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Skeena Resources (SKE) · 37 slides · Filed Oct 29, 2026
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Slide 1 — Mine in Canada
TSX: SKE | NYSE: SKE Corporate Presentation October 2026 www.skeenagoldsilver.com Developing the Next Tier 1 Gold & Silver Mine in Canada
Slide 2 — Forward
2 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, “forward-looking statements”) . These forward -looking statements relate to future events or our future performance . The use of words such as “anticipates”, “believes”, “proposes”, “contemplates”, “generates”, “targets”, “is projected”, “is planned”, “considers”, “estimates”, “expects”, “is expected”, “potential” and similar expressions, or statements that certain actions, events or results “may”, “might”, “will”, “could”, or “would” be taken, achieved, or occur, may identify forward -looking statements . All statements other than statements of historical fact are forward -looking statements . Specific forward-looking statements contained herein include, but are not limited to, statements relating to the intended use of proceeds from the offering of the Notes, project development plans, the achievement of commercial production in 2027 , the improvement of future margins and lowering of costs, and future performance . Such forward-looking statements represent our management’s expectations, estimates and projections regarding future events or circumstances on the date the statements are made, and are necessarily based on several estimates and assumptions that, while considered reasonable by us as of the date hereof, are not guarantees of future performance . Actual events and results may differ materially from those described herein, and are subject to significant operational, business, economic, and regulatory risks and uncertainties . The risks and uncertainties that may affect the forward -looking statements in this presentation include, among others, risks and uncertainties relating to: general economic conditions and credit availability ; actual results of current exploration activities ; unanticipated reclamation expenses ; changes in project parameters as plans continue to be refined ; changes in project parameters as plans continue to be refined ; fluctuations in prices of metals ; fluctuations in foreign currency exchange rates ; increases in market prices of mining consumables ; possible variations in mineral reserves, grade or recovery rates ; failure of plant, equipment or processes to operate as anticipated ; accidents, labor disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry ; negotiation of agreements necessary to interconnect infrastructure for mining operations, including delays in reaching an agreement or costs associated with alternatives ; expectations regarding the continued validity of the Project’s permits and environmental assessment certificate, as well as potential outcomes of any related current or future legal challenges ; changes in national and local government regulation of mining operations, tax rules and regulations and political and economic developments in the countries in which we operate ; actual resolutions of legal and tax matters ; the lack of an established trading market for any securities other than for our common shares ; new diseases and epidemics ; conflicts in Europe and the Middle East ; the geopolitical risks associated with contracting into regions or countries that are potential concentrate customers, including China ; negative operating cash flow; circumstances that may result in a change of our use of proceeds from the Notes offering from our presently intended use ; loss of investment ; smelter terms being market dependent and less favorable in the future, negatively affecting project economics ; the possible future restriction of export of certain minerals (especially critical minerals) to other jurisdictions, limiting the choice of smelters available to process our material ; securities class action litigation ; publication of inaccurate or unfavorable research about our business ; the difficulty in enforcing U.S . judgments against us; risks relating to the Notes ; and a lack of an active trading market for the Notes, and other risk factors identified in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2025 , the Company’s Annual Information Form dated March 24, 2026 , and in the Company’s other periodic filings with securities and regulatory authorities in Canada and the United States that are available on SEDAR+ at www.sedarplus .ca or on EDGAR at www.sec .gov. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward -looking statements, there may be other factors that cause results to not be as anticipated, estimated or intended . There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward -looking statements . Accordingly, readers should not place undue reliance on such forward -looking statements . Readers should not place undue reliance on such forward -looking statements . Any forward -looking statement speaks only as of the date on which it is made and the Company does not undertake any obligations to update and/or revise any forward -looking statements except as required by applicable securities laws .
Slide 3 — at Eskay Creek
3 Production (million oz) 3.3 45 <30 2,224 <15 160 Mined grade (gpt) Historical production from 1994 -2008 DSO (1) Historical cut -off grades (gpt AuEq ) Mill cut off 1. DSO stands for Direct shipping of ore for extremely high -grade material Continuing the Legacy at Eskay Creek Eskay Creek is an iconic and legendary mine as it was the highest -grade gold mine in the world when operated by Barrick
Slide 4 — Eskay Creek: A Rare Tier 1 Gold & Silver
4 Eskay Creek: A Rare Tier 1 Gold & Silver Opportunity 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. Major Construction Underway On schedule for initial production in Q2 2027; Project over 75% complete as of September 30, 2026 Large -Scale Gold & Silver Production 450,000 AuEq oz produced annually in years 1 -5 & 370,000 AuEq oz produced annually in years 1 -10(1) High Open Pit Gold Grade 5.5 gpt AuEq in years 1 -5 & 4.2 gpt AuEq in years 1 -10(1) Low Operating Costs US$687 per oz AISC (1,2,3) (co-product) LOM ; bottom of industry cost curve Mine Plan Optimization Underway Updated 43 -101 is expected in Q1 2027 to incorporate pit wall steepening & Snip into mine plan 3. AISC estimates from the 2023 DFS do not include the following subsequent events : the addition of the remaining gold stream encumbra nce on the project following the 2/3 buy back, additional royalties acquired after the 2023 DFS, and changes to the project capital cost followi ng the revised estimate announced on March 31, 2026, amongst other company developments since the 2023 DFS .
Slide 5 — Permitting, Financing, & Cost
5 Updated 2026 capital cost estimate to US$659 million, from the 2023 DFS estimate of US$560 million. Changes in capital cost include: • Design modifications to improve operability of the process plant • Stronger water discharge standards necessitated increases in water management facilities • General cost escalation & inflation • Updated pricing and scope refinement for high voltage electrical infrastructure • Additional procurement and costs associated with the IBA and the incorporation of Tahltan values 2026: A Year of Execution – Permitting, Financing, & Cost Certainty Secured ✓ Tahltan Section 7 Consent following the ratification of the Impact Benefit Agreement ✓ Environmental Assessment Certificate from the B.C. Ministry of Mining & Critical Minerals ✓ Major Mines & Environmental Management Act Permits & Federal Assessment ✓ Completed a US$750 million Senior Secured Notes offering, maturing in 2031, with the proceeds of the Notes used to: • Repurchase 66.67% of gold stream to restore exposure to gold prices and future production • Replace former undrawn Senior Secured Loan and Cost Overrun Facility to lower cost of capital and improve financial flexibility • Prefund interest on the notes for 18 months Completed Rigorous Permitting Process for Eskay Creek Enhanced Project Cost Certainty Ahead of Production Completed Comprehensive Refinancing Strategy to Optimize Capital Structure Q2 2026 Q1 2026 Q2 2026
Slide 6 — Infrastructure
6 COAST MOUNTAIN HYDRO FACILITY Access & transport + Connected via Highway 37 for all -weather access + 60 km from Highway, accessible via service road + 253 km from Port of Stewart Power & water + Nearby low -cost, clean hydropower, 17 km away + Long -term power rate of $0.06/kWh + Permitted tailings facility with ample capacity AUXILIARY BUILDINGS ALL -WEATHER ACCESS ROAD TOM MACKAY TAILINGS FACILITY HYDRO ELECTRIC FACILITY Existing Infrastructure Provides Substantial Cost Savings TAHLTAN TERRITORY NORTHWEST TRANSMISSION CORRIDOR Operations Projects KSM Seabridge BRUCEJACK Newmont SCHAFT CREEK Teck GALORE CREEK Teck RED CHRIS Newmont SADDLE Newmont ESKAY CREEK Skeena SNIP Skeena
Slide 7 — Exceptional Economics
7 Exceptional Economics Drives Robust Cash Flow & Fast Payback Annual Financial Metrics (Years 1 -10) at Spot Prices ($ CAD ) $1.0 Billion Annual after -tax free cash flow (1) $ 1.8 Billion Annual revenue (1) $10.5 Billion LOM after -tax free cash flow – cumulative (1) $1.6 Billion Annual EBITDA (1) $2.0 Bil NPV $6.8 Bil NPV $14.1 Bil NPV 43% 91% 138% 0% 20% 40% 60% 80% 100% 120% 140% $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $1,800 Au $23 Ag $4,000 Au $54 Ag $6,000 Au $150 Ag NPV(5%) $CAD IRR SPOT PRICE (1) Payback Period (2) 1.2 years < 8 months < 7 months 1. Financial estimates from the 2023 DFS do not include the following subsequent events : the addition of the remaining gold st ream encumbrance on the project following the 2/3 buy back, additional royalties acquired after the 2023 DFS, and changes to the project capital cost following the revised estimate announced on March 31, 2026, amongst other company developments since the 2023 DFS . 2. Amounts are rounded. Payback is calculated at nameplate capacity and excludes ramp -up. Assuming ~50% average production during r amp-up, total payback is estimated at ~8 months inclusive at spot price NPV.
Slide 8 — Production Profile
8 0 100 200 300 400 500 600 700 800 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Gold ounces Silver ounces (AuEq) 6.2 gpt 4.6 gpt 5.5 gpt 5.1 gpt 6.0 gpt 4.2 gpt 2.4 gpt 4.0 gpt 2.6 gpt 1.6 gpt 1.0 gpt 0.9 gpt 450,000oz Elevated annual gold equivalent production in years 1 -5 5.5 gpt AuEq Elevated gold equivalent grade in years 1 -5 Processed Grade ( AuEq ) Opportunities to backfill production profile with satellite deposits in the area US$568/ oz AuEq Cash cost (co -product) (1,2) life of mine US$687/ oz AuEq All in sustaining cost (co product) (1,2) life of mine 1. Estimate from 2023 DFS, using base case pricing of $1,800/oz Au & $23/oz Ag. Financial estimates from the 2023 DFS do not include the following subsequent events : the addition of the remaining gold strea m encumbrance on the project following the 2/3 buy back, additional royalties acquired after the 2023 DFS, and changes to the project capital cost followi ng the revised estimate announced on March 31, 2026, amongst other company developments since the 2023 DFS . 2. See non – IFRS measures disclosure in appendix Front Loaded Production Profile Driven by Grade 2023 DFS Estimates
Slide 9 — Accretive Refinancing
9 Accretive Refinancing Strategy Optimizes Capital Structure Issuer: Skeena Gold + Silver Issue: Senior Secured Notes Amount: US$750 million Term: 5-year term, maturing in 2031 Interest rate: 8.5% , paid semi -annually Disbursement agreement: Proceeds have been allocated as follows: US$184 million for the buyback of the Gold Stream, US$94 million deposited into an Interest Reserve Account covering 18 months of interest; and the remainder was placed into a cash disbursement account for the development of Eskay Creek and corporate general purposes, net of fees. Covenants: Light – usual & customary high yield -based covenants; no hedging; and no forward sales Skeena has refinanced its former Senior Secured Loan (1) and Cost Over -Run Facility (1) and bought back 66.7% of the Gold Stream (1) with a new 5 - year US$750M Senior Secured Notes offering. “ At Skeena, we continue to redefine what's possible in the mining industry. As the first pre - revenue -generating company to issue a public high -yield bond, we’ve demonstrated the market’s confidence in the exceptional future cash -flow profile of Eskay Creek.” Walter Coles, Executive Chairman Lower cost of capital: Lower interest rate compared to prior facility Financial flexibility & strategic optionality: Removal of tranches provide greater flexibility to move through construction Increased Exposure to: Gold prices and production at Eskay Creek . 1. Full details regarding the former Project financing package can be viewed in the Company News Release dated June 25, 2024 .
Slide 10 — Eskay Creek is a High
10 Eskay Creek is a High -Quality Gold Asset in a Tier 1 Jurisdiction 1. Source: S&P Capital IQ, BMO Capital Markets, and company public disclosures. Open Pit Mines in Canada & USA 28.1 Mt 21.9 Mt 4.1 Mt 3.0 Mt 13.1 Mt 16.0 Mt 2.4 Mt 3.5 Mt 4.1 Mt 6.0 Mt 9.9 Mt 9.9 Mt 3.8 Mt Mill Capacity (Mtpa) 715 590 485 450 415 410 390 320 310 278 263 253 248 $- $500 $1,000 $1,500 $2,000 $2,500 0 100 200 300 400 500 600 700 800 Detour Lake Canadian Malartic Meadowbank Eskay Creek (Y1- Y5) Côté Fort Knox Meliadine Eskay Creek (LOM) Magino/Island Blackwater Greenstone Rainy River Haile 2026E AISC ($US/oz) 2026E Production (Koz AuEq)
Slide 11 — 5.5
11 1.8 1.8 1.8 1.8 1.9 1.9 1.9 2.0 2.0 2.0 2.1 2.1 2.1 2.1 2.1 2.2 2.3 2.4 2.4 2.4 2.4 2.5 2.5 3.0 3.1 3.4 3.6 5.1 5.3 5.4 5.5 7.0 Tanda-Iguela (Endeavour Mining) Canadian Malartic (Agnico Eagle) Simberi (St Barbara) Fekola (B2Gold) Oko West (G-Mining) Haile (Oceana) Geita (Anglogold) Sabodala (Endeavour Mining) Longnan Zijin (Zijin) Nevada Operations (Barrick/Newmont) Mansourah (Maaden) Martabe (Agincourt) Sukhoi Log (Polyus) Pueblo Viejo (Barrick/Newmont) St Ives (Gold Fields) Sanbrado (West African Res.) Ahafo North (Newmont) Aurora (Zijin) North Mara (Barrick) Porgera (Barrick/Zijin) Lihir (Newmont) Olimpiada (Polyus) Muruntau (NGMK) Kibali (Barrick) Loulo (Barrick) Veduga (Solidcore) Eskay Creek Kyzyl (Solidcore) Meliadine (Agnico Eagle) Salares Norte (Gold Fields) Eskay Creek (Y1-5) Kekura (Highland Gold) 1. Screening criteria for reserves includes global primary open pit active gold mines & projects with a Feasibility Study rel eas ed after December 31, 2021 with known P&P reserves. Eskay is shown as a gold equivalent against the comparables - Source: S&P CapitaIQ . 2. Resources are inclusive of Reserves 3. Screening criteria for grade chart includes global open pit primary gold mines and projects with more than 2.0 Moz gold in Re serves. Eskay is shown as a gold equivalent against the comparables - Source: S&P CapitaIQ PROVEN & PROBABLE GOLD RESERVES Top global open -pit gold mines by grade ( gpt ) (3) Eskay is one of the highest -grade open pit gold mines in the world (2) More than triple the global average of 1.5 gpt gold in years 1 -5 Eskay’s P&P reserve size is in the top 15% of open -pit projects worldwide (1) MEASURED & INDICATED RESOURCE (2) Moz gold equivalent 4.6 Moz gold equivalent 5.5 World Class Gold Grade & Scale
Slide 12 — 68.7
12 1.1 1.2 1.4 1.4 1.5 1.8 2.5 2.8 2.9 3.0 3.3 3.9 4.5 4.8 5.0 5.1 5.3 5.4 5.9 6.0 6.1 6.5 7.6 7.7 8.3 8.7 9.5 9.6 9.8 10.3 10.3 11.1 13.8 Avino (Avino) Cosala (Americas Gold and Silver) Julcani (Buenaventutra) Santa Elena (First Majestic) Galena Complex (Americas Gold and Silver) San Jose (Hochschild's 51% stake) Los Gatos (Dowa Metals' 30% stake) La Encantada (First Majestic) San Vicente (Pan American's 95% stake) Keno Hill (Hecla) Huaron (Pan American) Guanacevi (Endeavour Silver) San Bartolome (Andean) Zgounder (Aya) Ying (Silvercorp's 77.5% stake) Las Chispas (Coeur) Lucky Friday (Hecla) San Dimas (First Majestic) Los Gatos (First Majestic's 70% stake) La Colorada (Pan American) Rochester (Coeur) Palmarejo Complex (Coeur) Juanicipio (Pan American's 44% stake) Eskay Creek (Y1 - 10) San Julian (Fresnillo) Greens Creek (Hecla) Eskay Creek (Y1 - 5) Juanicipio (Fresnillo's 56% stake) Pirquitas (SSR Mining) Fresnillo (Fresnillo) Cannington (South 32) Uchucchacua (Buenaventura) Saucito (Fresnillo) Positioned in the top quartile of primary silver producers (2) Eskay Creek will be Canada’s Largest Silver Mine Eskay will produce an average of 9.5 Moz of silver during years 1 – 5 million ounces silver 88 gpt silver 68.7 PROVEN & PROBABLE SILVER RESERVES (1) ESKAY ’S SILVER GRADE IS IN THE TOP 25% OF OPEN -PIT PRECIOUS METALS MINES GLOBALLY (1) Eskay’s P&P silver reserve size is in the top decile of silver projects worldwide (1) Top global primary silver production (2) 1. Screening criteria for silver reserve size and grade includes global active mines and projects with a known silver reserve. S ource: S&P CapitaIQ 2. Data set represents top primary silver mines; calculated as silver’s contribution to 2025 consolidated production for each mi ne, Source: S&P Capital IQ and public disclosure
Slide 13 — Project
13 MINING Initial Fleet Mobilized Ore Mining Commences Pre -stripping Commences H1 - 25 H2 - 25 H1 - 26 H2 - 26 H1 - 27 H2 -27 TAILINGS DAM & WATER MANAGEMENT Initial Tie ins PERMANENT POWER Permanent Power Complete Project Execution Schedule First Ore Processed PROCESS PLANT Engineering Procurement Construction Commissioning Ramp -Up Long Leads Released for Fabrication Completed Foundation 92 % Complete (detailed) Enclosed Building Commercial Production CP FP NON -PROCESS INFRASTRUCTURE Phase 1 Camp Camp Complete
Slide 14 — Complete
14 Progress Substantially Advanced; Over 75% Complete Overall Project Progress is over 75% complete & procurement is +90% as of September 30, 2026 Bulk earthworks & mining • Moved over 5 million tonnes of material, primarily waste rock used for road, pad, and foundation construction. • Ore stockpiling is expected to begin in October, with a substantive inventory targeted ahead of mill start -up. Waste & water management • Advanced water management infrastructure, including ponds, diversions, and completion of the Stage 2 water treatment plants. • On track to complete final haul road widening to the TMSF, finish the starter dam, and prepare for sub -aqueous PAG and tailings disposal by year-end. Process plant & ore handling • The majority of major milling equipment is in place inside the process plant, with Q4 efforts focused on mechanical, piping, electrical, instrumentation, crushing, and conveying installations ahead of commissioning in 2027. High voltage electrical infrastructure • Power infrastructure has progressed, with poles and power lines installed to the employee camp ahead of its completion in early Q3. • Expected to complete the Volcano Creek substation, 69 kV transmission line to site, and Eskay Creek substation by year -end. Workforce & Employee camp • The new employee camp is a state -of-the-art facility that supports the attraction and retention of top talent and is being commissioned with 385 permanent beds. As of August 31, 2026.
Slide 15 — Preparing for Operations
15 Preparing for Operations – A Seamless Transition • To assist with the processing ramp -up, RC drilling samples are being collected over the first 2 million tonnes of ore. • Lab metallurgical (flotation) testing will be done for each ore lithology and zone, along with blended samples to get a better understanding of metallurgy in the first 9 to 12 months of operations to better understand reagent schemes and sensitivities. • Operating and Maintenance plans are being developed well ahead of start up. • Ausenco to lead dry commissioning in January; Skeena to lead wet commissioning shortly after • Fleet management system with high - precision GPS and site -wide Wi -Fi enables more selective mining, reducing dilution, ore loss and rework. • The system directs excavator digital dig lines and informs each truck based on material grade and destination, with ~20 cm positioning accuracy. • Installing the system ahead of commissioning enables precise machine positioning and mine control from day one, supporting a faster ramp-up to planned mining limits. • Skeena started mining with its own crews in summer 2024. Summer 2026 mining has advanced to selective flitch mining. • Ore stockpiling begins in October, targeting a minimum of 250kt ahead of mill start up. • Mine management and supervision along with operators are now in place. Training of new operators will be ongoing as the mine daily tonnage increases. • Key operating positions secured well in advance, including General Manager, Mine Manager, Mill Manager, Commissioning Manager, Chief Met, Mobile Maintenance Manager, and Plant Maintenance Manager. • Enhancing Health & Safety team • Fulsome site administration is being put into place. • New employee camp is commissioned, providing a modern facility to support workforce attraction and retention. People & Organization Mining Readiness High Precision GPS Machine Guidance Processing Readiness
Slide 16 — Building in Background
16 Mining Activities with Mill Building in Background September 2026
Slide 17 — Conveyor Installation
17 Crusher & Conveyor Installation September 2026 – primary crusher to coarse ore stockpile conveyor September 2026 – primary crusher installation
Slide 18 — Reclaim Tunnel
18 Coarse Ore Stockpile Reclaim Tunnel July 2026 – pre-backfill September 2026 –backfilled and concrete formwork for geodesic dome cover
Slide 19 — SAG Mill & Ball Mill
19 Process Plant - SAG Mill & Ball Mill September 2026 – Ball mill June 2026 – SAG mill
Slide 20 — Process Plant
20 Mechanical Installation – Process Plant July 2026 – Isamills (tertiary and concentrate regrind) September 2026 – rougher flotation cells
Slide 21 — Process Plant
21 Mechanical Installation – Process Plant August 2026 – mill interior September 2026 – concentrate dryer belt feeder
Slide 22 — Plant
22 Water Treatment Plant August 2026
Slide 23 — Substation
23 Volcano Creek Substation June 2026 – transformer in place
Slide 24 — Camp
24 New Employee Camp August 2026
Slide 25 — Camp Interiors
25 New Employee Camp Interiors August 2026 – camp kitchen August 2026 – camp room
Slide 26 — Ahead as Eskay Creek
26 INCREASED VALUE CONCEPT DISCOVERY FEASIBILITY DEVELOPMENT & PERMITTING PRODUCTION TSX :SKE 2018 CURRENT RAMP -UP Significant Re -rate Ahead as Eskay Creek Achieves Production FINANCING SKEENA’S RE -RATE POTENTIAL AS ESKAY CREEK ADVANCES TO FULL PRODUCTION 1. Gold equivalent production estimate for Skeena is from the 2023 DFS model using base case pricing of $1,800/oz Au & $23/oz Ag. Gold equivalent production estimates for peers utilize BMO 2028 consensus pric ing of $4,800/oz Au and $63.59/oz Ag. Source: BMO GoldPages. Market capitalizations are accurate as of October 23, 2026. Skeena Gold & Silver (1) 2028 Prod : 504k oz AuEq Mkt cap: C$5B 2028 Prod : 460k oz AuEq Mkt cap: C$9B Montage Gold (1) 2028 Prod : 330 k oz AuEq Mkt cap: C$6B Artemis Gold (1) 2028 Prod : 502k oz AuEq Mkt cap: C$ 21B Lundin Gold (1) G Mining Ventures (1) 2028 Prod : 536k oz AuEq Mkt cap: C$ 13B
Slide 27 — Significant Revaluation Potential with Cash Flow Inflection
27 Significant Revaluation Potential with Cash Flow Inflection 3.1x 5.8 x 6.0x 7.5x 7.8x 7.8x 7.9x 9.3x 10.8x 11.1x 15.7x SKE (2028E) ELD IAG EQX AGI KNT SSRM Peer average CG DPM LUG P/CF - 2027E at Spot Prices (1) 1. Source: S&P Capital IQ and street research. FCF/share data uses spot price assumption of $4,634/oz Au and $70/oz Ag . Peer averages for both FCF/share and P/CF metrics include other producing companies not represented on the chart. FCF per share number for Skeena is calculated internally based on the 2023 DFS and does not include the following subsequent events : the addition of the remaining gold stream encumbrance on the pr oject following the 2/3 buy back, additional royalties acquired after the 2023 DFS & the impact of the principal & interest payments on the US$750 million Senior Secured notes that were completed on April 10, 2 026, and changes to the project capital cost following the revised estimate announced on March 31, 2026, amongst other company developments since the 2023 DFS . $0.23 $1.10 $1.34 $2.79 $3.22 $3.52 $4.57 $4.60 $6.01 $6.45 $8.73 CG EQX AGI Peer average IAG DPM KNT LUG SSRM ELD SKE (Y1-5) 2027E FCF per share ($US) Skeena is expected to be a leading free cash flow per share investment opportunity Skeena offers industry leading FCF per share potential, while trading at one of the more discounted P/CF multiples. Implied Valuation: Skeena is trading at 3.1x P/CF and a 32% FCF Yield, against a 9% peer group average, on its first full year of stabilized operations in 2028. +200% upside to peer -average valuation, despite 2x peer -average FCF/share
Slide 28 — in Peer Companies
28 Re -Ratings Through the Developer -to-Producer Transition (3) “Skeena is next in line” Successful Re -rates in Peer Companies Skeena (2023 DFS) Artemis (2028E) G Mining (2028E) Market Cap C$5B C$9B C$12B Jurisdiction Canada Canada S. America 2028E Production (oz) (1) 504,000 460,000 536,000 AISC ($US/oz) (1) (2) $687 LOM $962 $985 2028 FCF (US) (1) (2) $1.0B $420M $1.3B Pathway to +500,000 oz Q2 2027 Q4 2028 Q4 2027 Skeena shares offer 2 -3X more upside as compared to peer valuations, despite comparable FCF generation, as Eskay Creek comes online in Q2 2027 ARTG receives final permit ARTG begins processing ore SKE secures project financing GMIN declares commercial production at TZ GMIN acquires Oko West SKE receives final permits for Eskay ARTG declares commercial production GMIN secures final permit for Oko West GDX – 286% (benchmark) Skeena - 607% (2X) ARTG - 960% (3X) GMIN - 1,351% (+4X) 1. Data sourced from BMO Capital Markets GoldPages and company disclosures. Free cash flow metrics utilize spot prices of $4,609/oz Au and $68.97/oz Ag. AISC and production estimat es for Skeena utilize 2023 DFS base case pricing of $1,800/oz Au and $23/oz Ag. AISC metric for Skeena is based on the 2023 DFS and does not include the following subsequent events: the addition of the remaining gold s tream encumbrance on the project following the 2/3 buy back, additional royalties acquired after the 2023 DFS and changes to the project capital cost following the revised estimate annou nce d on March 31, 2026, amongst other company developments since the 2023 DFS. 2. Chart data period is from July 5, 2022, to August 24, 2026
Slide 29 — Opportunity:
29 Underground Resource Reported in Veins Contained Within Long Hole Stope Optimized Shapes Tonnes (000s) Gold Grade (gpt) Contained Gold Ounces (000s) Indicated 2,739 9.35 823 Inferred 499 7.10 114 2023 Mineral Resource Estimate (1) + 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 processing it at Eskay’s centralized mill + Snip is a past -producing underground mine with historical production of 1.1Moz @ 27.5 gpt Au between 1991 -1999 + A total of 355,000 m of drill data exists, with historical data comprising 280,000 m 1. See news release dated September 5, 2023 Nearby High Grade Opportunity: Snip
Slide 30 — Growth
30 Conservative angle opportunities to steepen pit walls & capture high grade resource Eskay Deeps Vertical Longitudinal Section Looking Grid East MAIN PIT SOUTH PIT 1. See news release dated November 1, 2022 for Eskay Deeps details 2022 Eskay Deeps (SK -22 -1081) (1) + 3.79 gpt Au, 59.4 gpt Ag over 32.19 metres + 850 metres from surface + Footwall hosted mineralization + 650 metre extension beyond northern extension + Potential down -dip extension of the Eskay Rift Cash Flow Will Accelerate Exploration Growth
Slide 31 — & Shareholder Alignment
31 Exceptional Capital Markets Support & Shareholder Alignment TSX:SKE NYSE:SKE Common shares outstanding 125 million Fully diluted shares outstanding 132 million Research Coverage Capitalization 1. Institutional holdings as of most recently reported date. Data from S&P CapitalIQ . Insiders 4% Institutions ~78% (1) Retail/Public 18% Shareholders Agentis Michael Gray BMO Andrew Mikitchook CIBC Luke Bertozzi TD Wayne Lam Canaccord Jeremy Hoy Desjardins Allison Carson Raymond James In transition RBC Harrison Reynolds Scotiabank In transition UBS Daniel Major Helikon Investments Ltd. 13.4% Deutsche Balaton AG 8.7% Van Eck 7.2% KGH Ltd. 5.1% Vanguard Group 3.0% Millennium Management 2.6% Fidelity 2.5% Orion Resource Partners 2.2% Franklin Templeton 2.0% T. Rowe Price 1.8% Sprott 1.4%
Slide 32 — for
TSX: SKE | NYSE: SKE www.skeenagoldsilver.com Connect with Investor Relations for More Insights Follow us on social: [email protected]
Slide 33 — Leadership
33 Walter Coles Executive Chairman A BC Leadership Team Randy Reichert Chief Executive Officer Andrew MacRitchie Chief Financial Officer Nalaine Morin SVP, Environment & Social Affairs Andrew Osterloh VP, Project Engineering & Construction Kanako Motohashi VP, People & Culture Kyle Foster VP, Operations Galina Meleger VP, Investor Relations Deep development expertise with the correct management team in place Ryan Maloney VP, Corporate Development Sébastien Fortin SVP, Operations
Slide 34 — Delivering on Commitments in our
34 Improved Definitive Feasibility Study Secured project financing commitment from Orion for US$750M Received Bulk Technical Sample permit Advanced environmental assessment application and public engagement sessions Initiated early works program Successfully ratified IBA vote with Tahltan Central Government Skeena’s Track Record of Delivering on Commitments in our Journey to Production Advanced initial Tahltan engagement Optioned Snip from Barrick Optioned Eskay Creek from Barrick Acquired 100% of Snip from Barrick Prepared maiden underground resource at Eskay Creek Upgraded resource at Eskay Creek Released PEA for open pit mine Acquired 100% of Eskay Creek from Barrick Completed Prefeasibility study Returned Spectrum claim to BC Completed Feasibility Study Announced maiden resource at Snip Received all permits for construction Full scale construction Publish updated NI 43-101 in Q1 2027 to incorporate Snip & pit walls optimization to improve mine plan Q2- 2027 – initial production Q3 2027 – commercial production 2016 -2018 2019 -2022 2023 -2025 2026 -2027
Slide 35 — Mineral Reserves & Mineral Resource Estimates
35 Eskay Creek Resources & Reserves – Pit -constrained (as of December 31, 2023) Tonnes (Mt) Au (gpt) Ag (gpt) AuEq (gpt ) Au oz (Moz) Ag oz (Moz) AuEq Oz (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 Total Proven & Probable Reserves 39.8 2.6 68.7 3.6 3.3 88.0 4.6 Mineral Resources Measured 27.8 3.3 87.9 4.6 3.0 78.6 4.1 Indicated 22.3 1.6 32.0 2.1 1.1 22.9 1.5 Total Measured & Indicated Resources 50.1 2.6 63.0 3.4 4.1 101.4 5.5 Inferred Resources 0.65 1.5 32.4 1.9 0.03 0.7 0.04 Notes for Reserves: 1. Mineral Resources are reported at the point of delivery to the process plant, using the 2014 CIM Definition Standards, with a n effective date of November 14, 2023. The Qualified Person for the estimate is Ms. Terre Lane, MMSA QP, a GRE employee. 2. Mineral Resources are constrained within an open pit shell that uses the following assumptions: gold price of US$1,700/oz, Mi neral Reserves are stated within the final design pit based on a US$1,800/oz gold price and US$23.00/oz silver price. Gold and silver recoveries were 83% and 91%, respectively during the LOM scheduling. An NSR cut -off of C$24.45/t w as used to estimate Mineral Reserves based on preliminary processing costs of $18.22/t ore processed and G&A costs of C$6.23/t ore processed. Final operating costs within the pit design were C$2.96/t mined, with associated process co sts of C$19.16/t ore processed, G&A costs of C$5.69/t ore processed and water treatment costs of C$2.50/t ore processed. Pit slope inter -ramp angles ranged from 26 –51°. 3. Mineral Reserves are reported at a net smelter return cut -off of C$24.45/t, using the equation AuEq = ((Au ( gpt ) * 1,800 * 0.83) + (Ag ( gpt )* 23 * 0.91))/(1,800 * 0.83), and inputs of processing costs of C$18.22/t ore processed and G&A costs of C$6.23/t ore processed. 4. Numbers have been rounded and may not sum. Notes for Resources: 1. Mineral Resources are reported insitu , using the 2014 CIM Definition Standards, with an effective date of June 20, 2023. The Qualified Person for the estimate is Ms. Terre Lane, MMSA QP, a GRE employee. 2. Mineral Resources are reported inclusive of those Mineral Resources converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 3. Mineral Resources are constrained within a conceptual open pit shell that uses the following assumptions: gold price of US$1, 700 /oz, silver price of US$23/oz; metallurgical recoveries of 84% for gold and 88% for silver; reference mining cost of US$3.00/t mined; mining dilution of 5%; mining recovery of 95%; processing cost of US$15.50/t processed; general and administrative costs of US$6.00/t processed; transportation and refining costs of US$18.5/oz Au and US$7/oz Ag; and overall pit slope angles of 45 °. 4. Mineral Resources are reported at a cut -off grade of 0.7 gpt AuEq, using the equation AuEq = ((Au ( gpt ) * 1,700 * 0.84)+ (Ag ( gpt )* 23 * 0.88))/(1,700 * 0.84). 5. Numbers have been rounded and may not sum. Mineral Reserves & Mineral Resource Estimates
Slide 36 — Mineral Resource Estimate
36 Mineral Resource Estimate Eskay Creek Resources – Underground (as of December 31, 2023) Tonnes (000) Au (gpt) Ag (gpt) AuEq (gpt ) Au oz (Koz) Ag oz (Koz) AuEq Oz (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 Resources 1,821 4.7 95.6 6.0 273 5,599 352 Inferred Resources 272 4.2 25.4 4.6 37 222 40 Notes to Accompany Mineral Resources Potentially Amenable to Underground Mining Methods: 1. Mineral Resources are reported insitu , using the 2014 CIM Definition Standards, with an effective date of June 20, 2023. The Qualified Person for the estimate is Ms. Terre Lane, MMSA QP, a GRE employee. 2. Mineral Resources are reported inclusive of those Mineral Resources converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 3. Mineral Resources are constrained within stope -optimized shapes that use the following assumptions: gold price of US$1,700/oz, s ilver price of US$23/oz; metallurgical recoveries of 84% for gold and 88% for silver; reference mining cost of US$100/t mined; processing cost of US$25/t processed; general and administrative costs of US$12/t processed; transpor tation and refining costs of US$18.50/oz Au and US$7/oz Ag, and a mining recovery of 95%. 4. Mineral Resources are reported at a cut -off grade of 3.2 gpt AuEq, using the equation AuEq = ((Au ( gpt ) * 1,700 * 0.84)+ (Ag ( gpt )* 23 * 0.88))/(1,700 * 0.84). 5. Numbers have been rounded and may not sum.
Slide 37 — Non
37 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 performance, and may differ from methods used by other companies. Please also see the Company’s MD&A for the thr ee months ended June 30, 2025 for a discussion of non -IFRS measures and reconciliations, which information is incorporated by reference herein and which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The non -IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. All -In Sustaining Costs per Ounce of Gold Sold (“AISC”) AISC is a performance measure that reflects the expenditures that are required to produce an ounce of gold from current opera tions. While there is no standardized meaning of the measure across the industry, the Company’s definition is derived from the definition, as set out by the World Gold Council in its guidance dated June 27, 2013 and November 16, 2018, respecti vely. The World Gold Council is a non -regulatory, non -profit organization established in 1987 whose members include global senior mining companies. The Company believes that this measure is useful to external users in assessing operating per formance and the ability to generate free cash flow from operations. The Company defines AISC as the sum of Total Cash Costs (per below), sustaining capital (capital required to maintain current operations at existing production levels), c apital lease repayments, corporate general and administrative expenses, exploration expenditures designed to increase resource confidence at producing mines, amortization of asset retirement costs and rehabilitation accretion related to curren t operations. AISC excludes capital expenditures for significant improvements at existing operations deemed to be expansionary in nature, exploration and evaluation related to resource growth, rehabilitation accretion not related to curren t operations, financing costs, debt repayments, and taxes. Total AISC is divided by gold ounces sold to arrive at a per ounce figure. Total cash costs per ounce of gold Total cash costs include mine site operating costs such as mining, processing and local administrative costs (including stock -based compensation related to mine operations), royalties, production taxes, mine standby costs and current inventory write downs, if any. Production costs are exclusive of depreciation and depletion, reclamation, capital and exploration costs . Total cash costs per gold ounce are net of by -product silver sales and are divided by gold ounces sold to arrive at a per ounce figure. Free Cash Flow Free cash flow is a non -IFRS financial performance measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company defines "free cash flow" as cash generated from operations and proceeds of sale of other assets less capital expenditures on mining interests, lease paym ents, settlement of non -current derivative financial liabilities. The Company believes this non -IFRS financial performance measure provides further transparency and assists analysts, investors and other stakeholders of the Company in as ses sing the Company's ability to generate cash flow from current operations. "Free cash flow" is intended to provide additional information only and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. This measure is not necessarily indicative of operating profit or cash flows from operations as determined under IFRS. Readers should refer to the “Non -IFRS Measures” section of the Company’s Management’s Discussion and Analysis for the period end ed June 30, 2024, available at www.sedar.com, for a further discussion of AISC, total cash costs per ounce of gold sold and average realized price per ounce sold, along with reconciliations to the most directly comparable IFRS measures