Skeena Resources (SKE) Nordic Funds & Mines Conference 2025 summary

Project overview and history

• Eskay Creek, a former Barrick Gold mine, was the world's highest-grade gold mine, with average grades of 45 g/t gold and over 2,000 g/t silver.

• The project is being redeveloped as an open-pit operation, targeting 450,000 oz gold-equivalent production per year, with a robust grade profile of 5.5 g/t, triple the global average.

• Located in the Golden Triangle, British Columbia, the project benefits from strong geological potential and collaboration with the Tahltan Nation.

• Eskay Creek is fully financed to production in 2027, with a significant silver component and a front-loaded production profile.

Financials and economics

• After-tax annual free cash flow is projected at CND 1.1 billion, with an after-tax NPV of CND 6.1 billion and IRR of 86%.

• Initial CapEx is CND 765 million, offset by existing infrastructure, including a permitted tailings facility and access to low-cost hydroelectric power.

• EBITDA is estimated at CND 1.8 billion annually for the first five years.

• Market capitalization is expected to triple to CND 10 billion as the project advances to production and cash flow.

Permitting, partnerships, and sustainability

• Eskay Creek is on the provincial government's fast track list, with the environmental assessment certificate expected in Q4 this year.

• Collaboration with the Tahltan Nation is strong, reflecting the area's commercial mining focus.

• Clean hydroelectric power provides a sustainability advantage and cost savings compared to remote mines.