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 for years 1-5, targeting 450,000 gold equivalent ounces annually at low operating costs and a 5.5 gpt gold equivalent grade, triple the global open-pit average.

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

• The project has completed a rigorous permitting process, including extensive engagement with the Tahltan Nation and regulatory authorities, resulting in all major permits and an Impact Benefit Agreement.

• Existing infrastructure, including highway access, proximity to hydropower, and a permitted tailings facility, provides substantial cost savings.

Financial highlights and economics

• Projected annual after-tax free cash flow is C$1.5 billion in years 1-5, with a payback period of 1.2 years at spot prices and an NPV (5%) of up to C$14.1 billion at higher gold and silver prices.

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

• A new US$750 million, 5-year senior secured notes offering refinances existing debt, lowers the cost of capital, and increases exposure to gold prices and production.

• Market capitalization is C$5.2 billion, with a P/NAV of 0.6x, indicating significant re-rate potential as production ramps up.

Resource and reserve profile

• Proven and probable open-pit reserves total 4.6 Moz gold equivalent, with measured and indicated resources of 5.5 Moz gold equivalent as of December 31, 2023.

• Underground measured and indicated resources add a further 352 Koz gold equivalent.

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

• The project is also Canada’s largest silver mine, with an average of 9.5 Moz silver produced annually in years 1-5 and a silver grade in the top 25% of open-pit precious metals mines worldwide.