Mr. Walter Coles reports

SKEENA ANNOUNCES POSITIVE JUDGMENT BY THE BRITISH COLUMBIA COURT OF APPEAL REGARDING THE ALBINO LAKE STORAGE FACILITY

The British Columbia Court of Appeal has overturned the decision of the Chief Gold Commissioner and Supreme Court of British Columbia in the matter of Skeena Resources Ltd. versus Richard Mill, the Chief Gold Commissioner of British Columbia and Orogenic Gold Corp.

The former Chief Gold Commissioner had determined that Mr. Mill was the owner of the waste rock and tailings from the Eskay Creek mine that were placed in the Albino Lake storage facility. Justice Iyer of the British Columbia Supreme Court upheld the decision of the Chief Gold Commissioner on Nov. 22, 2022.

The Court of Appeal concluded that, on the record before it, Skeena did not "relinquish" its rights to the Eskay Creek material and that the former Chief Gold Commissioner was "clearly and palpably wrong to hold otherwise." Mr. Mill's asserted entitlement was based on the province's grant of a mineral claim to him in 2017. The court, however, found that the province cannot be said to have granted ownership rights of the Eskay Creek material to Mr. Mill when it granted him the mineral claim because the province itself did not hold the rights to the material at the time.

With the decisions of the former Chief Gold Commissioner and the Supreme Court now overturned, the matter will be referred back to the current Chief Gold Commissioner for rehearing and reconsideration in light of the Court of Appeal's decision.

Skeena Resources is pleased with the decision of the Court of Appeal and looks forward to the opportunity to have the Chief Gold Commissioner decide Skeena's contention that it owns the Eskay Creek material. Skeena Resources will provide further information on this matter as it becomes available.

Walter Coles, executive chairman of Skeena, commented: "We are gratified by the ruling from the B.C. Court of Appeal. This decision is a strong one and affirms our belief that the former Chief Gold Commissioner was in error when he decided that Skeena gave up its ownership of the waste material from the Eskay Creek mine once it was deposited into the Albino Lake tailings storage facility."

The Eskay Creek material contained in the Albino Lake storage facility is not part of the company's resource or reserve statements for Eskay Creek, nor has it been included in any studies, including the November, 2023, definitive feasibility study for the Eskay Creek project.

About Skeena Resources Ltd.

Skeena is a fully financed leading gold developer that is focused on advancing the Eskay Creek gold-silver project -- a past-producing mine located in the renowned Golden Triangle in British Columbia, Canada. Eskay Creek represents one of the highest-grade and lowest-cost open-pit precious metal mines in the world, with substantial silver byproduct production that surpasses many primary silver mines. Skeena is committed to sustainable mining practices and maximizing the potential of its mineral resources. In partnership with the Tahltan First Nation, Skeena strives to foster positive relationships with indigenous communities while delivering long-term value and sustainable growth for its stakeholders.

Qualified person

In accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, Paul 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 CIM (Canadian Institute of Mining, Metallurgy and Petroleum) best-practice guidelines in conducting, documenting and reporting the exploration activities on its projects.

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