This was when this thing is at 25 dollars a share At 16 dollars a share... this is even more of a joke valuation.
A $26 Per Oz Bargain - ( when SEA is 25 dollars a share. )
Seabridge Shares Are Cheap at the Price
By Ted Niles
Rudi Fronk believes Seabridge Gold Inc TSX:SEA is one of the cheapest gold stocks in the world. A glance at the numbers would seem to support this. At a market cap of roughly $1 billion, with proven and probable reserves at its KSM project in BC of 38.5 million ounces gold, Seabridge stock is now trading at approximately $26 per ounce. And that’s ignoring considerable additional reserves at the project, including 10 billion pounds copper.
The President and CEO notes that the nearest comparable company, NovaGold Resources Inc TSX:NG—with advanced-stage projects in Alaska and BC—is “trading at five to six times our valuation on a reserve basis.” He explains the inconsistency, “The big difference between NovaGold and Seabridge is they already have sponsorship in their projects with big joint venture partners [i.e. Barrick Gold Corporation ABX:CA and Teck Resources Limited TSX:TCK.B]; we don’t yet. When we get that sponsorship through joint ventures, we would expect to see a pretty significant re-rating in our share price. I’d say we’re getting close to that point now.”