Skeena Resources Limited announced the results of the Definitive Feasibility Study ("DFS" or the "Study") for its 100% owned Eskay Creek Gold-Silver Project ("Eskay Creek" or the "Project") located in Tahltan Territory in the Golden Triangle of northwest British Columbia. The DFS for Eskay Creek was completed by Global Resource Engineering ("GRE") and Sedgman Canada Limited ("Sedgman"), a CIMIC Group Company. The Study demonstrates a robust Project with economics for a conventional open-pit mining and milling operation.

The DFS is a continuation of the September 2022 Feasibility Study ("FS") with key updates including an updated Mineral Reserve statement, optimized mine plan and improved metallurgy. Eskay Creek is planned to be an open-pit operation using conventional mining equipment.it designs were developed for the north and south pit areas. The north pit will consist of 10 phases, while the south pit will be developed as a single phase.

Mining will be executed on 10 metre benches using a combination of 400 and 200 ton excavators and ore will be mined selectively on three sub-benches (flitches) using 200 ton excavators. The mine schedule plans for delivery of 39.8 Mt of mill feed grading 2.6 g/t Au and 68.7 g/t Ag (3.6 g/t AuEq) over the 12-year life of mine. The new testwork program evaluated a range of primary grinds and determined that 40 um is optimal prior to rougher flotation.

Recoveries for gold were largely unchanged at 83%, slightly conservative based on test results, and silver recoveries increased from 88% to 91%, as compared to the 2022 FS. Construction and operating permits can be granted in accordance with Provincial and Federal regulations once the Environmental Assessment process is complete. The mine currently has existing permits from the previous Eskay Creek mine operation.

The Company is also developing an application for permits to authorize the extraction of a bulk sample. Additional opportunities and next steps include: Improved smelter terms and reduced mine operating costs as outlined in this Study will be used to re-evaluate deeper gold and silver mineralization in the 2023 resource model, to potentially contribute additional ore tonnes to future mine plans. Ongoing evaluation of geotechnical and hydrogeological conditions within the Reserve pit design are anticipated to support steepening of slopes within various lithological units.

The Company released a Definitive Feasibility Study for Eskay Creek in November 2023 which highlights an after-tax NPV5% of CAD 2.0B, 43% IRR, and a 1.2-year payback at USD 1,800/oz Au and USD 23/oz Ag. The risks and uncertainties that may affect the forward-looking statements in this news release include, among others: the inherent risks involved in exploration and development of mineral properties, including permitting and other government approvals; changes in economic conditions, including changes in the price of gold and other key variables; changes in mine plans, significant legal developments adversely impacting shareholder rights plan generally and other factors, including accidents, equipment breakdown, bad weather and other project execution delays, many of which are beyond the control of the Company; environmental risks and unanticipated reclamation expenses; and other risk factors identified in the Company's MD&A for the year ended December 31, 2022, its most recently filed interim MD&A, the AIF dated March 22, 2023, the Company's short form base shelf prospectus dated January 22, 2023, the CIMIC Group Company.