Skeena Resources (SKE) Q3 2024 earnings summary

Executive summary

• Focused on exploration and evaluation of mineral properties in British Columbia, with Eskay Creek as the flagship project.

• Entered a major Project Financing Package with Orion Resource Partners in June 2024, including equity, gold stream, and loan facilities to fund Eskay Creek development.

• Remains in the exploration stage, with commercial production at Eskay Creek anticipated in 2027.

Financial highlights

• Net loss of $84.9M for Q3 2024, compared to $39.8M in Q3 2023; net loss of $147.3M for the nine months ended September 30, 2024, versus $76.0M in the prior year period.

• Loss per share was $0.80 for Q3 2024 and $1.53 for the nine months, compared to $0.45 and $0.92, respectively, in 2023.

• Cash and cash equivalents at September 30, 2024 were $84.9M, down from $91.1M at December 31, 2023.

• Raised $122.8M in private placements and flow-through share offerings during the nine months ended September 30, 2024.

Outlook and guidance

• Project Financing Package expected to fund capital requirements through to Eskay Creek commercial production, targeted for 2027, subject to meeting drawdown conditions.

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