SA: BC Supreme Court upholds 'Substantially Started' designation for KSM but requires further consultation

研报英文原文证据摘录

SA: BC Supreme Court upholds 'Substantially Started' designation for KSM but requires further consultation

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Harrison Reynolds (Analyst)

June 9, 2026

Seabridge Gold Inc

BC Supreme Court upholds 'Substantially Started' designation for KSM but requires

further consultation

NYSE: SA | USD 27.83 | Outperform | Speculative Risk | Price Target USD 71.00

Sentiment: Neutral

Event: The BC Supreme Court upheld the reasonableness of the "Substantially Started" designation for KSM granted in July 2024

by the Environmental Assessment Office (EAO). The court ruled the EAO must provide the Tsetsaut Skii km Lax Ha (TSKLH) with

a 90-day period to provide written submissions, after which the EAO must reconsider the determination. A second petition filed

by SkeenaWild Conservation Trust was dismissed.

Our view: The ruling removes the risk of the designation being overturned on its merits, but leaves a potential procedural overhang.

The Court affirmed the substantive reasonableness of the determination; however, the consultation deficiency finding and ordered

reconsideration represent a partial setback. Work at KSM continues uninterrupted during this period and since the January 2024

application Seabridge has spent an additional ~$208m on permanent works (total now $1.2b), strengthening the factual basis for

the determination should it be reconsidered.

Details:

• Court ruling on reasonableness, but more consultation required: The BC Supreme Court found the EAO's July 2024 Substantially

Started determination was reasonable, affirming the designation. The deficiency was limited to the consultation process with

TSKLH, not the merits of the decision itself.