Skeena Resources Limited · TSX:SKE
Skeena Resources — Investor Presentation (November 2025)
25 slides from Skeena Resources's investor presentation, November 2025
Slide 1: Building a World Leading Mine at Eskay Creek
Building a World Leading Mine at Eskay Creek November 2025 Corporate Presentation TSX: SKE | NYSE: SKE www.skeenagoldsilver.com 1
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements and information contained or incorporated by reference in this presentation constitute “forward -looking information” and “forward -looking statements” within the meaning of applicable Canadian and United States securities legislation (collectively, “for
Slide 3: Eskay Creek is a Cashflow Focused Gold & Silver Mine
Eskay Creek is a Cashflow Focused Gold & Silver Mine A World -Class Open -pit Mine that is setting the Standard for Excellence in Large -Scale Low Operating Costs the Mining Industry High Gold Grade Production 5.5 gpt gold equivalent in US$538 per oz AISC (co - 450,000 gold equivalent years 1 -5; tr
Slide 4: Continuing the Legacy at Eskay Creek
Continuing the Legacy at Eskay Creek Eskay was the highest -grade gold mine in Historical production from 1994 -2008 Skeena Advances Eskay up the Value Chain the world when operated by Barrick Gold Silver 2024 Bulk Technical Sample permits recieved Financing package secured for US$750M 2023 Increase
Slide 5: Located in a World Leading Mining Jurisdiction – The Golden Triangle in BC
Located in a World Leading Projects Operations TAHLTAN TERRITORY Mining Jurisdiction – The Golden Triangle in BC Saddle Newmont Dease Lake Telegraph Creek The Golden Triangle is recognized for its immense geological potential Red Chris + Politically and socially stable area Schaft Creek Newmont Teck
Slide 6: Existing Infrastructure Provides Substantial Cost Savings
Existing Infrastructure Provides Substantial Cost Savings Access & international transport + Connected via Highway 37 for all -weather access Bob Quinn Airstrip + 60 km from Highway, accessible via service road + 253 km from Port of Stewart Forrest All -weather access road Kerr McLymont Creek Tom Ma
Slide 7: 2023 Definitive Feasibility Summary
2023 Definitive Feasibility Summary Select Operating Metrics LOM Annual Globally Recognized Ore Mined (Mt) 4.25 Ranked as the #1 mining project in the world by the Strip ratio 7.98:1 Mining Journal for several years Life of Mine (Years) 12 Throughput (Mtpa) 3.0 Geology Average gold grade (gpt) 2.6 V
Slide 8: Front Loaded Production Profile Driven by Grade
Front Loaded Production Profile Driven by Grade 450,000oz Opportunities to backfill production profile 800 Elevated annual gold equivalent with satellite deposits in the area production in years 1 -5 (1) 6.2 gpt 700 6.0 gpt 5.5 gpt 5.1 gpt 600 4.6 gpt 4.2 gpt 5.5 gpt gold 4.0 gpt Elevated gold equiv
Slide 9: Sequential Funding in Place to Attain Production in 2027
Sequential Funding in Place to Attain Production in 2027 Equity Investment: Gold Stream: Senior Secured Loan: US$100 million US$200 million US$350 million Drawn in 5 tranches: $75 million closed on June 24, 2024 + Drawn in 4 tranches of $87.5 million + All tranches totalling $ 200 million have at me
Slide 10: World Class Gold Grade & Scale
World Class Gold Grade & Scale Proven & probable gold reserves Top global open -pit gold mines by grade ( gpt ) (3) Salares Norte (Goldfields) 6.8 4.6 Eskay Creek (Y 1-5) 5.5 Kyzyl (Solidcore Resources) 5.2 Meliadine (Agnico Eagle) 4.5 Loulo (Barrick) 3.9 Moz gold equivalent Eskay Creek Nezhdaninsko
Slide 11: Eskay Creek is Canada's Largest Silver Mine
Eskay Creek is Canada’s Largest Silver Mine (1) Top global primary silver production (3) Proven & Probable silver reserves San Julian (Fresnillo) 13.3 88 Fresnillo (Fresnillo) Saucito (Fresnillo) Greens Creek (Hecla) Eskay Creek (Y1-Y5) 9.7 9.5 12.1 12.8 million ounces silver Juanicipio (Fresnillo's
Slide 12: Significant Re-rate Potential: Attractive Valuation
Significant Re -rate Potential: Attractive Valuation (1,2) Alamos Gold 2026E FCF: C $1.1 billion 2026 guidance: 647k oz Au P/NAV = 0.9x, market cap of C$ 19.9 B (1,2) (1,2) Lundin Gold Artemis Gold 2026E FCF : C $1.5 billion 2026E FCF: C $ 548 million 2026 guidance: 518k oz Au 2026 guidance: 304k oz
Slide 13: Significant Critical Metal Potential
Significant Critical Metal Potential Distribution of Elevated Critical Mineral Concentrations 2 Sb Ag Zn Antimony Silver Zinc 28,000 tonnes LOM 88 Moz in P&P Reserves 200,000 tonnes LOM + Significant quantities of antimony, silver, and zinc have been identified at Eskay. Given none of these critical
Slide 14: Nearby Snip Project: High Grade Opportunity
Nearby Snip Project: High Grade Opportunity + Acquired from Barrick in 2017, located 40 km Underground Resource from Eskay Reported in Veins Contained + Snip represents an opportunity improve Eskay’s production profile in later years by trucking ore Within Long Hole Stope from Snip and processing it
Slide 15: Exploration Upside Remains as Focus Shifts to Development
Exploration Upside Remains as Focus Shifts to Development Conservative angle MAIN PIT SOUTH 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 metre
Slide 16: Strong Shareholder Support
Strong Shareholder Support Research Coverage Shareholders Agentis Michael Gray Helikon Investments Ltd. 15.2% BMO Andrew Mikitchook Retail/Public Insiders Deutsche Balaton AG 9.0% CIBC Luke Bertozzi 2% 30% TD Wayne Lam Van Eck 3.4% Canaccord Jeremy Hoy BlackRock 2.9% Desjardins Allison Carson Orion
Slide 17: The Skeena Advantage
The Skeena Advantage World Class Incredible Globally Relevant Attractive Valuation Gold Asset Financial Metrics Silver Component High Gold Grade Low operating costs Value split of 0.5x P/NAV based on spot prices (4) 5.5 gpt Au Eq (1) US$538 per oz 35% silver Significant Reserve size AISC (co -produc
Slide 18: Connect with Investor Relations for More Insights
CONNECT WITH INVESTOR RELATIONS FOR MORE INSIGHTS info@skeenagold.com November 2025 skeenagoldsilver.com Follow us on social:
Slide 19: A BC Leadership Team
A BC Leadership Team Walter Coles Randy Reichert Andrew MacRitchie Nalaine Morin Justin Himmelright Executive Chairman Chief Executive Officer Chief Financial Officer Senior VP, Environment & Senior VP, External Affairs Social Affairs Tim Sewell Kanako Motohashi Kyle Foster Andrew Osterloh Galina Me
Slide 20: Leading Global Gold Development in Capital Intensity
Leading Global Gold Development in Capital Intensity Advantages resulting in lower capital intensity include: + Eskay Creek is the most valuable + Management significantly improved mining project in the world in terms of project parameters and economics in the capital intensity measured as NPV/ 2023
Slide 21: Exploration Success Drives Growth in Size & Confidence
Exploration Success Drives Growth in Size & Confidence Peer Leading Reserve Definition of 80% in Proven Category (1,2) 5,000 4.6 gpt Au 4.0 gpt Au 3.6 gpt Au 4,000 20% Probable 30% 3,000 35% Probable Probable Koz AuEq 2,000 70% 80% 65% Proven Proven Proven 1,000 0 $26 /oz 200K Cost of discovery per
Slide 22: 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 23: Mineral Reserves & Mineral Resource Estimates
Mineral Reserves & Mineral Resource Estimates 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 Measu
Slide 24: Metallurgical Optimization: 2022 FS vs 2023 DFS
Metallurgical Optimization: 2022 FS vs 2023 DFS + Following Eskay Creek’s 2022 -FS, and in preparation for the 2023 -DFS, Skeena continued metallurgical test work using representat ive samples of Eskay Creek material. + The focus of this work has been to simplify the process flowsheet and improve th
Slide 25: 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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