SKE · Skeena Resources Limited

Skeena Resources Limited has announced a significant financing initiative through a proposed USD$750 million Senior Secured Notes offering, which represents a strategic move to restructure its capital base. The primary objectives are to refinance existing project financing and execute a partial buyback of the company's gold stream agreement. Specifically, approximately USD$184 million of the proceeds is allocated to reduce the stream percentage deliverable from production at the Eskay Creek Project by 66.67%, thereby increasing Skeena's future exposure to gold prices and enhancing project economics. Concurrently, the company plans to cancel its undrawn USD$350 million senior secured term loan and cost over-run facility, which is expected to incur no fees. The notes will be offered to qualified institutional buyers in the United States under Rule 144A and to non-U.S. persons under Regulation S, with a private placement in Canada. This refinancing is intended to bolster the company's balance sheet, support the advancement of the Eskay Creek project toward initial production in the second quarter of 2027, and improve overall financial flexibility for general corporate purposes.