Skeena Gold & Silver Confirms Eskay Creek Reaches 49% Completion & Provides Project Update; Initial Production Remains on Schedule for Q2 2027

Core Viewpoint - Skeena Resources Limited has made significant progress on its 100% owned Eskay Creek Gold-Silver Project, which is currently 49% complete, with initial production expected in Q2 2027 and commercial production in Q3 2027 [1][6]. Project Development Progress - The project has achieved 49% completion as of February 28, 2026, with 66% of total project costs contractually committed [1]. - The company has invested approximately US$305 million in development expenditures by December 31, 2025, with an estimated US$354 million remaining to achieve initial production [7]. - Major construction activities are on schedule, including the process plant, which is 92% complete, and the concentrator building, which has reached critical path concrete completion [9]. Updated Construction Cost Estimate - The updated construction budget for the project is US$659 million, reflecting an increase of US$99 million from the 2023 Definitive Feasibility Study estimate of US$560 million [4]. - The revised estimate includes factors such as inflation, updated project scope, and leasing arrangements that have reduced upfront costs by approximately US$94 million [5][12]. Construction Highlights - Key construction highlights as of February 28, 2026, include: - Process Plant Detailed Engineering: 92% complete - Engineering Procurement: 88% of costs committed - Process Plant Construction: 46% complete [9]. - Initial large mining equipment mobilization was completed in H1 2025, with 3 million tonnes of material mined to date [10]. Environmental and Regulatory Compliance - The project has completed the permitting process and is aligned with updated environmental assessment conditions, which include enhanced water management and treatment infrastructure [3][12]. - The company has incorporated community values into the project through the Impact Benefit Agreement commitments [12]. Future Outlook - The company anticipates that Eskay Creek will be one of the world's highest-grade and lowest-cost open-pit precious metals mines, with significant silver by-product production [13]. - The project is expected to generate initial production and cash flow by Q2 2027, with a focus on responsible and sustainable mining practices [13].