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Rick Rule Seabridge Golds SEA-T COMMENT Aug 11, 2016

(Market Call Minute.) One of the best of the optionality plays. Very well owned by a bunch of billionaires. Run for the benefit of the shareholders. It is an awful long way, so you have to believe in gold to own this.

Rick Rule

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$17.140

Stock price when the opinion was issued

precious metals

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BUY

(Market Call Minute.) If you are bullish on gold, this company has a lot of resource in the ground. Play it from the gold perspective.

PAST TOP PICK

(A Top Pick June 26/08.) Up 44.23%.) Fifty million ounces of gold resources in British Columbia, which works out to be about 1.5 ounces per share. Very good leverage. Would buy more at $26-$27.

PAST TOP PICK

(Top Pick Feb 25’09, Up 24%) Still likes it, but it doesn’t meet the dividend test. They are doing everything that they said they would do. All in Canada. Their KSM deposit is Canada’s largest ore body find of gold. They company is for sale. They said they will never build a mine. They are doing infill drilling to build a stronger resource base.

COMMENT

Gold. This is the only company he knows that is deliberately accumulating gold assets, which it has no intention of producing. Creating a store of gold. Doesn't know why it is going down.

BUY

Likes this. Owns just a little bit but this would be a good entry point. Management has been able to develop the project with a very little dilution in shares. At some point he thinks this will get taken out. Have quite a lot of reserves on the ground that should find some valuation that is much higher than where it is trading now.

TOP PICK

Immense asset which now has copper revelations. It could be a base metal take out. Biggest in Canada and probably North America.

COMMENT

It's had a nice trend up this year. It'll see reisistance around $20 to a lower range of $16. There could be volatility. Now, we're in no-man's land. Seasonally, now is good. You may have to weather big swings as it marches to $21.

RISKY

Speculative buy with a $31 target. Has never been too impressed. Big deposit, but needs a lot of money to get it going. He'd rather put his money into producers that are offering cashflow and dividends.

HOLD

Owns shares in company.
Be patient in terms of returns.
Present gold prices will not generate returns for shareholders.
Higher gold prices important for shareholders to see return on capital.
Good proxy for higher gold prices.

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Rick Rule Seabridge Golds SEA-T COMMENT Aug 11, 2016

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