Mr. Randy Reichert reports

SKEENA PROVIDES UPDATE ON NEAR TERM VALUE-GENERATING CATALYSTS

Skeena Resources Ltd. has provided an update on several near-term catalysts expected to drive growth at its 100-per-cent-owned Eskay Creek and Snip projects located in the Golden Triangle of northwestern British Columbia, Canada. This update is mainly focused on technical optimization of the projects, specifically related to exploration, metallurgy and engineering studies.

Randy Reichert, Skeena's president and chief executive officer, commented: "We anticipate 2023 to be a transformational year for the company as we progress from exploration and project studies into development. Skeena's primary focus is continued growth at both projects through advancement of engineering and metallurgical optimization. Several near-term milestones are expected in the second half of this year with a goal of growing the mine life and net present value of Eskay Creek, continuing to increase value for all stakeholders."

Below highlights the details of the key technical updates that Skeena has recently completed or expects to complete in the near term at both Eskay Creek and Snip.

Updated mineral resource estimate for Eskay Creek (completed Q2 2023)

Skeena published an updated mineral resource update (MRE) for Eskay Creek on June 20, 2023. This update highlighted a total increase of 8 per cent, adding over 430,000 gold equivalent ounces to the MRE. With 73 per cent of the resource now being in the measured and indicated categories the company expects a large percentage to convert to reserves, potentially adding a year or more of mine life to Eskay Creek in the Q4 2023 definitive feasibility study (DFS).

Increased land package surrounding Eskay Creek (completed Q3 2023)

The company recently increased its land package by acquiring five new claims surrounding Skeena's existing Eskay Creek and Eskay North claims. These new claims cover the interpreted northeastern extension of the Eskay Creek Rift system, which has the potential to host additional mineralization. With a total land package now exceeding 100,000 hectares, the company has one of the largest land positions held for mining in the mineral-rich Golden Triangle region of British Columbia.

Metallurgical optimization and simplified flowsheet at Eskay Creek (expected Q3 2023)

Following the 2022 Eskay Creek feasibility study (FS), Skeena has continued metallurgical test work using representative samples of Eskay Creek material. The focus of this work has been to simplify the process flowsheet and improve the quality of the concentrate expected to be produced from the flotation plant. Recent testing has shown significant improvements in flotation concentrate quality due to better flotation kinetics and employing a finer regrind particle size distribution. The Eskay Creek processing plant is now expected to be a traditional flotation plant with a single stage of rougher flotation and a simple regrind and flotation cleaning circuit. This change represents a likely reduction in both process plant capital costs and operational costs. Gold recovery within the modified process is expected to be comparable with the 2022 FS.

Updated MRE for Snip (expected Q3 2023)

Skeena plans to release an updated MRE for its Snip project which will incorporate an additional 307 drill holes totaling 46,268 metres of drilling. The majority of the new drilling was completed by Hochschild Mining under its option agreement before Skeena regained 100-per-cent ownership of the project on April 5, 2023. The additional drilling is expected to expand and upgrade inferred ounces to the indicated category.

Exploration results from Eskay Creek (expected Q3/Q4 2023)

Three drills are currently operating at Eskay Creek, two of which are focused on the Eskay Deeps target in search of high-grade mineralization hosted in the contact mudstone at depth and along strike of the currently defined deposit. The third drill is focused on exploring for additional near-mine mineralization that may be amenable to open-pit mining in proximity to the already defined resources at Eskay Creek. Assay results are expected to be released in fall 2023.

Skeena's senior vice-president of exploration and resource development, Paul Geddes, commented: "Our thesis that the mineralized Eskay Creek Rift system continues at depth beyond the delineated NEX zone was proven in 2022 with drill hole SK-22-1081, which intersected 3.79 g/t [grams per tonne] Au, 59.4 g/t Ag over 32.19 metres. This new occurrence is 650 metres down dip of the current resource and opens up a substantial area of new exploration potential. We are excited for this new phase of exploration at Eskay Deeps to test the true size potential of the Rift."

Definitive feasibility study for Eskay Creek (expected Q4 2023)

The company is progressing toward the completion of a DFS for Eskay Creek. The updates that will be incorporated into the study include the recently updated MRE, metallurgical optimization, refinements to the mill flowsheet, updated capital expenditure figures and modifications to the open-pit mining method to enhance selectivity and minimize dilution. Skeena anticipates these updates to increase confidence in successful execution and extend the life of mine, ultimately increasing the value of Eskay Creek.

Maiden engineering study for Snip (expected Q1 2024)

Following the completion of an updated MRE for Snip in Q3 2023, Skeena will work to finalize an engineering study on the project. The study will highlight Snip as a potential satellite operation, providing ore to a centralized mill at Eskay Creek. The company expects the additional ore from Snip to further bolster the mine life at Eskay Creek and increase payabilities of the concentrate.

About Skeena Resources Ltd.

Skeena Resources is a Canadian mining exploration and development company focused on revitalizing the Eskay Creek and Snip projects, two past-producing mines located in Tahltan territory in the Golden Triangle of northwestern British Columbia, Canada. The company released a feasibility study for Eskay Creek in September, 2022, which highlights an after-tax net present value (5 per cent) of $1.4-billion, 50-per-cent internal rate of return and a one-year payback at $1,700 (U.S.)/ounce Au and $19 (U.S.)/oz Ag. Skeena is currently continuing exploration drilling and plans on releasing a definitive feasibility study for Eskay Creek in Q4 2023.

Qualified persons

In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Mr. Geddes, PGeo, senior vice-president, exploration and resource development, is the qualified person for the company and has prepared, validated and approved the technical and scientific content of this news release. The company strictly adheres to Canadian Institute of Mining, Metallurgy and Petroleum best practices guidelines in conducting, documenting and reporting the exploration activities on its projects.

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