Mr. Walter Coles reports

SKEENA COMPLETES ACQUISITION OF QUESTEX AND CONCURRENT SALE OF ASSETS TO NEWMONT

Skeena Resources Ltd. has completed the previously announced plan of arrangement to acquire all of the issued and outstanding shares of QuestEx Gold & Copper Ltd. Following the closing of the arrangement, Skeena also completed the previously announced sale of certain QuestEx properties to an affiliate of Newmont Corp.

Walter Coles, CEO & Director of Skeena commented, "The acquisition of QuestEx positions Skeena with one of the largest land positions held for mining in the prolific Golden Triangle. We expect to realize exploration synergies at the KSP and Kingpin properties which are proximal to our Eskay Creek and Snip projects. We would like to thank the teams at Newmont and QuestEx for working together with us on these transactions and we would also like to thank the Tahltan Nation for their continued support. We look forward to exploring these exciting new tenements while we continue to advance Eskay Creek."

Under the terms of the Arrangement, QuestEx shareholders received C$0.65 cash and 0.0367 of a Skeena common share ("Skeena Share") for each QuestEx common share ("QuestEx Share"). In aggregate, under the Arrangement Skeena paid approximately C$18.7 million in cash and issued approximately 1.05 million Skeena Shares to QuestEx shareholders other than Newmont and Skeena. The cash consideration was fully funded by the cash proceeds of the Asset Sale to Newmont.

Under the terms of the Asset Sale, Newmont acquired 100% of Skeena's rights, titles, and interests in and to the Heart Peaks, Castle, Moat, Coyote, and North ROK properties, which were previously owned by QuestEx, in exchange for consideration of approximately C$27 million, including the purchase by Skeena of Newmont's QuestEx shares.

Advisors and Counsel

Agentis Capital Mining Partners acted as financial advisor to Skeena with regard to both the Arrangement and Asset Sale. Blake, Cassels & Graydon LLP acted as legal counsel to Skeena.

About Skeena

Skeena Resources Limited 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 g/t AuEq, an after-tax NPV5% of C$1.4B, 56% IRR, and a 1.4-year payback at US$1,550/oz Au. Skeena is currently completing both infill and exploration drilling to advance Eskay Creek to a full Feasibility Study in 2022.

The scientific and technical information in this press release was approved by Paul Geddes, P.Geo., a Qualified person as defined under National Instrument 43-101 and Vice President, Exploration and Resource Development for the Company.

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