Eskay Creek

The open-pit Eskay Creek resource contains 5.1 million ounces at 4.2 g/t AuEq in the Measured and Indicated category. Skeena released a PEA in November 2019 which highlights an NPV5% of C$638M, 51% IRR and a 1.2-year payback at US$1,325/oz Au. The company is aggressively advancing Eskay towards a Pre-Feasibility Study with a target to release in H1 2021.

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2021 Mineral Resource Estimate

  Grade Contained Ounces
  Tonnes
(000)
AuEq
g/t
Au
g/t
Ag
g/t
AuEq
oz (000)
Au
oz (000)
Ag
oz (000)
MEASURED & INDICATED MINERAL RESOURCES
M&I Pit 37,654 4.2 3.1 82.8 5,116 3,761 100,270
M&I UG 851 5.7 5.0 48.6 155 137 1,330
Total M&I 38,505 4.3 3.1 82.1 5,271 3,898 101,600
INFERRED MINERAL RESOURCES
Inferred Pit 5,239 1.4 1.0 25.0 231 174 4,203
Inferred UG 429 4.9 4.1 57.0 67 57 787
Total Inferred 5,668 1.6 1.3 27.4 298 231 4,990

Pit constrained resources are quoted at a 0.7 g/t AuEQ cut-off. Underground resources are reported at a 2.4 g/t and 2.8 g/t AuEQ cut-off grades for long-hole and drift and fill mining, respectively (UG=Underground).
AuEQ = Au (g/t) + {Ag (g/t) /74]
Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves.
Resources are reported in-situ and undiluted for both pit constrained and underground scenarios and are considered to have reasonable prospects for economic extraction.
In accordance with NI 43-101 recommendations, the number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects.

2019 PEA Highlights

ANNUAL PRODUCTION
306,000 oz AuEq
OPEN-PIT AVERAGE GRADE
4.17 g/t AuEq
AFTER-TAX IRR
51%
AFTER-TAX NPV5%
C$638M
AISC (Au)
US$615/oz
MINE LIFE
9-year

*Based on US$1,325/oz Au and US$16/oz Ag

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History of Eskay Creek

Eskay Creek is a precious metal-rich volcanogenic massive sulphide (VMS) deposit. The mineralization at Eskay has been the focus of considerable exploration activity dating back to 1932. During exploration in 1988, the 21A and 21B zone were first discovered which eventually led to the opening of the Eskay Creek Mine in 1994.

Eskay was the highest-grade gold mine in the world when in production. The mine produced 3.3 million ounces of gold and 160 million ounces of silver at average grades of 45 g/t gold and 2,224 g/t silver from 1994 -2008.

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Historic Production

Au
LOM
3.3 Moz
Ag
LOM
160 Moz
45 g/t
LOM Au GRADE
2,224 g/t
LOM Ag GRADE
> 50 g/t AuEq
DSO CUTOFF
> 30 g/t AuEq
MILL CUTOFF

Eskay Creek Accomplishments & Milestones

Q4 | 2017
Optioned Eskay Creek From Barrick
Q3 | 2018
Maiden Underground Resource Estimate Released
Q1 | 2019
Upgraded 4 Moz, 4.4 g/t AuEq Pit Constrained Resource Released
Q4 | 2019
Robust Preliminary Economic Assessment Completed
Q3 | 2020
Skeena Renegotiated Agreement with Barrick to acquire 100% of Eskay
Q2 | 2021
Upgraded 5.1 Moz, 4.2 g/t AuEq M&I Pit Constrained Resource Released

Infrastructure in the Golden Triangle

Eskay is endowed with excellent infrastructure including all-weather road access and proximity to the new 287-kV Northwest Transmission Line. The Volcano Creek Hydroelectric Power Station is 7 km away from Eskay.

Since Eskay was in production, over $2 billion has been invested in infrastructure in the area.

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