According to an analyst I spoke to, Seabridge Gold (SA) which has property in BC and the Northwest Territory with a total massive gold resource of about 20M ounces, also has a highly discounted gold valuation, similar to Tyhee's, at around $20 per ounce.
One explanation for this is that Seabridge's core project is its gigantic KSM very-low-grade copper/gold project in BC's so-called 'Golden Triangle. While its total resource is huge, its resources in BC are at extremely low grades (the gold) to fairly low grades (the copper).
SA's projects appear to be become more feasible as the prices of copper/gold increase. It's been suggested that its management may be seeing that its higher-grade NWT deposits are more interesting mining opportunities at present than its immense BC one because there would be immense risk inherent in moving forward on a multi-billion dollar project that would require sky-high gold/copper prices to net a decent return (i.e. KSM's economics are tough even at present - especially when compared to other copper/gold projects. Whereas its project in the NWT would seem to fit the mold of other projects that have gotten the green light of late, although I was not sure which others he was referring to. If there were a spin-off of SA's NWT holdings, this would unlock considerable value. So, it would seem that SA's discount is not due to the NWT holdings, but rather to the immense size and presently subpar economics of KSM. The analyst I spoke to thought that the most successful gigantic copper/gold projects analogous to KSM trade/get bought out in the 40-60 $/Oz of Au resource equivalent band anyways.
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