Financings

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.

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