Seabridge Gold: $33 Billion Project Trading At 12 Cents On The Dollar

Seabridge Gold offers unmatched leverage to gold via its vast KSM project, holding 95.5M M&I ounces and 21B lbs of copper. SA trades at roughly 10% of KSM's spot NPV, with a JV partner announcement as the key near-term catalyst for re-rating. Recent resource updates and permitting milestones have de-risked KSM, but development, permitting, and gold price risks remain substantial.