First off, I want to thank the Denver Gold Forum for having us back, and thanks, Ralph, for hosting this session. I will be making some forward-looking statements. We are a North American-focused portfolio of premier gold projects. Our portfolio consists of four assets. KSM is our advanced stage project. KSM is located in northwestern British Columbia, and it is the world's largest undeveloped gold and copper project. in June of this year, we spun out our Courageous Lake to our shareholders in a new public company called Valor Gold. It will continue on as an advanced stage project located in the Northwest Territories and is one of Canada's largest undeveloped gold projects. If you would like more information regarding Courageous Lake, please visit the Valor Gold website or contact their CEO, Mark Ashley. We also have three early-stage projects that will generate the next pipeline of value for Seabridge Gold.
Bronson Corridor is located 20 km northwest of KSM, and we see it as an analog to KSM. 3 Aces is located in the Yukon, and it is a district-scale orogenic gold system. Finally, Snowstorm is located in Nevada, and it is contiguous with the Turquoise Ridge and Twin Creek mines. We believe share dilution matters. Seabridge Gold was built on the foundational principles of growing ounces in the ground per shares outstanding. This has been our mantra since the inception of the company in 1999, which we believe we have delivered on over the past 25 years. Our ounces in the ground have grown 5x faster than our shares outstanding, and this does not include the value of the copper, the silver, and the moly that we found along the way. This founding principle gives us superior leverage to the gold.
For every Seabridge Gold share you hold, you hold 5x to 50 x more gold per share than any other North American-listed gold company. This is translated as an industry's best leverage and optionality to the gold price in a rising gold market. Since the inception of Seabridge Gold, we have grown 16,000% in value compared to 1,200% in gold. Comparatively, when we look at our industry, most gold companies have even underperformed the gold price. We believe most have lost their focus on per-share metrics. If the gold price is going higher, history shows our share price will go higher as well. Along the way, Seabridge Gold has also found a lot of copper, again, ranking us number one in North America-listed companies on a per-share metric regarding total copper resources and reserves. If you are bullish on copper, then Seabridge Gold is a company to own.
Now I am going to transition to our projects. Clearly, our 100% interest in KSM has been a primary driver of value for our shareholders over the past 20 years. It is a rare world-class project in a top mining jurisdiction. Located in British Columbia's Golden Triangle, it is the world's largest undeveloped gold and copper project. Furthermore, KSM has gone through the environmental assessment with construction permits in hand and has the support of the local indigenous peoples and their respective governments. In addition to its size, its environmental approvals, its indigenous partners, significant regional infrastructure has been put in place. Highway 37 is an all-season road that is adjacent to the east side of our property. The Northwest Transmission Line is in place, providing green hydropower with an offtake agreement of 245 MW secured for KSM. There are also two year-round ice-free ports nearby in Stewart, British Columbia.
KSM is really a multigenerational district play. It consists of five deposits totaling 15 billion tons of economic resource. Our current tailings management facility is approved for the first 2.3 billion tons, and our 2022 pre-feasibility study focused on the highest value of that 2.3 billion tons to be processed. As I mentioned, we completed a pre-feasibility study in 2022 with proven and probable reserves of 47 million ounces of gold, 7.3 billion pounds of copper, and 160 million ounces of silver. This study produced an initial mine life of 33 years, averaging 1 million ounces of gold, 200 million pounds of copper, and 3 million ounces of silver per year. It is worth mentioning that the capital efficiency generates an all-in sustaining cost of CAD 600 an ounce net of byproducts. This capital efficiency includes the initial capital of CAD 6.4 billion, OpEx or operating costs, reclamation costs, and closure costs.
Finally, this mine plan only captures 20% of the economic resource over the first 33 years. Clearly, KSM will go well beyond the pre-feasibility study life of mine. Just to give you an idea, beyond the 33 years, the pre-feasibility study we conducted also a PEA to include the other two deposits that are not included in the PFS, namely Kerr and Iron Cap. This added an additional 39 years to the life of mine for a total of 72 years. The PEA is more focused on copper, whereas the PFS is more of a gold-centric plan. Depending on our preferred partner's preference, there is optionality to turn KSM into a copper-dominated producer. We've accomplished a lot in the recent years at KSM.
From assembling a district scale resource, delivered a pre-feasibility study with robust returns, starting the project development of the site, which delivered a positive substantially started determination, and we continue to develop the required site infrastructure with over CAD 650 million invested to date. The remaining deliverable is to secure a joint venture agreement with our preferred partner. We are actively engaged in partner discussions at multiple levels of the KSM project, inclusive of commercial, technical, construction execution, permitting and regulatory, and social affairs. We expect to make a joint announcement in the near future. As mentioned in the previous slide, since receiving the positively substantially started designation, two petitions were filed within the BC court system, one by the Tsetsaut Skii km Lax Ha and one by two NGOs. On June 8th of this year, the court upheld the reasonableness of the substantially started designation and dismissed the NGO petition.
The court also directed that the province consult with the Tsetsaut Skii km Lax Ha on the first petition, giving them 90 days in which to present written submissions addressing the question of whether the project was substantially started on July 24th of 2024. This 90-day window concludes today, September 28th. Following the 90-day window, the province's Environmental Assessment Office will need to reconsider whether the project has been substantially started. We remain confident the 2024 decision will be upheld. Let's just take a look at the physical site development that started in 2021 with the substantially started program and continues today. We've built camps that support approximately 400 personnel on site this year to continue the development of KSM. We've built and operate water management infrastructure to ensure contact water is properly managed before discharging back to the receiving environment.
BC Hydro, in partnership with our Treaty Creek Limited Partnership between the Tahltan and Nisga'a Nations, completed the $160 million Treaty Creek Terminal, which will provide the 245 MW of green hydropower to the KSM project off the Northwest transmission line. We built more than 30 km of permanent access road into the project with the plans to continue to build another 30 km of road over the coming years. We completed critical fish habitat offsetting environments required by the Canadian government and our indigenous partners. Lastly, we completed permanent bridge installations for project development and long-term operational use, including concentrate deliveries from KSM to the global export markets. I would say we are substantially started and then some.
Our intention is to continue the appropriate development of KSM with our preferred partner, and as we go through the feasibility study, then from there, we will follow on with basic engineering into full construction. I am now going to transition to one of our earlier-stage projects. Bronson Corridor is one of our earlier-stage exploration projects we acquired in 2016. What we are best known for is finding early-stage opportunities with exploration upside like Bronson Corridor, and then delivering on that upside through exploration drilling. We see Bronson Corridor as an analog to KSM due to its geological signatures and proximity. This year, we continue the development and understanding of our Snip North, and in doing so, we have also identified three more targets of interest within the Bronson Corridor package.
We expect these targets will be followed up on in 2027, dependent on final field data and analysis from this year's program. In closing, why Seabridge Gold? I can tell you that my wife and I have taken a meaningful position in Seabridge, so we are definitely aligned with your shareholders' success. More importantly, we remain committed to our per-share metrics, which gives you unparalleled leverage to rising gold and copper markets. You will have ownership in the world's largest undeveloped copper and gold project that has its environmental approvals in hand. Furthermore, we continue to double down on new early-stage exploration projects as the next value driver for our shareholders. The KSM joint venture. We are currently engaged with our preferred partner, and we believe that there is a pathway to a meaningful partnership, which will unlock additional value in the near future.
This value will be confirmed through the delivery of a feasibility study and clarity of the project delivery timeline. In turn, we believe this will generate a significant positive re-rating of our share price over the coming years. Finally, we trade both on the New York Stock Exchange and the TSX. The stock has a large insider ownership and strong institutional and retail support, which not only creates stability, but liquidity. Again, thank you for the time to present today, and if anyone has any further questions, my team and I would be happy to catch up with you for coffee or in a one-on-one meeting. Thank you very much.
Thanks very much. We do have some time for questions from the floor.
Hi, Ryan. My name is Nick Guidi. I'm a student from Colorado School of Mines.
Hey, Nick.
Studying mining engineering. For the Iron Cap and Kerr mines, how are you going to minimize surface subsidence from block caving? Surface subsidence, sorry.
It was Nick. Nick, right?
Yeah.
Yeah, Nick. Yeah, good question. When you look back at some of the prior studies that we had done in 2016, we did have the block caving in the current Iron Cap. We have now taken those out. The 2022 PFS we took, we're taking out the current Iron Cap as block caves, and we've turned those into open pits.
Okay.
Everything going forward, as we move into a feasibility study, all five deposits are approached from an open-pit mining perspective. There are no more block caves in our mine plan.
Okay, good to hear.
Yep.
Thank you.
You bet.
Hey, Ryan. Snip North, what geometry and grade would trigger the thinking between that being sort of a standalone versus an add-on to exactly?
Yeah, Ralph, that's a good question. What I would say about Snip North and what we're kind of finding in the overall Bronson Corridor package, because we have Snip North, which is the recent resource we released in 2025. There's also the Bronson Slope resource as well. So really, we have two deposits that have been identified, and we now have a resource against those two in the Bronson Corridor package. Again, when we look at those from a geological perspective, we see the same characteristics that we're seeing at KSM, and when we identified the five ore bodies at KSM, we believe that the Bronson Corridor is basically almost replicating that same kind of signature. We've found two, and we think we have three more targets now inside that package that will mirror something very similar to what we're seeing at KSM.
It's those gold-copper porphyries type systems. That's what we're seeing and that's what we're following at this point. Now, as far as, if I understood the question correctly, they're about 20 km apart, those two properties, so we don't see that really coming into the KSM sphere. But what you could see, or what we could see in the future, potentially with our preferred partner, is that you've got KSM and you also take on Bronson Corridors too as well, and you create even a longer pipeline of ore bodies up there in the north in that kind of district right there. Does that kind of answer your question?
Thanks, Ryan. It did. And I do have a follow-up. Because you've left yourself open to optionality, not only where you take the feasibility study, but also the type of partner that may drive where you take the feasibility study, right?
Correct.
Can you talk a little bit about how some of these options will affect the CapEx?
I think probably the big thing that'll start to affect the CapEx, to a certain point, will be where do we want to go with throughput? Obviously, as you up the throughput, right, there is a follow on with the capital that's required with that, on that standpoint, so from an expansion perspective. Now, what I would say about the capital at this point, right, is as we move through the feasibility study, there'll become more clarity around that CapEx. And I think the way we're approaching that is we're going to start at a particular throughput rate, but leave that upside probably more for a year three to year six type expansion where we would then bring in that additional, let's say, SAG line, to take the throughput up to a higher nameplate capacity overall.
Great. That is all the time we have. Ladies and gentlemen, please join me in thanking Ryan for his presentation. Well done.
All right. Thank you. Thanks, Ralph.