Skeena Resources Limited · TSX:SKE
Skeena Resources — Investor Presentation (May 2026)
26 slides from Skeena Resources's investor presentation, May 2026
Slide 1: Developing the Next Tier 1 Gold & Silver Mine
Developing the Next Tier 1 Gold & Silver Mine Corporate Presentation May 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: Eskay Creek is a Cashflow Focused Gold & Silver Mine
Eskay Creek is a Cashflow Focused Gold & Silver Mine Large -Scale Gold & High Low Operating Major Construction Project 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 Updated 43
Slide 4: Delivering on Our Commitments With a Strong Start to the Year
Delivering on Our Commitments With a Strong Start to the Year Q2 2026 Updated Project Capital Cost from Prior 2023 Estimate 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. Changes in
Slide 5: 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 6: Exceptional Economics Drive Cashflow & Fast Payback
Exceptional Economics Payback (Years) (2) Drive Cashflow & 1.2 < 8 months < 7 months Fast Payback $14,000 NPV(5%) $CAD IRR 138% 140% Annual Financial Metrics (Years 1 -10) at $12,000 10 6 % Spot Prices ($ CAD ) 120% $10,000 100% $8,000 $ 2.2 Billion $ 2.0 Billion 80% (1) Annual EBITDA (1) $6,000 Ann
Slide 7: 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 gold 2.4 gpt 2.6 gpt 400 Elevated annual gold Elevated gold 1.
Slide 8: 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 9: Project Substantially De-risked; Over 50% Complete
Project Substantially Project Progress at April 30, 2026 was 53% complete De -risked; Over 50% Bulk earthworks • Pre-stripping activities have totaled +3 million tonnes of material moved. Complete & mining • Open pit mining will continue in 2026 to produce construction rock and in Q4, commence ore m
Slide 10: 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 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 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 13: Bulk Earthworks & Mining
Bulk Earthworks & Mining Majority of mining is performed with in -house expertise Mining the North Pit MRSA Water Collection Pond 13
Slide 14: Process Plant and Coarse Ore Stockpile Pad
Process Plant and Coarse Ore Stockpile Pad May 2026 – process plant building May 2026 – coarse ore stockpile reclaim and conveyor footings (right) 14
Slide 15: Process Plant - Interiors
Process Plant - Interiors April 2026 – Ball Mill mechanical installation April 2026 – Rougher flotation cells 15
Slide 16: Water Management Infrastructure
Water Management Infrastructure May 2026 – Water Treatment Plant May 2026 – LMRSA Diversion Channel 16
Slide 17: Volcano Creek Substation
Volcano Creek Substation April 2026 – structural steel for high voltage ring bus infrastructure 17
Slide 18: New Employee Camp Location
New Employee Camp Location April 2026 18
Slide 19: Significant Re-rate Ahead as Eskay Creek Achieves Production
Significant Re -rate Ahead as Eskay Creek Artemis Gold (1) Lundin Gold (1) 2026E production: 286k oz Au Achieves Production 2026E EBITDA: C$1.3 billion Market cap of C$8B 2026E production: 508k oz Au 2026E EBITDA : C $2.4 billion Market cap of C$23B (1) Skeena Gold & Silver Alamos Gold (1) INCREASED
Slide 20: Strong Shareholder Support
Strong Shareholder Support Research Coverage Shareholders Agentis Michael Gray Helikon Investments Ltd. 13.2% Insiders BMO Andrew Mikitchook Deutsche Balaton AG 8.8 % Retail/Public 2% CIBC Luke Bertozzi 25% TD Wayne Lam KGH Ltd. 5.2% Canaccord Jeremy Hoy Van Eck 3.9 % Desjardins Allison Carson Raymo
Slide 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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