https://newsletter.mw.creamermedia.com
Construction|Gold|PROJECT|Projects|Resources|Sustainable
Construction|Gold|PROJECT|Projects|Resources|Sustainable
construction|gold|project|projects|resources|sustainable

Skeena raises C$125m for Eskay Creek, says BC govt strike delays permitting

3rd October 2025

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Gold and silver developer Skeena Resources has launched a C$125-million equity raising to strengthen its balance sheet as it pushes forward with construction and permitting of its flagship Eskay Creek project in British Columbia’s Golden Triangle.

The Vancouver-based company said this week it had struck a bought-deal agreement with a syndicate of underwriters led by BMO Capital Markets for 5.21-million new shares at C$24 each. The underwriters also have an over-allotment option for an additional 15%, which could lift the size of the raise further.

Proceeds will be used to fund ongoing construction works at Eskay Creek, progress permitting, and to cover general corporate purposes. Skeena has already started some site activities during 2025 while awaiting final approvals.

Skeena reported that, while the government permitting process was advancing, an unanticipated delay was expected as a result of the current British Columbia government employee strike. 

Negotiations with the Tahltan Central Government regarding the Impact Benefits Agreement were progressing, while the vote to ratify the agreement was expected to take place in the coming weeks. The ultimate date for that approval remains to be scheduled upon completion of the negotiations. 

“This funding provides flexibility to pursue less expensive financing alternatives compared to the existing undrawn senior secured loan facility and represents approximately 4.5% dilution to the company’s total market capitalisation,” said executive chairperson Walter Coles.

As of September 30, Skeena reported unaudited cash of C$105-million. The company said the new equity raising, together with existing cash and financing arrangements, would ensure it had sufficient liquidity to complete permitting. That milestone was a condition precedent to draw down the remainder of a $750-million financing package from private equity group Orion Resource Partners.

The Eskay Creek redevelopment has been cast as one of the highest-grade and lowest-cost openpit gold/silver projects globally, with silver by-product output expected to surpass many primary silver mines. Skeena is aiming to build a long-life, sustainable operation that it hopes will become a cornerstone mine in the Golden Triangle.

 

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

To advertise email advertising@creamermedia.co.za or click here

Showroom

The Southern African Institute of Mining and Metallurgy
The Southern African Institute of Mining and Metallurgy

The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.15 0.228s - 127pq - 2rq
Subscribe Now