Impact: Positive
Seabridge Gold has announced the purchase of the Snowfield deposit from Pretium Resources Inc. (TSX:PVG, Not Covered) and closed a concurrent financing to fund the acquisition. The acquisition is accretive to our estimates, as Snowfield is expected to improve KSM project economics, along with providing development optionality for this massive project. As a result of incorporating Snowfield into our model, our NAVPS estimate for Seabridge and target have increased by 17% to $105.10 (was $89.46) and C$84/sh (was C$72/sh), respectively.