Seabridge Gold Inc. (SA) Spun Off a Major Gold Asset: Why Kopernik Sees More Upside

Kopernik Global Investors recently detailed its second-quarter 2026 investor letter, highlighting Seabridge Gold Inc. (NYSE:SA) as a notable holding. The Canadian mineral exploration and development firm specializes in gold and copper projects across North America. During Q2 2026, Seabridge Gold Inc. experienced a one-month return of -6.30%, trading between $20.59 and $40.06 over the last 52 weeks.

On September 18, 2026, the company's stock closed at approximately $30.94 per share, with a market capitalization of around $3.33 billion.

In its Q2 2026 investor letter, Kopernik Global All-Cap Fund noted that Seabridge Gold Inc. spun off its Courageous Lake gold project to shareholders, with the company receiving shares in the newly-formed Valor Gold. This large undeveloped gold asset in Canada retained significant value, despite accounting for various risks. Kopernik's analysis indicates potential upside to the intrinsic value of Courageous Lake, even after applying a substantial margin of safety.

Regrettably, Seabridge Gold Inc. is absent from the list of the 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. As per their database, 12 hedge fund portfolios held Seabridge Gold Inc. at the end of the first quarter, which fell from 16 in the previous quarter. While Kopernik acknowledges the risks and potential of Seabridge Gold Inc., their conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns within a shorter time frame.

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