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The Opportunity

KSM is the world’s largest undeveloped gold project by resources (88.3M oz M&I plus 65M oz inferred) with 19.4 billion pounds of copper resources in the M&I categories plus 35.1 billion pounds in the inferred category. KSM has received its environmental approvals in one of the globe's safest and most stable jurisdictions.

The latest technical report describes a robust project that has the support of nearby indigenous people and local communities:

  • A 2022 Pre-Feasibility Study (“PFS”) captures proven and probable reserves of 47.3 million ounces of gold plus 7.3 billion pounds of copper and 160 million ounces of silver over a 33 year open pit mine life.  
  • The 2022 PFS excludes resources totaling from the Kerr and Iron Cap deposits that could be mined after the 33 year open pit mine life.
  • The 2022 study projects an after tax net present value (at 5%) of US$7.9 billion and a life of mine total cost (including all capital, reclamation and closure costs) of US$601 per ounce of gold produced after base metal credits. Over the 33 year mine life, average annual metal production is estimated at 1.0 million ounces of gold, 178 million pounds of copper and 3.0   million ounces of silver.


There are two important opportunities which Seabridge is now pursuing at KSM:

First, to ensure that KSM’s environmental approvals remain in place for the life of the project, Seabridge secured US$225 million in funding to undertake early site construction activities which are expected to result in the project receiving Substantially Started designation. With this designation, the existing approvals remain in place for the life of the project. Road building, camp construction and fish compensation activities are now in progress.

Second, we have an opportunity to unlock the extraordinary value in KSM by establishing a joint venture with a global mining company able to finance, build and operate the project responsibly. Our objective is to retain a significant portion of the working interest in a KSM joint venture while minimizing our capital contribution. We believe that the 2022 PFS strengthens our hands in our ongoing joint venture discussions