Each one in plain English, with the numbers worked through for a shareholder.
8 Oct 2025capital raising announcement▲ GoodMajor
The bought deal closed at C$143.8 million after the underwriters took their over-allotment in full - 5,991,500 shares at C$24.00 - for continued advancement of Eskay Creek.
What it means for a shareholder
6.0m new shares at C$24.00 to raise about C$144m. That's 5.3% dilution: every existing holder's slice gets 5.3% smaller. If you held C$1,000 of shares (42 at the issue price), your slice goes from 0.0000387% to 0.0000367% of the company. To keep it you'd need 2 more shares - about C$48 at the issue price.
2 Oct 2025capital raising announcement● NeutralMajor
A C$125 million bought deal, 5,210,000 shares at C$24.00 through a BMO-led syndicate with a 15% over-allotment option. The same release discloses an unanticipated permitting delay caused by the BC government employee strike and that the Tahltan impact benefits agreement ratification vote, expected within weeks, is affected - the first slippage disclosed in the permitting timetable.
What it means for a shareholder
5.2m new shares at C$24.00 to raise about C$125m. That's 4.6% dilution: every existing holder's slice gets 4.6% smaller. If you held C$1,000 of shares (42 at the issue price), your slice goes from 0.0000387% to 0.0000369% of the company. To keep it you'd need 2 more shares - about C$48 at the issue price.
Signed an interconnection and transmission agreement with Coast Mountain Hydro, partly owned by the Tahltan Nation, letting Eskay Creek tie into an existing line 17 kilometres away instead of building its own transmission infrastructure to reach the BC Hydro grid. The first tie-ins to the 287-kilovolt line are done.
The Supreme Court of Canada refused Richard Mill and Orogenic Gold permission to appeal, so the Court of Appeal's July 2024 judgment for Skeena stands and the ownership question goes back to the Gold Commissioner for rehearing. Three years of litigation over the Albino Lake material end in Skeena's favour on the law, though the rehearing is still to come.
26 Feb 2025capital raising announcement▲ GoodMajor
Closed a C$88.3 million bought deal: 3,290,000 shares at C$14.70 and 2,230,000 flow-through shares at C$17.93, with the over-allotment taken in full and BMO as sole bookrunner. Raised at more than double the C$6.05 of the September 2022 deal and the C$8.53 flow-through price of December 2023.
What it means for a shareholder
3.3m new shares at C$14.70 to raise about C$88.3m. That's 3.0% dilution: every existing holder's slice gets 3.0% smaller. If you held C$1,000 of shares (68 at the issue price), your slice goes from 0.0000632% to 0.0000613% of the company. To keep it you'd need 2 more shares - about C$29 at the issue price.
Skeena took about 13% of TDG Gold by handing over the 9,000-hectare Sofia property plus C$7 million cash for 22,000,000 TDG shares. The reason is location: TDG's Greater Shasta-Newberry claims sit within 200 metres of the AuRORA gold-silver-copper discovery Freeport-McMoRan and Amarc Resources announced in the Toodoggone, on the same trend. A speculative stake in someone else's discovery rather than anything to do with Eskay Creek.
The first drilling ever done on KSP - 22 holes, 9,182 metres - found a gold-copper porphyry at Camp Porphyry, 5 kilometres from Snip, that previous operators had noticed but never drilled. CP-24-004 returned 0.71 g/t gold, 0.69 g/t silver and 0.03% copper over 381.47 metres of core length from 50 metres depth, including 1.07 g/t gold over 139.00 metres; CP-24-001 gave 0.62 g/t gold over 121.50 metres and CP-24-008 6.44 g/t gold with 0.23% copper over 7.61 metres. Traced about 1,000 metres of strike so far. True widths cannot be estimated, and this is bulk-tonnage porphyry grade - a different and much longer-dated proposition than Eskay Creek.
Skeena drew US$45 million on 30 December 2024, the second of five tranches of the Orion gold stream, released once the bulk sample permit came through. The remaining three tranches are US$50 million each and must be drawn before 31 March 2026 subject to further conditions; Skeena can cut the stream by two-thirds for a year after project completion by repaying the deposit with an imputed 18% return.
British Columbia approved extraction of a 10,000-tonne bulk technical sample at Eskay Creek, which authorises the 2025 development work and, more consequentially, satisfies the condition Orion attached to releasing the remaining US$195 million of its US$200 million gold stream. The environmental assessment application filed in mid-August 2024 has entered its 180-day statutory review.
The BC Court of Appeal overturned both the Chief Gold Commissioner and the BC Supreme Court, finding that Skeena never relinquished its rights to the waste rock and tailings in the Albino Lake facility and that the Commissioner was "clearly and palpably wrong" to hold otherwise. Reverses the losses of February and November 2022 in the dispute with Richard Mill and Orogenic Gold.
Orion Resource Partners committed a US$750 million package covering Eskay Creek through construction: US$350 million of committed capital in a senior secured loan (1% standby fee, no break fee), a US$200 million gold stream buyable back up to 66.7% for a year after commercial production, a US$100 million equity investment above the five-day average share price, and a US$100 million cost-overrun facility structured as a second stream. Most of it is available before the mine is permitted, which is the point - but the loan is secured and the stream is a permanent claim on production, so the funding certainty is bought with claims that rank ahead of shareholders.
The 2023 programme largely failed to repeat 2022. Thirteen near-mine holes found footwall mineralisation around the 22 Zone - SK-23-1203 at 19.87 g/t gold and 59.1 g/t silver over 2.95 metres was the best - but the company states outright that these are not expected to materially affect existing 22 Zone resources or reserves. At Eskay Deeps, eight holes and two wedges totalling 13,787 metres chasing the 2022 discovery hole SK-22-1081 hit only anomalous trace mineralisation in the target Contact Mudstone; the sole real intercept, SK-23-1182 at 3.92 g/t gold over 5.38 metres, sat 120 metres below that horizon. A seismic survey is planned for 2024 before further deep drilling.
The flow-through placement closed at C$10.7 million on 1,258,709 shares at about C$8.53, slightly above the announced size.
What it means for a shareholder
1.3m new shares at about C$8.50 to raise about C$10.7m. That's 1.6% dilution: every existing holder's slice gets 1.6% smaller. If you held C$1,000 of shares (118 at the issue price), your slice goes from 0.000151% to 0.000149% of the company. To keep it you'd need 2 more shares - about C$17 at the issue price.
Filed the NI 43-101 technical report behind the November 2023 updated feasibility study. Comparing the filed report's figures against the 14 November announcement, the headline C$2.0 billion net present value, 43% return, 1.2-year payback, C$713 million capital and 39.8 million tonne reserve are identical; the small movements are all-in sustaining cost US$687/oz against US$684, first five-year output 450,000 ounces a year against 455,000, and free cash flow C$467 million a year against C$474 million.
18 Dec 2023capital raising announcement● NeutralMajor
Franco-Nevada put up C$81 million: C$56 million for a further 1.0% net smelter royalty on Eskay Creek, taking its total royalty to 2.5% across all the Eskay ground, plus a C$25 million unsecured convertible debenture at 7% maturing on the earlier of December 2028 or completion of project financing. Management said plainly it is avoiding ordinary share issuance because the market for Canadian mine developers is difficult, and that the extra 1% royalty adds about US$20/oz to an all-in sustaining cost of US$687/oz.
The definitive feasibility study raised after-tax net present value to C$2.0 billion (5% discount, US$1,800 gold and US$23 silver) on reserves about 20% larger - 39.8 million tonnes containing 3.3 million ounces of gold and 88.0 million ounces of silver - with first five-year output of 455,000 ounces a year at 5.5 g/t AuEq. Pre-production capital rose to C$713 million from C$592 million and the return fell to 43% from 50%, so the higher value comes from more tonnes and a higher assumed gold price rather than better economics per ounce. The same filing carries a shareholder rights plan agreement with Computershare dated the same day - a takeover defence adopted alongside the study.
First-pass work on KSP, the 64,000 hectares acquired with QuestEx, was stream-sediment sampling, mapping and rock grabs - no drilling. Selected grab samples returned 14.20 g/t gold with 1.09% copper at the Tami target, 6.52 g/t gold with 3.82% zinc at Khyber Gap and 31.34% zinc but almost no gold at Pins. Grab samples are chosen for being mineralised and say nothing about grade over any width; what they establish is that a 17-kilometre stretch of the Bronson Corridor carries porphyry, skarn and epithermal styles worth drilling.
Snip's indicated resource was restated at 823,000 ounces of gold at 9.35 g/t, a 579,000-ounce increase - 237% - on the 2020 estimate, with 114,000 inferred ounces at 7.10 g/t; recovery assumptions rose to 96% from 90%. Almost all of the gain is reclassification of historical drilling given confidence by Skeena's own 2021-22 holes rather than newly found metal, and the plan is to treat Snip as a satellite feeding the Eskay Creek mill.
An updated resource estimate lifted Eskay Creek's pit-constrained measured and indicated resource 8% to 5.59 million ounces gold-equivalent (50.1 million tonnes at 3.47 g/t AuEq, being 4.14 million ounces of gold at 2.57 g/t and 102.5 million ounces of silver at 63.63 g/t), with a further 0.35 million ounces underground for the 5.9 million ounce headline. The more important change is confidence: measured material rose 23% and is now 73% of the pit resource, up from 63%, and inferred material is down to 40,000 ounces. It absorbs 278 new holes and 67,885 metres of the 2021-22 drilling.
Hochschild walked away from its option to earn 60% of the Snip gold project, so Skeena takes back 100% and all of Hochschild's data since it declared its intent to earn in during October 2021. Hochschild had met the minimum spending requirement, meaning at least C$15 million went into Snip - a partner spending that much and then declining to proceed is as much a comment on Snip as regaining full ownership is a gain. Skeena says it will look at feeding Snip ore through the planned Eskay Creek mill.
The last of the 2022 holes: SK-22-1132 returned 18.18 g/t gold and 130.2 g/t silver over 9.26 metres 25 metres below surface in 21A West, 75 metres up-dip of SK-22-1031, and SK-22-1177 gave 14.90 g/t gold over 5.70 metres. The 23 Zone produced a silver-dominant hit in SK-22-1187 (0.95 g/t gold with 1,003.3 g/t silver over 6.42 metres), and three holes in the 21E Zone ran 2.78 to 4.96 g/t gold over 20 to 26 metres. Closes out the programme that rebuilt the case for a bigger resource.
3 Jan 2023asset acquisition disposition▲ GoodMajor
Skeena sold Franco-Nevada a 0.5% net smelter royalty on Eskay Creek for C$27 million cash plus C$1.5 million contingent, signed and closed on 30 December 2022, and Franco-Nevada's right of first refusal was cancelled. This is the same half-royalty Skeena bought back from Barrick three months earlier for C$17.5 million, so the round trip netted about C$9.5 million and left the royalty burden where it started.
The 22 Zone was extended to the southwest by SK-22-1112, which returned 1.86 g/t gold and 88.3 g/t silver (2.85 g/t AuEq) over 16.56 metres, and SK-22-1113 at 2.96 g/t AuEq over 9.90 metres. Both sit just outside the 2022 feasibility study pit shell, so they would need to be brought into a revised pit to count.
Two infill holes drilled from the same pad as SK-22-1090 confirmed continuity in the 23 Zone from surface: SK-22-1092 gave 0.92 g/t gold and 12.5 g/t silver (1.05 g/t AuEq) over 79.97 metres and SK-22-1089 0.86 g/t AuEq over 29.90 metres. Confirmation drilling in a known zone, at grades in line with what was already there.
The BC Supreme Court dismissed Skeena's appeal, upholding the Chief Gold Commissioner's February ruling that Richard Mill, not Skeena, owns the minerals in the Albino Lake waste and tailings facility. Skeena said it would appeal again. The company notes the material is not in its resources, reserves or feasibility study economics - which is also why the 2021 drilling of that facility has not turned into anything.
SK-22-1054 found a new body of rhyolite-hosted mineralisation 200 metres east of the 22 Zone in ground with no historical drilling at all, grading 1.79 g/t gold and 32.0 g/t silver (2.15 g/t AuEq) over 40.67 metres from 23 metres depth. It sits outside the pit-constrained resource, the grade is modest against 21A West, and the geometry is unknown - it is one hole, open in all directions.
