Helikon Fund Reports 14.03M-Share Position in Skeena Resources (SKE)

Rhea-AI Filing Summary

Helikon Investments Limited and Federico Riggio report a combined beneficial ownership of 14,030,111 common shares of Skeena Resources Ltd, representing 12.22% of the company based on 114,777,877 shares outstanding. The shares are held via the Helikon Long Short Equity Fund Master ICAV managed by Helikon UK, and both reporting parties indicate shared voting and dispositive power of the full stake while asserting the holdings were acquired and are held in the ordinary course of business and not to change or influence control. Helikon UK is described as an FCA-regulated investment manager.

Insights

Financial Analyst

TL;DR: A regulated investment manager discloses a material 12.22% passive stake in Skeena, held through a managed fund.

The filing documents a material equity position equal to 12.22% of Skeena's outstanding shares (14,030,111 shares of 114,777,877 total). The position is reported on a Schedule 13G with certifications that the stake is held in the ordinary course of business and not to influence control, which is consistent with passive investor treatment. Ownership is shown as shared voting and dispositive power, reflecting the fund-managed structure rather than individual sole control.

Corporate Governance Expert

TL;DR: The disclosure signals concentrated share ownership by a regulated fund manager but explicitly asserts no intent to seek control.

The statement confirms that the reporting persons are a fund manager (Helikon UK) and an individual (Federico Riggio) with a 12.22% aggregate stake, all held via the Helikon Long Short Equity Fund Master ICAV. The filing also notes shared voting and dispositive power and includes the standard certification that the position is not intended to influence issuer control. From a governance perspective, the disclosure notifies investors of a sizable passive holder without asserting activist intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Skeena Resources Ltd

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

83056P715

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 83056P715

1

Names of Reporting Persons

Helikon Investments Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,030,111.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,030,111.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,030,111.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.22 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 83056P715

1

Names of Reporting Persons

Federico Riggio

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ITALY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 14,030,111.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 14,030,111.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,030,111.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.22 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Skeena Resources Ltd
(b)	Address of issuer's principal executive offices: 1133 Melville Street, Suite 2600, Vancouver, British Columbia, V6E 4E5, Canada
Item 2.
(a)	Name of person filing: (i) Helikon Investments Limited a United Kingdom public limited company ("Helikon UK"), with respect to the common shares without par value (the "Common Shares") of Skeena Resources Ltd., a Vancouver corporation (the "Company"), held by Helikon Long Short Equity Fund Master ICAV (the "Helikon Fund") managed by Helikon UK (ii) Federico Riggio ("Mr. Riggio", and together with Helikon UK, the "Reporting Persons"), with respect to Common Shares directly held by the Helikon Fund.
(b)	Address or principal business office or, if none, residence: (i) Helikon UK; 17 Waterloo Place, London SW1Y 4AR. (ii) Mr. Riggio 17 Waterloo Place, London SW1Y 4AR.
(c)	Citizenship: Helikon UK is a United Kingdom public limited company organized under the laws of the United Kingdom. Mr. Riggio is a citizen of the Italy.
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 83056P715
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Helikon UK is an investment manager, authorized and regulated by the Financial Conduct Authority in the United Kingdom which is comparable to the regulatory scheme applicable to the investment advisers covered by Item 3(e) above.
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 114,777,877 Shares outstanding.
(b)	Percent of class: 12.22%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Helikon UK is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Helikon Investments Limited

Signature:	/s/ Paul McLernon
Name/Title:	Paul McLernon - Director
Date:	08/13/2025

Federico Riggio

Signature:	/s/ Federico Riggio
Name/Title:	Federico Riggio
Date:	08/13/2025

Exhibit Information

Exhibit I JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on Schedule 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: August 14, 2025 Helikon Investments Limited By: /s/ Paul McLernon Paul McLernon | Director Federico Riggio By: /s/ Federico Riggio

FAQ

How many Skeena Resources (SKE) shares does Helikon report owning?

The filing reports beneficial ownership of 14,030,111 shares of Skeena Resources.

What percentage of SKE does the reported position represent?

The reported position represents 12.22% of Skeena Resources based on 114,777,877 shares outstanding.

Through what vehicle are the Skeena shares held?

The shares are held through the Helikon Long Short Equity Fund Master ICAV, managed by Helikon Investments Limited.

Do the reporting persons claim the stake is passive or intended to influence control?

The filing includes a certification that the securities were acquired and are held in the ordinary course of business and not to change or influence control of the issuer.

What voting or dispositive power is reported for the stake?

The reporting persons state 0 shares with sole voting or dispositive power and 14,030,111 shares with shared voting and shared dispositive power.