Analysts Remain Bullish on Seabridge Gold (SA) Amid KSM Project Progress

With strong 1-year returns and upside potential, Seabridge Gold Inc. (NYSE:SA) secures a spot on our list of the 12 best multibagger stocks to buy heading into 2026.

As of December 17, the stock is a consensus Buy with all analysts covering it assigning it a Buy or equivalent rating. The consensus 1-year median price target of $52.1 implies a nearly 80% potential upside.

According to TheFly, Nick Giles, an analyst from B. Riley, reiterated his bullish stance on the stock with a Buy rating and raised his price target from $50 to $65 on December 2. The analyst cited two factors supporting his positive thesis. The first was sustained strength in gold prices, a key macro tailwind that improved the economic attractiveness of the company’s large-scale, undeveloped deposits. Additionally, he highlighted continued progress on the Kerr-Sulphurets-Mitchell (KSM) project. Giles noted that recent updates on this project and active joint-venture discussions could increase visibility into the development while mitigating funding and execution risks for Seabridge.

The KSM project is widely regarded as the world’s largest undeveloped gold project and has a significant copper resource. It is a proposed gold, copper, silver, and molybdenum mine with an Environmental Assessment-approved mine life exceeding 50 years.

Seabridge Gold Inc. (NYSE:SA) engages in the acquisition and exploration of gold properties in North America. The company’s principal asset, the KSM project, and its Iskut projects are located in Northwest British Columbia.

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