Seabridge Gold (NYSE:SA) saw the value of its shares rise prior to Memorial Day weekend, as the company's previous release of a feasibility report pushed its small cap stock upwards on Thursday morning.
According to a company release, engineering changes at its KSM project in northern British Columbia, Canada, led to positive results for a recent feasibility report. The research showed that mine cash operating costs are now estimated at $148 per ounce of gold produced, leading to the increase in its stock price.
Seeking Alpha reported that the shares of the Seabridge Gold stock continued to rise days after the news broke, as gold mining companies experienced a gain across the board and the exchange for the commodity closed higher by 4.47 percent on Wednesday.
The low value of the Seabridge Gold stock makes it more volatile and subject to significant swings, according to the news outlet, and gains are expected to continue in the near future.
The company's stock rose $0.45 to $15.87 at 10:28 a.m., an increase of 2.92 percent per share.