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

Project milestones and progress

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

• Construction is nearly halfway complete, with 49% progress as of February 2026.

• Project is fully financed, with drawdowns on gold stream and plans to refinance senior secured loan.

• Received strong community and indigenous support, with 77% approval in impact benefit referendum.

• Updated 43-101 report expected later this year, incorporating new ore bodies and mine plan optimizations.

Operational and financial highlights

• Eskay Creek targets 450,000 ounces gold equivalent annually in first five years, with 5.5 g/t grade.

• Project positioned at lower end of industry cost curve due to high grade and low-cost hydroelectric power.

• Estimated 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 under eight months.

• Life-of-mine reserves total 4.6 million ounces gold equivalent, 80% in proven category.

Strategic initiatives and future outlook

• Incorporating Snip ore body and optimizing pit walls to extend mine life and smooth production profile.

• Negotiating early buyback of gold stream to reduce cost of capital and enhance future cash flow.

• No silver streaming; 9.5 million ounces silver annually in early years, 88 million ounces in reserves.

• Project expects to re-rate as it approaches production, aiming for higher P/NAV multiples.

• Institutional ownership is 65-70%, with 121 million shares outstanding and broad research coverage.