Skeena Resources Ltd (SKE)

Price$32.95Cached quoteAs of 2026-09-10 00:57 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because the valuation already assumes strong metal prices and smooth construction.

Using 125.46 million shares reported in August, the observed quote implies an equity value near US$4.1 billion. Reported: the 2023 feasibility study estimated after-tax net present value, meaning discounted future project cash, at C$1.97 billion using US$1,800 gold and US$23 silver; at the study exchange rate that is about US$1.46 billion, so equity trades near 2.8 times that base case. Recent metals near US$4,492 gold and US$67 silver make the old case conservative. Inference: the valuation already requires strong commodities and solid execution.

Big pictureSkeena is still spending heavily before production, so cash durability matters more than current earnings.

Reported: Skeena lost C$182.8 million in 2025, used C$57.3 million of operating cash and spent C$294.4 million on capital projects, with no operating revenue. Shares outstanding rose from 65.4 million in 2021 to 121.3 million in 2025, about 85%, showing the dilution cost of funding development. By June 30, 2026, cash was C$134.8 million plus C$500.9 million of restricted cash. Management says financing should carry the project through 2027 commercial production. Inference: cash durability is much better, but startup must replace external financing with operating cash.

Business strengthEskay Creek’s high grades and low planned costs could create strong cash margins once production begins.

Reported: the 2023 study outlined 3.3 million gold ounces and 88 million silver ounces of reserves over a 12-year mine plan. It forecast about 450,000 gold-equivalent ounces annually in years one through five and an all-in sustaining cost near US$687 per ounce; that cost measure includes mining, processing and ongoing mine upkeep. At the study’s metal assumptions, first-five-year after-tax free cash flow, cash left after operating and investing needs, averaged C$467 million annually. Inference: higher metal prices can create exceptional margins, but this single asset remains highly cyclical.

What could change the storyOn-time startup or stronger reserves could lift value, while overruns or weaker metals would expose the premium.

Reported: March’s construction review raised estimated project cost from US$560 million to US$659 million, while keeping initial production targeted for the second quarter of 2027. As of February 28, the project was 49% complete and 66% of total costs were committed. Funding now includes US$750 million of 8.5% secured notes, and Skeena used US$184 million to buy back two-thirds of its gold stream. Inference: on-time startup and the late-2026 technical study could add value; another overrun, delayed startup or weaker gold and silver would hurt more because debt interest runs before revenue.

AI: News

Q2 funding updateSkeena reported enough cash and restricted construction funds to keep Eskay Creek aimed at 2027 production.

On August 13, Skeena reported C$134.8 million of cash and C$500.9 million of restricted cash at June 30. First-half construction additions were C$203.6 million, while engineering and procurement were described as substantially complete. Management said note proceeds should fund capital needs through expected 2027 commercial production. The NYSE shares fell about 1.2% that session and rose about 0.8% the next day. That muted reaction is observable, but it does not prove the filing caused the price moves.

Debt financing completedThe company locked in US$750 million of long-term funding and bought back most of its gold stream.

On April 10, Skeena completed US$750 million of 8.5% secured notes due 2031. It used US$184 million to repurchase 66.67% of its gold stream, placed US$400 million in a construction account and US$94.2 million in an interest reserve, while replacing an undrawn US$350 million loan and US$100 million overrun facility. Reported financing reduced near-term funding and dilution risk. Inference: the trade-off is a large fixed interest burden before mine revenue starts.

Construction budget resetSkeena raised the build budget but kept first production targeted for the second quarter of 2027.

On March 31, Skeena said Eskay Creek was 49% complete as of February 28 and raised the updated construction cost to US$659 million from US$560 million. It still targeted initial production in the second quarter of 2027 and estimated US$354 million of remaining development spending at year-end 2025 after planned leases. Reported: the schedule remained intact despite the higher budget. Inference: the US$99 million increase makes any further overruns more important to project value.

Final permit receivedFinal provincial approval removed a major development hurdle and cleared Eskay Creek for commercial construction.

On February 3, Skeena received the Environmental Management Act permit, completing the main provincial permitting process after the Mines Act permit. The company said this was the final regulatory approval required to advance Eskay Creek into commercial development, with operations targeted to restart in the second quarter of 2027. Reported permitting risk therefore fell sharply. Inference: the approval increased the probability that the project reaches production, although construction, financing and metal-price risks remained.

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$0	$0	$0	$0	—	—
Operating expenses	$56.4M	$174.8M	$115.6M	$112.8M	—	—
Operating income	−$57.2M	−$175.7M	−$116.0M	−$113.0M	—	—
EBITDA	−$175.4M	−$142.1M	−$113.6M	−$111.1M	—	—
Net income	−$182.8M	−$151.9M	−$109.0M	−$88.9M	−$117.6M	−$60.3M
Basic EPSper basic share	-CA$1.59	-CA$1.53	-CA$1.29	-CA$1.26	-CA$1.97	-CA$1.43
Diluted EPSper diluted share	-CA$1.59	-CA$1.53	-CA$1.29	-CA$1.26	-CA$1.97	-CA$1.43

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Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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