10:27 AM EDT, 03/28/2025 (MT Newswires) -- Seabridge Gold ( SA ) (SA, SEA.TO) said Friday the British Columbia Supreme Court has overturned a ruling by the Canada Revenue Agency and will allow it to claim tax credits available under provincial law, triggering a $3.1 million refund, plus interest and reimbursement of its legal expenses.

Seabridge appealed a federal tax agency ruling that disallowed $15.8 million in exploration expenditures the company claimed under the BC Mining Exploration Tax Credit program. The court ruled, however, that any expenses that determine of the economic viability of a mineral resource qualify under the tax credit program.

The only expense not allowed was the cost of compiling and assessing technical data for a pre-feasibility study, the company said.

The court decision likely will also likely have consequences for $19.1 million in disallowed expenses paid using flow-through funds raised from investors between 2013 to 2015, Seabridge said.

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