Seabridge Gold (SA) Reports Wider Q3 Loss as Exploration Spending Surges

Seabridge Gold Inc. (NYSE:SA) is one of the best silver mining stocks to invest in right now. On November 12, Seabridge Gold Inc. (NYSE:SA) released its Q3 2025 financial results, in which it reported a widened net loss as it ramped up investment in its major exploration projects. Net loss touched $32.3 million ($0.32 per share) for the quarter, which is wider than the $27.6 million ($0.31 per share) posted in Q3 2025.

Seabridge invested a record $52.9 million in mineral interests this quarter, almost double the $28.1 million spent in Q3 2024. Management stated that this capex jump reflects their continued aggressive exploration and development, especially at major projects like Iskut (Snip North discovery) and KSM. As a result, net working capital stood at $83.2 million as of September 30, 2025, more than double the $37.8 million reported at December 31, 2024.

The company updated that regarding the KSM project, fieldwork and partnership discussions are ongoing. Also, court hearings on legal challenges to the project’s “substantially started” designation are now complete. This regulatory milestone is crucial for maintaining development timelines and legitimizing the $5.9 billion KSM asset, noted management.

Seabridge Gold Inc. (NYSE:SA) is a Canadian exploration and development company. The company is known for its massive gold, copper, and silver resources in North America. Its main products are gold bullion, copper concentrate, and significant silver reserves.

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Disclosure: None. This article is originally published at Insider Monkey.