SCHEDULE: Kopernik Global Investors Discloses 10.26% Stake in Seabridge Gold

Kopernik Global Investors, LLC and David B. Iben have jointly reported beneficial ownership of 11,044,218 common shares, representing 10.26% of Seabridge Gold Inc.

Summary

• Kopernik Global Investors, LLC and David B. Iben (collectively, the "Reporting Persons") have filed a Schedule 13G, indicating their beneficial ownership of Seabridge Gold Inc. common shares.
• The Reporting Persons collectively own 11,044,218 common shares, which constitutes 10.26% of the total outstanding shares.
• This ownership level is based on 107,622,939 common shares outstanding as of May 29, 2026.
• Kopernik Global Investors, LLC is identified as an investment adviser, and David B. Iben is its controlling member and Chief Investment Officer.
• The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of influencing control of the issuer.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing. While it's a disclosure of ownership and not operational results, a significant stake taken by an investment adviser suggests confidence in the company's underlying assets or future prospects.

Positives

• Significant ownership stake of 10.26% in Seabridge Gold Inc. by an experienced investment adviser.
• The filing indicates that the shares were acquired and are held in the ordinary course of business, suggesting a strategic investment rather than a hostile takeover attempt.

Negatives

• No specific financial performance data or operational updates are provided in this filing, as it is a disclosure of beneficial ownership.
• The filing does not detail the specific reasons for acquiring this stake or future intentions beyond holding in the ordinary course of business.

Risks

• The filing does not explicitly mention any risks. However, as a Schedule 13G filing, it primarily concerns ownership disclosure and does not typically contain operational or financial risk factors of the issuer.
• Potential for future changes in ownership or strategy by the reporting persons, which could impact the company's stock.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from Seabridge Gold Inc. regarding its future financial performance or operations.

Management Comments

• "The filing of this statement shall not be construed as an admission that either of the Reporting Persons is the beneficial owner of any of the securities covered by this Schedule 13G for any other purpose."
• "Securities reported on this Schedule 13G are beneficially owned by investment advisory clients which may include investment companies registered under the Investment Company Act and/or other separately managed accounts. No such person beneficially owns over 5%."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."

Industry Context

StockSavvy.ai notes that a Schedule 13G filing by a significant investment adviser like Kopernik Global Investors, disclosing a substantial ownership stake (over 10%) in a gold exploration company like Seabridge Gold, often signals a belief in the company's asset value or future potential. Such filings can attract attention from other investors and may precede further strategic moves or increased engagement with the company's management.

Stakeholder Impact

• Shareholders may view the increased stake by Kopernik Global Investors as a positive signal of institutional confidence in Seabridge Gold's assets and management.
• The filing does not directly impact employees, customers, suppliers, or creditors, as it pertains to share ownership.

Next Steps

• The filing does not specify any immediate next steps beyond the certification that securities are held in the ordinary course of business.

Key Dates

Recommendation

This filing is a disclosure of beneficial ownership and does not provide operational or financial results for Seabridge Gold. While the significant stake taken by Kopernik Global Investors may indicate confidence, without further information on the company's performance or strategic direction, a 'hold' recommendation is prudent for seasoned investors. Further due diligence on Seabridge Gold's assets and exploration progress is advised.

Keywords

Seabridge Gold Inc., Schedule 13G, Kopernik Global Investors, David B. Iben, Beneficial Ownership, Investment Adviser, Common Shares, SEC Filing, Toronto Stock Exchange