Skeena Resources (SKE) Mining Forum Americas 2026 summary

Project overview and development progress

• Eskay Creek is positioned as a rare tier 1 asset with high-grade open-pit gold and silver production, targeting 450,000 equivalent ounces annually over the first five years.

• Construction is over 70% complete, with major milestones including environmental permits, a comprehensive refinancing, and an IBA agreement with the Tahltan First Nation.

• CapEx estimate for redevelopment is $659 million, about 20% higher than the DFS due to inflation and stricter water management regulations.

• Infrastructure is robust, with proximity to power generation, highways, and year-round access, supporting efficient operations.

• Updated technical and financial metrics, including NPV and free cash flow, are expected by end of January, with production front-loaded in the initial years.

Operational and technical updates

• Average grade of 5.5 g/t over the first five years ranks among the highest globally for open-pit gold mines.

• Technical report update will include steeper pit slopes and integration of the SNIP underground asset, aiming for a 400,000-ounce annual run rate over 10 years.

• Refinancing included a $750 million US senior secured note, reducing cost of capital from 12% to 8.5%.

• Proven and probable reserves stand at 4.6 million gold equivalent ounces, with 80% in the proven category.

• Ore stockpiling and pit mining are underway, with first ore expected in Q2 2027.

Construction, processing, and workforce

• Mechanical installation of the process plant is over 90% complete, with only minor components remaining.

• Water treatment plant phase 1 is complete, phase 2 nearing completion; permanent power tie-in expected by late November.

• New employee camp, located 10 km from the mine, is designed for comfort and retention, featuring modern amenities.

• Selective ore mining techniques and advanced technology are being implemented to optimize ore extraction.

• Recruitment is a focus, with key management and technical staff already in place and commissioning plans being finalized.