Northwire Canada EditionFriday, September 11, 2026
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GOLD 4407.30 −1.2% SILVER 64.93 −5.4% COPPER 6.55 −5.0% OIL 102.48 +6.7% PALLADIUM 1294.70 −6.2% IGO 0.190 −2.6% MCI 0.165 −2.9% GGI 0.080 +6.7% ETF 0.040 −11.1% ADE 0.100 +5.3% WDO 33.52 −3.3% IMM 0.065 +8.3% SNAG 0.240 −7.7% TUF 0.670 −2.9% VZZ 0.245 −3.9% APGO 3.55 +12.0% ISO 15.38 −6.6% VCG 1.52 +1.3% WRX 0.040 +0.0% TLG 2.22 −4.7% BARU 0.060 +0.0% GOLD 4407.30 −1.2% SILVER 64.93 −5.4% COPPER 6.55 −5.0% OIL 102.48 +6.7% PALLADIUM 1294.70 −6.2% IGO 0.190 −2.6% MCI 0.165 −2.9% GGI 0.080 +6.7% ETF 0.040 −11.1% ADE 0.100 +5.3% WDO 33.52 −3.3% IMM 0.065 +8.3% SNAG 0.240 −7.7% TUF 0.670 −2.9% VZZ 0.245 −3.9% APGO 3.55 +12.0% ISO 15.38 −6.6% VCG 1.52 +1.3% WRX 0.040 +0.0% TLG 2.22 −4.7% BARU 0.060 +0.0%
Financings Material +

Skeena Gold & Silver Completes US$750 Million Senior Secured Notes Offering & Optimizes Capital Structure

Skeena Gold & Silver Secures $750 Million Financing to Accelerate Eskay Creek Production

By The Northwire Desk — AI Analysis Apr 10, 2026 · 10:01 SKE · 44.99 Skeena Resources Limited
Executive Summary
  • Financing Completion: Skeena Resources completed a US$750 million senior secured notes offering on April 10, 2026.
  • Terms: 8.5% interest rate, semi-annual payments, maturing in 2031 (non-callable for first two years).
  • Capital Structure Optimization: Proceeds used to repurchase 66.67% of the existing US$200 million gold stream ($184M), fund an interest reserve ($94M), and allocate ~$470M toward Eskay Creek construction and corporate purposes.
  • Debt Restructuring: Cancels undrawn $350M senior secured loan and $100M cost-overrun facility, replacing them with the new notes to lower overall cost of capital.
  • Project Status: Eskay Creek is 49% complete as of Feb 28, 2026, with initial production targeted for Q2 2027.
Material Impact
  • Value Accretion: The gold stream buyback reduces the royalty burden on future cash flows, increasing exposure to rising gold prices and improving projected operating margins. This is a material positive shift in project economics compared to maintaining the full streaming obligation.
  • Liquidity Security: The $750M injection provides substantial liquidity for construction completion, reducing the risk of capital shortfalls near production start-up. The interest reserve covers 18 months of payments, mitigating immediate refinancing risk during the construction phase.
  • Covenant Relief: Replacing the undrawn loan facility with senior secured notes simplifies the balance sheet and removes restrictive covenants associated with the previous term loan structure.
  • Market Confidence: Participation from KKR, Bank of America, and other global firms validates the project's creditworthiness and execution capability despite being a pre-revenue mining company.
SKE · Price
Company Overview
  • Company: Skeena Gold & Silver (SKE).
  • Flagship Project: Eskay Creek Gold-Silver Project located in the Golden Triangle, British Columbia, Canada.
  • Project Type: Open-pit gold-silver mine with significant by-product copper, zinc, lead, and antimony.
  • Production Guidance: 450,000 AuEq ounces annually (Years 1-5), Mine Life 12 years.
  • Cost Guidance: LOM AISC $687/oz AuEq (co-product).
  • Status: Fully permitted and under construction; initial production targeted Q2 2027.
Read the original news release →

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Financings