Precious metals developer Skeena Resources has collected $45-million of gold stream funding under its gold stream arrangement.

This is the second of five tranches under the previously announced $200-million gold stream.

The remaining three tranches will be drawn in settlements of $50-million each, subject to the satisfaction of certain customary conditions before March 31, 2026 to support continued development of the Eskay Creek gold/silver project – a past producing mine located in the Golden Triangle in British Columbia.

The company also reports continued advancement on numerous authorisations from the province of British Columbia to support ongoing activity at Eskay Creek.

To date, Skeena says it has successfully advanced various pre-construction activities as part of the early works programme.

In June 2024, Skeena received approval for an amendment to the Mines Act permit M-197 from the province of British Columbia, which allowed for early works activities at Eskay Creek.

The approval of this permit was the first step required to facilitate the start of a technical sample quarry and land clearing work to begin.

During the 2024 season from June to November, activities included access to the technical sample area and clearing of the area; advancing two pilot haul roads; advancing the infrastructure pad area; and the start of civil earthworks for the Volcano Creek substation to interconnect with Coast Mountain Hydro to supply future hydro-sourced electricity to the project.

Concurrent with project activities onsite, engineering and procurement is progressing well and on budget with the estimates outlined in the 2023 definitive feasibility study, Skeena says.

Most of the major mill equipment has been contracted. Long lead-time items such as electrical components have also been secured. Other critical contracts continue to advance including the selection of a mobile mining fleet supplier.

“The current tranche of the gold stream financing will enable Skeena to continue advancing the project, with further drawdowns anticipated throughout 2025.

“We are encouraged by the supportive and constructive dialogue with the province of British Columbia, which has helped facilitate early works activities in 2024. As a result, we are progressing with our pre-development plans and proactively de-risking the project to stay on track for production in 2027,” says president and CEO Randy Reichert.