Mr. Randy Reichert reports

SKEENA FILES UPDATED FEASIBILITY STUDY TECHNICAL REPORT FOR ESKAY CREEK

Skeena Resources Ltd. has filed a detailed technical report for the November, 2023, updated feasibility study at its 100-per-cent-owned Eskay Creek gold-silver project in the Golden Triangle of northwestern British Columbia.

The report is titled "NI 43-101 Technical Report on Updated Feasibility Study" and is compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The key highlights from the report were initially announced by press release on Nov. 14, 2023, and are summarized herein. A copy of the full report is available on Skeena's website, and has been filed on SEDAR+ and EDGAR. The company directs everyone to the filed technical report for details on the updated feasibility study.

Eskay Creek 2023 updated feasibility study highlights:

• After-tax net present value (5 per cent) of $2-billion (Canadian) at a base case of $1,800 (U.S.) gold and $23 (U.S.) silver;
• Industry-leading after-tax internal rate of return of 43 per cent and an after-tax payback of 1.2 years on preproduction capital expenditures;
• Life-of-mine all-in sustaining cost (AISC) of $687 (U.S.) per ounce gold equivalent sold;
• Proven and probable mineral reserves for open-pit mining of 39.8 million tonnes containing 3.3 million ounces gold and 88.0 million ounces silver (4.6 Moz gold equivalent);
• Years one to five: average annual production of 450,000 oz at 5.5 grams per tonne AuEq and average annual after-tax free cash flow of $467-million (Canadian);
• Years one to 10: average annual production of 366,000 oz at 4.1 g/t AuEq and average annual after-tax free cash flow of $361-million (Canadian);
• Estimated preproduction capex of $713-million (Canadian), yielding a compelling after-tax NPV to capex ratio of 2.8 to 1.

About Skeena Resources Ltd.

Skeena 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 definitive feasibility study for Eskay Creek in November, 2023, which highlights an after-tax NPV, discounted at 5 per cent, of $2-billion (Canadian), 43-per-cent IRR, and a 1.2-year payback at $1,800 (U.S.) per oz Au and $23 (U.S.) per oz Ag.

Qualified person

In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Randy Reichert, MSc (eng), PEng, president and chief executive officer, and acting chief operating officer, 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 activities on its projects.

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