ESKAY CREEK

The open-pit Eskay Creek reserves contain 3.85 million ounces at 4.00 g/t AuEq in the Proven and Probable categories. 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. 

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2022 Reserve Statement

  Grade Contained Ounces
Reserve Class Tonnes
(Mt)
AuEq
(g/t)
Au
(g/t)
Ag
(g/t)
AuEq
(Moz)
Au
(Moz)
Ag
(Moz)
Proven 17.3 4.92 3.64 99 2.73 2.02 55.1
Probable 12.6 2.75 2.10 50 1.12 0.85 20.5
Total 29.9 4.00 2.99 79 3.85 2.87 75.5

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

ANNUAL PRODUCTION
352,000 oz AuEq
OPEN-PIT AVERAGE GRADE
4.00 g/t AuEq
AFTER-TAX IRR
50%
AFTER-TAX NPV5%
C$1.4B
LOM AISC (AuEq)
US$652/oz
MINE LIFE
9-year

*Based on US$1,700/oz Au and US$19/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
> 30 g/t AuEq
DSO CUTOFF
> 15 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
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
Q3 | 2021
Positive Prefeasibility Study Completed
Q3 | 2022
Robust Feasibility Study Completed

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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