08:14 AM EDT, 07/26/2024 (MT Newswires) -- Seabridge Gold ( SA ) on Friday said its subsidiary KSM Mining received a "substantially started" designation from the B.C. Government for its KSM Project.

This designation affirms the validity of the B.C. Environmental Assessment Certificate (EAC) for the life of the KSM Project, the company said. Under the B.C. Environmental Assessment Act, a project's EAC expires if the project has not been substantially started by the deadline specified in its EAC.

KSM's EAC deadline was July 29, 2026. The company has spent over $1 billion since acquiring the project in 2001, of which over $800 million has been spent to advance the project after the issuance of the EAC in July 2014.

Seabridge is up US$0.22 to US$15.460 in U.S. premarket trade.