Versamet Royalties has signed a definitive agreement to acquire a 3.52% gold stream on the Eskay Creek project for $360 million in total consideration, comprising $340 million in cash and $20 million in company shares. Funding will be provided through an amended credit facility arranged with the Bank of Montreal and the National Bank of Canada, bolstering Skeena’s capital structure.

Construction at the Eskay Creek mine, operated by Skeena Resources, is currently 49% complete following receipt of the Environmental Management Act Permit. The project aims to restart production in the second quarter of 2027 and is projected to produce more than 300,000 ounces of gold annually during its first five years of operation.

The transaction is subject to the finalization of Skeena’s senior secured notes offering, expected to close by April 2026, and other customary closing conditions. Upon completion, Versamet will secure annual deliveries of over 10,000 gold ounces from the stream and assume royalty interests that enhance project funding certainty.

This financing deal de-risks the Eskay Creek restart by securing significant upfront capital and diversifies Skeena’s funding sources. It also supports the ongoing update of the NI 43-101 Technical Report, scheduled for publication in late 2026, which aims to explore production enhancements and extend the mine’s operational lifespan.