Skeena Resources

Skeena Resources

Skeena Resources restarted in 2019 when Walter Coles Jr. joined as Executive Chairman, repositioning a dormant exploration shell into a focused mine developer targeting British Columbia's Golden Triangle. The firm acquired the Eskay Creek project from Barrick Gold in 2020 and the Snip project in 2021 — both past-producing mines with existing underground infrastructure, which fundamentally alters the capital-intensity profile versus a new discovery. Skeena's strategy centers on reviving high-grade gold and silver assets in Tier-1 jurisdictions, concentrating on British Columbia. The flagship Eskay Creek asset produced 3.3 million ounces of gold and 160 million ounces of silver during Barrick's operation before closing in 2008. A 2023 feasibility study outlined a 13-year open-pit mine with annual production of 382,000 gold-equivalent ounces at all-in sustaining costs of US$687 per ounce. Confirmed financing partners include Franco-Nevada, which structured a C$57 million gold stream in 2023, and Orion Mine Finance, which provided a C$100 million royalty package. The firm also completed a C$92.4 million bought-deal equity financing in 2024. Skeena operates from Vancouver with roughly 50 professionals and maintains a project office in Stewart, British Columbia, near the Eskay Creek site. The company closed a C$750 million financing package in January 2025 including a C$250 million gold stream from Franco-Nevada, a C$150 million royalty from Osisko Gold Royalties, and a C$350 million term loan — fully funding Eskay Creek to production, targeted for 2027. Adjacent structures include the Skeena Foundation, though its mandate and separation remain minimal in public disclosures. The structural distinction is Skeena's focus on restarting past-producing mines rather than grassroots exploration or brownfield expansions alone — the underground declines, existing tailings facilities, and established grid power at Eskay Creek and Snip materially compress the timeline and budget relative to peers attempting new discoveries in the same remote terrain.