“Each Seabridge Gold Share Represents $9,000 In-Situ Metal, Yet Trades for $16” says CEO Rudi Fronk

“Each Seabridge Gold Share Represents $9,000 In-Situ Metal, Yet Trades for $16” says CEO Rudi Fronk in this MSE episode. Seabridge Gold (TSX:SEA  NYSE:SA) presents an extraordinary tripartite value argument to investors claiming to offer: 1) more value per share than any other publicly traded metal producer; 2) the most gold per share of any public company; and 3) more copper per share than any other copper focused exploration and mining company.

In this MSE episode, host Bill Powers interviews Rudi Fronk about his mining career, key lessons learned and the investment thesis behind Seabridge. Rudi recounts his early education in mining and finance at Columbia University, the lessons he learned from the multifold challenges faced by Greenstone Resources while he was at the helm, and how these experiences shaped his approach at Seabridge. He emphasizes Seabridge’s guiding principles such as avoiding political risk, never building mines themselves, and focusing on gold ounce per share growth. The conversation also delves into two significant near-term milestones for Seabridge, including resolving a nuisance claim and announcing the joint venture partner for the KSM project. Rudi shares insights on the gold market, the company’s strategic approach, and his commitment to Seabridge’s long-term success.

0:00 Intro

0:54 Career path

4:04 What Rudi did wrong at Greenstone Resources

6:07 Seabridge Gold: Rudi’s second chance

7:37 “I’m a control freak”

8:20 Seabridge: the most gold per share

10:22 Why the share price discount?

11:30 Two main catalysts

12:49 Courageous Lake spinout

15:27 Gold miner value destruction

17:40 Shareholders: listen to or ignore?

21:00 Investment thesis never changed

21:51 Stars aligning

26:05 JV partner announcement

27:58 Liquidation value?

29:01 $12,000/oz gold?

31:51 Rudi’s retirement