I notice that management describes this company as "a gold in the ground ETF". So: their mission is to acquire precious metal resources ... without actually mining them. At some favorable time they will sell these assets.
As I take it ... for each share of SA that you buy you will own you approximately 1.5 ounces of gold and 6 ounces of silver ... plus a whole lot of copper --- for each share, now priced at approximately $15.
So,with SA you are paying $15 for in the ground material that might be worth as much as $3,000 in a fully processed state. Admittedly, there is a long way to go between material that is "in the ground" and fully processed ... and sold.
BUT ... it also appears that under the right circumstances, there would be considerable upside leverage in the $15 per share price for SA stock???
Much depends on a rising gold price especially for those mega-sized low-grade reserves like Seabridge which require billons of dollars for mine construction.
Once gold passes $2000/oz the majors could start a bidding war for assets like Seabridge and its shareprice will go to the moon. Just be patient ... !