Mr. Walter Coles Jr. reports

SKEENA CLOSES STRATEGIC INVESTMENT FROM FRANCO-NEVADA

On Dec. 23, 2021, Skeena Resources Ltd. closed the structured non-brokered private placement offering announced on Dec. 13, 2021, with Franco-Nevada Corp.

Skeena collected gross proceeds of $30.9-million from the sale of 1,471,739 flow-through common shares at a price of $21 per share. Franco-Nevada was the end purchaser of the common shares issued in connection with the offering. The gross proceeds of the offering will be used to incur Canadian exploration expenses. All the securities issued under this offering will be subject to a hold period of four months and one day from the closing date of the offering.

Concurrent with the closing of the offering, Skeena granted to Franco-Nevada right of first refusal over the sale of a 0.5-per-cent net smelter return (NSR) royalty over the Eskay Creek gold-silver project. In addition, Skeena and Franco-Nevada have entered into an amendment to the terms of their existing royalty agreement such that it will cover the same tenures as are covered in the existing Barrick royalty agreement.

About Skeena Resources Ltd.

Skeena Resources is a Canadian mining exploration and development company focused on revitalizing the past-producing Eskay Creek gold-silver mine located in Tahltan territory in the Golden Triangle of northwest British Columbia, Canada. The company released a prefeasibility study for Eskay Creek in July, 2021, which highlights an open-pit average grade of 4.57 grams per tonne gold equivalent, an after-tax net present value at a 5-per-cent discount of $1.4-billion, 56-per-cent internal rate of return and a 1.4-year payback at $1,550 (U.S.) per ounce gold. Skeena is currently completing both infill and exploration drilling to advance Eskay Creek to full feasibility study in Q1 2022.

We seek Safe Harbor.