Is this the World's Largest Undeveloped Gold Project?
Gold has been on a tear in 2025, and for good reason. Rate cuts on the horizon, central banks accumulating, geopolitical uncertainty everywhere. In this environment, I have been scanning for gold equities that combine technical strength with real assets. Seabridge Gold
SA emerged with a 93.3% score on my system, one of the highest I have seen in the precious metals sector this year. Here is what I found when I looked under the hood.
So Why This Stock Caught My Attention
I evaluate over 15 technical conditions with intelligent weighting, andSA passed nearly every checkmark. The setup shows Perfect Order moving average alignment, with price trading comfortably above all key averages. The 3-month gain stands at 67.33%, more than double my 30% threshold, while relative strength versus SPY registers at 62.36%. Against its own sector, SA leads by 64.22%.
The price structure confirms a healthy uptrend with 5 higher highs and 5 higher lows over the last 10 days, weekly timeframe aligned, and the stock sitting just 5.85% below all-time highs. Momentum indicators across the board confirm bullish conditions. Most importantly, the risk warning section shows all clear: no distribution detected, no warning signals, no chasing situation.
The only weakness is the Tightening score at 39 out of 100, suggesting the consolidation needs a few more days to compress before the ideal breakout emerges.
The Company Behind the Score
Seabridge Gold is not your typical gold miner. They do not operate mines. Instead, they acquire, explore, and advance world-class deposits, then partner with major mining companies to develop them. This asset-light model means lower operational risk and massive leverage to rising metal prices.
Their flagship is the KSM project in British Columbia's Golden Triangle, and the numbers are staggering: 47.3 million ounces of gold and 7.3 billion pounds of copper in reserves. This makes KSM the world's largest undeveloped gold project and the third-largest undeveloped copper resource. The 2022 Pre-Feasibility Study outlines a 33-year mine life with all-in sustaining costs of just $601 per ounce, compared to the industry average of roughly $1,500. That cost advantage comes from copper byproduct credits and access to BC Hydro's clean, cheap hydroelectric power, giving KSM one of the lowest carbon footprints of any large-scale mining project globally and I like Green companies a lot.
What separates Seabridge from other developers is execution. They spent over $1 billion and 20 years advancing KSM through exploration, economic studies, and permitting. In July 2024, they secured "Substantially Started" status from the BC government, locking in environmental permits for the life of the project. Most competitors are still fighting permitting battles. Seabridge already won that war.
Beyond KSM, the portfolio includes Courageous Lake in the Northwest Territories with 11 million ounces of indicated gold, and the Iskut project just 20 kilometers from KSM, which management believes could become "another KSM" based on recent drilling results at Snip North. A maiden copper-gold resource at Iskut is expected by early 2026.
The Catalyst That Could Change Everything
CEO Rudi Fronk announced on November 12 that Seabridge is now in direct negotiations with a preferred JV partner after three finalists completed site visits. A deal could come before year-end. This is the moment the company has been building toward for 25 years.
The JV structure makes sense for everyone. Seabridge lacks the $5-6 billion needed to build KSM alone, but they hold 100% of a permitted, de-risked, world-class asset. Major miners have the balance sheets but struggle to find quality projects at this scale. The expected deal structure involves a phased earn-in, allowing Seabridge shareholders to retain meaningful exposure while a larger partner funds development.
B. Riley Securities raised their price target from $50 to $65 on December 2, citing rising gold and copper prices and the imminent JV catalyst. Stonegate Capital values the company between CA$42 and CA$67 per share. Current price: around $29.
My Take
SA checks nearly every box on my system. Perfect Order alignment, exceptional relative strength, clean risk profile, proximity to highs, and a fundamental story that could drive significant re-rating. The macro environment supports gold, the company sits on irreplaceable assets, and a transformational catalyst is weeks away.
I am watching for a decisive break above $29.31 with volume confirmation. If the consolidation tightens further and gold holds its strength, this setup could deliver. The 10 EMA will serve as my trailing stop reference.
Bottom Line
SA has the technical setup, the fundamental story, and the timing. I hope it follows the path of
GLUE which has gained nearly 50% since I first highlighted it.
Disclaimer
This analysis reflects my personal research and trading approach. It is not financial advice. I may hold or initiate a position in SA. Always do your own research before making any investment decisions
Gold has been on a tear in 2025, and for good reason. Rate cuts on the horizon, central banks accumulating, geopolitical uncertainty everywhere. In this environment, I have been scanning for gold equities that combine technical strength with real assets. Seabridge Gold
SA emerged with a 93.3% score on my system, one of the highest I have seen in the precious metals sector this year. Here is what I found when I looked under the hood.So Why This Stock Caught My Attention
I evaluate over 15 technical conditions with intelligent weighting, and
SA passed nearly every checkmark. The setup shows Perfect Order moving average alignment, with price trading comfortably above all key averages. The 3-month gain stands at 67.33%, more than double my 30% threshold, while relative strength versus SPY registers at 62.36%. Against its own sector, SA leads by 64.22%.The price structure confirms a healthy uptrend with 5 higher highs and 5 higher lows over the last 10 days, weekly timeframe aligned, and the stock sitting just 5.85% below all-time highs. Momentum indicators across the board confirm bullish conditions. Most importantly, the risk warning section shows all clear: no distribution detected, no warning signals, no chasing situation.
The only weakness is the Tightening score at 39 out of 100, suggesting the consolidation needs a few more days to compress before the ideal breakout emerges.
The Company Behind the Score
Seabridge Gold is not your typical gold miner. They do not operate mines. Instead, they acquire, explore, and advance world-class deposits, then partner with major mining companies to develop them. This asset-light model means lower operational risk and massive leverage to rising metal prices.
Their flagship is the KSM project in British Columbia's Golden Triangle, and the numbers are staggering: 47.3 million ounces of gold and 7.3 billion pounds of copper in reserves. This makes KSM the world's largest undeveloped gold project and the third-largest undeveloped copper resource. The 2022 Pre-Feasibility Study outlines a 33-year mine life with all-in sustaining costs of just $601 per ounce, compared to the industry average of roughly $1,500. That cost advantage comes from copper byproduct credits and access to BC Hydro's clean, cheap hydroelectric power, giving KSM one of the lowest carbon footprints of any large-scale mining project globally and I like Green companies a lot.
What separates Seabridge from other developers is execution. They spent over $1 billion and 20 years advancing KSM through exploration, economic studies, and permitting. In July 2024, they secured "Substantially Started" status from the BC government, locking in environmental permits for the life of the project. Most competitors are still fighting permitting battles. Seabridge already won that war.
Beyond KSM, the portfolio includes Courageous Lake in the Northwest Territories with 11 million ounces of indicated gold, and the Iskut project just 20 kilometers from KSM, which management believes could become "another KSM" based on recent drilling results at Snip North. A maiden copper-gold resource at Iskut is expected by early 2026.
The Catalyst That Could Change Everything
CEO Rudi Fronk announced on November 12 that Seabridge is now in direct negotiations with a preferred JV partner after three finalists completed site visits. A deal could come before year-end. This is the moment the company has been building toward for 25 years.
The JV structure makes sense for everyone. Seabridge lacks the $5-6 billion needed to build KSM alone, but they hold 100% of a permitted, de-risked, world-class asset. Major miners have the balance sheets but struggle to find quality projects at this scale. The expected deal structure involves a phased earn-in, allowing Seabridge shareholders to retain meaningful exposure while a larger partner funds development.
B. Riley Securities raised their price target from $50 to $65 on December 2, citing rising gold and copper prices and the imminent JV catalyst. Stonegate Capital values the company between CA$42 and CA$67 per share. Current price: around $29.
My Take
SA checks nearly every box on my system. Perfect Order alignment, exceptional relative strength, clean risk profile, proximity to highs, and a fundamental story that could drive significant re-rating. The macro environment supports gold, the company sits on irreplaceable assets, and a transformational catalyst is weeks away.
I am watching for a decisive break above $29.31 with volume confirmation. If the consolidation tightens further and gold holds its strength, this setup could deliver. The 10 EMA will serve as my trailing stop reference.
Bottom Line
SA has the technical setup, the fundamental story, and the timing. I hope it follows the path of
GLUE which has gained nearly 50% since I first highlighted it. Disclaimer
This analysis reflects my personal research and trading approach. It is not financial advice. I may hold or initiate a position in SA. Always do your own research before making any investment decisions
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.