Skeena Resources Ltd.

Skeena Resources Ltd. is a junior gold and silver development company headquartered in Vancouver, Canada, operating primarily in Canada. The company's portfolio consists of 1 development project. Key assets include Eskay Creek. The business model is centered on the development of a past-producing brownfield asset, leveraging existing infrastructure and a long history of operations. A key operational characteristic is the on-site production of a complex precious metal concentrate, which necessitates a diversified marketing strategy involving traders, blenders, and various types of smelters to mitigate market risk. The processing flowsheet has been refined to a conventional single-stage flotation circuit, an optimization from a previous two-stage design. This simplified circuit design incorporates high collector addition rates during the primary grinding phase to enhance recovery from ores with challenging mineralogy. The operational plan involves a phased approach, starting with a throughput of 3.0 million tonnes per annum and expanding to 3.5 million tonnes per annum in year 6 of operations. This staged expansion allows for initial capital efficiency while accommodating future growth. The company's competitive position is strengthened by its access to established infrastructure, including an all-weather road and proximity to a major transmission line, which supports cost-effective development and operations.

Strategic focus is on advancing the primary development asset to production, supported by a comprehensive financing package secured in 2024. The development strategy incorporates a significant process optimization by shifting to a simplified flotation circuit with high collector addition in the grinding stage, designed to improve metallurgical performance and reduce complexity. Beyond the main development project, the organization's strategy includes the systematic evaluation of other exploration-stage properties to identify potential economic mineral concentrations. These secondary assets are subject to exploration programs to determine their viability for further investment, with options for divestiture or joint venture if they do not meet internal criteria. Capital requirements have been historically met through a mix of equity financing, asset dispositions, and strategic partnerships. A key element of the long-term strategy is to build and maintain strong, consent-based relationships with Indigenous partners, which is viewed as fundamental to securing social license and ensuring project success. The entity also pursues strategic investments in other exploration companies to gain exposure to prospective regional assets.

Executive leadership is headed by a President and Chief Executive Officer, appointed in 2022, who previously served as Vice President of Operations and General Manager for a major international producer. The board is led by an Executive Chairman who was the company's President and CEO from 2013 to 2022. The board of directors consists of 6 members, 4 of whom are considered independent, including a Lead Independent Director. Governance and oversight are structured through 3 primary committees: the Audit Committee, the Compensation Committee, and the Nomination & Corporate Governance Committee. The Audit Committee is composed entirely of 3 independent directors, all of whom are financially literate, and meets at least quarterly to oversee financial reporting, internal controls, and external auditor performance. The detailed charter for the Audit Committee outlines a robust framework for ensuring compliance and financial integrity. The company's business model requires specialized knowledge across multiple disciplines, and management's approach involves retaining skilled employees and expert consultants to execute its exploration and development programs effectively.

A core tenet of the sustainability approach is the establishment of consent-based partnerships with Indigenous Nations. This commitment is formalized through a 2022 agreement with an Indigenous Government and a provincial government, establishing it as the first project to have permits authorized by an Indigenous Government. This was further solidified by a 2023 Process Charter signed with the same parties to streamline regulatory processes. Environmental stewardship practices are centered on robust water and waste management plans. The design includes subaqueous disposal of all potentially acid-generating waste rock in a purpose-built, engineered storage facility to mitigate long-term environmental risk. A comprehensive water management plan addresses the control of contact water, with a dedicated treatment plant designed to manage an annual site-wide water surplus before discharge. Social policies emphasize local economic benefits through commitments to local hiring, training, and procurement opportunities for community businesses. The organization also participates in a regional alliance with Indigenous groups, government, and industry peers to collaborate on investment and development opportunities.

In 2022, the company acquired all outstanding shares of QuestEx, an exploration entity, and concurrently divested certain non-core properties from this acquisition to an affiliate of Newmont Corporation, a transaction that significantly expanded its land holdings. A strategic investment was made in 2025 into TDG Gold Corp. through the purchase of 22,000,000 common shares, financed by a cash payment and the sale of a property. The corporate structure is supported by key strategic relationships with major industry players. Barrick became a significant shareholder in 2020 following a major asset acquisition. Franco-Nevada established a relationship in 2021 and expanded its interest through royalty and financing agreements in 2022 and 2023. In 2024, Orion Resource Partners became a key financial partner by providing a comprehensive project financing package that included an equity investment, a streaming arrangement, and a senior secured term loan. These transactions have diversified the company's capital structure and aligned it with major resource-focused financial and operating entities.