The new exploration financing sent Skeena Resources’ shares up 4.3% to C$6.32 apiece by midday Tuesday, for a market capitalization of C$561.9 million ($421.1m).
This placement adds further working capital to Skeena, which earlier this week closed a C$81 million financing package with Franco-Nevada to develop its 100% owned Eskay Creek gold-silver project, which hosts what was once the highest-grade gold mine in the world.
A November 2023 feasibility study for Eskay Creek outlined a 10-year operation with average annual production of 370,000 oz. of gold equivalent. Its after-tax net present value (at a 5% discount) is estimated at C$2 billion, using base case metal prices of $1,800/oz. gold and $23/oz. silver.
“With our base case after-tax NPV surpassing C$2 billion, Eskay Creek stands out as a rare potential Tier 1 gold mining project, located in a politically stable jurisdiction,” Skeena’s executive chairman Walter Coles…
