A project site visit revealed the explorer is working to achieve this goal, necessary for an environmental certificate extension, Cantor Fitzgerald noted in a report.
is well on its way to achieving the “substantially started” status for its KSM gold-copper project, as defined by British Columbia’s Environmental Assessment Office (EAO), reported Cantor Fitzgerald analyst Steve Kozak, in an August 29, 2022 research note, after he visited the site last week.
KSM must have this designation for Seabridge to get the environmental assessment certificate for the project, issued by the EAO, extended indefinitely, Kozak explained. For KSM to be deemed “substantially started,” Seabridge must establish permanent infrastructure there that will last through the mine’s life, according to the EAO.
As far as a timeline, the Toronto, Ontario-based mining explorer outlines having initial discussions with the EAO in Q3/23, submitting the necessary application by H1/24 at the earliest, and then receiving the designation, at the soonest, in Q4/24.
To reach this goal, Kozak relayed, Seabridge is spending CA$150 million this year and next and has various infrastructure projects in progress. These include constructing three fish habitat offset ponds, site access roads, worker camps, and a power transmission line.
All of this work, along with the mine plan calling for just an open-pit operation, enhance KSM’s attractiveness to potential larger mining firms, Kozak opined. Already, he added, about 12 large-tier miners have expressed interest, according to Seabridge’s management.
“KSM is in a class of its own as the world’s only standalone, development-stage mining project capable of producing 1,000,000-plus ounces of gold annually for decades,” wrote Kozak.
Cantor has a Buy rating and a CA$43.50 per share price target on Seabridge, the current share price of which is around CA$16.14.
|Want to be the first to know about interesting Gold and Base Metals investment ideas? Sign up to receive the FREE Streetwise Reports’ newsletter.||Subscribe|
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Seabridge Gold Inc. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with: None. Please click here for more information.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
Disclosures For Cantor Fitzgerald Canada Corp., Outcrop Silver & Gold Corp., August 29, 2022
The opinions, estimates and projections contained in this report are those of Cantor Fitzgerald Canada Corporation. (“CFCC”) as of the date hereof and are subject to change without notice. Cantor makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; however, Cantor makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents. Information may be available to Cantor that is not herein.
This report is provided, for informational purposes only, to institutional investor clients of CFCC, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. This report is issued and approved for distribution in Canada, Cantor Fitzgerald Inc., a member of the Investment Industry Regulatory Organization of Canada (“IIROC”), the Toronto Stock Exchange, the TSX Venture Exchange and the CIPF. This report is has not been reviewed or approved by Cantor Fitzgerald & Co., a member of FINRA.
This report is intended for distribution in the United States only to Major Institutional Investors (as such term is defined in SEC 15a-6 and Section 15 of the Securities Exchange Act of 1934, as amended) and is not intended for the use of any person or entity that is not a major institutional investor. Major Institutional Investors receiving this report should effect transactions in securities discussed in the report through Cantor Fitzgerald & Co.
Potential conflicts of interest: The author of this report is compensated based in part on the overall revenues of Cantor, a portion of which are generated by investment banking activities. Cantor may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Cantor and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Cantor makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.
Disclosures as of August 29, 2022: Cantor has provided investment banking services or received investment banking related compensation from Seabridge Gold Inc. within the past 12 months. The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of Seabridge Gold Inc. The analyst responsible for this report has visited the material operations of Seabridge Gold Inc. (KSM and Iskut). No payment or reimbursement was received for the related travel costs.
Analyst certification: The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein.