Helikon Investments Limited and portfolio manager Federico Riggio report a significant ownership stake in Skeena Resources Ltd. They beneficially own 15,828,709 common shares, representing 13.07% of Skeena’s outstanding common shares, based on 121,093,335 shares outstanding.
The shares are held through Helikon Long Short Equity Fund Master ICAV, which is managed by Helikon Investments Limited, a United Kingdom investment manager authorized and regulated by the Financial Conduct Authority. Both Helikon and Riggio report shared voting and shared dispositive power over all of these shares, with no sole voting or dispositive power.
The filing is made on a passive basis. The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Skeena Resources, nor in connection with any transaction intended to have that effect.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Skeena Resources Ltd
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
83056P715
(CUSIP Number)
12/31/2025
(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
15,828,709.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
15,828,709.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,828,709.00
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)
13.07 %
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
15,828,709.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
15,828,709.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
15,828,709.00
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)
13.07 %
12
Type of Reporting Person (See Instructions)
HC, 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; and
(ii) Federico Riggio ("Mr. Riggio", and together with Helikon UK, the "Reporting Persons"), with respect to the 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:
(i) Helikon UK is a United Kingdom public limited company organized under the laws of the United Kingdom.
(ii) 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 121,093,335 Shares outstanding.
(b)
Percent of class:
13.07%
(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.
Not Applicable
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.
See Item 2(a).
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.
Helikon Investments Limited
Signature:
/s/ Paul McLernon
Name/Title:
Paul McLernon - Director
Date:
01/21/2026
Federico Riggio
Signature:
/s/ Federico Riggio
Name/Title:
Federico Riggio
Date:
01/21/2026
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/A, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G/A, 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: January 21, 2026
Helikon Investments Limited
By: /s/ Paul McLernon
Paul McLernon | Director
Federico Riggio
By: /s/ Federico Riggio
What ownership stake in Skeena Resources Ltd (SKE) is reported in this Schedule 13G/A?
The reporting persons disclose beneficial ownership of 15,828,709 common shares of Skeena Resources Ltd, representing 13.07% of the company’s outstanding common shares, based on 121,093,335 shares outstanding.
Who are the reporting persons in this Skeena Resources Ltd (SKE) Schedule 13G/A?
The filing is made jointly by Helikon Investments Limited, a United Kingdom public limited company and investment manager, and Federico Riggio, with respect to the Skeena Resources common shares held by Helikon Long Short Equity Fund Master ICAV.
How are the Skeena Resources (SKE) shares held and who has voting power?
The Skeena Resources common shares are held by Helikon Long Short Equity Fund Master ICAV, managed by Helikon Investments Limited. Helikon and Federico Riggio report shared voting power and shared dispositive power over 15,828,709 shares, and no sole voting or dispositive power.
Is Helikon Investments Limited a passive or active investor in Skeena Resources (SKE)?
The certification states that the securities were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of changing or influencing the control of Skeena Resources, indicating a passive investment posture.
What type of entity is Helikon Investments Limited in the Skeena Resources (SKE) filing?
Helikon Investments Limited is described as a United Kingdom public limited company that acts as an investment manager authorized and regulated by the Financial Conduct Authority, comparable to an investment adviser as referenced in Item 3(e) of the Schedule 13G instructions.
What is Federico Riggio’s role in relation to Skeena Resources (SKE) shares?
Federico Riggio is a reporting person with respect to the Skeena Resources common shares held by the Helikon fund. He shares voting and dispositive power over 15,828,709 shares and is identified as having the same business address as Helikon Investments Limited in London.
What does the joint filing statement in the Skeena Resources (SKE) Schedule 13G/A mean?
The joint filing statement confirms that the Schedule 13G/A and all subsequent amendments are filed on behalf of both Helikon Investments Limited and Federico Riggio. Each is responsible for their own information’s completeness and accuracy, but not for the other’s, except where they know or have reason to believe information is inaccurate.
