Seabridge Gold has sold off a small royalty stake in their KSM Mine project in exchange for roughly $200 million in funding.
That deal will see the Sprott Resource Streaming and Royalty Corporation acquire a 1.2 percent net smelter royalty in the project.
With the funding, Seabridge intends to complete the remaining physical works to achieve a substantially started designation from the Province.
Last year, Sprott teamed up with the Ontario Teachers Pension Plan to provide $225 million US to go toward the same goal.
Located roughly 60 kilometres northwest of Stewart, KSM is one of the largest undeveloped gold projects in the world, based on reserves.
It holds an estimated 38.8 million ounces of gold, and over 10 billion pounds of copper.
KSM’s deadline to reach the substantially started mark and extend their Environmental Assessment Certificate is set for July of 2026.
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