# ske 20251231xex99d2

Source Brief: https://evesgoldminers.com/research/source-briefs/skeena-resources-ltd-2026-03-24-ske-20251231xex99d2-b40ebfce
Original source: https://www.sec.gov/Archives/edgar/data/1713748/000110465926033959/ske-20251231xex99d2.htm
Original published: 2026-03-24
EGM generated: 2026-09-04
Company: Skeena Gold + Silver (SKE)

## Use Note

This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions.

## Extracted Document Text

# ske 20251231xex99d2

Source: https://www.sec.gov/Archives/edgar/data/1713748/000110465926033959/ske-20251231xex99d2.htm
Published: 2026-03-24T00:00:00+00:00
Fetched: 2026-05-06T13:13:06.782+00:00
Source artifact: b40ebfce-7413-471c-aace-ba1a3115f3bb
Normalizer input: text

## Content

# ske 20251231xex99d2
EX-99.2
4
ske-20251231xex99d2.htm
EX-99.2
​ Exhibit 99.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Table of Contents ​ SKEENA RESOURCES LIMITED Management Discussion and Analysis For the year ended December 31, 2025 (Expressed in thousands of Canadian dollars within tables, unless otherwise noted) ​ ​ ​ Introduction The Management’s Discussion & Analysis (“MD&A”) has been prepared by management and reviewed and approved by the Board of Directors of Skeena Resources Limited (“Skeena”, “we”, “us”, “our” or the “Company”) on March 24, 2026. The following discussion of performance, financial condition and future prospects should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the three and twelve months ended December 31, 2025 and December 31, 2024. The information provided herein supplements but does not form part of the consolidated financial statements. This discussion covers the three and twelve months ended December 31, 2025 and the subsequent period up to March 24, 2026, the date of issue of this MD&A. Monetary amounts in the following discussion are in Canadian dollars, unless otherwise noted. Additional information, including audited annual consolidated financial statements and more detail on specific mineral exploration properties discussed in this MD&A can be found on the Company’s System for Electronic Document Analysis and Retrieval (“SEDAR+”) profile at www.sedarplus.ca, the Company’s Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”) profile at www.sec.gov. Information on risks associated with investing in the Company’s securities is contained in the most recently filed Annual Information Form. The technical information presented herein has been reviewed by Adrian Newton, P.Geo, the Company’s Vice President, Exploration, and a qualified person as defined by National Instrument 43 - 101 - Standards of Disclosure for Mineral Projects (“NI 43 - 101”) (see “Responsibility for Technical Information” section below). ​ This MD&A contains forward looking information. Please read the forward looking statements on pages 4 and 5 carefully. ​ ​ ​ Skeena Gold + Silver Management’s Discussion & Analysis 2 ​ Table of Contents ​ SKEENA RESOURCES LIMITED Management Discussion and Analysis For the year ended December 31, 2025 (Expressed in thousands of Canadian dollars within tables, unless otherwise noted) ​ ​ ​ Contents ​ INTRODUCTION 2 THE COMPANY 6 EXPLORATION PROPERTIES 7 PROGRESS AT ESKAY CREEK AND OUTLOOK 10 ENVIRONMENTAL, SOCIAL AND CORPORATE GOVERNANCE 11 RECENT TRANSACTIONS 14 DISCUSSION OF OPERATIONS 18 SUMMARY OF QUARTERLY RESULTS 19 LIQUIDITY AND CAPITAL RESOURCES 20 CRITICAL ACCOUNTING ESTIMATES 21 NEW STANDARDS AND INTERPRETATIONS 21 FINANCIAL INSTRUMENTS 21 RELATED PARTY TRANSACTIONS 24 DISCLOSURE CONTROLS AND PROCEDURES 25 INTERNAL CONTROL OVER FINANCIAL REPORTING 25 CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING 25 LIMITATIONS OF CONTROLS AND PROCEDURES 25 RISK FACTORS 26 RESPONSIBILITY FOR TECHNICAL INFORMATION 29 OFF BALANCE SHEET ARRANGEMENTS 29 INFORMATION CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES 29 CONTINGENCIES 31 CONTRACTUAL OBLIGATIONS 31 OUTSTANDING SHARE DATA 32 OTHER INFORMATION 33 ​ ​ ​ Skeena Gold + Silver Management’s Discussion & Analysis 3 ​ Table of Contents ​ SKEENA RESOURCES LIMITED Management Discussion and Analysis For the year ended December 31, 2025 (Expressed in thousands of Canadian dollars within tables, unless otherwise noted) ​ ​ ​ Forward Looking Statements This MD&A contains certain forward-looking statements or forward-looking information within the meaning of applicable Canadian and US securities laws. All statements and information, other than statements of historical fact, included in or incorporated by reference into this MD&A are forward-looking statements and forward-looking information, including, without limitation, statements regarding activities, events or developments that we expect or anticipate may occur in the future. Such forward-looking statements and information can be identified by the use of forward-looking words such as “plans”, “expects” or “does not expect”, “is expected”, “budget” or “budgeted”, “scheduled”, “estimates”, “projects”, “intends”, “proposes”, “progressing towards”, “in search of”, “complete”, “anticipates” or “does not anticipate”, “believes”, “often”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”, “proposed”, “potential”, or variations of such words and phrases or statements that certain actions, events, or results “may”, “can”, “could”, “would”, “might”, “will be taken”, “occur”, “continue”, or “be achieved” or similar words and expressions or the negative and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy. There can be no assurance that the plans, intentions or expectations upon which such forward-looking statements and information are based will occur or, even if they do occur, will result in the performance, events or results expected. The forward-looking statements and forward-looking information reflect the current beliefs of the Company and are based on currently available information. Accordingly, these statements are subject to known and unknown risks, uncertainties and other factors which could cause the actual results, performance or achievements of the Company to be materially different from those expressed in or implied by the forward-looking statements. The forward-looking information in this MD&A includes, without limitation, estimates, forecasts, plans, priorities, strategies and statements as to the Company’s current expectations and assumptions concerning, among other things, ability to access sufficient funds to carry on operations, the Company’s ability to buy back the gold stream in the future; amounts drawn and the timing of and completion of conditions precedent in respect of the senior secured loan, gold stream agreement, additional equity investment and the cost over-run facility, the availability of the senior secured loan as a source of future liquidity, financial and operational performance and prospects, ability to minimize negative environmental impacts of the Company’s operations, anticipated outcomes of lawsuits and other legal issues, permits and licenses, treatment under governmental regulatory regimes, stability of various governments including those who consider themselves self-governing, continuation of rights to explore and mine, collection of receivables, the success of exploration programs, the estimation of mineral resources, the ability to convert resources or mineral reserves, anticipated conclusions of economic assessments of projects, the suitability of our mineral projects to become open-pit mines, our ability to attract and retain skilled staff, expectations of market prices and costs, exploration, development and expansion plans and objectives, requirements for additional capital, the availability of financing, and the future development and costs and outcomes of the Company’s exploration projects. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially. We caution readers of this MD&A not to place undue reliance on forward-looking statements and information contained herein, which are not a guarantee of performance, events or results and are subject to a number of risks, uncertainties and other factors that could cause actual performance, events or results to differ materially from those expressed or implied by such forward-looking statements and information. Such statements and information are based on numerous assumptions regarding, among other things, favourable equity markets, global financial condition, present and future business strategies and the environment in which the Company will operate in the future, including the price of commodities, anticipated costs, ability to achieve goals (including, without limitation, timing and amount of production), timing and availability of additional required financing on favourable terms, decision to implement (including the business strategy, timing and structure thereof), the ability to successfully complete proposed mergers and acquisitions and the expected results of such acquisitions on our operations, the ability to obtain or maintain permits, mineability and marketability, exchange and interest rate assumptions, including, without limitation, being approximately consistent with the assumptions in the FS (as defined herein) and DFS (as defined herein), the availability of certain consumables and services and the prices for power and other key supplies, including, without limitation, being approximately consistent with assumptions in the FS and upcoming DFS, labour and materials costs, including, without limitation, assumptions underlying Mineral Reserve (as defined herein) and Mineral Resource (as defined herein) estimates, ​ Skeena Gold + Silver Management’s Discussion & Analysis 4 ​ Table of Contents ​ SKEENA RESOURCES LIMITED Management Discussion and Analysis For the year ended December 31, 2025 (Expressed in thousands of Canadian dollars within tables, unless otherwise noted) ​ ​ ​ assumptions made in the feasibility economic assessment estimates, including, but not limited to, geological interpretation, grades, metal price assumptions, metallurgical and mining recovery rates, geotechnical and hydrogeological assumptions, capital and operating cost estimates, and general marketing, political, business and economic conditions, as applicable, results of exploration activities, ability to develop infrastructure, assumptions made in the interpretation of drill results, geology, grade and continuity of mineral deposits, expectations regarding access and demand for equipment, skilled labour and services needed for exploration and development of mineral properties, and that activities will not be adversely disrupted or impeded by exploration, development, operating, regulatory, political, community, economic and/or environmental risks. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors. These factors include: the ability to obtain permits or approvals required to conduct planned exploration, development, construction and operation; the results of exploration and development; inaccurate geolog

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