Equity Profile

SA

Seabridge Gold Inc.

MaterialsGold$3.7B

Aug12Wed

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

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

Key Metrics to Watch

Gold Production

Gold production levels are crucial for understanding the company's operational performance and revenue generation.

N/A

Cash Costs per Ounce

Monitoring cash costs helps investors gauge the efficiency of operations and profitability.

N/A

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

SA Q2-2026 Earnings Preview

Context

Company Snapshot

Seabridge Gold Inc. is a gold exploration and development company focused on advancing its 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 in times of 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 Q1 2026, Seabridge Gold reported an EPS of -$0.04, matching analyst expectations but reflecting ongoing challenges. The stock saw a modest increase of 1.25% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic about Seabridge Gold's upcoming earnings, especially after a series of mixed results in previous quarters. The focus will be on production levels and cost management.

Bull Case

If the company reports higher-than-expected gold production and lower cash costs, it could signal strong operational performance and boost investor confidence.

Bear Case

Conversely, if production falls short or costs rise significantly, it could raise concerns about profitability and lead to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What are the gold production levels for the quarter?

Production levels are a key indicator of operational success and will heavily influence investor sentiment.

What are the cash costs per ounce for gold?

Understanding cash costs will provide insight into the company's profitability and operational efficiency.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the potential for increased gold production due to recent exploration successes, which could lead to a more favorable cost structure than anticipated.

Supporting Evidence

Historical patterns suggest that production can exceed expectations in favorable market conditions.

Options pricing indicates a significant move, reflecting investor sentiment that may not align with conservative estimates.

Key Risk

If production exceeds 100,000 ounces, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating the company's ability to manage costs and maintain production levels in a challenging environment.

Bull Confirmed If

Reporting gold production above 100,000 ounces with cash costs below $800 per ounce would confirm the bull case.

Bear Confirmed If

If production is below 80,000 ounces or cash costs exceed $1,000 per ounce, it would support the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±16.98%

Historical Avg

±1.8%

Pricing rich

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

Options are pricing ±17.0% while SA has averaged ±1.8% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

73.5%

Calls (214K)P/C Ratio: 0.38Puts (38K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Materials

n=30

Fade rate: 11 of 29 (38%)

This setup has occurred 30 times across Materials in the last 2 years. 18 of 29 (62%) held or extended their move within 5 days — this setup typically holds direction. The average absolute 1-day move is 3.5%, with a raw directional average of +1.7% (modestly positive historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Seabridge Gold beats expectations, history suggests a potential stock increase of around 0.91%, confirming operational strength.

In-Line / Cautious

If results are in line but cautious commentary is provided, the stock may see muted movement as investors reassess future growth.

Miss

A miss could lead to a decline, with historical patterns indicating an average drop of 0.24% following negative surprises.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on gold production figures and any changes in guidance.
2Details on cash costs and how they compare to previous quarters.
3Any commentary on exploration successes or new resource discoveries.
4Management's outlook on gold market trends and pricing.
5Insights into operational efficiencies and cost management strategies.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

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

Key Metrics to Watch

Gold Production

Gold production levels are crucial for understanding the company's operational performance and revenue generation.

N/A

Cash Costs per Ounce

Monitoring cash costs helps investors gauge the efficiency of operations and profitability.

N/A

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

SA Q2-2026 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

In Q1 2026, Seabridge Gold reported an EPS of -$0.04, matching analyst expectations but reflecting ongoing challenges. The stock saw a modest increase of 1.25% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If the company reports higher-than-expected gold production and lower cash costs, it could signal strong operational performance and boost investor confidence.

Bear Case

Conversely, if production falls short or costs rise significantly, it could raise concerns about profitability and lead to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What are the gold production levels for the quarter?

Production levels are a key indicator of operational success and will heavily influence investor sentiment.

What are the cash costs per ounce for gold?

Understanding cash costs will provide insight into the company's profitability and operational efficiency.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate the potential for increased gold production due to recent exploration successes, which could lead to a more favorable cost structure than anticipated.

Supporting Evidence

Historical patterns suggest that production can exceed expectations in favorable market conditions.

Options pricing indicates a significant move, reflecting investor sentiment that may not align with conservative estimates.

Key Risk

If production exceeds 100,000 ounces, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating the company's ability to manage costs and maintain production levels in a challenging environment.

Bull Confirmed If

Reporting gold production above 100,000 ounces with cash costs below $800 per ounce would confirm the bull case.

Bear Confirmed If

If production is below 80,000 ounces or cash costs exceed $1,000 per ounce, it would support the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±16.98%

Historical Avg

±1.8%

Pricing rich

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

Options are pricing ±17.0% while SA has averaged ±1.8% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.7%

30d HV

73.5%

Calls (214K)P/C Ratio: 0.38Puts (38K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter miss + options pricing rich in Materials

n=30

Fade rate: 11 of 29 (38%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Seabridge Gold beats expectations, history suggests a potential stock increase of around 0.91%, confirming operational strength.

In-Line / Cautious

If results are in line but cautious commentary is provided, the stock may see muted movement as investors reassess future growth.

Miss

A miss could lead to a decline, with historical patterns indicating an average drop of 0.24% following negative surprises.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on gold production figures and any changes in guidance.
2Details on cash costs and how they compare to previous quarters.
3Any commentary on exploration successes or new resource discoveries.
4Management's outlook on gold market trends and pricing.
5Insights into operational efficiencies and cost management strategies.