Orion Resource Partners Discloses 4.5% Stake in Skeena Resources

Rhea-AI Filing Summary

Orion Resource Partners (USA) LP filed an amended Schedule 13G reporting beneficial ownership of 5,147,840 Common Shares of Skeena Resources Ltd (CUSIP 83056P715) as of June 30, 2025. That holding represents approximately 4.5% of Skeena's outstanding Common Shares based on 114,768,985 shares outstanding as reported by the issuer on May 15, 2025. The shares are held directly by Orion-managed funds, and the filer states sole voting and dispositive power over all 5,147,840 shares. The filing affirms the position was acquired and is held in the ordinary course of business and not to influence control of the issuer.

Positive

• Transparent disclosure of exact share count (5,147,840) and voting/dispositive authority
• Clear statement that holdings are held in the ordinary course and not for control, consistent with Schedule 13G norms

Negative

• Position below 5% threshold limits immediate regulatory or activist signaling implications
• Percentage relies on issuer share count reported May 15, 2025; no updated outstanding share figure provided in this filing

Insights

Securities Analyst

TL;DR: Orion holds a non-controlling 4.5% stake in Skeena and reports full voting and disposition authority for 5,147,840 shares.

The filing is a routine Schedule 13G amendment under Rule 13d-1 indicating passive/managed ownership by an investment adviser. The position size is material enough to be disclosed but below the 5% threshold that often triggers more intensive reporting or activist signaling. The statement that shares are held in the ordinary course of business and not for control is standard and limits immediate governance implications. Investors should note the exact share count and the reliance on the issuer's May 15, 2025 share tally for the percentage calculation.

Corporate Governance Expert

TL;DR: Filing shows an institutional investor with sole control over its stake but explicitly disclaims intent to influence management or control.

The reporting person asserts sole voting and dispositive power over 5,147,840 shares, which confirms internal control of voting decisions by the adviser for the Orion Funds. However, by classifying the filing under Schedule 13G and certifying ordinary-course investment intent, the filer positions itself as non-activist. For governance impact, a 4.5% stake is notable but not presumptively disruptive; it provides the investor visibility and the ability to voice concerns without the regulatory profile of a 13D activist filing.

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

ORION RESOURCE PARTNERS (USA) LP

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,147,840.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,147,840.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,147,840.00

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)

4.5 %

12

Type of Reporting Person (See Instructions)

IA, PN

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, Canada, V6E 4E5
Item 2.
(a)	Name of person filing: This Statement is filed on behalf of Orion Resource Partners (USA) LP (the "Reporting Person"). The Reporting Person serves as investment advisor to various investment vehicles that directly hold the Common Shares reported herein (collectively, the "Orion Funds"). In such capacity, the Reporting Person may be deemed to have voting and investment control over the Common Shares reported herein.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of the Reporting Person is 1045 Avenue of the Americas, New York, NY 10018.
(c)	Citizenship: The Reporting Person is a Delaware limited partnership.
(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).
Item 4.	Ownership
(a)	Amount beneficially owned: As of June 30, 2025, the Reporting Person may be deemed the beneficial owner of 5,147,840 Common Shares held directly by the Orion Funds.
(b)	Percent of class: As of June 30, 2025, the Reporting Person may be deemed the beneficial owner of approximately 4.5% of the Common Shares outstanding. This percentage is based on 114,768,985 Common Shares outstanding as of May 15, 2025, as reported in Exhibit 99.3 to the Issuer's current report on Form 6-K filed with the Securities and Exchange Commission on May 15, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,147,840
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5,147,840
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The responses to Items 2 and 4 are incorporated by reference herein.
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.

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.

ORION RESOURCE PARTNERS (USA) LP

Signature:	/s/ Rick Gashler
Name/Title:	Rick Gashler, Chief Compliance Officer
Date:	08/14/2025

FAQ

How many Skeena Resources (SKE) shares does Orion Resource Partners (USA) LP report owning?

The filer reports beneficial ownership of 5,147,840 Common Shares.

What percentage of SKE does the reported stake represent?

The filing states the stake represents approximately 4.5% of Common Shares outstanding, based on 114,768,985 shares.

Does Orion claim voting or dispositive power over the shares?

Yes; the filer reports sole voting power and sole dispositive power over all 5,147,840 shares.

Was this filing made to seek control of Skeena Resources?

No; the certification states the securities were acquired and are held in the ordinary course of business and not to influence control of the issuer.

What date is the ownership reported as of?

The filing reports ownership as of June 30, 2025.