Mr. Randy Reichert reports

SKEENA GOLD & SILVER CONFIRMS ESKAY CREEK REACHES 49% COMPLETION & PROVIDES PROJECT UPDATE; INITIAL PRODUCTION REMAINS ON SCHEDULE FOR Q2 2027

Skeena Resources Ltd. has provided an update on the advancement of its 100-per-cent-owned Eskay Creek gold-silver project in northwest British Columbia. Since commencing development activities in December, 2024, the company has achieved notable progress advancing Eskay Creek. As of Feb. 28, 2026, the project was 49 per cent complete, with 66 per cent of total project costs now contractually committed. Initial production at Eskay Creek remains on schedule, targeted for the second quarter of 2027 and commercial production expected in the third quarter.

Randy Reichert, president and chief executive officer of Skeena, commented: "Our strategy of initiating development activities well ahead of final permit receipt has delivered meaningful value for our shareholders. By acting early, we reduced project timeline risk and minimized inflationary impacts across key scopes by securing procurement contracts earlier. Having completed the permitting process and reaching the midway mark on construction, we felt it was important to provide a project update and show how far the project has advanced."

Updated construction cost estimate

Following receipt of the environmental assessment certificate (EA) and joint provincial permits (see news release dated Feb. 3, 2026), Skeena completed a comprehensive review of the permit conditions and the project's construction cost estimate. The updated 2026 construction budget now incorporates final permit conditions, updated impact benefit agreement (IBA) commitments, inflationary impacts and learnings from early stage construction, resulting in a more current and reliable estimate of the project's overall cost requirements. All references to dollars in this news release are in United States dollars.

The project cost outlined in the 2023 definitive feasibility study (DFS) was $560-million (U.S.). The updated cost estimate for the project is $659-million (U.S.), both estimates are inclusive of approximately $35-million (U.S.) in cost contingency. This represents an increase of $99-million (U.S.) as compared with the 2023 DFS estimate.

The revised estimate incorporates updated project scope, engineering refinement, permitting conditions, IBA commitments and project sanction/completion timing adjustments. The estimate also incorporates the use of leasing arrangements for portions of certain infrastructure, including the water treatment plant, high-voltage electrical infrastructure and camp facilities, which have reduced the upfront construction cost requirements by approximately $94-million (U.S.).

Comprehensive reviews undertaken by the project team, together with independent third party consultants, continue to support the development schedule. In tandem with the updated 2026 construction budget, the project remains on schedule, with initial production targeted for Q2 2027 followed by commercial production in the third quarter.

Prior to receipt of final permits, and in anticipation of major construction activities, Skeena strategically advanced and derisked the project throughout 2024 and 2025. As a result, as of Dec. 31, 2025, the company had invested approximately $305-million (U.S.) in development expenditures and meaningfully progressed key construction scopes. As of Dec. 31, 2025, the remaining development expenditures required to achieve initial production are estimated at $354-million (U.S.) (net of planned $94-million (U.S.) leasing arrangements), representing peak construction spending in 2026 of approximately $291-million (U.S.), with the balance of $63-million (U.S.) expected to be incurred in 2027 as the project transitions into commissioning.

Major construction highlights are summarized in the attached table, as of Feb. 28, 2026.

Below is a summary of the main items contributing to the increase in the updated project cost estimate:

• General cost escalation reflecting inflationary pressures across labour, materials and construction services.
• In 2024 and 2025, the British Columbia water discharge standards were changed and certain elemental limits were reduced to the lowest levels in the world. In addition, through Tahltan participation in the environmental assessment process, Tahltan values were incorporated into the site requirements. Enhanced water management and treatment infrastructure was required to meet final EA approval conditions and updated regulatory standards, including incorporation of environmental protection measures and community values identified through the assessment process.
• Optimization of the permanent camp location to accommodate the ultimate tailings storage facility configuration, resulting in associated design adjustments and site development costs.
• Operational design enhancements implemented following the DFS to improve reliability, safety and winter operating conditions, including:
  • Structural improvements to the mill building to improve snow management and operational safety;
  • Conversion from a crushed ore storage bin to a covered conical stockpile to reduce freezing risk and improve material handling reliability;
  • Improvements to concentrate dewatering capacity, including thickener sizing and filter configuration;
  • Improvements to plant HVAC (heating, ventilation and air conditioning) and dust control systems.
• Updated pricing and scope refinement for high-voltage electrical infrastructure and the Volcano Creek substation following detailed engineering and procurement, reflecting global demand for electrical equipment and additional earthworks requirements.
• Additional procurement and contracting costs associated with community participation and partnership commitments under the project's impact benefit agreement.
• Schedule extension of approximately six months to align construction sequencing with final permitting approvals. For greater certainty, this extension was already incorporated in the updated project timelines disclosed in the company's news release dated June 25, 2024, on project financing.

Remaining construction scopes

Below is a summary of the remaining construction activities that are required to commence preproduction:

• Continuance of open pit mining to produce construction rock and, in Q4, commence ore mining and stockpiling;
• Widening of haul road to TMSF to support future dam construction and subaqueous PAG deposition;
• Completion of the stage 1 TMSF dam to enable future tailings deposition;
• Continuance of water management infrastructure including ponds and diversions, and completion of the first and second stage of the water treatment plants;
• Substantial completion of construction activities in the processing facilities;
• Mechanical completion testing and precommissioning activities in the processing facilities;
• Completion of construction of the Volcano Creek substation, 69-kilovolt overhead power line to site and Eskay Creek substation;
• Energization of processing facilities, water treatment plant and other key facilities with permanent grid power;
• Completion of construction of the permanent camp.

About Skeena Resources Ltd.

Skeena is a leading precious metals development company focused on advancing the Eskay Creek gold-silver project in British Columbia's Golden Triangle. With the project fully permitted and under construction, the company is progressing Eskay Creek toward initial production and cash flow in the second quarter of 2027. Once in operation, Eskay Creek is expected to be one of the world's highest-grade and lowest-cost open-pit precious metals mines, with significant silver byproduct production that exceeds the output of many primary silver mines. Skeena is committed to responsible and sustainable mining in partnership with indigenous communities, while maximizing the value of its mineral resources to generate long-term shareholder returns.

Qualified persons

In accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, Andrew Osterloh, PEng, vice-president of project engineering and construction for Skeena Gold + Silver is the qualified person for the company, and has validated and approved the technical information contained in this news release.

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