Ben Kramer-Miller
Gold & precious metals, macro, research analyst, deep value

Seabridge Gold: A 'Gold-In-The-Ground ETF'

This article is about Seabridge Gold (NYSE:SA). Seabridge Gold has a market capitalization of $420 million. The company owns a very large undeveloped gold resource in British Columbia called Kerr-Sulphurets Mitchell (aka KSM). It also owns some smaller properties, most notably its undeveloped Courageous Lake gold deposit in the Northwest Territories, although I will focus on KSM in this article.

Seabridge Gold is not a mining company. Seabridge Gold is a prospect generator, meaning it operates under the assumption that building and operating gold mines require different skill sets than exploration. These companies operate in various ways, but generally they find resource deposits, and then find joint venture partners to develop them in exchange for some sort...

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