Mr. Walter Coles reports

SKEENA GOLD & SILVER DRAWS US$45 MILLION OF FUNDING UNDER GOLD STREAM ARRANGEMENT; PROVIDES PROGRESS UPDATE ON ESKAY CREEK

Skeena Resources Ltd. (Skeena Gold & Silver) collected $45-million (U.S.) of gold stream financing on Dec. 30, 2024, under its gold stream arrangement, as outlined in the company's news release dated June 25, 2024. Skeena is also pleased to report continued advancement on numerous authorizations from the Province of British Columbia to support continuing activity at the company's 100-per-cent-owned Eskay Creek gold-silver project. To date, the company has successfully advanced various preconstruction activities as part of the early works program.

Randy Reichert, president and chief executive officer of Skeena, commented: "The current tranche of the gold stream financing will enable Skeena to continue advancing the project, with further drawdowns anticipated throughout 2025. We are encouraged by the supportive and constructive dialogue with the Province of British Columbia, which has helped facilitate early works activities in 2024. As a result, we are progressing with our predevelopment plans and pro-actively derisking the project to stay on track for production in 2027."

$45-million (U.S.) payment under gold stream arrangement

Skeena Gold & Silver has collected the second tranche of $45-million (U.S.) under the gold stream arrangement. This is the second of five tranches under the previously announced $200-million (U.S.) gold stream, whereby the funds were made available following receipt of the bulk technical sample permits in December and the satisfaction of certain other customary conditions (see news release dated Dec. 16, 2024). The remaining three tranches will be drawn in settlements of $50-million (U.S.), subject to the satisfaction of certain customary conditions before March 31, 2026, to support continued development of the project.

Skeena is entitled to a buyback provision to reduce the stream percentage by 66.67 per cent by repaying the proportional deposit plus an imputed 18-per-cent IRR (internal rate of return) for a period of 12 months following the project completion date. The buyback provision provides the company with flexibility and optionality to strengthen future cash flows should gold prices continue to rise while ensuring certainty of financing in the capital-intensive development period.

2024 early works review

In June, 2024, Skeena Gold & Silver received approval for an amendment to the Mines Act permit M-197 from the Province of British Columbia, which allowed for early works activities at Eskay Creek. The approval of this permit was the first step required to facilitate the commencement of a technical sample quarry and land clearing work to begin.

During the 2024 season from June to November, activities included:

• Access to the technical sample area and clearing of the area were completed in the summer using smaller equipment; this preparation will enable the use of larger, more efficient equipment in the summer of 2025, to facilitate further advancements in the development of the technical sample quarry; two pilot haul roads were advanced: one connecting to the Tom Mackay tailings storage facility and the other providing access to the infrastructure pad area;
• Advancement of the infrastructure pad area, with bulk earthworks efficiently self-performed by the skilled project development team on site;
• Commencement of civil earthworks for the Volcano Creek substation (237-kilovolt tie-in) to interconnect with Coast Mountain Hydro to supply future hydro-sourced electricity to the project.

Concurrent with project activities on site, engineering and procurement are progressing well and on budget with the estimates outlined in the 2023 definitive feasibility study. Most of the major mill equipment has been contracted, including the building structural steel and installation, SAG (semi-autogenous grinding)/ball mills, tertiary/regrind mills, jaw crusher, flotation cells, concentrate thickener, concentrate dryer, and transformers and circuit breakers. Long lead-time items such as electrical components have also been secured. Other critical contracts continue to advance, including the selection of a mobile mining fleet supplier.

About Skeena Resources Ltd.

Skeena is a leading precious metal 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 will be 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 Nation, Skeena strives to foster positive relationships with indigenous communities while delivering long-term value and sustainable growth for its stakeholders.

Qualified persons

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 statements and information contained or incorporated by reference in the 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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