Mr. Walter Coles reports

SKEENA GOLD & SILVER ANNOUNCES PROPOSED USD$750 MILLION SENIOR SECURED NOTES OFFERING TO REFINANCE FORMER PROJECT FINANCING AND TO FUND PARTIAL BUYBACK OF EXISTING GOLD STREAM

SSkeena Resources Ltd. intends to offer and sell $750-million aggregate principal amount of senior secured notes due 2031, subject to market and other conditions. All references to dollars in this news release are in U.S. dollars.

The notes will be fully and unconditionally guaranteed by certain of the company's subsidiaries relating to its Eskay Creek project and will be secured by a first priority lien on certain of the company's and the guarantors' property, including equity interests, the segregated accounts (as defined below) and interests in the Eskay Creek project.

Skeena intends to use approximately $184-million of the proceeds from the offering to finance the stream buydown; an estimated $100-million to finance an interest reserve account, which is expected to contain an amount equal to the first three semi-annual interest payments due under the notes; and the remaining proceeds to finance a disbursement account with funds to be used to advance the Eskay Creek project, to pay certain fees and expenses, and to add cash to Skeena's balance sheet for, among other things, general corporate purposes.

Pursuant to an agreement between Skeena and the stream purchasers under the company's existing $200-million gold stream, Skeena intends to buy down the stream agreement (as defined below) by making a lump sum payment of approximately $184-million to the stream purchasers in exchange for a reduction of the stream percentage deliverable from production at the Eskay Creek project to the stream purchasers by 66.67 per cent.

In connection with the offering and the stream buydown, the company has entered into an amended stream agreement with Orion and certain of its affiliates to facilitate the offering and related transactions. The amendments include, among other things, the termination of the availability of the stream cost overrun facility and amendments to certain liquidity and reporting covenants.

In addition, the company intends to cancel its existing $350-million senior secured term loan and cost overrun facility under the stream agreement concurrently with the completion of the offering and the stream buydown. The term loan and cost overrun facility are currently undrawn, and the company does not expect to incur any fees in connection with the cancellations. Completion of the term loan, cost overrun facility cancellations and stream buyback is subject to the successful completion of the offering and each other.

The offering and use of proceeds therefrom for the related refinancing are intended to improve the company's future operating margins, increase its exposure to gold prices and future production, and enhance overall project economics for the Eskay Creek project.

About Skeena Resources Ltd.

Skeena is a leading precious metal 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 metal 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.

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