Skeena Resources targets initial production at Eskay Creek for 2027
The precious metals developer reported a loss of 139.7 million Canadian dollars for the six months ended June 30, 2026
Skeena Resources Ltd (SKE), a precious metals development company, is progressing its Eskay Creek Gold-Silver Project toward initial production and cash flow in the second quarter of 2027. The company said the project is fully permitted and currently under construction in British Columbia’s Golden Triangle.
Financial results for the six months ended June 30, 2026, showed a loss of 139.7 million Canadian dollars, compared to a loss of 74.3 million Canadian dollars for the same period in 2025. The loss for the three months ended June 30, 2026, was 35.2 million Canadian dollars, compared to 36.0 million Canadian dollars in the prior-year quarter.
Capital investment in the company's infrastructure accelerated during the first half of 2026. Additions to mineral property, plant and equipment totaled 203.6 million Canadian dollars for the six months ended June 30, 2026, up from 93.4 million Canadian dollars in the same period the previous year. This investment contributed to a significant increase in total assets, which rose to 1.92 billion Canadian dollars from 770.2 million Canadian dollars as of December 31, 2025.
Operating cash flow remained negative as the company continued its development phase. Net cash used in operating activities was 30.2 million Canadian dollars for the six months ended June 30, 2026, compared to 38.7 million Canadian dollars for the same period in 2025.
Liquidity shifted as the company took on new obligations to fund construction. Long-term debt reached 1.06 billion Canadian dollars as of June 30, 2026, whereas the company reported no long-term debt on December 31, 2025. The company also recorded a Gold Stream derivative liability of 209.3 million Canadian dollars and an additional NSR royalty liability of 136.0 million Canadian dollars.
Cash and cash equivalents stood at 134.8 million Canadian dollars at the end of the second quarter of 2026. The company also held 453.9 million Canadian dollars in restricted cash.
Skeena expects Eskay Creek to be one of the world’s lowest-cost and highest-grade open-pit precious metals mines once operational, noting that silver by-product production is expected to exceed the output of many primary silver mines.