Seabridge recovers $4.4M from CRA after court win on exploration tax credits

Published 8:30 am Thursday, October 30, 2025

By Staff reports

A drone’s view a Seabridge Gold’s Camp 11 at the flagship KSM project. The company has recently won a court battle over $4.4 million owing from the Canadian Revenue Agency. File photo
A drone’s view a Seabridge Gold’s Camp 11 at the flagship KSM project. The company has recently won a court battle over $4.4 million owing from the Canadian Revenue Agency. File photo

Seabridge Gold says it has recovered $4.4 million from the Canada Revenue Agency (CRA) after a B.C. Supreme Court decision overturned the agency’s denial of provincial mining exploration tax credits for 2010 and 2011.

The company announced Tuesday (Oct. 29) that the funds include amounts CRA withheld during the appeal, plus accrued interest.

The appeal was resolved in March, when the B.C. Supreme Court ruled that Seabridge’s expenditures qualified under the B.C. Mining Exploration Tax Credit (BC METC) program and awarded the company reimbursement of trial costs.

“We are pleased to have had our interpretation of the Income Tax Act confirmed and to have the BC METC challenge behind us,” said Seabridge chair and CEO Rudi Fronk in a statement.

“We now look forward to resolving CRA’s larger denial of flow-through mining expenditures that we renounced to investors.”

The CRA had originally disallowed $15.8 million in claimed expenses, but the court later found the costs were incurred to establish “the existence, location, extent or quality of a mineral resource,” according to Seabrdige. More than 92 per cent of the company’s claimed expenses were upheld.

Seabridge is now seeking to recover an additional $9.4 million paid to CRA in tax, penalties and interest tied to a separate dispute over flow-through share deductions for its 2014–2016 exploration programs. The company says the expenses in question are of the same type as those validated in the BC METC ruling and believes CRA should reverse the related reassessments.

Seabridge Gold is a Canadian exploration company with offices in Smithers and is focused on large-scale gold and copper deposits, primarily in northwestern B.C.’s Golden Triangle.

Its flagship KSM project near Stewart is one of the world’s largest undeveloped gold-copper deposits. The company also owns the nearby Iskut project, which is being explored for additional gold-copper potential

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