Seabridge Finalizes Sale of Note Worth 60% of KSM Mine’s Silver Royalties

A proposed sale of secured note worth 60 percent of Seabridge Gold’s silver royalties on the KSM mine has now gone through.

Sprott Resource Streaming and Royalty Corp, and the Ontario Teachers’ Pension Plan have jointly purchased the note for a total of 225 million US dollars.

According to Seabridge, who own 100 percent of the Stewart-area mine, the sale is intended to raise funds to accomplish three objectives.

Those include: achieving substantially started designation to secure their approved environmental assessment certificate, complete construction readiness tasks, and further joint venture conversations.

Under the agreement, the investors will be able to exchange the note either when commercial production is achieved, or 10 years after the note was issued.

Known more for copper and gold, silver makes up just 3 percent of KSM’s total projected revenue.