Skeena Resources (SKE) Mining Forum Europe 2026 summary

Project overview and history

• Eskay Creek Project in British Columbia is a large-scale, high-grade gold and silver mine under construction, about halfway through the build, with a history of legendary production grades and significant infrastructure advantages.

• Acquired through a series of strategic options and purchases from major mining companies, with key milestones including exploration, multiple feasibility studies, and a major agreement with the Tahltan First Nation.

• Environmental Assessment Certification and permits were secured after a lengthy and costly process, enabling accelerated construction and de-risking the project.

Financials and funding

• Project expects to average $1.1 billion in after-tax profit annually for the first five years, with an eight-month CapEx payback and IRR over 100%.

• Recently closed a $750 million high-yield debt deal, oversubscribed with $4.2 billion in orders, and refinanced previous debt at a tightened 8.5% interest rate.

• Adequately funded to complete construction, with over CAD 300 million spent and about CAD 354 million remaining.

Operations and timeline

• Mine life extended from nine to 12 years, with a November update expected to push it to 15 years and increase reserves toward six million ounces.

• All-in sustaining costs projected at CAD 750–800, maintaining industry-leading grades and ranking among the top global open-pit mines.

• Mill startup targeted for April next year, aiming for 90% throughput by end of summer, with construction halfway complete and major equipment already procured.