Canadian gold could soon play a bigger role in the market. Seabridge Gold Inc. has announced plans to spin out its Courageous Lake gold project in the Northwest Territories into a new company called Valor Gold, subject to regulatory and shareholder approvals.

Courageous Lake is one of Canada’s largest undeveloped gold projects, with measured and indicated resources of 11 million ounces and an additional 3.3 million ounces in the inferred category.

Proven and probable reserves total 2.8 million ounces, which Seabridge says would make it one of the highest-grade open-pit gold projects in the country.

The proposed spin-out aims to unlock value for shareholders and accelerate development. Valor Gold would focus on exploration, engineering, and permitting, while Seabridge continues to prioritize its flagship KSM gold-copper project in British Columbia.

A feasibility study filed in 2024 outlines a mine life of more than 12 years and annual production of about 200,000 ounces of gold. At current gold prices, the project’s economics are strong, and higher prices could further improve returns.

For jewellers, this could mean more Canadian-sourced gold entering the supply chain in the coming years.

The project also includes a satellite deposit called Walsh Lake and a large land package with exploration potential, suggesting long-term opportunities for domestic gold production.

Seabridge expects to provide an update on the spin-out in early 2026, but cautions that the plan remains subject to approvals.