Skeena Resources Ltd. (SKE)
Summary
Skeena Resources: Market Tailwinds And Derisked Finances
Skeena Resources (SKE) is rated a value Buy, supported by strong gold/silver forecasts, solid financials, and steady Eskay Creek construction progress. SKE's flagship Eskay Creek project is 62% complete, targeting Q2 2027 commissioning, with an especially productive first 5 years and a 12-year mine life. Funding is tight but credible; management expects current resources to suffice, and any potential shortfall is likely to be small and on favorable terms.
Skeena Resources: A Construction Re-Rate Hidden Inside A Precious Metals Developer
Skeena Resources is transitioning from a high-risk developer to a fully permitted, funded, mid-construction precious metals company targeting initial production in Q2 2027. SKE has secured all major permits, completed 49% of Eskay Creek construction, and raised US$750M in senior secured notes to fund remaining capex and reduce streaming liabilities. Despite a 17.7% capex increase to US$659M and a high price-to-book ratio, SKE offers a rare near-production re-rating opportunity in a favorable jurisdiction with strong gold/silver leverage.
i-80 Gold: A Derisked And Dirt-Cheap Nevada Powerhouse
i-80 Gold Corp. has sold off sharply following the completion of its recapitalization plan, a similar setup to Skeena Resources, which rocketed higher shortly after its selloff once the news was digested. And while both offered dirt-cheap gold/silver exposure, IAUX is much closer to cash flow than SKE was and has a more diversified pipeline capable of greater scale. In my view, this IAUX selloff is nearly as ridiculous an overreaction as the drop below US$0.50, with the major difference being that i-80 is a far more de-risked story today.
Skeena Resources Ltd. Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
 Michelle S. Hickox FIRST FINANCIAL BANKSHARES Inc. | 30,344 | $901,824 | $1M | $101,348.64 | 11.24% |
| NA Nizar Araji National Bank Of Canada /FI/ | 174,205 | $4.11M | $5.67M | $1.56M | 37.94% |
| JM John Malone Amundi | 1.44M | $20.87M | $47.63M | $26.76M | 128.21% |
 Point72 Asset Management LP Point72 Asset Management LP | 402,735 | $11.55M | $13.31M | $1.77M | 15.31% |
 Daniel Cesta Pinnacle Wealth Management Group Inc. | 61,557 | $1.3M | $1.64M | $337,103.53 | 25.95% |
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Skeena Resources Ltd. Profile
| Metals & Mining Industry | Materials Sector | Randall Reichert CEO | NYSE Exchange | 83056P806 CUSIP |
| CA Country | 170 Employees | - Last Dividend | 10 Jun 2021 Last Split | - IPO Date |
Overview
Skeena Resources Limited is a mining company focused on the exploration and development of precious metal properties within Canada, specifically targeting gold, silver, copper, and other valuable metals. The company was initially established under the name Prolific Resources Ltd. before undergoing a name change to Skeena Resources Limited in June 1990, signaling its intent and dedication towards the mining industry. With its incorporation dating back to 1979 and headquarters in Vancouver, Canada, the firm has been consistently engaged in identifying and advancing its mining interests, particularly in British Columbia. It is noteworthy for its ownership of 100% interests in significant mining projects like the Snip gold mine and the Eskay Creek gold mine, positioning it as a noteworthy player within the Canadian mining sector.
Products and Services
- Snip Gold Mine
- Eskay Creek Gold Mine
Lies at the heart of Skeena Resources Limited's portfolio, featuring one mining lease and nine mineral tenures over an area of about 4,724 hectares. This property represents a crucial asset in the company's quest for gold, offering a blend of historical production and potential future exploitation.
Another cornerstone asset for Skeena Resources Limited, encompassing eight mineral leases, two surface leases, and various unpatented mining claims spread over 7,666 hectares. Located in British Columbia, Canada, the Eskay Creek Gold Mine is recognized for its significant contribution to the area's mining history and for its prospect of contributing to the company's growth through the exploration and extraction of gold and potentially other precious metals.
