Skeena Resources Limited announce an updated Mineral Resource Estimate ("MRE") for the 100% owned Eskay Creek gold-silver Project ("Eskay Creek" or the "Project") located in the Golden Triangle of British Columbia. Effective June 20, 2023, the updated MRE incorporates an additional 278 drillholes totaling 67,885 metres, enhancements to the resource estimation methods, and updated metallurgical process recoveries. 2023 Eskay Creek MRE Highlights: Total pit constrained Measured and Indicated Resource of 5.6 million ounces ("Moz") at 3.47 g/t gold equivalent1 ("AuEq") including 4.1 Moz at 2.57 g/t Au and 102.5 Moz Ag at 63.63 g/t Ag.

The pit constrained Measured and Indicated Resource has increased by 0.43 Moz AuEq1, representing a growth of 8%. Measured Category AuEq1 Resource increased by 23% and now accounts for 73% of the total pit constrained MRE, up from 63% in the previous estimate. MRE reported using conservative commodity prices of $1,700/oz Au and $23/oz Ag.

Metallurgical process recoveries applied to Resource are 84% Au and 88% Ag. Pit Constrained Resource Discussion: The 2023 MRE pit parameters used to determine Resources with reasonable prospects for eventual economic extraction are analogous to those used for the 2022 MRE apart from the updated metallurgical process recoveries of 84% gold and 88% silver which informed the 2022 Feasibility Study. The differential in assumed process recoveries resulted in the shallowing of the Resource reporting pit in certain areas relative to the 2022 MRE.

Conversely, the 2022 drilling programs in the 23 and 21A West Zones generated new resources which resulted in pit expansions. Underground Constrained Resource: No material change has occurred in the reported underground Resources. Variation in remnant tonnages relative to the 2022 MRE is largely due to the new 2023 pit geometry and the 1 metre geotechnical buffer around the underground workings being removed due to the selective nature of the drift and fill mining method.

The current MRE for underground Resources are proximal to the planned pit. The Company's 2022 drilling in the Eskay Deeps Discovery has not yet affected the underground constrained resource due to the widely spaced nature of the two drillholes. Modification to Block Size The 2023 MRE now applies a regular block size of 5 x 5 x 2.5 metres (XYZ), to better inform future economic analyses that will contemplate more selective mining.

This will also be incorporated into the Definitive Feasibility Study ("DFS") with 10 metre benches split with three dig flitches per bench and smaller backhoe excavators. The 2022 pit constrained MRE utilized 10 x 10 x 5 metre parent blocks with 5 x 5 x 2.5 metre subblocks which are not as well suited for engineering the more selective mining. High-Grade Restriction Buffer Surrounding Historical Stopes In the 2022 MRE, a 1 metre buffer enveloping the underground stopes was used to constrain and restrict the influence of the previously mined extremely high-grade drill hole samples.

The 2023 model now applies 15 g/t AuEq1 cut-off grade shells modelled in the orientation of the Contact Mudstone to constrain and restrict the influence of the extremely high grades. This methodology forms a more geologically based domain, as opposed to only utilizing the historical underground excavations. Application of Dynamic Anisotropy The NEX and HW Zones were estimated in Skeena's 2022 model using the single-search ellipsoid of the variogram.

In the updated 2023 model, dynamic anisotropy, which adjusts for the folded orientation of the search ellipse on a block-by-block basis was employed using the orientation of the Contact Mudstone as a guide. When compared to the 2022 MRE, the use of dynamic anisotropy results in a more robust estimation. Resource Model Reconciliation As a test to determine the accuracy of the new model, an internal reconciliation study of the historically mined portion of the 2023 MRE demonstrates that with the updated resource methodology, the grades more closely resemble the gold and silver grades of the reported historical mine production relative to the 2022 model.

This improved reconciliation adds additional confidence to the methodologies and optimizations applied to the 2023 MRE.