In it to Win it podcast

Why Seabridge Matters So Much to Nation's Royalty

12/17/2025
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Derrick Pattenden, CIO of Nations Royalty, frames the discussion around a structural gap in the mining sector: Indigenous communities often participate at the project level but rarely capture diversified, long-duration value. He outlines how Nations Royalty was built to solve this problem by pooling royalty interests, reducing single-asset risk, and converting episodic mine revenue into scalable, enduring cash flow. Pattenden emphasizes that the market continues to underestimate the strategic leverage Indigenous groups bring to negotiations, permitting, and long-term project certainty, advantages that directly translate into stronger royalty economics.

The conversation then moves to Nations Royalty's asset base and financial positioning, with Pattenden walking through key projects including Brucejack, Premier and Red Mountain, Kitsault, and Seabridge Gold's KSM deposit. He explains how BC mineral tax–linked royalties provide asymmetric upside as metal prices rise, while maintaining downside protection. Particular attention is given to KSM as a world-class, permitted asset where development optionality could unlock significant future value. Pattenden closes by addressing the broader opportunity: enabling Indigenous Nations to build sustainable revenue streams through collaboration and royalty aggregation, while offering investors exposure to high-quality mining assets with a differentiated social and economic foundation.

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Learn More About Nation's Royalty: https://nationsroyalty.ca/ Ā 

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Ā 

Key Market Insights This Week:

āœ… Derrick Pattenden highlights a structural mispricing of Indigenous-linked mining royalties
āœ… Nations Royalty focuses on pooling royalties to reduce single-asset risk
āœ… Indigenous groups provide strategic advantages in permitting and project certainty
āœ… Royalty aggregation creates long-duration, scalable cash flow opportunities
āœ… BC mineral tax–linked royalties offer asymmetric upside with price strength
āœ… Brucejack provides current cash flow with improving outlook
āœ… Premier and Red Mountain represent near-term restart optionality
āœ… Kitsault adds long-dated upside through a sliding-scale NSR royalty
āœ… Seabridge's KSM stands out as a world-class, permitted development catalyst
āœ… Sustainable Indigenous revenue models align community value with investor returns

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Chapters:

00:00 Nations Royalty OverviewĀ 

01:44 Nations Royalty Leadership & TeamĀ 

04:06 Indigenous Mining Royalty ModelĀ 

08:34 Ownership & Share StructureĀ 

11:31 Brucejack Mine OverviewĀ 

13:10 Cash Runway & Funding StrategyĀ 

14:23 Premier & Red Mountain ProjectsĀ 

17:31 Gold vs Silver Revenue BreakdownĀ 

20:09 Seabridge Gold & KSM DepositĀ 

22:35 BC Mineral Tax Royalty ExplainedĀ 

26:42 Nations Royalty as KSM ProxyĀ 

30:52 Growth Strategy & Project PipelineĀ 

32:49 Structuring Indigenous RoyaltiesĀ 

35:55 Partnering With Indigenous GroupsĀ 

41:24 Issuing Shares for New RoyaltiesĀ 

43:28 KSM Buyout PossibilitiesĀ 

46:10 Stock Listings & TickersĀ 

48:30 NAV vs Market Cap DiscussionĀ 

50:56 Biggest Open Question for the CompanyĀ 

55:13 How to Contact Nations Royalty

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