ESKAY CREEK

Skeena completed a Feasibility Study in September 2022 on Eskay Creek which highlights an after-tax NPV5% of C$1.4B, 50% IRR and a 1 year payback at US$1,700/oz Au and US$19/oz Ag. 

2022 Reserve Statement

Note: This Mineral Reserve Estimate has an effective date of June 30, 2022 and is based on the Mineral Resource estimate dated January 18, 2022 for Skeena Resources by SRK (which has been updated since the PFS). The Mineral Reserve estimate was completed under the supervision of Willie Hamilton, P.Eng. of AGP, who is a Qualified Person as defined under NI 43-101. Mineral Reserves are stated within the final design pit based on a US$1,550/oz gold price and US$20.00/oz silver price. An NSR cut-off of C$24.45/t was used to define reserves based on preliminary processing costs of $18.22/t ore and G&A costs of C$6.23/t ore. The metallurgical recoveries varied according to gold head grade and concentrate grades. Gold and silver recoveries were approximately 83% overall during the LOM scheduling. Final operating costs within the pit design were C$3.72/t mined, with associated process costs of C$16.91/t ore and G&A costs of C$4.20/t ore.

2022 FS Highlights

*Cut-off grades are based on a price of US$1,700 per ounce of gold, US$23 per ounce silver, and gold recoveries of 90%, silver recoveries of 80% and without considering revenues from other metals. AuEq = Au (g/t) + (Ag (g/t)/74).