Skeena Resources Limited · TSX:SKE
Skeena Resources — Investor Presentation (July 2025)
27 slides from Skeena Resources's investor presentation, July 2025
Slide 1: Building a World Leading Mine at Eskay Creek
By SKEENA Building a F World Leading Mine at Eskay Creek ; July 2025 Corporate Presentation TSX: SKE | NYSE: SKE
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 seourities legislation (collectively, “forwa
Slide 3: Eskay Creek is a Cashflow Focused Gold & Silver Mine
Eskay Creek is a Cashflow Focused Gold & Silver Mine Large-Scale High Gold Grade Low Operating Costs Figaueiitem US$538 AISC ( 5 5.5 gpt gold equivalentin per oz .CO- 5001010 (yell cue years +5; triple the global product) in years +54); ounces produced annually Open-pit average bottom of industry co
Slide 4: Eskay Creek milestones timeline
Bulk Technical Sample permits recieved Financing package secured for US$750M Increased mineral resource estimate Improved Definitive Feasibility Study Robust Feasibility study completed Randy Reichert appointed as CEO Upgraded pit constrained resource Positive prefeasibility study completed Acquired
Slide 5: Located in a World Leading Mining Jurisdiction
Located in a World Leading Mining Jurisdiction — The Golden Triangle in BC The Golden Triangle is recognized for its immense geological potential + Politically and socially stable area + Access to skilled local workforce & suppliers + 21% Indigenous people in our workforce in 2024 + Tahitan Nation i
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 4 + 60 km from Highway, accessible via service road + 253 km from Port of Stewart Forrest Kerr McLymont Creek Shay ee ‘Greek Power & water +
Slide 7: Project economics at spot pricing
1. Using simplified spot pricing assumptions of $3,350/oz Au & $38.00/oz Ag. All metals prices are in US dollars. Assumes an exchange rate of 1.36 USD:CAD. 2. Financial metrics shown do not include gold stream.
Slide 8: 2023 DFS project economics
1. Estimate from 2023 DFS, using base case pricing of $1,800/oz Au & $23/oz Ag 2. See non – IFRS measures disclosure in appendix
Slide 9: Gold grade comparison with peers
6.2 gpt 6.0 gpt 5.5 gpt 5.1 gpt 4.6 gpt 4.2 gpt 4.0 gpt 2.4 gpt 2.6 gpt 1.6 gpt 1.0 gpt 0.9 gpt 9
Slide 10: Sequential Funding in Place to Attain Production in 2027
Sequential Funding in Place to Attain Production in 2027 a Equity Investment: US$100 million Gold Stream: a” US$200 million a Senior Secured Loan: US$350 million $75 million closed on June 24, 2024 at meaningful premium to market Balance of $25 million to close later Drawn in 5 tranches: + Three tra
Slide 11: Gold equivalent reserves vs peers
9.0 8.0 7.0 6.0 4.6 million oz of gold equivalent metal 5.0 4.0 3.0 2.0 1.0 0.0 11
Slide 12: Annual production versus peers
8.0 7.0 6.8 6.0 5.5 5.2 5.0 4.5 3.9 4.0 3.63.5 3.43.4 3.1 3.0 2.8 2.62.5 2.42.42.32.3 2.12.12.02.0 1.91.91.81.8 2.0 1.71.71.71.61.61.61.6 1.61.61.51.51.51.51.51.51.51.51.4 1.41.31.31.31.31.31.31.3 1.31.21.21.21.21.11.11.11.1 1.01.01.01.00.90.9 1.0 0.0 12
Slide 13: Silver reserves and grade comparison
1. Screening criteria for silver reserve includes global active silver projects with a feasibility study released after Dec 31, 2021. Excludes mines. Source: S&P CapitaIQ 2. Screening criteria for grade includes global open pit primary gold and silver operating mines with known reserves. Eskay profi
Slide 14: P/NAV re-rating opportunity
P/NAV = 2.4x, market cap of C$16.6B : P/NAV = 0.5x, market cap of C$2.6B 2018 Current 14
Slide 15: Antimony and critical minerals
+ + + + 1. Antimony: The Most Important Mineral You Never Heard Of (forbes.com) 2. Highlighted zones show the distribution of the top decile of the critical mineral concentrations in the block model. Further work is required to determine the economic significance of these critical minerals. 3. China
Slide 16: Nearby Snip Project: High Grade Opportunity
Nearby Snip Project: High Grade Opportunity + Acquired from Barrick in 2017, located 40 km from Eskay + Snip represents an opportunity improve Eskay’s production profile in later years by trucking ore from Snip and processing it at Eskay’s centralized mill + Snip is a past-producing underground mine
Slide 17: Pit design opportunities
in current pit design presents opportunities to steepen pit walls & capture high grade resource + + + + + 17
Slide 18: Strong Shareholder Support
Strong Shareholder Support Research Coverage Shareholders Agentis Michael Gray Helikon Investments Ltd. 13.2% BMO Andrew Mikitchook il i Insiders Deutsche Balaton AG 9.5% CIBC Luke Bertozzi petal Bow rT 3% Canaccord Jeremy Hoy Orion Resource Partners 45% Clarus Securities Varun Arora Blackstone 45%
Slide 19: The Skeena Advantage
The Skeena Advantage World Class Incredible Globally Relevant Attract enralianen Gold Asset Financial Metrics Silver Component High Gold Grade Low operating costs Value split of : * P/ Ny f 5.5 gpt Aueq®? US$538 per oz 35% silver Gece 01) SPOL prices (2) 9 Pian, S< * ‘ Significant Reserve size AIS (
Slide 20: July 2025 skeenagoldsilver.com
July 2025 skeenagoldsilver.com Follow us on social:
Slide 21: Management team
Walter Coles Randy Reichert Andrew MacRitchie Nalaine Morin Justin Himmelright Paul Geddes Executive Chairman Chief Executive Officer Chief Financial Officer Senior VP, Environment & Senior VP, External Affairs Senior VP, Exploration & Social Affairs Resource Development Tim Sewell Kanako Motohashi
Slide 22: Global open-pit gold projects screening
+ + + + + + + 1. Screening criteria: global primary open-pit gold projects containing at least 1 Moz gold reserves with Feasibility Studies released after December 31st, 2021. Excludes producing mines. Source: S&P Capital IQ.
Slide 23: Exploration Success Drives Growth in Size & Confidence
Exploration Success Drives Growth in Size & Confidence Peer Leading Reserve Defi ion of 80% in Proven Category “2) Koz AuEq 4.6 gpt Au 4.0 gpt Au 3.6 gpt Au 20% _| a Probable 35% Probable Probable 65% 70% 80% Proven Proven Proven 2018 2019 2020 2021 2022 2023 Inferred M&l mReserves Grade (P&P Reserv
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 3.0 809 4a 27 727 37 Probable ng 18 404 23 or 163 0g Total Proven &
Slide 25: Mineral Reserves & Mineral Resource Estimates
Mineral Reserves & Mineral Resource Estimates ind (as of December 31, 2023) Tonnes Au Ag ‘AuEq Auoz Agoz ‘AuEq Oz (000) (gpt) (gpt) (gpt) (Koz) (Koz) (Koz) Mineral Resources Measured 834 53 142.6 7.3 142 3,830. 196 Indicated 988 44 55.7 49 131 1,768 156 Total Measured + Indicated Resources 1,821 Az
Slide 26: 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 representative samples of Eskay Creek material. + The focus of this work has been to simplify the process flowsheet and improve the q
Slide 27: Non-IFRS Measures
Non-lIFRS Measures Non-IFRS Measures This presentation refers to various nor-IFRS measures, such as “AISC", “total cash costs per ounce sold”, “average realized price per ounce sold” and “free cash flow’. These measures do not have a standardized meaning prescribed by IFRS as an indicator of perform