Mr. Randy Reichert reports

SKEENA CLOSES SALE OF ROYALTY ON ESKAY CREEK FOR C$27 MILLION

Skeena Resources Ltd. has closed a royalty sale with Franco-Nevada Corp., pursuant to which Skeena granted a 0.5-per-cent net smelter returns royalty (NSR) on the Eskay Creek gold-silver project to Franco-Nevada in exchange for a closing cash consideration of $27-million and contingent cash consideration of $1.5-million. As highlighted in the company's Sept. 26, 2022, news release, Skeena repurchased this 0.5-per-cent NSR from Barrick Gold Corp. after it was initially granted in connection with the acquisition of Eskay Creek.

The royalty transaction was signed and closed concurrently on Dec. 30, 2022. In connection with this transaction, Skeena terminated Franco-Nevada's right of first refusal to purchase a 0.5-per-cent NSR on Eskay Creek, which right was granted to Franco-Nevada on Dec. 24, 2021.

The net proceeds of the royalty transaction will be used by the company to finance exploration and development activities at Eskay Creek, and for general administration and corporate purposes.

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 four g/t (grams per tonne) AuEq (gold equivalent), an after-tax NPV (net present value) with a 5-per-cent discount rate of $1.4-billion, 50-per-cent IRR (internal rate of return), and a one-year payback at $1,700 (U.S.)/ounce gold and $19 (U.S.)/ounce silver. Skeena is currently continuing exploration drilling at Eskay Creek.

We seek Safe Harbor.