Past year: ▲ 92%(22.69 – 51.99 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2022drilling result▲ GoodMajor
Two more holes extended 21A West southwards inside the planned pit: SK-22-1131 returned 7.73 g/t gold and 16.8 g/t silver (7.91 g/t AuEq) over 17.20 metres starting 14 metres below surface, 35 metres from SK-22-1031, and SK-22-1103 a further 35 metres south gave 3.45 g/t AuEq over 21.80 metres and 5.46 g/t AuEq over 9.75 metres. All of it in material the 2022 study treated as waste.
8 Nov 2022drilling result▲ GoodMajor
SK-22-1122 returned 20.43 g/t gold and 175.2 g/t silver (22.38 g/t AuEq) over 24.00 metres, including half a metre at 80.20 g/t gold and 2,790 g/t silver, 15 metres below the 48 g/t hole SK-22-1093 and only 60 metres below surface inside the planned pit. A second hole, SK-22-1095, found new mineralisation below the pit at 5.51 g/t AuEq over 20.60 metres. Like the rest of 21A West, this ground was carried as barren waste in the current reserve.
1 Nov 2022drilling result▲ GoodMajor
The first deep hole ever drilled into the down-dip extension of the deposit found new rhyolite-hosted mineralisation 650 metres below the NEX Zone at 850 metres depth: SK-22-1081 returned 3.79 g/t gold and 59.4 g/t silver (4.46 g/t AuEq) over 32.19 metres, with narrow sub-intervals above 10 g/t AuEq. A single hole into a new area, opening the "Eskay Deeps" as an underground target rather than adding anything to the open pit.
25 Oct 2022drilling result▲ GoodMajor
Infill hole SK-22-1090 extended 23 Zone mineralisation right to surface with 1.13 g/t gold and 6.6 g/t silver (1.20 g/t AuEq) over 96.02 metres, which would cut the waste-to-ore ratio of a future pit; SK-22-1071 gave 1.17 g/t AuEq over 109.82 metres and SK-22-1069 2.30 g/t AuEq over 26.50 metres. These are infill holes in a known zone, not new discoveries. From this release the gold-equivalent formula divides silver by 90 rather than 75, so quoted AuEq figures are slightly lower than earlier releases for the same assays.
18 Oct 2022drilling result▲ GoodMajor
SK-22-1031 hit 2.21 g/t gold and 4.6 g/t silver (2.27 g/t AuEq) over 50.00 metres in the 21A West Zone, 75 metres along strike from the 48 g/t hole - ground the 2022 resource estimate and feasibility study had both modelled as barren waste rock because no one had ever drilled it. A separate hole, SK-22-1040, returned 0.79 g/t AuEq over 95.75 metres 500 metres south of the 23 Zone.
26 Sept 2022asset acquisition disposition▲ GoodMajor
Skeena paid Barrick C$17.5 million to buy back half of the 1.0% net smelter royalty granted when it acquired Eskay Creek, leaving Barrick with 0.5%. Franco-Nevada's right of first refusal over that repurchased half stays in place, subject to an auction Skeena must run before October 2023.
23 Sept 2022capital raising announcement● NeutralMajor
The bought deal closed at C$34.5 million after the underwriters took their over-allotment in full - 5,702,479 shares at C$6.05. The stated use of proceeds is to exercise the right to buy down Barrick's 0.5% net smelter royalty on Eskay Creek.
What it means for a shareholder
5.7m new shares at C$6.05 to raise about C$34.5m. That's 8.0% dilution: every existing holder's slice gets 8.0% smaller. If you held C$1,000 of shares (165 at the issue price), your slice goes from 0.000253% to 0.000232% of the company. To keep it you'd need 14 more shares - about C$85 at the issue price.
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21 Sept 2022resource reserve update● Neutral
An amended and restated version of the feasibility study technical report, replacing the report filed on 14 September. The notice to reader says it reflects housekeeping and clarifying amendments plus conforming changes to the qualified persons' certificates; the study results are unchanged.
19 Sept 2022capital raising announcement● NeutralMajor
A C$30 million bought deal, 4,958,678 shares at C$6.05 through a Raymond James-led syndicate with a 743,801-share over-allotment option. The price is worth noting against the C$21.00 Franco-Nevada paid for flow-through shares nine months earlier.
What it means for a shareholder
5.0m new shares at C$6.05 to raise about C$30.0m. That's 7.0% dilution: every existing holder's slice gets 7.0% smaller. If you held C$1,000 of shares (165 at the issue price), your slice goes from 0.000253% to 0.000235% of the company. To keep it you'd need 13 more shares - about C$79 at the issue price.
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15 Sept 2022resource reserve update● Neutral
Skeena filed the full NI 43-101 technical report behind the 8 September feasibility study. It contains no new information - the results were already announced.
8 Sept 2022resource reserve update▲ GoodMajor
The Eskay Creek feasibility study put after-tax net present value at C$1.41 billion (5% discount, US$1,700 gold and US$19 silver) with a 50.2% return and one-year payback on C$592 million of pre-production capital, from proven and probable open-pit reserves of 29.9 million tonnes containing 2.87 million ounces of gold and 75.5 million ounces of silver. It reports the pit at 3.87 g/t gold-equivalent diluted; the July 2021 prefeasibility study, on figures the company quotes in its own releases, showed a 4.57 g/t open-pit grade with the same C$1.4 billion value and a 56% return over a 1.4-year payback.
6 Sept 2022drilling result▲ GoodMajor
The first 2022 results delivered SK-22-1093 in the 21A West Zone: 47.50 g/t gold and 73.4 g/t silver (48.48 g/t AuEq) over 12.12 metres, more than five times the grade of the 2021 discovery hole SK-21-997 in the same zone, inside the intended open pit and 75 metres north of it. Broader, lower-grade intercepts came from the East Flank (3.01 g/t AuEq over 17.66 metres, 1.68 over 31.30 metres) and the 23 Zone (1.33 g/t AuEq over 47.50 metres).
2 June 2022business combination▲ GoodMajor
The QuestEx deal closed on 1 June 2022 as structured: about C$18.7 million cash and 1.05 million Skeena shares to QuestEx holders, with Newmont paying about C$26 million for Heart Peaks, Castle, Moat, Coyote and North ROK. Skeena keeps KSP and Kingpin, the properties nearest Eskay Creek and Snip, and the cash cost was fully covered by the Newmont sale.
30 Mar 2022business combination▲ GoodMajor
Skeena agreed to buy QuestEx Gold & Copper for C$0.65 cash plus 0.0367 of a Skeena share per QuestEx share, about C$48.6 million or C$1.20 a share, and simultaneously agreed to on-sell five of QuestEx's properties to Newmont for about C$27 million - enough to cover the entire cash half of the price. Net of that, Skeena pays roughly C$15 million in its own shares and its Golden Triangle land package grows nearly sevenfold to 84,889 hectares, keeping the ground next to Eskay Creek and Snip.
24 Mar 2022capital raising announcement▲ GoodMajor
Barrick exercised the 2,812,500 warrants it received when it sold Eskay Creek to Skeena in October 2020, paying C$10.80 each for C$30.4 million of cash. The money funds a 60,000-metre 2022 drill programme - a skid-based start in April and eight helicopter-supported rigs from June - aimed at the new 21A West and 23 Zones and at the deep mudstone north of the old mine.
9 Mar 2022drilling result▲ GoodMajor
The final 2021 holes produced the discovery that mattered: SK-21-997 hit 8.78 g/t gold and 13 g/t silver (8.95 g/t AuEq) over 34.00 metres only 30 metres below surface and 60 metres west of the 21A pit-constrained resource - inside the pit outline of the 2021 prefeasibility study, so it is ore that costs nothing extra to reach. Lesser intercepts came from SK-21-983 (4.44 g/t AuEq over 11.73 metres) and SK-21-985 (2.39 g/t AuEq over 11.50 metres). This became the 21A West Zone.
26 Jan 2022drilling result▲ Good
A step-out hole, SK-21-971, extended the week-old 23 Zone 90 metres up-dip with 1.97 g/t gold and 3 g/t silver (2.00 g/t AuEq) over 40.50 metres; SK-21-963 gave 0.76 g/t AuEq over 52.00 metres and SK-21-973 3.05 g/t AuEq over 7.49 metres. Expansion of a known zone rather than a new find, and the zone remains open in all directions.
19 Jan 2022drilling result▲ GoodMajor
A genuinely new zone, the 23 Zone, was found 200 metres east of the high-grade 21A Zone and outside the current pit-constrained resource, starting only 15 metres below surface: SK-21-947 returned 2.14 g/t gold and 14.6 g/t silver (2.33 g/t AuEq) over 59.91 metres, SK-21-945 1.08 g/t AuEq over 90.00 metres and SK-21-946 1.72 g/t AuEq over 43.39 metres. Previous operators had drilled the ground in 1990 but sampled only selected intervals, which is why they missed it - a 1990 hole metres away reported just 1.97 g/t over 2.00 metres.
13 Jan 2022auditor change● Neutral
Grant Thornton resigned as auditor at the company's request and KPMG took over from 6 January 2022, approved by the audit committee and board. The notice states there were no reservations in Grant Thornton's reports for the last two years and no reportable events.
27 Dec 2021capital raising announcement▲ GoodMajor
The Franco-Nevada placement closed on 23 December 2021 for C$30.9 million gross, earmarked for Canadian exploration spending. The royalty right of first refusal was granted as described, and the two companies also amended their existing royalty agreement so it covers the same ground as Barrick's.
13 Dec 2021capital raising announcement▲ GoodMajor
Franco-Nevada agreed to buy C$30.9 million of flow-through shares (1,471,739 at C$21.00) in a non-brokered placement, and in return got a right of first refusal over a 0.5% net smelter royalty on Eskay Creek - the same half that Skeena can buy back from Barrick for C$17.5 million until October 2022. If Skeena has not sold that royalty to anyone by 2 October 2023, Franco-Nevada can take it for C$22.5 million.
8 Dec 2021drilling result▲ GoodMajor
Twelve shallow air-rotary holes (212 metres in total) drilled from a barge on the Albino Waste Facility - the historic waste and tailings pond, not in-situ ore - returned 5.90 g/t gold and 317 g/t silver (10.13 g/t gold-equivalent) over 16.77 metres in SK-21-899 and 8.80 g/t AuEq over 13.72 metres in SK-21-903. Combined with the Phase I holes drilled earlier in 2021, twenty holes now average 13.20 metres thickness at 4.03 g/t gold and 163 g/t silver, over an area 350 by 125 metres; the rest of the facility is untested.
