Skeena Resources Limited (TSX: SKE, NYSE: SKE) announced the pricing of a $750 million offering of 8.500% Senior Secured Notes due 2031. The offering is expected to close on April 10, 2026, according to a company statement.

The notes will be guaranteed by certain subsidiaries related to the company's Eskay Creek project and secured by a first priority lien on company property, including equity interests and interests in the Eskay Creek project.

Skeena plans to use approximately $184 million of the proceeds to fund a stream buy-down, reducing the stream percentage deliverable from Eskay Creek production by 66.67%. The company will allocate an estimated $94 million to an interest reserve account covering the first three semi-annual interest payments, with remaining proceeds funding project advancement and general corporate purposes.

The stream buy-down involves a lump-sum payment to existing stream purchasers under the company's $200 million gold stream agreement. In connection with this transaction, Skeena entered into an amended stream agreement with Orion and affiliates, which includes termination of the stream cost over-run facility and amendments to liquidity and reporting covenants.

The company intends to cancel its existing $350 million senior secured term loan and cost over-run facility upon completion of the offering and stream buy-down. These facilities are currently undrawn, and no fees are expected for the cancellations.

The notes were offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. In Canada, the notes were offered through private placement pursuant to prospectus exemptions.

Skeena is developing the Eskay Creek Gold-Silver Project in British Columbia's Golden Triangle, with initial production targeted for the second quarter of 2027.