$SKE

Skeena Resources Ltd

CIK:0001713748|SEC Filings

CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
Administrative compensation	$ 8,676,000	$ 5,892,000
Communications	2,383,000	1,579,000
Community relations	4,883,000
Depreciation	821,000	859,000
Office, insurance and general	3,805,000	3,938,000
Professional fees and consulting	5,464,000	7,515,000
Share-based payments	23,896,000	8,799,000
General and administration expenses	49,928,000	28,582,000
Accretion of provision for closure and reclamation	581,000	201,000
Change in fair value of convertible debenture		3,153,000
Change in fair value of Gold Stream derivative liability	151,140,000	(7,737,000)
Exploration and evaluation	6,736,000	146,922,000
Flow-through share premium recovery	(12,911,000)	(17,429,000)
Foreign exchange loss (gain)	70,000	(532,000)
Gain on sale of exploration and evaluation interests	(3,216,000)
Interest and finance fee expense	2,735,000	1,569,000
Interest income	(3,065,000)	(3,694,000)
Loss (gain) on marketable securities	(13,637,000)	567,000
Other	1,018,000	337,000
Loss before income tax	179,379,000	151,939,000
Deferred tax expense	3,462,000
Loss and comprehensive loss for the year	$ 182,841,000	$ 151,939,000
Loss per share - basic	$ (1.59)	$ (1.53)
Loss per share - diluted	$ (1.59)	$ (1.53)
Weighted average number of common shares outstanding - basic	115,218,502	99,128,496
Weighted average number of common shares outstanding - diluted	115,218,502	99,128,496

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
OPERATING ACTIVITIES
Loss for the year	$ (182,841)	$ (151,939)
Adjusted for
Accretion of provision for closure and reclamation	581	201
Change in fair value of convertible debenture		3,153
Change in fair value of Gold Stream derivative liability	151,140	(7,737)
Deferred tax expense	3,462
Depreciation	1,244	8,223
Exploration and evaluation expenses capitalized in exploration and evaluation assets		(857)
Flow-through share premium recovery	(12,911)	(17,429)
Gain on sale of exploration and evaluation assets	(3,216)
Interest and finance fee expense	2,735	1,569
Interest and finance fee expense in exploration and evaluation expense		595
Loss (gain) on marketable securities	(13,637)	567
Share-based payments	24,922	13,126
Transaction costs attributed to the liability portion of convertible debenture	2,735	1,569
Unrealized foreign exchange gain	(117)	(555)
Other	1,030	337
Changes in non-cash operating working capital
Receivables	(2,904)	666
Other	(1,415)	554
Accounts payable and accrued liabilities	(25,362)	21,626
Net cash used in operating activities	(57,289)	(127,900)
INVESTING ACTIVITIES
Purchase of marketable securities	(11,500)
Proceeds from sale of marketable securities	979	38
Construction prepayments and deposits paid	(28,448)	(12,469)
Exploration and evaluation asset expenditures		(8,799)
Additions to mineral property, plant and equipment	(294,411)	(2,213)
Settlement of other liabilities arising from mineral property acquisitions	(250)	(500)
Other	270	113
Net cash used in investing activities	(333,360)	(23,830)
FINANCING ACTIVITIES
Lease payments	(12,111)	(8,582)
Repayment of convertible debenture		(25,928)
Proceeds from Gold Stream derivative liability	206,876	71,623
Availability fees on Senior Secured Term Loan	(3,671)	(2,649)
Finance fee	(1,502)	(757)
Proceeds from bought deal financing	232,143
Proceeds from private placements		122,750
Proceeds from option exercises	9,637	2,883
Share issue costs	(13,282)	(1,171)
Other	(2,509)	(1,398)
Net cash provided by financing activities	415,581	156,771
Effect of foreign exchange rates on cash and cash equivalents	16	765
Change in cash and cash equivalents during the year	24,948	5,806
Cash and cash equivalents, beginning of the year	96,941	91,135
Cash and cash equivalents, end of the year	121,889	96,941
Cash and cash equivalents are comprised of:
Cash	121,416	96,470
Cash equivalents	473	471
Cash and cash equivalents	$ 121,889	$ 96,941

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current
Cash and cash equivalents	$ 121,889	$ 96,941
Marketable securities	29,667	949
Receivables	5,505	2,351
Other	1,931	698
Current assets	158,992	100,939
Prepaid expenses and deposits	25,287	5,083
Exploration and evaluation interests	16,763	18,662
Mineral property, plant and equipment	559,573	144,220
Other	9,576	5,487
Total assets	770,191	274,391
Current
Accounts payable and accrued liabilities	70,057	57,285
Current portion of lease liabilities	15,751	6,303
Flow-through share premium liability		5,708
Other	1,662	721
Current liabilities	87,470	70,017
Lease liabilities	47,333	7,230
Gold Stream derivative liability	421,902	63,886
Provision for closure and reclamation	46,227	38,499
Deferred tax liability	3,462
Other	4,673	4,146
Total liabilities	611,067	183,778
SHAREHOLDERS' EQUITY
Capital stock	903,045	670,126
Commitment to issue shares		250
Reserves	66,029	47,346
Deficit	(809,950)	(627,109)
Total shareholders' equity	159,124	90,613
Total liabilities and shareholders' equity	$ 770,191	$ 274,391