Date Closed

October 2, 2020

Lead Office

Toronto

Value

79.40 Million CAD

On October 2, 2020, Skeena Resources Ltd. (Skeena) completed its previously announced 100% acquisition of Eskay Creek gold and silver project (Eskay Creek project) from Barrick Gold Corporation (Barrick), pursuant to which Skeena exercised its option to acquire the Eskay Creek project and Barrick waived its back-in right on the Eskay Creek project.

Consideration for the transaction consists of: (i) the issuance by Skeena of 22,500,000 units, with each unit comprising one common share of Skeena and one half of a warrant, with each whole warrant entitling Barrick to purchase one additional common share of Skeena at an exercise price of C$2.70 each until the second anniversary of the closing date; (ii) the grant of a 1% NSR royalty on the entire Eskay Creek project; and (iii) a contingent payment of C$15 million payable during a 24-month period after closing upon a sale by Skeena of 50% or greater interest in the Eskay Creek project.

Skeena is a junior Canadian mining exploration company focused on developing prospective precious and base metal properties in the Golden Triangle of northwest British Columbia, Canada.

McCarthy Tétrault LLP advised Skeena with a team led by Daniel Bornstein that included Eva Bellissimo, Gerald Gaunt, Leisa Hickey and Ainslie Hurd (Corporate), Glynnis Morgan (Mineral Title), Liezl Behm (Secured Transactions) and Gary Litwack (Securities).