S&P Upgrades Skeena Resources Outlook to Positive on Eskay Creek Progress

S&P Global Ratings has upgraded its outlook on Skeena Resources Ltd. to positive from stable, citing significant construction progress at the company's Eskay Creek gold project in British Columbia. The rating agency affirmed its 'CCC+' long-term issuer credit rating on the mining developer in a notice published Wednesday.

Eskay Creek Nears Completion

The improved outlook reflects the substantial advancement of the Eskay Creek project, which Skeena Resources reported was more than 70% complete as of August 31, 2026. This is a significant step up from the roughly 50% completion status when S&P first assigned its rating in March 2026.

According to the company's updates, key construction milestones have been met, with detailed engineering work now 92% complete. Recent progress includes the installation of major processing plant equipment, such as:

• Crusher and conveyor systems
• SAG and ball mills
• Grinding cyclone clusters, flotation cells, and the concentrate thickener

Rating Rationale and Projections

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While the outlook is positive, S&P's affirmation of the 'CCC+' rating highlights the inherent risks of a development-stage company. The agency noted that Skeena currently lacks an operating track record and remains dependent on favorable economic and financial conditions to meet its commitments.

The project involves reopening a mine in British Columbia's Golden Triangle region, previously operated by Barrick Gold Corp. from 1994 to 2008. S&P assumes Eskay Creek will begin production in late 2027 and projects it could generate more than C$600 million in annual free operating cash flow once it reaches steady-state production. This forecast is based on assumptions of high-grade deposits, low unit costs, and a long-term gold price of US$3,300 per ounce.

Path to a Rating Upgrade

The positive outlook signals that S&P could raise Skeena's credit rating within the next 12 months. Such an action would be contingent on the company nearing project completion while maintaining a sufficient liquidity position to manage the final stages of development.

However, the rating agency cautioned that it could revise the outlook back to stable if it anticipates significant construction delays or cost overruns that could exhaust the company's liquidity.