Gold Resource Company Posts Q3 Financial Data Demonstrating Increased Profitability

Seabridge Gold reported net income of CA$5.0 million in Q3/20 and ended the quarter with one of strongest working capital positions in its 21-year history.

Seabridge Gold Inc. (SEA:TSX; SA:NYSE.MKT) announced in a news release that "it that it has filed its Report to Shareholders, Interim Financial Statements and Management's Discussion and Analysis for the three and nine months ended September 30, 2020."

The company explained that going into Q3/20 it faced significant risks and uncertainties surrounding the effects of COVID-19 on its operations and planned field activities. The firm stated that it was concerned as to what it could safely achieve while still protecting its employees, consultants and its Treaty and First Nation partners. The company said its management team worked closely with all of these stakeholders and as a result successfully prevented infection at its work sites and in the surrounding communities.

Seabridge Gold stated that even though it had to scale down its 2020 programs somewhat in response to the coronavirus it was still able to garner several accomplishments including the completion of the geotechnical drill program along the Kerr-Sulphurets-Mitchell (KSM) project's tunnel route. The company also advised that while drilling at its B.C. Iskut project it found additional evidence of a large gold-copper porphyry system. In addition, the firm indicated that it began drilling at its Snowstorm project in Northern Nevada.

The company stated that in Q3/20 it recorded a profit of CA$5.0 million, or CA$0.07 per share, compared to a loss of CA$2.5 million, or a loss of CA$0.04 per share in Q3/19.

The firm advised that in Q3/20 it invested a total of CA$12.0 million in mineral interests, compared to the CA$10.8 million it invested in Q3/19.

Seabridge Gold indicated that as of September 30, 2020, it had net working capital of CA$39.9 million, versus the CA$18.0 million it had as of December 31, 2019, which it said allowed the company to exit the third quarter with one of the strongest working capital positions its 21-year history.

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