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

• Skeena Resources is like an early-stage Barrick Gold, focused on high-grade gold and silver projects.

• Skeena Resources is like a developing Pan American Silver, but dedicated to re-opening past-producing gold and silver mines.

• Skeena Resources is like a future Kinross Gold, specializing in reviving high-grade gold and silver deposits.

• Gold: Skeena Resources' primary focus is the exploration and development of high-grade gold deposits through its Eskay Creek and Snip projects.
• Silver: The company also targets high-grade silver deposits, particularly as a co-product from its Eskay Creek project.

Skeena Resources (symbol: SKE) is a mineral exploration and development company focused on advancing its Eskay Creek gold-silver project and Snip gold project in British Columbia, Canada.

At its current stage, Skeena Resources is pre-production and does not generate revenue from the sale of minerals or other products and services. Consequently, the company does not have "major customers" in the traditional sense of entities purchasing its output.

However, should Skeena Resources successfully develop its projects and transition into a production phase, or if it were to sell its mineral properties or resources, its transactions would primarily be business-to-business (B2B). Therefore, the entities that would act as its customers or transactional partners would be other companies. While specific customer names cannot be identified due to the company's pre-revenue status, potential categories of such customer companies include:

• Metal Refineries and Smelters: Companies specializing in processing raw ore or mineral concentrates into refined precious metals (gold and silver).
• Bullion Dealers and Traders: Large financial institutions or commodity trading houses that purchase and market refined precious metals on the global market.
• Other Major Mining Companies: Larger established mining companies that might acquire Skeena Resources' projects, form joint ventures, or purchase its developed mineral assets.

Randy Reichert, President & CEO, Director

Mr. Randy Reichert was appointed President of Skeena Resources Limited on April 16, 2022, and has served as its Chief Executive Officer and a Director since October 1, 2021. He brings 30 years of experience in the mining industry. Prior to joining Skeena, Mr. Reichert was Vice President, Operations with B2Gold Corp., where he oversaw their three international gold operations. He also served as General Manager at B2Gold's Fekola Mine in Mali, playing a key role in its development and transition into operations. Mr. Reichert began his career with Cominco in Canada, working at various operations including the Snip Mine. He holds a BASc in Mining and Mineral Processing, an MScEng in Rock Mechanics, a Graduate Diploma in Business Administration, and is a Professional Engineer.

Andrew MacRitchie, Chief Financial Officer & Corporate Secretary

Mr. Andrew MacRitchie is a Chartered Professional Accountant with over 20 years of experience in management roles within TSX Venture-listed mining companies. During his career, he has helped these companies raise more than $200 million. He started his career at PricewaterhouseCoopers and has since gained experience working on gold, silver, diamond, and base-metals projects across North America, South America, Africa, Europe, and Asia.

Walter Coles, Executive Chairman

Walter Coles currently serves as the Executive Chairman of Skeena Resources Limited. He has previously served as CEO and President for several junior mining exploration and development companies listed on the Toronto Venture Stock Exchange. Mr. Coles' background includes working as an analyst for Cadence Investment Partners and as a Senior Research Analyst in the High Yield Group at UBS Investment Bank. He began his career at UBS Investment Bank in 1999 as an Associate, reporting to the bank's Global Head of Fixed Income Strategy. Mr. Coles holds a B.A. in Economics from the University of Richmond.

Justin Himmelright, Senior Vice President of External Affairs & Sustainability

Justin Himmelright holds the position of Senior Vice President of External Affairs & Sustainability at Skeena Resources.

Paul Geddes, Senior Vice President, Exploration & Resource Development

Paul Geddes serves as the Senior Vice President, Exploration & Resource Development for Skeena Resources. He is also the Qualified Person for the company in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Skeena Resources (symbol: SKE) focuses on the exploration and development of precious metals, with its primary products being gold and silver, primarily from its Eskay Creek Gold-Silver Project in British Columbia, Canada.

The addressable markets for their main products are as follows:

• Gold: The global gold market was valued at approximately USD 291.68 billion in 2024. This market is projected to reach USD 400 billion by the end of 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.51% from 2025 to 2030. Another projection estimates the global market size to reach USD 457.91 billion by 2032, with a CAGR of 5.80% from 2024. In terms of volume, the global gold market is estimated at 4.75 kilotons in 2025 and is expected to reach 6.78 kilotons by 2030, at a CAGR of 7.38%.

• Silver: The global silver market size was valued at USD 87.12 billion in 2024. It is projected to grow from USD 95.20 billion in 2025 to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86% during that period. In terms of volume, the global silver market is estimated at 36.08 kilotons in 2025 and is expected to reach 45.26 kilotons by 2030, with a CAGR of 4.64%.

Skeena Resources (symbol: SKE) is poised for significant future revenue growth over the next 2-3 years, primarily driven by the advancement and eventual production from its flagship Eskay Creek Gold-Silver Project. The key drivers are:

1. Commencement of Commercial Production at Eskay Creek: The most substantial driver of future revenue growth for Skeena Resources is the planned initiation of commercial production at its Eskay Creek Gold-Silver Project, anticipated by the third quarter of 2027. This project is expected to be a significant gold producer on a global scale, averaging approximately 450,000 gold equivalent ounces over the first five years of operation. The project has secured a US$750 million financing package, ensuring its development through to production.

2. High-Grade, Low-Cost Production from Eskay Creek: The Eskay Creek project is projected to be one of the highest-grade and lowest-cost open-pit precious metals mines worldwide. With an expected average of 5.5 grams per ton gold equivalent in the first five years and an all-in sustaining cost (AISC) of $550 per ounce over the same period (and $687 per ounce over the life of the mine), the high-grade nature and cost efficiency are expected to lead to robust margins and, consequently, strong revenue generation.

3. Favorable Precious Metal Prices: Sustained or rising prices for gold and silver are a significant external driver of revenue growth. Analysts and company commentary note that strongly rallying gold and silver prices, driven by geopolitical uncertainty and industrial demand, will provide a tailwind for the company's share price and future revenue, especially as Eskay Creek moves into production.

4. Potential Development of Other High-Grade Projects: Beyond Eskay Creek, Skeena Resources has indicated the potential for future growth through the development of other projects, such as the Snip mine. The Snip project averages about 9.5 grams per ton, suggesting that bringing such high-grade assets into production in later years could further boost overall production and revenue.

Share Repurchases

• There is no information available indicating share repurchases by Skeena Resources in the last 3-5 years. The company's 6-Month Share Buyback Ratio was -6.80%, suggesting no buybacks.

Share Issuance

• Skeena Resources closed a bought deal financing on October 8, 2025, issuing 5,991,500 common shares at C$24.00 per share for gross proceeds of C$143,796,000, including the full exercise of an over-allotment option.
• On November 17, 2020, the company completed a public offering, issuing 19,574,468 common shares at C$2.35 per share, which generated gross proceeds of C$46.0 million.
• In March 2020, Skeena announced a non-brokered private placement offering of approximately 17,316,000 flow-through shares at a price of C$1.155 per share for aggregate gross proceeds of C$20 million.

Inbound Investments

• On June 24, 2024, Skeena entered into a binding agreement with Orion Resource Partners for a US$750 million financing package dedicated to the Eskay Creek project, comprising a $100 million equity investment and a $200 million gold stream.
• As of the June 2025 quarter, $100 million of the Gold Stream agreement with Orion had been sent to deposit.
• On June 27, 2025, Skeena received a $50 million tranche (C$68.2 million) for the development and construction of the Eskay Creek project under the Gold Stream agreement.

Outbound Investments

• On July 14, 2025, Skeena Resources acquired 6,666,667 shares of TDG Gold Corp. for approximately C$4 million at C$0.60 per share.

Capital Expenditures

• The majority of capital raised by Skeena Resources has been allocated to the development and construction of its flagship Eskay Creek gold-silver project.
• Proceeds from the October 2025 C$143.8 million financing are designated for the continued advancement of the Eskay Creek project and general corporate purposes.
• In Q2 2025, Skeena's net cash use for investing activities was $49.7 million, primarily capitalized for fixed assets related to the Eskay Creek project, with production anticipated to commence in 2027.