Skeena Gold & Silver Announces Proposed USD$750 Million Senior Secured Notes Offering to Refinance Former Project Financing and to Fund Partial Buyback of Existing Gold Stream

Rhea-AI Summary

Skeena Gold & Silver (TSX/NYSE: SKE) intends to offer US$750 million of senior secured notes due 2031 to refinance former project financing and partially buy back an existing gold stream. Approximately US$184 million will fund a stream buy-down, US$100 million will seed an interest reserve, and remaining proceeds will advance the Eskay Creek project, pay fees and add corporate cash. The Notes will be guaranteed by subsidiaries and secured by a first priority lien on Eskay Creek-related assets; offerings target qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.

Positive

• Capital raise of US$750 million senior secured notes
• Stream delivery reduced by 66.67% after US$184M buy-down
• Interest reserve of US$100 million covers first three semiannual payments

Negative

• New secured notes create a first priority lien on Eskay Creek assets
• Approximately US$184 million of proceeds used for buy-down, reducing project cash
• Increased secured leverage maturing in 2031 may tighten future liquidity

News Market Reaction – SKE

+8.63%

8 alerts

+8.63% News Effect

+2.6% Peak in 1 hr 3 min

+$284M Valuation Impact

$3.57B Market Cap

0.1x Rel. Volume

On the day this news was published, SKE gained 8.63%, reflecting a notable positive market reaction. Argus tracked a peak move of +2.6% during that session. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $284M to the company's valuation, bringing the market cap to $3.57B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Senior Secured Notes size: US$750 million Stream Buy-Down funding: US$184 million Interest reserve account: US$100 million +5 more

8 metrics

Senior Secured Notes size US$750 million Aggregate principal amount of Notes due 2031

Stream Buy-Down funding US$184 million Proceeds allocated to buy down existing gold stream

Interest reserve account US$100 million Reserve for first three semi-annual interest payments

Existing gold stream size US$200 million Size of current gold stream to be partially bought down

Stream reduction 66.67% Reduction in stream percentage deliverable from Eskay Creek production

Existing term loan facility US$350 million Senior secured term loan to be cancelled if Offering completes

Notes maturity 2031 Year when Senior Secured Notes will be due

Semi-annual interest payments Three payments Interest reserve sized for first three semi-annual payments

Market Reality Check

Price: $29.72 Vol: Volume 613,473 is 0.62x t...

low vol

$29.72 Last Close

Volume Volume 613,473 is 0.62x the 20-day average of 985,566, indicating muted trading interest pre-announcement. low

Technical Shares at $27.36, trading above the 200-day MA of $21.67 but 29.43% below the 52-week high and 220.75% above the 52-week low.

Peers on Argus

SKE was down 0.94% with key Basic Materials peers also weaker: MTRN -4.52%, TMC ...

2 Up

SKE was down 0.94% with key Basic Materials peers also weaker: MTRN -4.52%, TMC -3.76%, VZLA -2.49%, IPX -1.27%, PPTA -6.36%. Momentum scanner flagged other metals names (e.g., IPX) moving up, but the broader peer set around SKE showed downside, suggesting a sector-driven pullback ahead of this financing news.

Historical Context

5 past events · Latest: Mar 24 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 24	Annual results filed	Neutral	-0.7%	Filed audited 2025 results and disclosure documents on SEDAR+ and EDGAR.
Feb 17	Construction update video	Positive	-4.1%	Released six-minute construction video showcasing Eskay Creek progress and leadership.
Feb 03	Permitting completed	Positive	+6.2%	Received EMA permit, completing permitting and enabling commercial development at Eskay Creek.
Jan 28	Mines Act permit	Positive	+4.5%	Secured B.C. Mines Act Permit as a key regulatory step for Eskay Creek.
Jan 27	EAC & federal approval	Positive	+4.0%	Obtained Environmental Assessment Certificate and federal Impact Assessment approval.

Pattern Detected

Positive Eskay Creek permitting and development updates have often coincided with positive price reactions, while neutral or promotional updates have occasionally seen weak or negative follow-through.

Recent Company History

Over recent months, Skeena has focused on advancing its fully permitted Eskay Creek project. Key milestones included the Environmental Assessment Certificate and federal Impact Assessment approval on Jan 27, 2026, followed by the B.C. Mines Act Permit on Jan 28, 2026, and completion of permitting with the EMA permit on Feb 3, 2026. These regulatory wins saw price gains of 4.05%, 4.52%, and 6.21%. By contrast, a construction video update on Feb 17, 2026 and 2025 results on Mar 24, 2026 coincided with modest declines, framing today’s financing and stream restructuring as the next phase in funding project build-out.

Market Pulse Summary

The stock moved +8.6% in the session following this news. A strong positive reaction aligns with Ske...

Analysis

The stock moved +8.6% in the session following this news. A strong positive reaction aligns with Skeena’s strategy to optimize Eskay Creek’s economics by refinancing undrawn project facilities and reducing the gold stream burden. The proposed US$750 million Senior Secured Notes would fund a US$184 million stream buy-down and a US$100 million interest reserve, while cancelling a US$350 million term loan. Past permitting milestones that advanced Eskay Creek also coincided with gains, but investors would need to watch leverage levels and execution on construction.

Key Terms

senior secured notes, gold stream, stream agreement, term loan, +4 more

8 terms

senior secured notes financial

"aggregate principal amount of Senior Secured Notes due 2031 (the “Notes”)"

Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.

gold stream financial

"the Company’s existing US$200 million gold stream (the “Stream Purchasers”)"

A gold stream is a contract where an investor or firm pays cash up front to a mining company in exchange for the right to buy a portion of that mine’s future gold at a set, usually below-market, price or to receive a fixed share of production. It matters to investors because it provides miners with immediate funding without issuing traditional debt or equity, while the streamer gains long-term exposure to gold at a predictable cost — a trade-off between lower purchase price and limited upside if gold prices rise sharply.

stream agreement financial

"the Company has entered into an amended stream agreement (the “Stream Agreement”)"

A stream agreement is a financing deal where an investor gives upfront cash to a company in exchange for a right to buy or receive a fixed portion of the company’s future production or revenue—commonly used in mining to secure a share of metals output at a set price. It matters to investors because it changes how a project is funded and how future profits are shared, like prepaying for a discounted slice of a factory’s future output; that alters cash flow, risk exposure, and potential returns.

term loan financial

"cancel its existing US$350 million senior secured term loan (the “Term Loan”)"

A term loan is a type of loan that is borrowed for a set period of time, with a fixed schedule for repaying the money, usually in regular payments. It matters to investors because it represents a company's borrowing costs and financial stability; reliable repayment of these loans can indicate strong financial health, while difficulties may signal potential risks.

qualified institutional buyers financial

"only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A"

Qualified institutional buyers are large organizations, like big investment firms or banks, that are allowed to buy certain types of investment opportunities not available to everyday investors. Their size and experience matter because it ensures they understand and can handle complex financial deals, making markets more efficient and secure.

rule 144a regulatory

"qualified institutional buyers in accordance with Rule 144A under the United States Securities Act of 1933"

Rule 144A is a regulation that makes it easier for companies to sell private bonds to large investors without going through all the usual rules that apply to public sales. It matters because it helps companies raise money more quickly and privately, often attracting big investors looking for special deals.

regulation s regulatory

"to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act"

Regulation S is a set of rules that allows companies to sell securities (like shares or bonds) to investors outside the United States without having to follow all U.S. securities laws. It matters because it makes it easier for companies to raise money from international investors while still complying with U.S. regulations.

private placement financial

"The Notes will be offered and sold in Canada on a private placement basis"

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

AI-generated analysis. Not financial advice.

VANCOUVER, British Columbia, March 31, 2026 (GLOBE NEWSWIRE) -- Skeena Resources Limited (TSX: SKE, NYSE: SKE) (“Skeena Gold & Silver”, “Skeena” or the “Company”) is pleased to announce its intention to offer and sell US$750 million aggregate principal amount of Senior Secured Notes due 2031 (the “Notes”), subject to market and other conditions (the “Offering”). All references to dollars ($) in this news release are in United States (“US”) dollars.

The Notes will be fully and unconditionally guaranteed by certain of the Company’s subsidiaries relating to its Eskay Creek project and will be secured by a first priority lien on certain of the Company’s and the guarantors’ property, including equity interests, the Segregated Accounts (as defined below) and interests in the Eskay Creek project.

Skeena intends to use approximately US$184 million of the proceeds from the Offering to fund the Stream Buy-Down; an estimated US$100 million to fund an interest reserve account, which is expected to contain an amount equal to the first three semi-annual interest payments due under the Notes; and the remaining proceeds to fund a disbursement account with funds to be used to advance the Eskay Creek project, to pay certain fees and expenses and to add cash to Skeena’s balance sheet for, among other things, general corporate purposes.

Pursuant to an agreement between Skeena and the stream purchasers under the Company’s existing US$200 million gold stream (the “Stream Purchasers”), Skeena intends to buy down the Stream Agreement (as defined below) by making a lump-sum payment of approximately US$184 million to the Stream Purchasers in exchange for a reduction of the stream percentage deliverable from production at the Eskay Creek Project to the Stream Purchasers by 66.67%.

In connection with the Offering and the Stream Buy-Down, the Company has entered into an amended stream agreement (the “Stream Agreement”) with Orion and certain of its affiliates to facilitate the Offering and related transactions. The amendments include, among other things, the termination of the availability of the stream cost over-run facility and amendments to certain liquidity and reporting covenants.

In addition, the Company intends to cancel its existing US$350 million senior secured term loan (the “Term Loan”) and cost over-run facility under the Stream Agreement concurrently with the completion of the Offering and the Stream Buy-Down. The Term Loan and cost over-run facility are currently undrawn, and the Company does not expect to incur any fees in connection with the cancellations. Completion of the Term Loan and cost over-run facility cancellations and Stream Buy-Back are subject to the successful completion of the Offering and each other.

The Offering and use of proceeds therefrom for the related refinancing is intended to improve the Company’s future operating margins, increase its exposure to gold prices and future production, and enhance overall project economics for the Eskay Creek project.

The Notes will be offered and sold in the United States only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. The Notes will be offered and sold in Canada on a private placement basis pursuant to applicable Canadian prospectus exemptions.

The offer and sale of the Notes have not been and will not be registered under the Securities Act or any state securities laws and the Notes may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any offer or sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Skeena

Skeena is a leading precious metals development company focused on advancing the Eskay Creek Gold-Silver Project in British Columbia’s Golden Triangle. With the Project fully permitted and under construction, the Company is progressing Eskay Creek towards initial production and cash flow in the second quarter of 2027. Once in operation, Eskay Creek is expected to be one of the world’s highest-grade and lowest-cost open-pit precious metals mines, with significant silver by-product production that exceeds the output of many primary silver mines. Skeena is committed to responsible and sustainable mining in partnership with Indigenous communities, while maximizing the value of its mineral resources to generate long-term shareholder returns.

On behalf of the Board of Directors of Skeena Gold & Silver,

Walter Coles Executive Chairman	Randy Reichert President & CEO

For further information, please contact:
Galina Meleger
Vice President Investor Relations
E: info@skeenagold.com
T: 604-684-8725

Skeena’s Corporate Head office is located at Suite #2600 – 1133 Melville Street, Vancouver BC V6E 4E5

Cautionary note regarding forward-looking statements
Certain statements and information contained or incorporated by reference in this news release constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation (collectively, “forward-looking statements”). These forward-looking statements relate to future events or our future performance. The use of words such as “anticipates”, “believes”, “proposes”, “contemplates”, “generates”, “targets”, “is projected”, “is planned”, “considers”, “estimates”, “expects”, “is expected”, “potential” and similar expressions, or statements that certain actions, events or results “may”, “might”, “will”, “could”, or “would” be taken, achieved, or occur, may identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Specific forward-looking statements contained herein include, but are not limited to, statements relating to the completion and timing of the Offering and the intended use of proceeds from the Offering, including the estimated breakdown of proceeds for the uses described herein, the Company’s plans to complete the Stream Buy-Down and to cancel the Term Loan and cost over-run facility, project development plans and future performance. Such forward-looking statements represent our management’s expectations, estimates and projections regarding future events or circumstances on the date the statements are made, and are necessarily based on several estimates and assumptions that, while considered reasonable by us as of the date hereof, are not guarantees of future performance. Actual events and results may differ materially from those described herein, and are subject to significant operational, business, economic, and regulatory risks and uncertainties.

The risks and uncertainties that may affect the forward-looking statements in this news release include, among others, risks and uncertainties relating to: general economic conditions and credit availability; actual results of current exploration activities; unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in mineral reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; negotiation of agreements necessary to interconnect infrastructure for mining operations, including delays in reaching an agreement or costs associated with alternatives; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; changes in national and local government regulation of mining operations, tax rules and regulations and political and economic developments in the countries in which we operate; actual resolutions of legal and tax matters; the lack of an established trading market for any securities other than for our common shares; new diseases and epidemics; conflicts in Europe and the Middle East; the geopolitical risks associated with contracting into regions or countries that are potential concentrate customers, including China; negative operating cash flow; variation in our use of net proceeds from the Offering or circumstances that may result in such a change; loss of investment; smelter terms being market dependent and less favorable in the future, negatively affecting project economics; the possible future restriction of export of certain minerals (especially critical minerals) to other jurisdictions, limiting the choice of smelters available to process our material; securities class action litigation; publication of inaccurate or unfavorable research about our business; the difficulty in enforcing U.S. judgments against us; risks relating to the Notes; and a lack of an active trading market for the notes, and other risk factors identified in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2025, the Company’s Annual Information Form dated March 24, 2026, and in the Company’s other periodic filings with securities and regulatory authorities in Canada and the United States that are available on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results to not be as anticipated, estimated or intended. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and the Company does not undertake any obligations to update and/or revise any forward-looking statements except as required by applicable securities laws. All of the forward-looking statements in this news release are qualified by this cautionary note.

FAQ

What is Skeena (SKE) announcing with the US$750 million notes offering on March 31, 2026?

Skeena is proposing a US$750 million senior secured notes offering due 2031 to refinance and fund transactions. According to the company, proceeds will fund a US$184 million stream buy-down, a US$100 million interest reserve, and Eskay Creek project advancement.

How will the US$184 million stream buy-down affect Skeena's gold stream obligations (SKE)?

The buy-down will reduce the stream percentage deliverable by 66.67%, lowering future gold deliveries. According to the company, the lump-sum payment to stream purchasers modifies the Stream Agreement to materially decrease streamed production from Eskay Creek.

What collateral and guarantees back the new SKE senior secured notes due 2031?

The Notes will be fully guaranteed by certain subsidiaries and secured by a first priority lien on Eskay Creek-related property. According to the company, collateral includes equity interests, segregated accounts, and project interests tied to Eskay Creek.

How will Skeena (SKE) allocate proceeds from the US$750 million offering?

Skeena plans to use about US$184 million for the stream buy-down, US$100 million for an interest reserve, and remaining funds to advance Eskay Creek and add corporate cash. According to the company, some proceeds will also cover fees and expenses.

Will the new notes offering affect existing term loan and cost over-run facilities for SKE?

Skeena intends to cancel its existing US$350 million senior secured term loan and cost over-run facility concurrently with the Offering and buy-down. According to the company, those facilities are currently undrawn and cancellations should not incur fees.

Who can purchase Skeena's (SKE) notes and how will they be offered?

The Notes will be offered to qualified institutional buyers under Rule 144A in the U.S. and to non-U.S. persons under Regulation S, with private placements in Canada. According to the company, the offer is subject to market conditions and applicable exemptions.