Ms. Galina Meleger reports

SKEENA RESOURCES LIMITED ANNOUNCES APPROXIMATELY C$70.5 MILLION BOUGHT DEAL FINANCING

Skeena Resources Ltd. has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, pursuant to which the underwriters have agreed to purchase, on a bought deal basis, 4.8 million common shares of the company, at a price of $14.70 per common share for aggregate gross proceeds of approximately $70.5-million. The company has granted the underwriters an option, exercisable in whole or in part, at any time up to 48 hours prior to closing of the offering, to increase the aggregate number of common shares (including any flow-through common shares (as defined below)) purchased in the offering by 15 per cent.

The proceeds raised from the sales of the common shares will be used for continued advancement of the company's Eskay Creek gold-silver project and for general corporate purposes.

The underwriters may elect, at any time up to 48 hours prior to closing, to have up to 2.23 million common shares issuable under the offering (including any common shares issuable upon exercise of the underwriters' option) to be issued as flow-through shares at a price of $17.93 per flow-through common share. Each flow-through common share will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada). If the underwriters were to make the flow-through election in full (excluding any shares issuable upon exercise of the underwriters' option), this would increase the aggregate gross proceeds to the company of the offering to approximately $78-million.

Any proceeds raised from the sale of flow-through common shares will be used by the company to incur eligible Canadian development expenses (within the meaning of the Income Tax Act (Canada)). The qualifying expenditures will be incurred or deemed to be incurred and renounced to the purchasers of the flow-through common shares with an effective date no later than Dec. 31, 2025.

The proceeds raised from the sale of the common shares will be used for continued advancement of the company's Eskay Creek gold-silver project and for general corporate purposes.

The common shares, including any flow-through common shares, will be offered by way of a prospectus supplement to the company's base shelf prospectus in all of the provinces of Canada, excluding Quebec. The offered shares will also be offered by way of a U.S. prospectus supplement to the company's registration statement on Form F-10 (including the base shelf prospectus) in the United States. The offering is expected to close on or about Feb. 26, 2025, and is subject to customary closing conditions, including, but not limited to, Skeena receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange, and the offered shares having been approved for listing on the New York Stock Exchange.

The base shelf prospectus is, and the prospectus supplement will be (within two business days from the date hereof), accessible on Skeena's issuer profile on SEDAR+. Copies of the base shelf prospectus, registration statement and prospectus supplements relating to the offering, when available, may be obtained upon request in Canada by contacting BMO Nesbitt Burns Inc., Brampton Distribution Centre, care of The Data Group of Companies, 9195 Torbram Rd., Brampton, Ont., L6S 6H2, by telephone at 905-791-3151, extension 4312, or by e-mail at torbramwarehouse@datagroup.ca, and in the United States by contacting BMO Capital Markets Corp., attention: equity syndicate department, 151 42nd St. W, 32nd Floor, New York, N.Y., 10036, or by telephone at 800-414-3627 or by e-mail at bmoprospectus@bmo.com. Copies of the base shelf prospectus and the prospectus supplement, when available, can be found under the company's profile on SEDAR+, and a copy of the registration statement and the prospectus supplement can be found on EDGAR. Before investing, prospective investors should read the base shelf prospectus, the prospectus supplements, when available, the registration statement and the documents incorporated by reference therein.

About Skeena Resources Ltd.

Skeena is a leading precious metals 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 metals 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.

We seek Safe Harbor.