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Here are 1-3 brief analogies for Skeena Resources (SKE):

• Barrick Gold for developing Canadian gold and silver assets.
• Newmont for high-potential gold and silver deposits in British Columbia.
• Agnico Eagle Mines for reviving Canadian gold and silver mines.

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• Gold: A precious metal primarily used in jewelry, investment, and industrial applications.
• Silver: A precious metal valued for its use in jewelry, electronics, and as an investment.
• Copper: A base metal vital for electrical wiring, plumbing, and construction.
• Other Precious Metals: Various rare metallic elements that may be found and extracted during mining operations.

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Skeena Resources Limited is a mineral exploration and development company focused on gold, silver, and copper deposits. As such, it extracts and develops raw materials. Companies in this sector typically do not have "major customers" in the traditional sense, as their products are commodities sold into the global market.

If and when Skeena Resources proceeds to production and sells its extracted minerals (e.g., gold and silver doré, or copper concentrates), its customers would primarily be other companies:

1. Metal Refiners: Companies that process raw gold, silver, or copper concentrates into refined metals.
2. Metal Smelters: Facilities that separate base metals like copper from their ore through smelting processes.
3. Commodity Trading Houses: Firms specializing in buying and selling large quantities of raw materials on the global commodity markets.

Specific names of these customer companies are generally not publicly disclosed by mining companies like Skeena Resources, as they operate within a broad commodity market with numerous potential buyers rather than long-term, exclusive customer relationships typical of other industries. Skeena Resources does not sell primarily to individuals.

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• SLR Consulting (Canada) Ltd.
• SRK Consulting (Canada) Inc.
• Worley Limited (ASX: WOR) (parent company of Ausenco Engineering Canada Inc.)
• G&T Metallurgical Services Ltd.
• Allnorth Consultants Limited

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Randy Reichert, President, Chief Executive Officer & Director

Randy Reichert was appointed President, CEO, and Director of Skeena Resources in April 2022. He has over 3.92 years of tenure as CEO as of March 2026. In January 2023, he temporarily assumed the duties of Chief Operating Officer in addition to his CEO role.

Andrew MacRitchie, Chief Financial Officer

Andrew MacRitchie is a Chartered Professional Accountant with over 25 years of leadership experience in publicly listed exploration and mining companies. He has held management roles in several TSX Venture-listed mining companies, including serving as Chief Financial Officer for FireFox Gold Corp., Winshear Gold Corp. (a previous role), Coast Copper Corp., Trident Resources Corp., and Anacott Resources Corp. He has assisted companies in raising over $1.5 billion in capital. He began his career with PricewaterhouseCoopers. MacRitchie was convicted in May 2023 and sentenced in September 2023 to 70 months in prison and ordered to forfeit $689,662 for his role in a $300 million fraud conspiracy at Aequitas Capital. He oversaw the company's accounting, legal, and auditing functions, participated in fundraising, and directed a Luxembourg-based fund to solicit international investors at Aequitas, which collapsed in 2016.

Walter Coles Jr., Executive Chairman of the Board

Walter Coles Jr. serves as the Executive Chairman of the Board for Skeena Resources. He previously held the position of CEO of Skeena Resources. He co-founded Virginia Uranium in 2007. He also worked as an investment banker at Goldman Sachs, where he was actively involved in principal investment activities.

Justin Himmelright, Senior Vice President, External Affairs and Sustainability

Justin Himmelright has over 25 years of experience in environmental management and developing social license for natural resource projects. He previously served as Vice President responsible for sustainability matters at Pacifica Resources, Selwyn Resources, Scozinc Mining, and Selwyn Chihong Mining. Mr. Himmelright has also consulted for Indigenous communities on mining proposals and with non-profit organizations. He is currently an adjunct professor at the Norman Keevil Institute of Mining Engineering (UBC) focusing on Indigenous peoples and mining in Canada.

Paul Geddes, Senior Vice President, Exploration and Resource Development

Paul Geddes is the Senior Vice President of Exploration and Resource Development. He is recognized as a Qualified Person for the company in accordance with National Instrument 43-101.

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The key risks to Skeena Resources (symbol: SKE) are primarily associated with its status as a pre-revenue mining development company.

1. Financing Risk: Skeena Resources faces a significant challenge in securing the substantial financing required to construct its Eskay Creek mine, estimated at approximately $713 million. As a company not yet generating revenue, its success is highly dependent on obtaining this large-scale funding, with potential difficulties exacerbated by factors such as high interest rates and the risk of shareholder dilution.

2. Project Execution and Development Risk: Bringing the Eskay Creek mine into production carries considerable execution risks, including potential construction delays, cost overruns, and unexpected operational challenges. The company also needs to manage complex geological and metallurgical aspects, and ensure the ongoing validation of geotechnical and hydrogeological models for detailed mine design.

3. Commodity Price Volatility: Skeena Resources' future profitability is intrinsically linked to the volatile market prices of gold and silver. Fluctuations in these commodity prices can significantly impact the economic viability and revenue generation of the Eskay Creek project once it becomes operational.

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The addressable markets for Skeena Resources' main products, which include gold, silver, and copper, can be identified within the Canadian and global contexts, focusing on the mining sector.

Gold Market

• The gold and silver ore mining market in Canada was valued at approximately $21.7 billion in 2025 and is projected to grow to $23.5 billion in 2026.
• Canada's gold production alone had a value of $16.9 billion in 2024.
• Globally, the gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by 2030.

Silver Market

• The gold and silver ore mining market in Canada (which includes silver) was valued at approximately $21.7 billion in 2025 and is projected to reach $23.5 billion in 2026.
• Within the broader Canadian precious metal market, which had a revenue of USD 22,969.2 million in 2024 and is expected to reach USD 43,035.4 million by 2030, silver is identified as the most lucrative and fastest-growing segment.
• The global silver mining market was valued at USD 21.52 billion in 2024 and is poised to grow to USD 23.4 billion in 2025, reaching USD 45.6 billion by 2033.

Copper Market

• The copper mining market in Canada generated a revenue of approximately USD 4,603.6 million in 2022 and is expected to reach USD 6,862.1 million by 2030.
• In 2024, Canadian mines produced 514,582 tonnes of copper in concentrate.
• The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030.

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Expected Drivers of Future Revenue Growth for Skeena Resources (SKE)

Skeena Resources Limited (SKE) is poised for significant future revenue growth over the next 2-3 years, primarily driven by the transition of its key mineral properties from development to production. The core drivers include:

• Initiation of Commercial Production at Eskay Creek: The most substantial driver of future revenue for Skeena Resources is the anticipated restart of commercial production at its high-grade Eskay Creek gold-silver mine. Initial profitable production is expected in the second quarter of 2027, following the securing of final regulatory approvals and a comprehensive financing package. The Eskay Creek project is projected to produce approximately 260,000 ounces of gold and 7.65 million ounces of silver annually, equating to 370,000 gold equivalent ounces at an all-in sustaining cost (AISC) of $687 per gold equivalent ounce. This highly anticipated operational commencement will mark Skeena's transition from an exploration and development company to a revenue-generating precious metals producer.
• High-Grade Production Profile of Eskay Creek: The inherent high-grade nature of the Eskay Creek deposit is expected to bolster revenue generation significantly. Described as one of the world's highest-grade and lowest-cost open-pit precious metals mines, Eskay Creek is projected to offer substantial silver by-product production, contributing to robust financial performance once operational. The high-grade material is anticipated to lead to strong margins and overall revenue.
• Integration of Snip Project as a Satellite Operation: The 100%-owned Snip Gold Project is positioned as a potential satellite operation to Eskay Creek. Skeena plans to investigate opportunities to process high-grade ore from Snip at the centralized Eskay Creek mill, which could significantly extend the mine life of Eskay Creek and potentially enhance concentrate grades and payabilities. While currently not factored into the Eskay Creek project economics, the integration of Snip's high-grade material represents a clear pathway to incremental revenue and optimized resource utilization.
• Expansion of Mineral Resources: Ongoing exploration and development efforts have led to increased mineral resource estimates, particularly for the Snip project. An updated Mineral Resource Estimate for Snip in September 2023 demonstrated a 237% increase in indicated gold ounces, reaching 823,000 ounces. These expanded and de-risked resources provide a strong foundation for sustained long-term production and, consequently, future revenue growth beyond the initial Eskay Creek mine plan.
• Positive Analyst Forecasts for Profitability and Revenue Growth: Financial analysts are forecasting Skeena Resources to achieve profitability within the next three years. Projections indicate substantial annual growth rates, with earnings expected to grow by 90.3% and revenue by 59.8% per annum. The forecasted annual revenue for Skeena Resources in 2027 is approximately $853 million, underscoring the market's expectation of significant revenue generation coinciding with the start of Eskay Creek production.

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Capital Allocation Decisions (Last 3-5 Years)

Share Issuance

• Skeena Resources completed a bought deal financing around October 8, 2025, issuing approximately 5,210,000 common shares at C$24.00 per share, raising approximately C$125 million for the Eskay Creek project advancement and general corporate purposes.
• In December 2023, Skeena announced a non-brokered private placement of up to 1,223,530 flow-through common shares at an average price of approximately C$8.53 per share, generating gross proceeds of up to C$10.4 million for exploration activities.
• On December 23, 2021, Skeena closed a non-brokered private placement, issuing 1,471,739 flow-through common shares at C$21.00 per share, resulting in gross proceeds of approximately C$30.9 million from Franco-Nevada Corporation.

Inbound Investments

• In June 2024, Skeena secured a comprehensive US$750 million (over C$1 billion) project financing package from Orion Resource Partners for the Eskay Creek Gold-Silver Project. This package included a US$100 million equity investment, a US$200 million gold stream, a US$350 million senior secured loan, and a US$100 million cost over-run facility.
• Skeena closed an C$81 million financing package with Franco-Nevada in December 2023, comprising the sale of a 1.0% net smelter return (NSR) royalty on Eskay Creek production for C$56 million and a C$25 million unsecured convertible debenture.
• BlackRock, Inc. acquired 7,845,685 shares of Skeena Resources Ltd. at $8.72 per share on December 31, 2024, representing a strategic investment in the company.

Outbound Investments

• In March 2022, Skeena acquired QuestEx Gold & Copper Ltd., and concurrently sold certain QuestEx properties to Newmont Corporation for approximately C$27 million, which offset the cash portion of the QuestEx acquisition.
• Skeena invested C$4,000,000 to acquire 6,666,667 shares of TDG Gold Corp. at C$0.60 per share on July 14, 2025, for investment purposes.

Capital Expenditures

• The Definitive Feasibility Study for the Eskay Creek project, released in November 2023, estimated pre-production capital expenditures at US$528 million (C$713 million), including a US$36 million (C$49 million) contingency.
• The US$750 million financing package from Orion Resource Partners, combined with cash and cash equivalents, provides approximately US$794 million, exceeding the estimated capital expenditures required for Eskay Creek's production.
• Construction activities at the Eskay Creek project continued through 2025, with property, plant, and equipment increasing from C$162.88 million at the end of 2024 to C$454.82 million by Q3 2025, as the company targets initial production in Q2 2027.