Seabridge Gold is a gold exploration and development company that acquires, explores, and advances gold deposits with the goal of selling or joint-venturing those assets to a major mining company. Seabridge generates no revenue; its entire business model is built around a single objective: maximizing gold resource ounces per share, giving investors leveraged exposure to gold prices without the dilution of building a mine. The company funds itself through equity issuances and secured debt arrangements, including ATM offerings and bought deals. Seabridge's core asset is the KSM Project in northwest British Columbia, which the company claims is the largest publicly disclosed undeveloped gold resource in the world, with measured and indicated resources exceeding 88 million gold ounces, along with significant copper and silver. A 2022 prefeasibility study outlines a 33-year open-pit mine with ~US$6.4B in initial capital and a post-tax NPV of ~US$7.9B. Seabridge is advancing KSM toward a feasibility study and is in active discussions with a preferred joint venture partner, as the company is explicit that it cannot build KSM itself. Beyond KSM, Seabridge holds the Iskut Project in BC's Golden Triangle, where it is advancing an active drilling program, and the Courageous Lake Project in the Northwest Territories, which it plans to spin out as a separately listed company by Q2 2026. Seabridge's strategy follows a repeating cycle: acquire deposits cheaply when gold prices are low, expand resources through drilling, then advance projects to the point of sale or joint venture.