Skeena Resources (SKE) Q1 2025 earnings summary

Executive summary

• Focused on development of the Eskay Creek project, with project financing secured from Orion Resource Partners including a Gold Stream and Senior Secured Term Loan facility to fund construction through to anticipated commercial production in 2027.

• Closed a significant private placement in February 2025, raising $88.3 million, including flow-through shares, to support development activities.

• Sold the Sofia Property to TDG Gold Corp. for shares, resulting in a $3.2 million gain.

Financial highlights

• Net loss for Q1 2025 was $38.2 million, compared to $27.4 million in Q1 2024, driven by higher exploration, evaluation, and derivative liability expenses.

• Cash and cash equivalents at March 31, 2025 were $98.0 million, up from $96.9 million at December 31, 2024.

• Total assets increased to $334.2 million from $274.4 million at year-end 2024.

• Shareholders’ equity rose to $135.5 million from $90.6 million at December 31, 2024.

• Flow-through share premium recovery of $6.5 million recognized in Q1 2025.

Outlook and guidance

• Proceeds from the Orion Project Financing Package are expected to be sufficient to fund capital requirements through to commercial production, anticipated in 2027, provided conditions precedent are met.

• Additional Gold Stream proceeds of US$50 million expected between April and October 2025.

• Commitments to spend $112.4 million on qualifying Canadian Development Expenses by year-end 2025.