my take on SAHere's something I really, really like about Seabridge.
There aren't that many juniors out there who have real quality projects, projects that assuming gold can hold or go higher, will be certainly very profitable and subject to a basically mining friendly jurisdiction. Seabridge has that... KSM is a potentially huge project, and we'll see as more drill result come out more exactly what we're looking at. There are lots of questions as to the mine design, logistics, etc., but the main point is what's in the ground... leave it to the mining companies to figure out how best to mine it.
That that's what I like about Seabridge. It's not pretending to be a mining company, just a holding company for assets which they can develop through the drill, and which are gaining value also through gold's appreciation.
Novagold again being the obvious comparison, what's the advantage of going through the motions of becoming a mining company? They've stumbled badly, although I think Novagold is compelling at these levels assuming management has learned something from their mistakes. Novagold lost a huge amount of the value it had created by selling interests in its projects for what now seems like robbery, and now it's going to be burdened to come up with the cash for development.
Seabridge doesn't have to deal with these problems. Financing? Forget it, let someone else do it. There's simply no point is asking a bank to take a risk like that on a company that doesn't even claim to have mining expertise. The value that's in the ground is the driver of the SP, simple as that. Best of all, there's no urgency to dilute, raise money to further the development of the projects as the share count is being very, very responsibly contained. Lots of value, no debt, means time to wait as those projects and ounces become more valuable.
Love it.