7 Mt) from 750 Mt.

As for East Mitchell, previously Snowfield, Measured resources grew to 1.012 Bt from 190 Mt. Indicated resources went down to 746 Mt from 1.18 Bt.

The M&I resources for Mitchell and East Mitchell together stand at 4.118 Bt versus the pre-update total of 3.165 Bt.

“We see the aforementioned resource increase as a significant positive for the company as it works to complete an updated PFS” that could be “a significant positive catalyst for Seabridge,” Reagor wrote.

ROTH has a Buy rating and a $30 per share price target on Seabridge. In comparison, its current share price is around $21.49.

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Disclosures for ROTH Capital Partners, LLC, Seabridge Gold Inc., April 14, 2022

ROTH makes a market in shares of Seabridge Gold, Inc. and as such, buys and sells from customers on a principal basis.

ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months. The material, information and facts discussed in this report other than the information regarding ROTH Capital Partners, LLC and its affiliates, are from sources believed to be reliable, but are in no way guaranteed to be complete or accurate. This report should not be used as a complete analysis of the company, industry or security discussed in the report. Additional information is available upon request. This is not, however, an offer or solicitation of the securities discussed. Any opinions or estimates in this report are subject to change without notice. An investment in the stock may involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additionally, an investment in the stock may involve a high
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