Project Development Risk: Seabridge Gold's value is tied to developing large, non-producing gold and copper deposits, which involves significant technical, environmental, and financial challenges, with no guarantee of successful transition to production.

Capital Raising Dependency: The company requires substantial future capital to advance its projects, and its ability to raise funds through debt or equity, potentially at dilutive terms, is critical and uncertain.

Gold Price Volatility Exposure: The economic viability of Seabridge's projects and its overall valuation are highly sensitive to fluctuations in the price of gold and copper, which are outside the company's control.