공시 • Mar 31
Skeena Resources Limited Provides an Update on the Advancement of Its 100% Owned Eskay Creek Gold-Silver Project
Skeena Resources Limited provided an update on the advancement of its 100% owned Eskay Creek Gold-Silver Project (“Eskay” or the “Project”) in Northwest British Columbia. Since commencing development activities in December 2024, the Company has achieved notable progress advancing Eskay Creek, and as of February 28, 2026, the Project was 49% complete, with 66% of total project costs contractually committed. Initial production at Eskay Creek remains on schedule for the second quarter of 2027, with commercial production expected in the third quarter. Following receipt of the Environmental Assessment Certificate and joint provincial permits, Skeena completed a comprehensive review of permit conditions and the Project’s construction cost estimate, and the updated 2026 construction budget incorporates final permit conditions, updated Impact Benefit Agreement commitments, inflationary impacts, and learnings from early-stage construction, resulting in a more current and reliable estimate of overall cost requirements, with all references to dollars in this news release in USD. The project cost outlined in the 2023 Definitive Feasibility Study was USD 560 million, while the updated cost estimate for the Project is USD 659 million, both inclusive of approximately USD 35 million in cost contingency, representing an increase of USD 99 million compared to the 2023 DFS estimate. The revised estimate reflects updated project scope, engineering refinement, permitting conditions, Impact Benefit Agreement commitments, and timing adjustments, and also incorporates leasing arrangements for certain infrastructure, including the water treatment plant, high-voltage electrical infrastructure, and camp facilities, reducing upfront construction cost requirements by approximately USD 94 million. Comprehensive reviews by the Project team and independent third-party consultants continue to support the development schedule, and the Project remains on track with initial production targeted for the second quarter of 2027 followed by commercial production in the third quarter. Prior to receipt of final permits and in anticipation of major construction activities, Skeena advanced and de-risked the Project throughout 2024 and 2025, and as a result, as of December 31, 2025, the Company had invested approximately USD 305 million in development expenditures. As of December 31, 2025, the remaining development expenditures required to achieve initial production are estimated at USD 354 million net of planned USD 94 million leasing arrangements, representing peak construction spending of approximately USD 291 million in 2026, with the remaining USD 63 million expected to be incurred in 2027 as the Project transitions into commissioning. Below is a summary of the main items contributing to the increase in the updated project cost estimate, including general cost escalation reflecting inflationary pressures across labour, materials, and construction services. During 2024 and 2025, BC water discharge standards were changed and certain elemental limits were reduced to the lowest levels in the world, and through Tahltan participation in the environmental assessment process, Tahltan values were incorporated into site requirements, necessitating enhanced water management and treatment infrastructure to meet final environmental assessment approval conditions and updated regulatory standards, including environmental protection measures and community values identified through the assessment process. The increase also reflects optimization of the permanent camp location to accommodate the ultimate Tailings Storage Facility configuration, resulting in associated design adjustments and site development costs. Operational design enhancements implemented following the Definitive Feasibility Study to improve reliability, safety, and winter operating conditions were also incorporated, including structural improvements to the mill building to improve snow management and operational safety, conversion from a crushed ore storage bin to a covered conical stockpile to reduce freezing risk and improve material handling reliability, improvements to concentrate dewatering capacity including thickener sizing and filter configuration, and improvements to plant HVAC and dust control systems. In addition, the revised estimate includes updated pricing and scope refinement for high-voltage electrical infrastructure and the Volcano Creek substation following detailed engineering and procurement, reflecting global demand for electrical equipment and additional earthworks requirements, as well as additional procurement and contracting costs associated with community participation and partnership commitments under the Project’s Impact Benefit Agreement.