New York — As of 5:13 a.m. ET on Saturday, December 27, 2025, U.S. and Canadian stock exchanges are closed for the weekend.
That matters for Skeena Resources Limited (NYSE American: SKE; TSX: SKE) because the company sits at the intersection of two forces that don’t always move on the same schedule: equity markets (closed) and precious metals (still trading globally in various forms).
In the last regular U.S. session—Friday, December 26, 2025—Skeena’s U.S.-listed shares closed at $25.42, up about 3.8% on the day, according to MarketWatch’s close data. [1]
In Canada, TSX-listed Skeena (SKE) was around C$33.43 at the latest close cited by Investing.com. [2]
The broader tape was quiet: major U.S. indexes finished slightly lower in thin post-holiday trading. [3]
But under the surface, the commodity backdrop stayed loud—precious metals pushed to fresh all-time highs, helped by rate-cut expectations and safe-haven demand, according to Reuters. [4]
For investors, that sets up a classic weekend dilemma: Skeena can gap on Monday based on metals prices and any permitting/community headlines that land while the market is shut.
Why Skeena Resources stock is in focus: a major Indigenous vote on Eskay Creek
Skeena is best known for advancing the Eskay Creek gold-silver project in British Columbia’s Golden Triangle—one of those mining regions that sounds fictional until you realize the grades were historically very real.
The most important recent catalyst is social-license and permitting-related:
- On December 15, 2025, Skeena announced that the Tahltan Nation voted in support of an Impact Benefit Agreement (IBA) tied to development and future operation of Eskay Creek. [5]
- The company added that a decision from the Tahltan Central Government Board of Directors regarding consent would be under consideration in January 2026. [6]
In the company’s statement, Executive Chairman Walter Coles called the IBA ratification “the foundation” for partnership and framed it as a higher bar for environmental protection and benefit-sharing. [7]
Industry coverage treated the vote as a meaningful de-risking step. Mining.com, for example, noted the agreement’s focus on jobs, training, and business opportunities for Tahltan members and companies, plus other community benefits. [8]
Why markets care: For a developer like Skeena, progress on Indigenous partnership and consent can reduce perceived delays, litigation risk, and financing friction—things that directly affect how investors discount future project cash flows.
Permitting status: Environmental Assessment is still the heavyweight bout
Community support is a major milestone, but it doesn’t replace formal permitting.
Skeena says it has been moving through British Columbia’s environmental assessment process for years:
- The company submitted a revised Environmental Assessment (EA) application for Eskay Creek in April 2025, describing it as filed with the BC Environmental Assessment Office for joint review with the Tahltan Central Government, with uploading completed April 14, 2025. [9]
- In a February 2025 process update, Skeena said the initial submission (August 2024) generated 2,380+ comments from Indigenous Nations, agencies, and the public, and that the company was incorporating that feedback into a revised application. [10]
- A May 2025 update described the project as being in an “extensive environmental review,” emphasizing that an Environmental Assessment Certificate (EAC) remains a critical prerequisite. [11]
One of Skeena’s senior environmental leaders, Nalaine Morin (VP, Environment & Regulatory Affairs), described the EA submission as a “defining accomplishment” in the April filing update. [12]
Investor takeaway for Monday: If you see weekend headlines about consultation timelines, information requests, or phase changes in the EA process, that can matter as much as a metals price move—sometimes more.
Infrastructure and costs: Skeena’s “clean power” move aims to cut capex and opex
On May 22, 2025, Skeena announced an interconnection and transmission agreement with Coast Mountain Hydro Limited Partnership (CMH), enabling a connection to CMH’s transmission line for Eskay Creek. [13]
Key details the company highlighted:
- The agreement allows a power connection about 17 km from the project, which Skeena says eliminates the need to build its own long transmission line—potentially saving capital. [14]
- Skeena said it expected access to BC Hydro industrial rates of about CAD $0.06/kWh, aiming to lower operating costs and emissions compared with typical mining power setups. [15]
- The company said site power-line work is expected to be completed by H2 2026. [16]
CEO Randy Reichert framed the tie-in as another “de-risking” step—particularly because energy pricing and reliability can materially change a mine’s cost profile. [17]
Why this matters for valuation: Markets often punish developers for “death by a thousand utilities”—roads, power, ports, water, tailings. Credible progress on infrastructure can tighten the spread between “conceptual NPV” and “financeable project.”
Funding and dilution: Orion’s $750M package, plus a large 2025 equity raise
Skeena has worked to position Eskay Creek as “fundable”—and it has put real numbers behind that.
The Orion financing package (announced June 2024)
Skeena announced a US$750 million financing package with Orion Resource Partners in June 2024, describing it as a mix of:
- US$100M equity investment
- US$200M gold stream (with buyback options under certain conditions)
- US$350M senior secured loan
- US$100M cost overrun facility (structured as an additional stream) [18]
Skeena said the structure was designed to provide substantial funding prior to final permits, with the company targeting production in the first half of 2027. [19]
Canadian Mining Journal also reported the package as roughly C$1B equivalent, emphasizing the redevelopment path for the past-producing mine. [20]
A law firm deal summary (Torys) similarly described the Orion package and its intent to support construction and working capital. [21]
The 2025 bought-deal financing (October 2025)
More recently, Skeena announced a bought deal in early October 2025 and then upsized/closed it:
- Oct. 1, 2025: bought deal announced at C$24.00/share for roughly C$125M gross proceeds. [22]
- Oct. 8, 2025: closing reported with over-allotment exercised, for total gross proceeds of C$143.796M at C$24.00/share. [23]
Skeena said proceeds would be used for continued advancement of Eskay Creek and general corporate purposes. [24]
What investors should keep straight: “De-risking” often comes with dilution. For developers, the market frequently rewards progress and penalizes financing overhang—sometimes in alternating weeks.
The macro tailwind: equities are quiet, but metals are roaring
On Friday (Dec. 26), U.S. stocks were essentially flat-to-down in subdued holiday volume, according to AP’s recap. [25]
Reuters described global markets as near record highs, while precious metals hit all-time highs as investors priced in rate-cut expectations and sought safety. [26]
Gold pricing referenced by Trading Economics showed gold around $4,532/oz on Dec. 26, 2025, up sharply year-over-year. [27]
That macro setup can matter a lot for a gold-silver developer:
- Higher metal prices can increase project NPVs (net present values), improve financing terms, and expand investor risk appetite for pre-production names.
- The flip side: if metals reverse sharply, developers can fall faster than producers because they don’t have operating cash flow cushioning the move.
On rates, the Federal Reserve’s Dec. 10, 2025 statement noted that “uncertainty about the economic outlook remains elevated,” keeping markets hypersensitive to inflation, labor, and policy surprises. [28]
Eskay Creek economics: what the company has previously highlighted
Skeena’s project narrative leans heavily on feasibility-level economics.
The company has pointed investors to a Definitive Feasibility Study (November 2023) for Eskay Creek, describing (at the time) an after-tax NPV (5%) of about C$2B, IRR of 43%, and a ~1.2-year payback under assumed metal prices (US$1,800/oz gold; US$23/oz silver). [29]
Reality check investors should keep in mind: Feasibility metrics are highly sensitive to capex, operating costs, permitting timelines, and—especially—metal prices. They are not guarantees of future results.
What Wall Street and analysts are saying: targets, ratings, and where forecasts disagree
Analyst “forecast” pages vary by data source, coverage universe, and timing—but they give a sense of how the Street is framing upside/downside.
A few widely followed snapshots:
- MarketScreener shows a consensus of BUY, with 11 analysts, an average target around C$36.40 versus a last close around C$33.43, and a range roughly C$25.10 to C$45.00. It also lists firms such as RBC Capital Markets, TD Cowen, BMO, Scotiabank, CIBC, and others among the analysts shown. [30]
- TipRanks shows an average target around C$36.08 (with targets in the mid-C$20s to mid-C$40s range). [31]
- TradingView displays an analyst target view around C$38.37 with a similar high/low band. [32]
There are also notable “single-firm” mentions circulating:
- A Yahoo Finance-republished note stated RBC Capital reiterated an Outperform rating and maintained a C$34 target (referencing a November 2025 date). [33]
- Another report format (MarketBeat “instant alert”) claimed RBC lifted a target from C$34 to C$53 in December 2025. Treat this category as secondary reporting and verify through primary research portals when possible. [34]
Why the target spread is so wide: Skeena is a pre-cash-flow developer. Small changes in perceived probability of (a) permits, (b) construction start, and (c) on-time/on-budget delivery can swing valuation models dramatically.
Technical and momentum read: relative strength has been a talking point
Skeena has also shown up in momentum-style coverage. Investor’s Business Daily reported Skeena’s Relative Strength (RS) rating rose into the 90s, describing it as demonstrating market strength versus peers. [35]
Technical framing won’t replace project fundamentals, but it can influence flows—especially at year-end when liquidity is thinner.
Risks to know before the next session
Skeena’s catalysts are compelling, but the risk list is not decorative.
Key risks investors typically monitor in names like SKE include:
- Permitting and consultation risk: timelines can slip, and conditions can change late in the process. [36]
- Execution and capex inflation: large builds in remote regions can surprise on cost and schedule.
- Commodity price volatility: gold/silver can turn quickly, and developers often amplify those moves. [37]
- Financing structure complexity: streams and secured loans can reduce equity dilution but introduce other trade-offs. [38]
- Equity dilution: even well-timed raises expand share count (Skeena’s October 2025 bought deal is a clear example). [39]
The market is closed now—here’s what to watch before Monday, Dec. 29
Because it’s Saturday morning in New York, any position changes will have to wait until the next regular session (Monday), barring corporate actions or exceptional trading halts.
Between now and the open, investors commonly watch:
- Any follow-through news on the Tahltan process
The company said a Tahltan Central Government board consent decision is expected to be considered in January 2026, so headlines can emerge at any time. [40] - BC environmental assessment developments
Skeena has emphasized ongoing work through the EA phases and revisions. Any signposts—information requests, updated timelines, or milestones—can move the stock. [41] - Weekend metals pricing and futures sentiment
Reuters highlighted that precious metals were at all-time highs into the weekend, and gold’s latest cited levels remain historically elevated. A continued melt-up can buoy miners and developers at Monday’s open; a reversal can do the opposite. [42] - Liquidity conditions
Post-holiday, year-end sessions often see thinner volume—meaning gaps and sharp intraday swings can be more common even without “new” fundamentals. [43]
Bottom line
Skeena Resources stock (SKE) is trading in a rare “tailwind stack”: a major Indigenous partnership vote, active permitting progress updates, meaningful infrastructure de-risking (power), and a macro moment where precious metals are making headlines at record levels. [44]
With markets closed as of early Saturday morning in New York, the near-term question for investors isn’t “what happened in the last hour?”—it’s what could hit the tape before Monday’s open that changes perceived odds on permits, timelines, and ultimately production.
References
1. www.marketwatch.com, 2. www.investing.com, 3. apnews.com, 4. www.reuters.com, 5. skeenagoldsilver.com, 6. skeenagoldsilver.com, 7. skeenagoldsilver.com, 8. www.mining.com, 9. skeenagoldsilver.com, 10. skeenagoldsilver.com, 11. skeenagoldsilver.com, 12. skeenagoldsilver.com, 13. skeenagoldsilver.com, 14. skeenagoldsilver.com, 15. skeenagoldsilver.com, 16. skeenagoldsilver.com, 17. skeenagoldsilver.com, 18. skeenagoldsilver.com, 19. skeenagoldsilver.com, 20. www.canadianminingjournal.com, 21. www.torys.com, 22. skeenagoldsilver.com, 23. skeenagoldsilver.com, 24. skeenagoldsilver.com, 25. apnews.com, 26. www.reuters.com, 27. tradingeconomics.com, 28. www.federalreserve.gov, 29. skeenagoldsilver.com, 30. www.marketscreener.com, 31. www.tipranks.com, 32. www.tradingview.com, 33. finance.yahoo.com, 34. www.marketbeat.com, 35. www.investors.com, 36. skeenagoldsilver.com, 37. www.reuters.com, 38. skeenagoldsilver.com, 39. skeenagoldsilver.com, 40. skeenagoldsilver.com, 41. skeenagoldsilver.com, 42. www.reuters.com, 43. apnews.com, 44. skeenagoldsilver.com
