Skeena Resources Limited · TSX:SKE
Skeena Resources — Investor Presentation (April 2026)
29 slides from Skeena Resources's investor presentation, April 2026
Slide 1: Developing the Next Tier 1 Gold & Silver Mine
Developing the Next Tier 1 Gold & Silver Mine Corporate Presentation April 2026 TSX: SKE | NYSE: SKE www.skeenagoldsilver.com
Slide 2: Forward Looking Statements
Certain statements and information contained or incorporated by reference in this news release constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Forward Canadian and United States securities legislation (collectively, “forward-looking statemen
Slide 3: Eskay Creek is a Cashflow Focused Gold & Silver Mine
Eskay Creek is a Cashflow Focused Gold & Silver Mine Large -Scale Gold & High Low Operating Robust Cashflow & Major Construction Silver Production Gold Grade Costs Profitability Underway 450,000 gold equivalent 5.5 gpt gold equivalent in US$538 per oz AISC Projected annual after -tax free On schedul
Slide 4: Rigorous Permitting Process Completed
R igorous Permitting “A collaborative effort drawing on leadership from Tahltan Nation, community comments, regulators and Skeena’s expert team.” Process Completed Nalaine Morin SVP, Environment & Social Affairs EA 180 Day Revised 180 Day IBA Vote S ection 7 EA Major Certificate Review Application R
Slide 5: Our Track Record of Delivering on Commitments in our Journey to Production
Our Track Record of Delivering on Commitments in our Journey to 2026 -2027 Production 2023 -2025 2019 -2022 2016 -2018 Received all permits for construction Improved Definitive Feasibility Study Full scale construction Secured project financing Publish updated NI 43-101 to Upgraded resource commitme
Slide 6: Existing Infrastructure Provides Substantial Cost Savings
Projects Existing TAHLTAN TERRITORY SADDLE Operations Newmont Infrastructure RED CHRIS Provides Substantial SCHAFT CREEK Teck Newmont Cost Savings GALORE CREEK Teck COAST MOUNTAIN HYDRO FACILITY Access & transport SNIP + Connected via Highway 37 for all -weather access Skeena KSM Seabridge BRUCEJACK
Slide 7: Exceptional Economics Drive Cashflow & Fast Payback
Exceptional Economics Payback (Years) Drive Cashflow & 1.2 < 8 months < 7 months Fast Payback $14,000 NPV(5%) $CAD IRR 138% 140% Annual Financial Metrics (Years 1 -5) at $12,000 Spot Prices ($ CAD ) 102% 120% $10,000 100% $8,000 $ 2.6 Billion $ 2.4 Billion 80% (2) Annual EBITDA (2) $6,000 Annual rev
Slide 8: Front Loaded Production Profile Driven by Grade
Front Loaded Production Profile 800 Opportunities to backfill Driven by Grade 700 6.2 gpt 6.0 gpt production profile with satellite deposits in the area 5.5 gpt 600 5.1 gpt 4.6 gpt 4.2 gpt 4.0 gpt 450,000oz 5.5 gpt gold 500 Elevated annual gold Elevated gold 2.4 gpt 2.6 gpt equivalent production equ
Slide 9: Project Execution Schedule
Project H1 - 25 H2 - 25 H1 - 26 H2 - 26 H1 - 27 H2 -27 Execution PERMANENT Initial Tie ins Permanent Power Complete Schedule POWER TAILINGS DAM & WATER MANAGEMENT Pre -stripping Commences Initial Fleet Mobilized Ore Mining Commences MINING PROCESS PLANT 92 % Complete (detailed) Engineering Long Lead
Slide 10: Project is Substantially De-risked; 49% Complete on Construction
Project is Substantially All figures in US dollars De -risked; 49% Complete 49% Complete on Construction at Feb 28, 2026 Total spend remaining Expenditures to date at December 31, 2025 $354M Initial 2023 DFS Capex ( November 14, 2023) (1) US$528 million Pre -production mining expenditure US$32 milli
Slide 11: 2026 Capital Cost Changes vs 2023 DFS
2026 Capital Cost Changes vs 2023 DFS Process Plant & Ore Handling ﹢S ome design modifications made in final engineering to improve operability of the process plant Tailings & Water Management ﹢Tighter water discharge standards necessitated increases in water management facilities ﹢Tahltan values we
Slide 12: Construction is Rapidly Advancing
Construction is Rapidly Advancing Construction Progress ( Feb 28, 2026) 49% Committed Capital ( Feb 28, 2026) 66% Detailed engineering (Feb 28, 2026) 92% Procurement (Feb 28, 2026) 88% Bulk earthworks & mining Waste & water management Completed Items • Earthworks is performed in -house. • The pilot
Slide 13: Summary of Refinancing Strategy
Summary of “ At Skeena, we continue to redefine what's possible in the mining Industry by turning bold ideas into transformative outcomes. As the Refinancing Strategy first prerevenue -generating company to issue a public high bond, we’ve demonstrated the market’s confidence in the -yield Skeena has
Slide 14: World Class Gold Grade & Scale
World Class Gold Top global open -pit gold mines by grade ( gpt ) (3) Grade & Scale Kekura (Highland Gold) Eskay Creek (Y1-5) Salares Norte (Gold Fields) 5.4 5.5 7.0 Meliadine (Agnico Eagle) 5.3 Kyzyl (Solidcore) 5.1 Eskay Creek 3.6 Veduga (Solidcore) 3.4 PROVEN & PROBABLE GOLD RESERVES Loulo (Barri
Slide 15: Eskay Creek is Canada's Largest Silver Mine
Eskay Creek is Top global primary silver production (2) Canada’s Largest Saucito (Fresnillo) Cannington (South32) San Julian (Fresnillo) 11.8 12.7 14.5 Silver Mine Pirquitas (SSR Mining) Uchucchacua (Buenaventura) Juanicipio (Fresnillo's 56% stake) 10.5 10.5 10.4 Fresnillo (Fresnillo) 10.2 Eskay Cre
Slide 16: Bulk Earthworks & Mining
Bulk Earthworks & Mining Majority of mining is performed with in -house expertise Mining the North Pit MRSA Water Collection Pond 16
Slide 17: Haul Road & Komatsu Fleet
Haul Road & Komatsu Fleet 17
Slide 18: Process Plant Progress
Process Plant Progress September 2025 December 2025 18
Slide 19: Process Plant - Interiors
Process Plant - Interiors April 2026 – Ball Mill mechanical installation April 2026 – SAG Mill mechanical installation 19
Slide 20: Waste & Water Management
Waste & Water Management February 2026 20
Slide 21: Volcano Creek Substation
Volcano Creek Substation Concrete pedestals for ringbus complete Backfill complete 21
Slide 22: New Employee Camp Location
New Employee Camp Location February 2026 22
Slide 23: Significant Re-rate Ahead as Eskay Creek Achieves Production
Significant Re -rate Lundin Gold (1) Ahead as Eskay Creek Artemis Gold (1) 2026E production: 508k oz Au 2026E FCF: C$1.5 billion 2026E production: 286k oz Au Achieves Production 2026E OCF: C$598 million Market cap of C$9B P/NAV = 0.7x Market cap of C $27B P/NAV = 2.3x (2,3) Skeena Gold & Silver Annu
Slide 24: Strong Shareholder Support
Strong Shareholder Support Research Coverage Shareholders Agentis Michael Gray Helikon Investments Ltd. 13.0% Insiders BMO Andrew Mikitchook Deutsche Balaton AG 9.0% Retail/Public 2% CIBC Luke Bertozzi 25% TD Wayne Lam KGH Ltd. 5.3% Canaccord Jeremy Hoy Van Eck 4.0% Desjardins Allison Carson Raymond
Slide 25: Connect with Investor Relations
Connect with Investor Relations For more insights info@skeenagold.com Follow us on social: TSX: SKE | NYSE: SKE www.skeenagoldsilver.com
Slide 26: A BC Leadership Team
A BC Leadership Team Walter Coles Randy Reichert Andrew Nalaine Morin Justin Deep development expertise Executive Chairman Chief Executive Officer SVP, Environment & with the correct management MacRitchie Himmelright Chief Financial Officer Social Affairs SVP, External Affairs team in place Kanako G
Slide 27: Mineral Reserves & Mineral Resource Estimates
Mineral Reserves & Mineral Resource Estimates Eskay Creek Resources & Reserves – Pit -constrained (as of December 31, 2023) Tonnes Au Ag AuEq Au oz Ag oz AuEq Oz (Mt) (gpt) (gpt) (gpt ) (Moz) (Moz) (Moz) Mineral Reserves Proven 28.0 3.0 80.9 4.1 2.7 72.7 3.7 Probable 11.9 1.8 40.1 2.3 0.7 15.3 0.9 T
Slide 28: Mineral Resource Estimate
Mineral Resource Estimate Eskay Creek Resources – Underground (as of December 31, 2023) Tonnes Au Ag AuEq Au oz Ag oz AuEq Oz (000) (gpt) (gpt) (gpt ) (Koz) (Koz) (Koz) Mineral Resources Measured 834 5.3 142.6 7.3 142 3,830 196 Indicated 988 4.1 55.7 4.9 131 1,768 156 Total Measured + Indicated Reso
Slide 29: Non-IFRS Measures
Non -IFRS Measures Non -IFRS Measures This presentation refers to various non -IFRS measures, such as “AISC", “total cash costs per ounce sold”, “average realized pric e per ounce sold” and “free cash flow”. These measures do not have a standardized meaning prescribed by IFRS as an indicator of perf
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