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Is Seabridge Gold (SA) a Worthy Investment?

Old West Management, an investment management company, released its 2022 fourth-quarter investor letter. A copy of the same can be downloaded here. 2022 was one of the most difficult years for investors. However, the fund performed better than the market. Even though its long-only separate accounts delivered negative returns for the year, they beat their respective benchmarks, and the fund’s three Limited Partnerships performed relatively well. The Old West Income Fund increased by 12.4% for the year. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Old West Management highlighted stocks like Seabridge Gold Inc. (NYSE:SA) in the Q4 2022 investor letter. Headquartered in Toronto, Canada, Seabridge Gold Inc. (NYSE:SA) acquires and explores gold properties. On January 17, 2023, Seabridge Gold Inc. (NYSE:SA) stock closed at $13.54 per share. One-month return of Seabridge Gold Inc. (NYSE:SA) was 11.53%, and its shares lost 21.51% of their value over the last 52 weeks. Seabridge Gold Inc. (NYSE:SA) has a market capitalization of $1.089 billion.

Old West Management made the following comment about Seabridge Gold Inc. (NYSE:SA) in its Q4 2022 investor letter:

Seabridge Gold Inc. (NYSE:SA) was founded by current chairman and CEO Rudi Fronk in 1999. To say Seabridge is Fronk’s life work would be accurate. Fronk, who has two degrees in mining and minerals, is a top shareholder of the company. Seabridge owns the KSM project in northwestern British Colombia. KSM has proven and probable reserves of 47 million ounces of gold and 7 billion pounds of copper. Seabridge also owns attractive deposits in Nevada and Northwest territories of Canada, although much smaller than KSM. The average grade of KSM’s gold deposit is less than one gram per ton, but there is good accessibility to the site, and it is in the safe jurisdiction of mining friendly Canada.

Seabridge’s market cap is C $1.5 billion, they have no long term debt and C $200 million cash. They have been burning C $75 million of cash per year. The company is openly looking to partner with a major miner to develop their properties.”

Richest Countries in the World by Natural Resources
Richest Countries in the World by Natural Resources

Pixabay/Public Domain

Seabridge Gold Inc. (NYSE:SA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 13 hedge fund portfolios held Seabridge Gold Inc. (NYSE:SA) at the end of the third quarter, which was 12 in the previous quarter.

We discussed Seabridge Gold Inc. (NYSE:SA) in another article and shared the list of best Canadian gold stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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