Mr. Walter Coles reports

SKEENA ANNOUNCES REPURCHASE OF 0.5% NSR ROYALTY FROM BARRICK GOLD

Skeena Resources Ltd. has repurchased the 0.5-per-cent net smelter return royalty held by Barrick Gold Inc., a subsidiary of Barrick Gold Corp., on the Eskay Creek gold-silver project, located in the Golden Triangle of British Columbia, at a cost of $17.5-million. Skeena initially granted Barrick Gold a net smelter return royalty of 1 per cent over Eskay Creek in connection with the company's acquisition of the project. This royalty has been reduced to a 0.5-per-cent net smelter return royalty as a result of this transaction.

As referenced in the company's press release dated Dec. 13, 2021, Skeena has granted to Franco-Nevada Corp. a right of first refusal over a 0.5-per-cent net smelter return royalty on Eskay Creek. The right of first refusal granted to Franco-Nevada will be subject to a competitive auction process conducted by Skeena, in which Franco-Nevada will participate, prior to Oct. 2, 2023. If Skeena has not sold the net smelter return royalty to Franco-Nevada or a third party by Oct. 2, 2023, Franco-Nevada will have the right to purchase the royalty for $22.5-million for a period of 30 days.

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 feasibility study for Eskay Creek in September, 2022, which highlights an open-pit average grade of 4.00 grams per tonne gold equivalent, an after-tax net present value (discounted at 5 per cent) of $1.4-billion, a 50-per-cent internal rate of return, and a one-year payback at $1,700 (U.S.) per ounce gold and $19 (U.S.) per ounce silver. Skeena is currently continuing exploration drilling at Eskay Creek.

Qualified person

In accordance with National Instrument 43-101, Paul Geddes, PGeo, senior vice-president, exploration and resource development, is the qualified person for the company and has reviewed and approved the technical and scientific content of this news release. The company strictly adheres to CIM (Canadian Institute of Mining, Metallurgy and Petroleum) best-practice guidelines in conducting, documenting and reporting the exploration activities on its projects.

We seek Safe Harbor.