Seabridge Gold Inc. announced on February 14, 2025, the launch of an $80.1 million USD ($108.4 million CAD) bought deal offering of 6,540,000 common shares at US$12.25 (C$16.50) per share. The offering, led by RBC Dominion Securities Inc. and Cantor Fitzgerald Canada Corporation, closed on February 19, 2025. The syndicate also included B. Riley Securities, Inc., Red Cloud Securities Inc., and SCP Resource Finance LP. The underwriting commission was 4%, totaling US$3.2 million (C$4.3 million). Net proceeds of US$76.9 million (C$104.7 million) will fund the KSM gold-copper project in British Columbia, including payments to BC Hydro, feasibility study preparations, and general corporate purposes. An over-allotment option for 981,000 shares could increase gross proceeds to US$92.1 million (C$124.6 million).

Seabridge also closed a US$20.1 million (C$27.2 million) private placement with a strategic investor at the same price, subject to a four-month hold period. Legal advisors included DuMoulin Black LLP, Thorsteinssons LLP, Carter Ledyard & Milburn LLP, Bennett Jones LLP, and Cooley LLP. The shares remain subject to customary approvals from the Toronto Stock Exchange and New York Stock Exchange. Proceeds will support completion of the KSM switching station, collection of field data, early value engineering for a bankable feasibility study, and ongoing activities at the KSM project.