Skeena Resources (NYSE:SKE) highlighted a series of recent milestones and updated investors on development progress at its fully permitted Eskay Creek Gold-Silver Project in British Columbia’s Golden Triangle, according to a prerecorded presentation by Vice President of Investor Relations Galina Meleger.
Meleger told the Kinvestor audience that the company has had “a really big and busy year,” noting that Skeena’s share price had risen from around C$15 per share at the time of the prior year’s update to roughly C$40 per share on the TSX. She said the company has now received all permits required to advance and develop Eskay Creek and has “a clear line of sight” to production and cash flow in Q2 2027. Meleger added that project construction progress was approaching the halfway mark at the end of February 2026.
Project background and operating concept
She explained Skeena’s investment thesis as partly driven by the historical cutoff grade, saying Barrick’s process plant later operated with a cutoff grade of 15 grams per ton and that Skeena sought to understand what may have been left behind at that threshold. Skeena is now “reconceptualizing Eskay Creek as an open pit,” with an average annual production rate in the first five years of about 450,000 ounces of gold-equivalent, and a gold-equivalent grade of approximately 5.5 grams per ton over that period, which she said is roughly triple the global open-pit average.
Meleger emphasized that a combination of high grades and low power costs supports the project’s targeted cost position. She pointed to nearby hydroelectric facilities located about 17 kilometers from the mine that she said would allow the project to source power for about C$0.065 per kWh.
Permitting and Indigenous partnership
On permitting, Meleger said Skeena is the first company in Canadian history to have an Indigenous government authorize permits together with the Province of British Columbia through a “landmark Section 7 agreement.” She added the project was placed on B.C.’s fast-track list in 2025, which she said contributed to multiple approvals being received close together in February 2026.
She listed the approvals as arriving within one week, including:
- Environmental Assessment certificate
- Mines Act permit
- Environmental Management Act permit
- Federal assessment
Meleger also cited an impact benefit referendum vote in December 2025 with approximately 77% approval, which she characterized as strong support from the Tahltan Nation and local communities.
Because of the fast-track status and support from the province and the Tahltan Nation, Meleger said Skeena was able to advance a significant portion of construction prior to receiving final permits—one reason, she said, the project was nearing the halfway mark of construction progress.
Economics, valuation discussion, and upcoming technical update
Referencing the company’s 2023 definitive feasibility study (DFS), Meleger presented economics using prices she described as “spot prices today” in Canadian dollars—$4,800 gold and $76 per ounce silver. Under those assumptions, she cited an after-tax NPV of about C$9 billion, an IRR of 107%, and a payback period of less than eight months.
She also discussed projected financial metrics over the first five years of production, including estimated annual EBITDA of about C$2.6 billion and annual after-tax free cash flow of about C$1.6 billion. Meleger then outlined illustrative valuation approaches based on applying multiples to those figures, while noting they were derived from the 2023 DFS. She said the company expects to publish an updated NI 43-101 later in the year that will refresh the underlying numbers.
Mine plan optimization and the Snip satellite concept
Meleger said the 2023 DFS production profile was “very front-loaded,” with higher grades and ounces in years one through six followed by a drop-off. She said one planned feature of the upcoming NI 43-101 update is the potential incorporation of a satellite ore body into the mine plan: an ex-Barrick asset called Snip, located about 40 kilometers from the Eskay Creek mill. The concept would involve trucking ore from Snip to be processed at Eskay Creek, which she said could smooth out the later-year dip and extend mine life.
She added that some measured and indicated grades at Snip are about 9 grams per ton. She also said the company is conducting work to optimize pit walls to deepen the pit and potentially capture additional underground components and higher-grade lenses.
Financing, streaming, and construction progress
Meleger said the project was fully financed in June 2024 through an agreement with Orion and Blackstone, and that Skeena drew down on the gold stream for most of 2025 to fund construction. She said the condition precedent for drawing on a senior secured loan was receipt of permits, which the company obtained in February.
She said Skeena has been open about its desire to refinance the senior secured loan and cost contingency, and is working with KKR as an advisor on a potential refinancing that could reduce the cost of capital and support a buyback of some or all of the gold stream. Meleger said the buyback provision allows the company to buy back two-thirds of the stream at an 18% computed IRR, and she said discussions were ongoing with Orion and Blackstone regarding buying back that portion sooner and potentially the remaining one-third as well.
On construction status, Meleger said the project was about 45% complete at year-end and about 49% complete at the end of February. She described progress on earthworks, the start of the main pit, and development of water management infrastructure. She said the process plant was enclosed by December, enabling interior work through winter. Meleger added that grinding mills had been shipped to the Port of Stewart and were expected to be installed in coming months, and that the site is expected to be “fully energized” by the end of 2026.
Meleger also highlighted reserves and metal mix, citing about 4.6 million ounces of gold-equivalent in reserves, with roughly 80% in the proven category. She described the revenue split as approximately 65% gold and 35% silver, and said the mine plan anticipates producing about 9.5 million ounces of silver per year in years one through five, with life-of-mine silver production of about 7.7 million ounces per year and 88 million ounces of silver in reserves. She said none of the silver has been streamed.
In closing, Meleger said the company is approximately 65%–70% institutionally held, has 121 million shares outstanding, and is covered by 11 banks. She reiterated that, following the elimination of what she described as key risks including discovery, financing, and permitting, the company’s focus from here to first production is execution and delivering on schedule and budget.
About Skeena Resources (NYSE:SKE)
Skeena Resources Limited explores for and develops mineral properties in Canada. The company explores for gold, silver, copper, and other precious metal deposits. It holds 100% interests in the Snip gold mine comprising one mining lease and nine mineral tenures that covers an area of approximately 4,724 hectares; and the Eskay Creek gold mine that consists of eight mineral leases, two surface leases, and various unpatented mining claims comprising 7,666 hectares located in British Columbia, Canada.
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