Seabridge Gold Inc. announced on March 28, 2025, that the British Columbia Supreme Court (BCSC) allowed its appeal against the Canada Revenue Agency's (CRA) decision to disallow $15.8 million in exploration expenditures. These expenditures were claimed under the BC Mining Exploration Tax Credit (BC METC) program for the years 2010 and 2011.
Justice Maisonville's decision concluded that expenses assisting in determining the economic viability of a mineral resource qualify under the BC METC program's 'quality' term. This ruling means that all claimed exploration expenditures, except for report compilation expenses, were validly claimed by Seabridge.
Approximately $3.1 million in refunds, plus interest, under the BC METC program are now at issue, and Seabridge was awarded costs for its successful appeal. The company believes this decision will also form the basis for resolving a separate $19.1 million dispute with the CRA concerning flow-through share financings from 2013-2015, for which Seabridge had deposited $9.4 million.
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