Seabridge Energizes Treaty Creek Terminal, Plugging KSM Into BC Hydro

Seabridge Gold Inc. (NYSE: SA) (TSX: SEA) said the Treaty Creek Terminal, the electrical substation serving its KSM copper-gold project in northwestern British Columbia, was substantially completed and successfully energized on August 27, 2026, with service readiness expected by November 2026.

Seabridge Gold Inc. (NYSE: SA) (TSX: SEA) has taken one of the least glamorous and most consequential steps in the long build-out of its KSM copper-gold project: it turned the power on. The company said the Treaty Creek Terminal, or TCT, reached substantial completion and was successfully energized on August 27, 2026, with the facility expected to be ready for service by November 2026.

The terminal sits on Highway 37 roughly two kilometres north of the entrance to the KSM property in northwestern British Columbia. It is the point at which grid electricity from BC Hydro meets the project — the interface that any future construction camp, shaft, mill or conveyor system will draw from.

Why a substation counts as a milestone

Large mining projects in remote terrain are usually built twice: once in permits and once in infrastructure. Roads, camps, tunnels and power connections consume capital years before a single tonne of ore moves, and they are the items that most often slip. A grid tie-in is the hardest of those to improvise. Without it, a project of KSM's scale runs on diesel generation — expensive, logistically demanding in a road-constrained corridor, and carbon-intensive.

Rudi Fronk, Chair and CEO of Seabridge Gold, framed the terminal in exactly those terms. "The Treaty Creek Terminal means KSM has access to reliable, clean and economic hydroelectric power which lowers KSM's carbon footprint and reduces its operating costs," he said in the company's announcement, adding: "We appreciate BC Hydro's continued commitment to supporting responsible resource development in northwestern British Columbia."

Two claims sit inside that sentence, and they pull in different directions for different audiences. Lower operating costs speak to future project economics — power is a first-order line item for a copper-gold operation with grinding circuits. A lower carbon footprint speaks to permitting durability and to the buyers, lenders and potential joint-venture partners who now screen assets on emissions intensity. Hydroelectric supply in British Columbia lets a developer make both arguments from the same asset.

What it changes for KSM's development path

Seabridge describes KSM as one of the world's largest undeveloped copper and gold projects held by a publicly traded company, and positions it as a potential long-term source of critical minerals. That framing has become more useful in an environment where governments on both sides of the border are cataloguing domestic and allied supply of copper and other inputs to electrification.

But scale is also the problem. A project of that size is not something a developer with Seabridge's market footprint funds alone. The company's long-stated strategy has been to advance KSM through permitting and infrastructure to the point where a major producer will pay for a share of it. Every completed piece of physical infrastructure narrows the range of what a partner has to underwrite — and shortens the timeline between a deal signing and first construction spending.

Energization also matters for the record. In British Columbia, keeping a major project authorization alive depends on demonstrating real, physical work on the ground rather than paper progress. A completed and energized transmission terminal is about as tangible as evidence gets: it is fixed, inspected, and connected to a Crown utility's network. Details of the ready-for-service commissioning between now and November were not disclosed beyond the target date, as reported by INN Precious Metals.

Where the shares stood going into the news

Seabridge carries dual listings, and the two lines were moving in opposite directions at the most recent close before the announcement. As of the last trade on Friday, September 4, 2026, at 20:00 GMT, the NYSE-listed SA line closed at 31.83, down 2.27% from a prior close of 32.57, with a session range of 31.40 to 32.20. The Toronto-listed SEA line last changed hands at 20.02, up 0.69% from 19.88, within a range of 19.96 to 20.03. The market data feed did not specify the quote currency for either line; the NYSE listing trades in US dollars and the TSX listing in Canadian dollars.

The divergence between the two closes on the same day is a reminder that currency and local trading hours do a lot of the work in dual-listed names, and that neither line's daily move should be read as a verdict on project news that had not yet been published.

For context on the tape, the broad market was soft into the long weekend: the S&P 500 tracker closed at $770.19, down 0.39%; the Dow 30 tracker at $534.08, down 0.53%; and the Nasdaq 100 tracker at $718.96, up 0.18%.

What to watch between now and November

Three things will tell investors whether this milestone converts into momentum.

• Ready-for-service confirmation. The company has set November 2026 as the date the terminal is expected to be available for use. Hitting it on schedule is a credibility marker for the rest of the infrastructure programme.
• Partner or financing news. Seabridge's model rests on bringing in capital from a larger operator. Completed power infrastructure is the kind of de-risking event that typically precedes, rather than follows, that conversation.
• Downstream construction sequencing. Grid power unlocks work that diesel makes uneconomic. Watch for which activities the company schedules once the terminal is in service.

None of this changes what KSM is today: a very large deposit that has not been built. What changed on August 27 is that the electricity needed to build it now reaches the property line.

Key facts

• Energization date: Treaty Creek Terminal substantially complete and energized August 27, 2026
• Ready for service: Expected by November 2026
• SA (NYSE) last close: 31.83, -2.27%, as of Sept. 4, 2026, 20:00 GMT
• SEA (TSX) last close: 20.02, +0.69%, as of Sept. 4, 2026, 20:00 GMT

Frequently asked questions

What is the Treaty Creek Terminal?

It is the electrical terminal, or substation, that connects Seabridge Gold's KSM project to BC Hydro's grid. It sits on Highway 37 about two kilometres north of the entrance to the KSM property in northwestern British Columbia and is a key component of the electrical infrastructure required for future construction and operations at the project.

When was it energized and when will it be usable?

Seabridge announced substantial completion and successful energization on August 27, 2026. The company said the facility is expected to be ready for service by November 2026, meaning commissioning work remains between energization and the point at which the terminal can reliably supply the project.

Why does hydroelectric power matter to KSM's economics?

Chair and CEO Rudi Fronk said grid hydroelectric power gives KSM reliable, clean and economic electricity that lowers the project's carbon footprint and reduces operating costs. The alternative for a remote project of this scale is diesel generation, which is more expensive to run, harder to supply logistically and far more carbon-intensive.

How large is the KSM project?

Seabridge describes KSM as one of the world's largest undeveloped copper and gold projects held by a publicly traded company, and says it can serve as a significant long-term source of critical minerals. It remains undeveloped, so its scale is a resource and permitting statement rather than a production figure.

Where do Seabridge shares trade?

Seabridge Gold is dual-listed, trading as SEA on the Toronto Stock Exchange and SA on the New York Stock Exchange. At the most recent close before the announcement, on September 4, 2026 at 20:00 GMT, SA finished at 31.83, down 2.27%, while SEA finished at 20.02, up 0.69%.

What should investors watch next?

Three markers: confirmation that the terminal is ready for service on the November 2026 target, any announcement of a joint-venture partner or project financing for KSM, and disclosure of which construction activities Seabridge sequences now that grid power reaches the property. No partner or financing terms were disclosed with this announcement.

Sources

• Seabridge Gold Announces Successful Energization of KSM Project's Treaty Creek Terminal — INN Precious Metals

Photo: 邱潼 Q · Pexels Licence — source