Seabridge Gold (TSX: SEA)(NYSE: SA) posted a net loss of $11.6 million ($0.19 per share) in 2019 compared to a loss of $19.9 million ($0.34 per share) in the previous year, the company stated in its year-end financial release on Friday.
During 2019, Seabridge invested $30 million in mineral interests, primarily at its KSM project, compared to $37 million in 2018. The company’s working capital as of December 31, 2019, was $12.5 million, down from $18 million at December 31, 2018.
Subsequent to year-end, the company issued 382,807 common shares under its at-the-market offering program (ATM) at an average price of $17.96 for net proceeds of $6.7 million.
Previously in Q4 2019, Seabridge entered into an agreement with two securities dealers for an ATM program that entitled the company, at its discretion and from time to time, to sell up to $40 million worth of common shares. The ATM came into effect in December 2019 and is effective until June 2021.
Seabridge is currently focused on developing several gold assets across North America. Its two principal assets – KSM and Iskut – are both located in British Columbia.
The KSM project is considered one of the world’s largest undeveloped gold projects in terms of reserves. A recent preliminary feasibility study (PFS) estimates proven and probable reserves total 38.8 million ounces of gold and 10.2 billion pounds of copper.
Shares of Seabridge Gold were down 7.8% at Friday’s market close. Its current market capitalization sits at C$865 million.