Skeena Resources (SKE) Corporate presentation summary

Project overview and development status

• Eskay Creek is advancing as a large-scale, high-grade gold and silver mine with major construction underway and nearly 50% completion as of Q4 2025.

• Initial production is scheduled for Q2 2027, with commercial production expected in Q3 2027.

• The project has completed a rigorous permitting process, including environmental assessment and major mine permits, with strong collaboration from the Tahltan Nation.

• Full-scale construction is supported by a secured financing commitment of US$750M and all necessary permits.

• The project is located in British Columbia’s Golden Triangle, a leading mining jurisdiction with robust infrastructure and access to clean hydropower.

Production profile and economics

• Projected annual production of 450,000 gold equivalent ounces in years 1-5, with a gold grade of 5.5 gpt, triple the global open-pit average.

• All-in sustaining costs (AISC) are estimated at US$538/oz in years 1-5, placing the project at the bottom of the industry cost curve.

• Annual after-tax free cash flow is projected at C$1.8 billion in years 1-5, with a payback period of 1.2 years at spot prices.

• Net present value (NPV) at a 5% discount rate is estimated at up to C$14.9 billion at spot prices, with an internal rate of return (IRR) of up to 138%.

• Elevated production in early years is driven by high-grade ore, with opportunities to backfill production from satellite deposits.

Resource and reserve highlights

• Proven and probable open-pit reserves total 4.6 Moz gold equivalent, with measured and indicated resources of 5.5 Moz gold equivalent.

• Eskay Creek ranks among the world’s highest-grade open-pit gold mines, with grades more than triple the global average in early years.

• The mine is also Canada’s largest silver producer, with an average of 9.5 Moz silver produced annually in years 1-5.

• Silver reserves are in the top decile globally, and silver grades are in the top 25% of open-pit precious metals mines.

• Underground resources add further upside, with 1.8 Mt at 4.7 gpt Au and 95.6 gpt Ag in measured and indicated categories.