German investment firm Deutsche Balaton (DB) announced on Tuesday that it has slightly increased its equity stake in Skeena Resources (TSX: SKE) by acquiring 10,500 shares at an average price of C$7.049143 per share. The newly acquired shares represent 0.1% of Skeena’s outstanding shares, raising DB’s total holdings to approximately 10.9 million shares, which equates to 10.25% of the Canadian miner’s share capital.
Shares of Skeena Resources reached a 52-week high of C$7.67 late in the afternoon, closing 4.2% higher at C$7.65 per share, giving the company a market capitalization of C$694.6 million.
This development comes on the heels of Skeena’s recent announcement of a $750 million financing package for the Eskay Creek mine project in British Columbia’s Golden Triangle. This funding is set to provide the financial flexibility needed to restart what was once the highest-grade gold mine in the world. The restart is planned for 2027, with an anticipated annual production of 320,000 oz. gold over a 12-year mine life. According to a definitive feasibility study, the open-pit mine has an after-tax net present value (at a 5% discount rate) of C$2 billion and an after-tax internal rate of return of 43%.
