News Summary
On December 15, 2025, Skeena announced that the Tahltan Nation membership has successfully voted to ratify the Impact Benefit Agreement (IBA) for the Eskay Creek Gold-Silver Project. The agreement establishes a framework for shared benefits, including employment, business opportunities, training, and meaningful financial participation for the Tahltan Nation. While the membership vote is a critical step, the final consent decision from the Tahltan Central Government Board of Directors is still pending and is expected in January 2026.
Material Impact
This announcement is a material positive and a major de-risking event for the Eskay Creek project. The successful ratification of the IBA by the Tahltan Nation membership provides the project with a clear social license to operate, a critical requirement for obtaining final permits in British Columbia.
Reviewing the historical news provides essential context:
– Permitting Dependency: The October 1, 2025, announcement of a C$143.8 million financing explicitly stated the funds were needed to “ensure sufficient liquidity to complete permitting, which is a condition precedent to accessing the balance of the US$750 million financing package with Orion Resource Partners.” This underscored the criticality of the permitting process, of which the IBA is a cornerstone.
– Consistent Progress: The company has been methodically checking boxes to advance Eskay Creek. Key milestones included receiving the bulk technical sample permit (announced December 16, 2024), filing the joint permit application (May 5, 2025), and signing a power supply deal (May 22, 2025). The successful IBA vote is the logical and most significant community-related step in this progression.
– Unlocking Financing: This agreement is a key that unlocks the door to full construction financing. The company is now significantly closer to satisfying the conditions required to draw down the remaining tranches of its funding package from Orion.
While the final board consent is still required in January 2026, it is widely seen as a formality following a successful membership vote. The market has anticipated this positive outcome, as reflected in the stock’s strong performance, rallying from the C$24 financing level in October to over C$33. This news confirms the thesis and solidifies the path toward a construction decision.
Catalysts
– Immediate: The final consent decision from the Tahltan Central Government Board of Directors, expected in January 2026.
– 3-6 Months:
– Receipt of the Environmental Assessment (EA) Certificate. Previous guidance has indicated this is expected in Q4 2025 or Q1 2026. This is the next major catalyst.
– Receipt of amended authorizations under the BC Mines Act and Environmental Management Act, which are the final permits required for construction.
– Announcement of a formal construction decision following receipt of permits.
– Drawdowns on the remaining tranches of the US$750 million Orion financing package.
– An update on the Albino Lake Storage Facility legal case, where a rehearing was expected to be completed in Q4 2025.
Materiality Conclusion
The news is Material – Positive. Securing the support of the Tahltan Nation is a non-negotiable step for any major project in the Golden Triangle. This successful vote removes a significant social and regulatory risk, validates the company’s engagement efforts, and moves Eskay Creek substantially closer to receiving final permits and full construction funding.
