Seabridge Gold (NYSE:SA) owns one of the largest undeveloped copper/gold properties in North America, the Kerr-Sulphurets-Mitchell deposits located in British Columbia, Canada. The company also owns several unrelated but important development projects, including the Courageous Lake property located in the Northwest Territories, Canada. When you add up all the assets, each Seabridge share represents the highest theoretical underlying gold holdings per dollar invested (leverage to higher gold) of the recognized global prospectors/miners.
Each $20 invested in one Seabridge share today represents better than $1,200 of gold reserves in the ground (at US$1900 gold). This relative valuation number has jumped dramatically over the years with rising gold prices, compounded by a smart acquisition strategy and substantial drilling success, using limited share dilution to finance expansion. My thinking is the climb in copper quotes since April may finally move the needle and encourage investors to reprice Seabridge well above the current quote. A disconnect between the clear spike in underlying metal worth of its inground resources and reserves vs. a slowly advancing stock quote could soon jolt Seabridge shares much higher in price.