Skeena Resources Limited · TSX:SKE
Skeena Resources — Investor Presentation (September 2026)
38 slides from Skeena Resources's investor presentation, September 2026
Slide 1: Developing the Next Tier 1 Gold & Silver Mine in Canada
Developing the Next Tier 1 Gold & Silver Mine in Canada Corporate Presentation September 2026 TSX: SKE | NYSE: SKE www.skeenagoldsilver.com
Slide 2: Forward Looking Statements
Forward Certain statements and information contained or incorporated by reference in this presentation constitute “forward -looking information” and “forward -looking statements” Looking within the meaning of applicable Canadian and United States securities legislation (collectively, “forward -looki
Slide 3: Continuing the Legacy at Eskay Creek
Continuing the Legacy at Eskay Creek Historical production from 1994 -2008 Production (million oz) 3.3 160 Mined grade (gpt) 45 2,224 Historical cut -off grades (gpt AuEq ) <30 <15 Eskay Creek is an iconic and legendary mine as it was the highest -grade DSO (1) Mill cut off gold mine in the world wh
Slide 4: Eskay Creek: A Rare Tier 1 Gold & Silver Opportunity
Eskay Creek: A Rare Tier 1 Gold & Silver Opportunity Large -Scale Gold & High Open Pit Low Operating Major Construction Mine Plan Optimization Silver Production Gold Grade Costs Underway Underway 5.5 gpt AuEq in years 1 -5 & US$687 per oz AISC (1,2,3) 450,000 AuEq oz produced On schedule for initial
Slide 5: 2026: A Year of Execution – Permitting, Financing, & Cost Certainty Secured
2026: A Year of Execution – Permitting, Financing, & Cost Certainty Secured Q2 2026 Enhanced Project Cost Certainty Ahead of Production Q2 2026 Updated 2026 capital cost estimate to US$659 Completed Comprehensive million, from the 2023 DFS estimate of US$560 Refinancing Strategy to Optimize million.
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 Drives Robust Cash Flow & Fast Payback
Exceptional Economics Payback Period (2) Drives Robust Cash Flow 1.2 years < 8 months < 7 months & Fast Payback $14,000 NPV(5%) $CAD IRR 138% 140% Annual Financial Metrics (Years 1 -10) at $12,000 Spot Prices ($ CAD ) 97% 120% $10,000 100% $8,000 $ 2.0 Billion $1.8 Billion 80% (1) Annual EBITDA (1)
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 2023 DFS Estimates 4.2 gpt 4.0 gpt 500 450,000oz 5.5 gpt AuEq 2.4 gpt 2.6 gpt 400 Elevated annual gold Elevated gold 1.
Slide 9: Accretive Refinancing Strategy Optimizes Capital Structure
Accretive Refinancing “ At Skeena, we continue to redefine what's possible in the mining Strategy Optimizes industry. As the first pre - revenue -generating company to issue a public high -yield bond, we’ve demonstrated the market’s confidence Capital Structure in the exceptional future cash -flow p
Slide 10: Eskay Creek is a High-Quality Gold Asset in a Tier 1 Jurisdiction
Eskay Creek is a High -Quality Gold Asset in a Tier 1 Jurisdiction 800 $2,500 715 Open Pit Mines in Canada & USA 700 $2,000 590 600 2026E Production (Koz AuEq) 2026E AISC ($US/oz) 485 500 450 $1,500 415 410 400 390 320 310 $1,000 300 263 253 248 278 200 $500 100 0 $- Detour Lake Canadian Meadowbank
Slide 11: 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 12: Eskay Creek will be Canada's Largest Silver Mine
Top global primary silver production (2) Eskay Creek will be Canada’s Largest 13.8 Saucito (Fresnillo) Uchucchacua (Buenaventura) 11.1 Cannington (South 32) 10.3 Silver Mine Fresnillo (Fresnillo) Pirquitas (SSR Mining) Juanicipio (Fresnillo's 56% stake) 9.8 9.6 10.3 Eskay Creek (Y1 - 5) 9.5 Greens C
Slide 13: 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 14: Progress Substantially Advanced; Over 70% Complete
Progress Substantially Overall Project Progress is over 70% complete & procurement is 90% as of Advanced; Over 70% August 31, 2026 Complete • Moved over 5 million tonnes of material, primarily waste rock used for road, Bulk earthworks & pad, and foundation construction. mining • Ore stockpiling is e
Slide 15: Preparing for Operations – A Seamless Transition
Preparing for Operations – A Seamless Transition High Precision People & Organization Mining Readiness GPS Machine Guidance Processing Readiness • Key operating positions secured well in • Skeena started mining with its own • Fleet management system with high - • To assist with the processing ramp -
Slide 16: Open Pit with Mill Building in Background
Open pit with Mill Building in Background August 2026 16
Slide 17: Coarse Ore Stockpile Reclaim Tunnel
Coarse Ore Stockpile Reclaim Tunnel August 2026 17
Slide 18: Conveyor & Crusher Installation
Conveyor & Crusher Installation August 2026 – Primary crusher to coarse ore stockpile conveyor installation August 2026 – primary crusher body installation 18
Slide 19: Process Plant - Interiors
Process Plant - Interiors June 2026 – SAG mill July 2026 – flotation cells 19
Slide 20: Process Plant - Interiors
Process Plant - Interiors August 2026 – secondary and tertiary grinding cyclone clusters August 2026 – concentrate thickener 20
Slide 21: Mechanical Installation – Process Plant
Mechanical Installation – Process Plant July 2026 – Isamills (tertiary and concentrate regrind) June 2026 – Regrind cyclone 21
Slide 22: Mechanical Installation – Process Plant
Mechanical Installation – Process Plant July 2026 – Jameson cleaner flotation cells July 2026 – scavenger flotation cells 22
Slide 23: Water Treatment Plant
Water Treatment Plant August 2026 23
Slide 24: Volcano Creek Substation
Volcano Creek Substation June 2026 – transformer in place 24
Slide 25: New Employee Camp
New Employee Camp August 2026 25
Slide 26: New Employee Camp Interiors
New Employee Camp Interiors August 2026 – camp kitchen August 2026 – camp room 26
Slide 27: Significant Re-rate Ahead as Eskay Creek Achieves Production
Significant Re -rate Ahead as Eskay Creek Artemis Gold (1) Lundin Gold (1) Achieves Production 2026E production: 297k oz AuEq 2026E EBITDA: C$1.3 billion Market cap of C$9.3B 2026E production: 511k oz AuEq 2026E EBITDA : C $2.4 billion Market cap of C$22.6B (1) INCREASED VALUE G Mining Ventures (1)
Slide 28: Significant Revaluation Potential with Cash Flow Inflection
Significant Revaluation Potential with Cash Flow Inflection Skeena is expected to be a leading free + 200% upside to peer -average valuation, Skeena offers industry leading cash flow per share investment opportunity despite 2x peer -average FCF/share FCF per share potential, while trading at one of
Slide 29: Successful Re-rates in Peer Companies
Successful Re -rates Re -Ratings Through the Developer -to -Producer Transition (3) in Peer Companies “Skeena is next in line” SKE receives final permits for Eskay GMIN secures final Skeena shares offer 2 -3X more upside as compared to GDX – 286% (benchmark) permit for Oko West peer valuations, desp
Slide 30: Nearby High Grade Opportunity: Snip
Nearby High Grade Underground Resource Opportunity: Snip Reported in Veins Contained Within Long Hole Stope Optimized Shapes + Acquired from Barrick in 2017, located 40 km from Eskay + Snip represents an opportunity to improve Eskay’s production profile in later years by trucking ore from Snip and p
Slide 31: Cash Flow Will Accelerate Exploration Growth
Cash Flow Will Accelerate Exploration Growth Conservative angle SOUTH PIT MAIN PIT opportunities to steepen pit walls & capture high grade resource Eskay Deeps Vertical Longitudinal Section Looking Grid East 2022 Eskay Deeps (SK -22 -1081) (1) + 3.79 gpt Au, 59.4 gpt Ag over 32.19 metres + 850 metre
Slide 32: Exceptional Capital Markets Support & Shareholder Alignment
Exceptional Capital Markets Support & Shareholder Alignment Research Coverage Shareholders Helikon Investments Ltd. 13.4% Insiders Agentis Michael Gray Deutsche Balaton AG 8.7% 4% BMO Andrew Mikitchook Retail/Public Van Eck 7.2% CIBC Luke Bertozzi 18% TD Wayne Lam KGH Ltd. 5.1% Canaccord Jeremy Hoy
Slide 33: Connect with Investor Relations for More Insights
Connect with Investor Relations for More Insights info@skeenagold.com Follow us on social: TSX: SKE | NYSE: SKE www.skeenagoldsilver.com
Slide 34: A BC Leadership Team
A BC Leadership Team Deep development expertise with the correct management Andrew team in place Walter Coles Randy Reichert Nalaine Morin Executive Chairman Chief Executive Officer MacRitchie SVP, Environment & Chief Financial Officer Social Affairs Kanako Galina Meleger Ryan Maloney Kyle Foster An
Slide 35: Skeena's Track Record of Delivering on Commitments in our Journey to Production
Skeena’s Track Record of Delivering on Commitments in our 2026 -2027 Journey to 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 in Q1 Upgraded resource
Slide 36: 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 37: 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 38: 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
Skeena Resources — Investor Presentation (September 2026) on 6ix