Cash flow is defined by persistent negative free cash flow, averaging approximately $30M per quarter in development capex, with a cumulative deficit exceeding $335M and operating cash flow fundamentally disconnected from reported net income.
Seabridge Gold Inc. (SA) cash flow statement — 25-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | -18.41M | -15.45M | -14.22M | -21.54M | -7.98M | -11.74M | -9.74M | -10.9M | -9.41M | -10.14M | -5.18M | -7.43M | -4.25M | -5.7M | -4.18M | -3.23M | -8.63M | -8.53M | -2.55M | -3.35M | -2.33M | -1.22M | -1.76M | -816.21K | -982.27K | -285.28K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -411.49% | -8.62% | 33.97% | -169.79% | 31.98% | -20.44% | 10.56% | -15.84% | 7.25% | -95.85% | 30.27% | -74.57% | 25.42% | -36.3% | -29.65% | 62.58% | -1.08% | -234.33% | 23.82% | -43.76% | -90.93% | 30.82% | -116.16% | 16.91% | -244.32% | - |
| Net Income | 34.83M | -53.13M | -31.25M | -29.27M | -7.39M | 895K | -14.94M | -11.61M | -19.94M | -10.29M | -7.29M | -9.07M | -13.02M | -13.65M | -12.51M | -20.1M | 3.54M | -4.68M | 10.29M | -5.54M | -3.33M | -1.16M | -1.23M | -1.34M | -1.63M | -153.99K |
| Depreciation & Amortization | 142.05K | 231.81K | 136K | 385K | 84K | 85K | 36K | 36K | 1.17M | -2.12M | -866K | -117K | -552K | 2.55M | 13K | 31K | 35.99K | 39.35K | 40.75K | 24.76K | 2.61K | 7.21K | 4.34K | 2.94K | 1.73K | 432 |
| Stock-Based Compensation | 1.05M | 0 | 3.68M | 3.27M | 3.14M | 3.51M | 8.8M | 5.4M | 5.18M | 7.52M | 3.67M | 3.65M | 9.68M | 7.04M | 10.69M | 14.92M | 452.83K | 1.48M | 1.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -7.39M | -11.9M | 11.38M | -8.7M | 8.27M | 4.63M | -800K | -697K | 4.97M | 2.16M | 2.97M | 2.7M | 5.9M | 5.96M | 2.58M | 498K | -303K | 171K | -20.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -49.01M | 49.95M | 1.23M | 12.67M | -17.08M | -21.89M | -1.41M | -2.22M | -729K | -7.46M | -5.22M | -3M | -8.02M | -3.8M | -5.57M | 272K | -10.54M | 90.31K | -20.59M | 2.36M | 921.02K | -346.17K | -343.18K | 485.91K | 837.39K | -315 |
| Working Capital Changes | 1.92M | -601.51K | 605K | 100K | 5M | 1.03M | -1.43M | -1.8M | -50K | -2.08M | 687K | -1.7M | 1.21M | -1.26M | 613K | 1.15M | -1.81M | -5.64M | 5.85M | -188.98K | 76.06K | 275.75K | -199.22K | 33.22K | -191.13K | -131.41K |
| Change in Receivables | -854.62K | -169.86K | -32K | 457K | -845K | -5.06M | -1.7M | -1.66M | -997K | 15K | -3K | 408K | -253K | 1.22M | -679K | 1.9M | -2.74M | -127.69K | 182.18K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.15M | 1.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -162.82M | -187.79M | -121.24M | -202.9M | -286.44M | -78.64M | -180.46M | -14.77M | -42.65M | -28.15M | -16.55M | -21.69M | -9.43M | -11.4M | -41.23M | -49.79M | -59.29M | -247.87K | -3.21M | -20.28M | -8.75M | -7.08M | -8.23M | -4.45M | -8.6M | -126.22K |
| Capital Expenditures | -156.45M | -136.86M | -106.28M | -230.16M | -183.3M | -73.61M | -158.79M | -27.2M | -37.07M | -21.92M | -24.07M | -18.6M | -30.99M | -34.56M | -48.72M | -41.3M | -37.76M | -21.67M | -14.71M | -8.53M | -30.92K | -3.84M | -6.71M | -6.3M | -5.86M | -126.22K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -39K | -437K | -101K | -530K | -2.62M | -1.6M | 1M | 1M | 0 | 0 | 0 | 10.18M | 0 | 30.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -6.37M | -50.47M | -14.96M | -53.72M | -50.69M | 4.34M | 0 | -533K | -38K | 892K | 9.12K | 5.12M | 5.43M | 2M | 1.35M | -30.3M | -37.76M | -21.67M | -14.7M | -200K | -14.59M | 0 | 225K | 0 | 0 | 0 |
| Cash from Financing | 139.8M | 271.97M | 101.27M | 260.45M | 325.83M | 84.56M | 199.72M | 31.53M | 50.93M | 40.7K | 22.39M | 29.85M | 12.88M | 15.89M | 40.63M | 59.04M | 68.68M | 966.88K | 383.13K | 31.33M | 12.55M | 11.3M | 8.24M | 7.47M | 8.08M | 10.55K |
| Debt Issued (Net) | -454K | -477K | -639K | 198.82M | 281.93M | -77K | -21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 800K | 0 |
| Equity Issued (Net) | 103.83M | 272.44M | 101.02M | 61.52M | 36.58M | 59.1M | 195.44M | 26.33M | 41.6M | 0 | 22.39M | 29.85M | 12.88M | 15.89M | 40.63M | 59.04M | 68.68M | 966.88K | 383.13K | 31.33M | 12.55M | 11.3M | 8.24M | 7.47M | 7.28M | 10.55K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 36.43M | 388 | 886K | 107K | 7.32M | 25.53M | 4.3M | 5.2M | 9.34M | 40.7K | 0 | 0 | 0 | 0 | 0 | 0 | 469 | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 0 | 0 |
| Net Change in Cash | -42.69M | 69.93M | -32.62M | 36.29M | 34.63M | -6M | 8.73M | 5.87M | -1.12M | 2.4M | 656K | 734K | -807K | -1.22M | -4.78M | 6.02M | 759.09K | -7.81M | -5.38M | 7.69M | 1.46M | 2.99M | -1.75M | 2.2M | -1.5M | -400.95K |
| Free Cash Flow | -174.86M | -152.31M | -120.5M | -251.7M | -191.28M | -85.35M | -168.54M | -38.1M | -46.47M | -32.06M | -29.25M | -26.03M | -35.24M | -40.26M | -52.91M | -44.53M | -46.39M | -30.2M | -17.26M | -11.88M | -2.36M | -5.06M | -8.48M | -7.12M | -6.84M | -411.5K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -73.9% | -26.4% | 52.13% | -31.59% | -124.12% | 49.36% | -342.4% | 18.03% | -44.97% | -9.6% | -12.37% | 26.14% | 12.46% | 23.91% | -18.81% | 4% | -53.61% | -74.98% | -45.33% | -402.93% | 53.37% | 40.28% | -19.06% | -4.12% | -1562.05% | - |
| FCF per Share | -1.61 | -1.51 | -1.36 | -3.03 | -2.39 | -1.10 | -2.54 | -0.61 | -0.79 | -0.57 | -0.55 | -0.52 | -0.74 | -0.88 | -1.21 | -1.06 | -1.16 | -0.81 | -0.46 | -0.33 | -0.07 | -0.17 | -0.29 | -0.27 | -0.42 | -0.03 |
| FCF Conversion (FCF/Net Income) | -5.02x | 0.29x | 0.46x | 0.74x | 1.08x | -13.11x | 0.65x | 1.22x | 0.47x | 0.99x | 0.71x | 0.82x | 0.33x | 0.42x | 0.33x | 0.16x | -2.44x | 1.82x | -0.25x | 0.60x | 0.71x | 1.05x | 1.44x | 0.61x | 0.60x | 1.85x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SA stock.
Seabridge Gold Inc. (SA) generated $-15.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Seabridge Gold Inc. (SA) reported negative free cash flow of $152.3M in 2025, indicating capital requirements exceeded cash from operations.
Seabridge Gold Inc. (SA) spent $136.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Prolonged pre-revenue cash burn
Earnings Quality Severely Distorted
The relationship between net income and operating cash flow is fundamentally broken, with a $117.5M net profit in 2026Q2 coinciding with a $3.9M operating cash outflow, indicating that reported earnings are driven entirely by non-cash, non-operational items.
The OCF/NI ratio of -0.03 in the latest quarter confirms that the massive net income figure is not backed by any cash generation, suggesting it stems from fair value adjustments or tax-related accounting entries. This extreme disconnect means the income statement provides no useful signal about the company's operational cash generation capability, which remains consistently negative. Investors must rely solely on the cash flow statement to assess the true burn rate.
Persistent Negative FCF Trajectory
Free cash flow has been negative for all ten reported quarters, with the cumulative deficit exceeding $335M, confirming a sustained cash consumption profile that is entirely independent of the volatile net income figures.
The FCF margin is not calculable due to zero revenue, but the absolute cash burn is accelerating, with the last four quarters averaging a -$43.5M quarterly deficit. This trajectory is driven by consistent capital expenditures for the KSM project, which are not offset by any operating cash inflows. The pattern indicates that the company's cash position is being depleted to fund development, not growth from operations.
Development Capex Dominates Cash Outflows
Capital expenditures have averaged approximately $30M per quarter over the last ten periods, representing the primary driver of negative free cash flow and confirming the company's focus on advancing the KSM project toward 'Substantially Started' status.
The CapEx/Revenue ratio is undefined, but the absolute spending level is material relative to the company's cash reserves. This sustained investment suggests management is prioritizing project de-risking and permitting milestones over near-term cash preservation. The lack of any revenue means this CapEx is purely growth-oriented, with no maintenance component, and its continuation is critical to preserving the value of the core asset.
Working Capital as a Minor Cash Flow Driver
Changes in working capital have been a minor and inconsistent factor in operating cash flow, with swings ranging from a $7.3M use in 2024Q2 to a $4.5M source in 2024Q1, indicating it is not a primary lever for managing the cash burn.
The modest working capital movements suggest the company's pre-revenue model involves limited inventory or receivables, with changes likely driven by the timing of payables for exploration services. The lack of a consistent trend means working capital management is not a significant factor in the company's liquidity profile. The primary cash flow challenge remains the structural gap between development spending and the absence of operational inflows.
Capital Deployment Exclusively for Development
All available capital is being deployed toward project development and corporate overhead, with zero cash returned to shareholders via dividends or buybacks, and no reported acquisition activity in the last eight quarters.
The absence of shareholder returns is consistent with the pre-revenue, development-stage profile. The single use of cash is for the KSM project, which aligns with the stated strategy of maximizing resource optionality. This deployment pattern underscores that the investment thesis is entirely dependent on the successful future monetization of the asset base, as there is no interim cash return to investors.
Cash Flow Statement Obscures True Burn
The cash flow statement may understate the true economic cost of operations by capitalizing exploration and evaluation expenditures, which are added to the balance sheet rather than expensed, potentially masking the full cash consumption of the business model.
A significant portion of the company's spending is likely capitalized as E&E assets, meaning the reported operating cash flow outflows may not capture all cash spent on exploration activities. This accounting treatment inflates reported assets and can make the operating cash burn appear less severe than the total cash outlay required to maintain the project pipeline. Investors should monitor the growth of E&E assets on the balance sheet as a proxy for this hidden cash consumption.