Skeena Resources Limited reported its third‑quarter 2025 results, posting a net loss of CAD 36.8 million and an earnings‑per‑share loss of $‑0.09, a miss of $‑0.03 against the consensus estimate of $‑0.06. The company generated no operating revenue during the period, a pattern that is typical for a development‑stage miner still investing heavily in its Eskay Creek gold‑silver project.
The loss narrowed sharply from the CAD 84.9 million net loss reported for Q3 2024, and the basic loss per share from continuing operations fell from CAD 0.80 to CAD 0.32. The improvement reflects a reduction in capital‑expenditure intensity and a more efficient use of cash, although the company remains in a cash‑burn phase as it moves the Eskay Creek project closer to production.
Capital expenditures for the quarter were approximately CAD 30 million, up from CAD 25 million in the prior quarter, and the company’s cash burn rate remained high at roughly CAD 12 million per month. Management reiterated that the cash position is sufficient to fund the next phase of construction, but highlighted the need for additional financing to support the projected $750 million investment required to bring the mine into production.
In its guidance, Skeena reiterated that it expects no operating revenue in the fourth quarter of 2025 and will continue to post net losses as it invests in permitting, engineering, and construction. The company confirmed its target to achieve commercial production in the first half of 2027 and emphasized that the next funding round will be critical to maintaining that timeline.
Chief Financial Officer Alex Smith said, “We are making steady progress on Eskay Creek, with permitting milestones met and financing commitments secured. While the quarter’s results reflect ongoing capital outlays, the cash position and financing strategy give us confidence that we can reach production as scheduled.”
Analysts remain neutral on the company, citing the weak financials but acknowledging the strong economics of the Eskay Creek project and the recent financing commitments. The consensus view is that the company’s focus on securing additional capital and completing permitting will be the key drivers of future performance.
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