Skeena Resources (SKE) Q2 2025 earnings summary

Executive summary

• Focused on development of the Eskay Creek project, with major project financing secured in June 2024 for construction and development.

• Project financing includes private placements, a Gold Stream, and a Senior Secured Term Loan facility, expected to fund capital needs until commercial production in 2027.

• Significant capital raised through a bought deal offering and private placements in early 2025.

Financial highlights

• Net loss for Q2 2025 was $36.0M, compared to $35.0M in Q2 2024; net loss for the six months was $74.3M, up from $62.4M year-over-year.

• Cash and cash equivalents at June 30, 2025 were $94.5M, down from $127.3M at the end of 2024.

• Total assets increased to $453.3M from $274.4M at December 31, 2024.

• Shareholders’ equity rose to $112.6M from $90.6M at year-end 2024.

• Significant non-cash expenses include $60.0M change in fair value of derivative liability and $14.6M in share-based payments for the six months.

Outlook and guidance

• Proceeds from the Project Financing Package are expected to cover capital requirements through to commercial production, anticipated in 2027.

• Additional financing may be required if project costs exceed current facilities or if conditions precedent are not met.