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$6,500 Gold by 2027? | Rudi Fronk - Seabridge Gold

The Deep Dive Jul 14, 2026

Summary

Seabridge Gold chair and CEO Rudi Fronk calls gold's pullback temporary war-driven reserve selling, forecasting $5,500 gold by end-2026 and $6,500 in 2027.

The guest says KSM worked at $1,700 gold, and new highway, hydropower, and port access transformed the once-remote project's logistics.

Naming the preferred major partner is the anticipated rerating trigger: the joint-venture process is down to one company from three finalists.

Courts upheld KSM's substantially started designation - keeping permits valid for the project's life - but ordered more consultation with a small First Nation.

The Valor Gold spinout separates Courageous Lake, and a $4,400-gold scenario lifts KSM's after-tax NPV (net present value) to $33 billion.

Key points on Seabridge Gold

  • Fronk says the KSM joint-venture process is down to a single preferred partner and that he expects naming it, with agreed structure and terms, to be the biggest rerating event in Seabridge's share price.
  • A recent sensitivity at $4,400 gold and about $575 copper puts KSM's after-tax NPV at $33 billion, versus $8 billion and a 16% IRR in the 2022 study at $1,740 gold and $353 copper, with the IRR more than doubling to 34%.
  • On June 8, 2026 a judge upheld the substantially started designation as reasonable but ordered renewed consultation with the small First Nation behind the first petition within a 90-day window, and Fronk expects the government to confirm its 2024 decision.
  • KSM's economics worked even at $1,700 gold, and infrastructure has improved sharply since the 2000 purchase: a highway beside the project, over $700 million of government hydropower spending on the Northwest Transmission Line, 245 megawatts of secured power, and road access to two ports.
  • The recently closed Valor Gold spinout moves Courageous Lake, held since 2002 and described by the host as one of Canada's largest gold deposits outside KSM, into a separate public vehicle to win the share-price recognition management says it was not getting.

Steve Hyland's takeaways

  • Top takeaway Says Seabridge is one of the only stocks he has ever told his mother to buy, and argues KSM needs to move forward because of its large economic impact on Canada.
  • Frames KSM as the largest undeveloped gold project in the world and presses Fronk on why Seabridge was absent from Canada's recent $4 billion-plus funding announcements for BC projects.