Slide 1: A World Class Mine
A WORLD ~ MINE JANUARY 2025 TSX:SKE | NYSE: SKE SKEENAGOLDSILVER.COM
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements and information contained or incorporated by reference in this presentation constitute “forwarcHooking information” and “forwarc-ooking statements" within the meaning of applicable Canadian and United States securities legislation (collectively, “forwarc
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 Large-Scale High Gold Grade Low Operating Costs in the Mining Industry Production ; 5.5 gpt gold equivalentin US$538 per oz AISC (co- ASO OTo10 cet eulivel tam years +5; tripl
Slide 4: The Next Major Development in BC's Prolific Golden Triangle
The Next Major Development = TAHLTAN TERRITORY @ Operations in BC’s Prolific Golden Triangle ‘Ria Slee Telegraph Creek + + The Golden Triangle is Politically and socially stable area recognized for its immense Access to skilled local workforce & suppliers geological potential Teck Schaft Creek Tahlt
Slide 5: Continuing the Legacy at Eskay Creek
Continuing the Legacy at Eskay Creek Eskay was the highest-grade gold mine in the world when operated by Barrick Historical production from 1994-2008 Skeena Advances Eskay up the Value Chain Gold Silver rey face ees 160 Mined grade 45 2,224 (gpt) Historical cutotterades < 3 (0) <1 5 (gpt AuEq) pso"
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 McLymont Creek 9 Tom Mackay tailings facility VE | |
Slide 7: Exceptional Economics Drive Cashflow & Fast Payback
Exceptional Economics Drive Cashflow & Fast Payback Payback (Years) mNPV(5%) $C $1,600 Au $21 Ag e IRR $1,800 Au $23 Ag $2,750 Au $30 Ag $3,000 Au $36 Ag _ . 2023 DFS Spot Upside RCo OnE Financial Metrics $1800Au $2,750 Au $3,000 Au $23 Ag $30 Ag $36 Ag Revenue (C$ millions) $938 $1,410 $1,585 Cost
Slide 8: 2023 Definitive Feasibility Summary
2023 Definitive Feasibility Summary Select Operating Metrics LOM Annual Ore Mined (Mt) 4.25 Strip ratio 7.981 Life of Mine (Years) 12 Throughput (Mtpa) 3.0 Average gold grade (gpt) 26 Average silver grade (gpt) 69 Average Gold Recovery (%) 83% Average Silver Recovery (%) 91% Gold Production (oz) 228
Slide 9: Front Loaded Production Profile Driven by Grade
Front Loaded Production Profile Driven by Grade 450,0000z Opportunities to backfill production profile productions gold : juivalent 0 count with satellite deposits in the area -! .2 ep 6.0 gpt 700 Core: 600 5.5 gpt gold ent Elevated gold equivalent 40 gpt grade in years +5 500 400 spt US$424/oz AuEq
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) 4.6 Moz gold equivalent Eskay’s P&P reserve size is in the top 15% of projects worldwide “) Measured & Indicated Resource (?) 5.6 Moz gold equivalent Salares Norte (Goldfields) 6.8 Eskay Cree
Slide 11: Eskay is a Globally Relevant Silver Mine
Eskay is a Globally Relevant Silver Mine Proven & Probable silver reserves “ Top global primary silver production ® 88 million ounces silver Eskay’s P&P silver reserve size is in the top decile of silver projects worldwide Eskay’s silver grade is in the top 20% of open-pit precious metals mines glob
Slide 12: Landmark Financing Package for US$750 million
Landmark Financing Package for US$750 million + Equivalent to over C$1 billion; comprised of equity, a gold stream, a Available Capital for Development is US$732 million senior secured loan and a cost overrun facility + Total commitment is substantially more than the estimated initial capital of C$7
Slide 13: Fully Funded to Unlock Value
Fully Funded to Unlock Value 7] Equity Investment: US$100 million m_ Gold Stream: Ly * 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 at later date Upon completion of the remaining equity invest
Slide 14: Significant Re-rate Potential: Attractive Valuation
Significant Re-rate Potential: Attractive Valuation Increased Value Concept 2018 Pre-Discovery a na Lundin Gold Osisko Mining Acquisition ® 2023 production of 481k oz Au Targeted production 306k oz Au/year P/NAV =1.3x, market ¢ap of C$8.4B P/NAV = 1.0x, acquisition price is C$2.5B Artemis Gold : sar
Slide 15: Substantial Silver Reserves will Propel Re-rating Potential
Substantial Silver Reserves will Propel Re-rating Potential Silver Reserves Per Share (oz/share) P/NAV Silver (x)? Eskay Reserve Metal Mix Pan American Skeena Gatos Coeur Fresnillo Mag Silver Aya Hecla SilverCorp SilverCrest First Majestic Endeavour Silver Gatos SilverCrest First Majestic Silver Med
Slide 16: Antimony: The Most Important Mineral You Never Heard Of
+ + + + 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 17: Nearby Snip Project: High Grade Opportunity
Nearby Snip Project: High Grade Opportunity \~ r i 1 Fe ii + 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 u
Slide 18: Exploration Upside Remains as Focus Shifts to Development
Exploration Upside Remains as Focus Shifts to Development MAIN PIT SOUTH PIT Conservative angle . in current pit design presents opportunities to steepen pit walls - - & capture high grade resource Eskay Deeps Vertical Longitudinal Section Looking Grid East 2022 Eskay Deeps (SK-22-1081) 3.79 gpt Au,
Slide 19: Significant Valuation Upside Beyond the 2023 DFS
Significant Valuation Upside Beyond the 2023 DFS Numerous items are not currently included in the project economics for Eskay Creek, as outlined in the 2023 Definitive Feasibility Study. These items represent opportunities for valuation increases and are currently being evaluated for incorporation i
Slide 20: Corporate Profile — Strong Institutional Backing
Insiders 2% Retail/Public 28% Institutions 70% 2) Deutsche Balaton AG BlackRock Orion Resource Partners Selwyn Lower Holdings L.P. Van Eck Tidal Investments (SILJ) Franklin Ri urc T. Rowe Price Helikon Investments Ltd. Cl Global Asset Management Corporate Profile — Strong Institutional Backing Capit
Slide 21: es.com
es.com January 2025 skeenagoldsilver.com Follow us on social:
Slide 22: Skeena - Leadership Team
Skeena - Leadership Team Walter Coles Randy Reichert Andrew MacRitchie Paul Geddes Justin Himmelright Scott Fulton Executive Chairman Chief Executive Officer Chief Financial Officer Senior VP, Exploration & Senior VP, External Affairs VP, Construction & Resource Development Engineering Adrian Newton
Slide 23: Screening criteria: global primary open-pit gold projects
+ + + + + + + 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 24: 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) 5,000 4.6gptAu 4.0 gpt Au 3.6 gpt Au 4,000 20% _| Probable 30% 3,000 35% Probable Probable o 2,000 65% 70% 80% iS Proven Proven Proven 3 x< 1,000 : $26/oz 200K ‘ost of discovery per ‘ 2
Slide 25: 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 26: 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 27: 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 28: 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