Stonegate Capital Partners Updates Coverage on Seabridge Gold Inc. (NYSE: SA) 4Q25

<p class='reportable-dateline'><strong>Dallas, Tx -- April 13, 2026</strong></p><p class='reportable-excerpt'>DALLAS, TX -- April 13th, 2026 -- Seabridge Gold Inc. (NYSE: SA): Stonegate Capital Partners Updates Coverage on Seabridge Gold Inc. (NYSE: SA). Seabridge Gold (“SA”) is a North American gold-copper developer anchored by KSM, one of the largest undeveloped gold-copper projects globally. The Company’s strategy is to maximize per-share value by advancing large-scale assets to a partner-ready stage and monetizing via joint venture, rather than self-funding multi-billion-dollar mine builds. At ~$3–4B market cap, SA appears to meaningfully discount the value of KSM and its broader asset base, despite multiple near-term catalysts expected to surface value.</p><p>To view the full announcement, including downloadable images, bios, and more, <a href='https://stonegateinc.reportablenews.com/pr/stonegate-capital-partners-updates-coverage-on-seabridge-gold-inc-nyse-sa-4q25' class='reportable-link'>click here</a>.</p><div class='reportable-key-takeaways'><h3>Key Takeaways:</h3><ul><li>KSM JV catalyst advancing - Seabridge is progressing toward a potential joint venture partner for its flagship KSM project,representing a key inflection point to unlock third-party capital and drive apotential re-rating.</li><li>Courageous Lake spin-out expected in 2026 - Planned separation into Valor Gold is intended to surface standalone value currently attributed at little or no value in SA’s share price.</li><li>Valuation disconnect vs. underlying asset value - Shares imply ~0.5x NPV (~$15–16B / ~$150 per share) versus >$30B NPV at spot, with multiple near-term catalysts positioned to close the gap.</li></ul></div><a href='https://stonegateinc.reportablenews.com/pr/stonegate-capital-partners-updates-coverage-on-seabridge-gold-inc-nyse-sa-4q25'><img src='https://cdn.filestackcontent.com/1lYOFQdiRlqZ2v5GQnpI' class='reportable-featured-image' /><p align='center'><i>Click image above to view full announcement.</i></p></a><hr class='company-boilerplate-rule' style='border: 0; border-top: 1px solid rgba(0,0,0,0.1);'><p class='company-boilerplate'><div><strong>About Stonegate<br></strong>Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.</div></p><div class='reportable-contacts'><h3>Contacts:</h3><p class='reportable-contact'>Stonegate Capital Partners<br>(214) 987-4121 <br><a href='mailto:info@stonegateinc.com'>info@stonegateinc.com</a></p></div><p>Source: <a href='https://stonegateinc.reportablenews.com/'>Stonegate, Inc.</a></p><p>Distributed by: <a href='https://reportablenews.com'>Reportable, Inc.</a></p>