Equity Profile

SA

Seabridge Gold Inc.

MaterialsGold$3.7B

May13Wed

Post-Earnings Recap

ReportedQ1-2026After Close6:01 PM EDT

Seabridge Gold Inc. Misses on EPS, Stock Up 1.25%

Metric	Actual	Expected	Surprise
EPS	$-0.04	$-0.06	+9.53%
Revenue	$0M	$0M	—

management commentary, guidance changes, and full analysis available with Pro.

Seabridge Gold Inc. Misses on EPS, Stock Up 1.25%

Key Numbers

Metric	Actual	Expected	Surprise
EPS	$-0.04	$-0.06	+9.53%
Revenue	$0M	$0M	—

Management Commentary

Tone: Unknown

No transcript is on record, and the analysis is based on numerical results only.

What It Means

Seabridge Gold Inc. reported an EPS loss that was better than expected, which contributed to a positive stock reaction, with shares rising by 1.25%. However, the company did not provide any revenue figures or guidance for the future. Investors may interpret the smaller-than-expected loss as a sign of resilience, but the lack of additional information leaves uncertainty about future performance.

Company Snapshot

Seabridge Gold Inc. is a gold exploration and development company focused on acquiring and advancing gold projects in North America....

Key Metrics to Watch

EPS

Earnings per share is crucial for assessing the company's profitability and financial health this quarter.

$-0.06

Revenue

Although no revenue is expected this quarter, any updates on future revenue potential will be important for investor sentiment.

$0M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Seabridge Gold Inc. is a gold exploration and development company focused on acquiring and advancing gold projects in North America. With a market cap of $4 billion, it plays a significant role in the materials sector, particularly as gold remains a key asset during economic uncertainty.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

13%

Avg EPS Surprise

-129.02%

Avg Stock Reaction

+0.49%

Last Quarter Recap

In Q4 2025, Seabridge Gold reported an EPS of $-0.38, significantly missing expectations, which led to a 4.41% drop in stock price the following day. The company continues to face challenges in generating revenue.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect another challenging quarter for Seabridge Gold, with a consensus EPS of $-0.06. Investors are particularly focused on how the company plans to navigate its ongoing financial difficulties.

Bull Case

If Seabridge can demonstrate progress in its projects or provide positive updates on future gold production, it could restore investor confidence and lead to a stock price rebound.

Bear Case

Continued losses and lack of revenue could further erode investor sentiment, leading to a potential decline in stock price.

Key Metrics to Watch

EPS

$-0.06

Earnings per share is crucial for assessing the company's profitability and financial health this quarter.

Revenue

$0M

Although no revenue is expected this quarter, any updates on future revenue potential will be important for investor sentiment.

Expectations

Two Questions That Matter

The print will turn on these two things.

What specific steps is management taking to improve profitability and reduce losses this quarter?

Given the recent history of significant EPS misses, any actionable plan could heavily influence market sentiment.

Are there any updates on project timelines or potential revenue generation from ongoing exploration?

Investors will be keen to hear about future prospects, especially in light of the current lack of revenue.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Seabridge to improve its financial outlook through strategic project advancements, despite current losses.

Supporting Evidence

The options market is pricing in a larger move than historical averages, indicating potential volatility that could favor a positive surprise.

Recent historical data shows that despite misses, the stock has not reacted negatively in a consistent manner.

The lack of revenue expectations may lead to lower investor expectations, creating room for positive surprises.

Key Risk

If management outlines a clear path to profitability or revenue generation, it could shift market sentiment significantly.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Seabridge can turn around its financial performance amid ongoing project developments.

Bull Confirmed If

A reduction in EPS loss to $-0.03 or better would indicate improved operational efficiency.

Bear Confirmed If

An EPS loss greater than $-0.06 would confirm ongoing financial struggles.

Pre-Earnings Positioning

Options Market

Implied Move

±6.47%

Historical Avg

±1.8%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings report.

Options are pricing ±6.5% while SA has averaged ±1.8% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.9%

30d HV

65.6%

Calls (483K)P/C Ratio: 0.16Puts (89K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Seabridge beats expectations, history suggests a potential stock increase of around +0.91%, confirming a positive shift in operational performance.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors await further guidance.

Miss

Should the company miss again, history indicates a likely flat reaction, but continued losses could lead to longer-term declines.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on project timelines and expected milestones.
2Any commentary on cost management and operational efficiency improvements.
3Insights into market conditions for gold and how they may impact future sales.
4Details on any partnerships or collaborations that could enhance project viability.
5Management's outlook on the broader gold market and its implications for Seabridge.

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Company Snapshot

Seabridge Gold Inc. is a gold exploration and development company focused on acquiring and advancing gold projects in North America....

Key Metrics to Watch

EPS

Earnings per share is crucial for assessing the company's profitability and financial health this quarter.

$-0.06

Revenue

Although no revenue is expected this quarter, any updates on future revenue potential will be important for investor sentiment.

$0M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

13%

Avg EPS Surprise

-129.02%

Avg Stock Reaction

+0.49%

Last Quarter Recap

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If Seabridge can demonstrate progress in its projects or provide positive updates on future gold production, it could restore investor confidence and lead to a stock price rebound.

Bear Case

Continued losses and lack of revenue could further erode investor sentiment, leading to a potential decline in stock price.

Key Metrics to Watch

EPS

$-0.06

Earnings per share is crucial for assessing the company's profitability and financial health this quarter.

Revenue

$0M

Although no revenue is expected this quarter, any updates on future revenue potential will be important for investor sentiment.

Expectations

Two Questions That Matter

The print will turn on these two things.

What specific steps is management taking to improve profitability and reduce losses this quarter?

Given the recent history of significant EPS misses, any actionable plan could heavily influence market sentiment.

Are there any updates on project timelines or potential revenue generation from ongoing exploration?

Investors will be keen to hear about future prospects, especially in light of the current lack of revenue.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for Seabridge to improve its financial outlook through strategic project advancements, despite current losses.

Supporting Evidence

The options market is pricing in a larger move than historical averages, indicating potential volatility that could favor a positive surprise.

Recent historical data shows that despite misses, the stock has not reacted negatively in a consistent manner.

The lack of revenue expectations may lead to lower investor expectations, creating room for positive surprises.

Key Risk

If management outlines a clear path to profitability or revenue generation, it could shift market sentiment significantly.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether Seabridge can turn around its financial performance amid ongoing project developments.

Bull Confirmed If

A reduction in EPS loss to $-0.03 or better would indicate improved operational efficiency.

Bear Confirmed If

An EPS loss greater than $-0.06 would confirm ongoing financial struggles.

Pre-Earnings Positioning

Options Market

Implied Move

±6.47%

Historical Avg

±1.8%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings report.

Options are pricing ±6.5% while SA has averaged ±1.8% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.9%

30d HV

65.6%

Calls (483K)P/C Ratio: 0.16Puts (89K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Seabridge beats expectations, history suggests a potential stock increase of around +0.91%, confirming a positive shift in operational performance.

In-Line / Cautious

If results are in line with expectations, the stock may see muted movement as investors await further guidance.

Miss

Should the company miss again, history indicates a likely flat reaction, but continued losses could lead to longer-term declines.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on project timelines and expected milestones.
2Any commentary on cost management and operational efficiency improvements.
3Insights into market conditions for gold and how they may impact future sales.
4Details on any partnerships or collaborations that could enhance project viability.
5Management's outlook on the broader gold market and its implications for Seabridge.