Skeena Resources (SKE) Kinvestor Mining & Energy Conference 2026 summary

Key milestones and project overview

• Achieved all permits for Eskay Creek, enabling clear path to production and cash flow by Q2 2027.

• Eskay Creek, once the world’s highest-grade gold mine, is now being redeveloped as a high-grade open pit operation.

• Project is located in British Columbia’s Golden Triangle, leveraging existing infrastructure and low-cost hydroelectric power.

• Construction is nearly halfway complete, with significant progress made prior to permit receipt.

• Project is fully financed, with ongoing efforts to refinance debt and potentially buy back gold stream agreements.

Production, economics, and valuation

• Targeting average annual production of 450,000 gold equivalent ounces in the first five years at 5.5 g/t grade.

• Projected annual after-tax free cash flow of CAD 1.6 billion and EBITDA of CAD 2.6 billion in early years.

• NPV of CAD 9 billion and IRR of 107% at current metal prices, with payback in under eight months.

• Updated 43-101 report later this year will incorporate the Snip satellite ore body and pit optimization to extend mine life.

• Valuation could rise significantly as production ramps up, with peer comparisons suggesting potential for substantial re-rating.

Community, permitting, and sustainability

• First in Canada to have permits authorized jointly by an indigenous government and the province, under Section 7 agreement.

• Strong local and indigenous support, with 77% approval in impact benefit referendum.

• Existing permitted tailings facility and proximity to hydroelectric power reduce costs and environmental impact.

• No silver streaming; 9.5 million ounces of silver per year projected in early years, with 88 million ounces in reserves.

• Majority of earthworks performed in-house to control costs and maintain expertise.