SKREF - Skeena Resources: PFS Highlights Exceptional Project Economics

• Skeena Resources released its Pre-Feasibility Study for its Eskay Creek Project last week, showcasing one of the most robust projects in the sector currently.
• Based on ~26 million tonnes of material in reserves, Eskay Creek is expected to produce ~352,000 gold-equivalent ounces per annum over a ~10-year mine life.
• Notably, while some projects become less robust from PEA to PFS, the PFS envisions a larger project with lower operating costs, with the potential to be one of Canada's largest mines.
• Based on the exceptional PFS, which has the potential to be improved further, I continue to see Skeena as a top-10 takeover target in the sector.

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