2022 Study Values KSM Project at $7.9 Billion
Key Facts
Seabridge Gold’s 2022 preliminary feasibility study estimates the KSM project’s after-tax net present value at US$7.9 billion, using a 5% discount rate. The available evidence also does not establish the company’s market capitalization figures or a comparison between them, so they do not form a basis for this assessment. The study matters because it provides an economic estimate for the project before the partnership process is completed and the project advances into a bankable feasibility study. Seabridge shares, listed in New York under the symbol SA, closed at $26.57 on October 27, 2026.
After-tax net present value at the same 5% discount rate rose from $1.5 billion in the 2016 study to $7.9 billion in the 2022 study, according to the company. The comparison reflects an update to the project’s estimated economics between the two studies, but the figures cannot be separated from the date and assumptions of each study. The 2022 study provides a broader framework for the project’s scale, envisaging an open-pit mine with an operating life of 33 years. It estimated the project’s initial capital requirement at US$6.4 billion. The estimated investment puts KSM in clear need of a partner, financing and execution steps before the estimates can be converted into production.
The proven and probable reserves covered by the mine plan include 47.3 million ounces of gold, 7.3 billion pounds of copper and 160 million ounces of silver, according to the technical report filed by the company. These quantities give the project a multi-metal base rather than leaving it dependent on gold alone. The feasibility study forecasts average annual production over the mine’s 33-year life of 1.03 million ounces of gold, 178 million pounds of copper and 3 million ounces of silver. These forecasts link the scale of the reserves with estimated production capacity over the long term. The company also said measured and indicated resources increased by 6.8 million ounces of gold compared with the January 2024 update, attributing the increase to the application of updated price and cost assumptions.
On the partnership, Seabridge said in a year-end 2025 update that three finalists visited the project site during the third quarter of that year and that it was moving toward a partnership with its preferred candidate. The company has not announced an agreement, so the partnership remains an anticipated step in its plan rather than a completed deal. The company’s 2026 goals include signing a partnership agreement for KSM with a major mining company. It also aims to begin and advance a bankable feasibility study in coordination with the partner. Selecting a preferred candidate makes the negotiation process a practical focus for the next stage, while the agreement and bankable study remain among the company’s stated goals.
The project is also facing a regulatory review process in British Columbia concerning its designation as having been substantially started. The company said a court ruling issued on June 8, 2026, required the Environmental Assessment Office to begin reconsidering the designation after an additional 90-day consultation period. It said the review had advanced following the consultation period, while reconsideration remains ongoing. The company had said the project received environmental approvals, but that does not end the designation review required by the ruling. These regulatory steps, alongside the partnership and bankable feasibility study, leave the project with parallel workstreams following the economic assessment published in 2022.