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 robust cash flow and profitability projections, targeting 450,000 gold equivalent ounces annually in years 1-5 and a projected after-tax free cash flow of C$1.5 billion per year in that period.

• Construction is 49% complete as of February 2026, with initial production scheduled for Q2 2027 and commercial production by Q3 2027.

• The project is fully permitted, with all major environmental and mining permits secured after extensive engagement with the Tahltan Nation and regulatory authorities.

• The mine benefits from existing infrastructure, including all-weather road access, proximity to clean hydropower, and a permitted tailings facility.

Financials and economics

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

• At spot prices ($4,500/oz Au, $70/oz Ag), the project delivers an NPV (5%) of C$2.6 billion, IRR of 138%, and payback in less than 8 months.

• Updated 2026 project capex is US$659 million, with US$305 million incurred by end of 2025 and US$354 million remaining.

• A US$750 million senior secured notes offering will refinance existing debt and buy back 66.7% of the gold stream, improving financial flexibility and exposure to gold prices.

Resource and production profile

• Proven and probable reserves total 4.6 Moz gold equivalent, with measured and indicated resources at 5.5 Moz gold equivalent.

• Eskay Creek is among the highest-grade open-pit gold mines globally, with grades more than triple the global average in years 1-5.

• The mine is also Canada’s largest silver mine, producing an average of 9.5 Moz silver annually in years 1-5, and ranks in the top quartile of global primary silver producers.