Skeena Resources Ltd.: A Strategic Play in Gold and Copper Amid 2025 Market Dynamics

Image: A map of British Columbia's Golden Triangle highlighting Skeena Resources' Eskay Creek and KSP properties, with visual representations of gold, silver, and copper deposits, alongside construction activity and Indigenous community partnerships.

The surging demand for gold and copper in 2025 has created a fertile ground for mining companies with strong project pipelines and strategic financing. Skeena Resources Ltd. (TSX: SKE, NYSE: SKE) stands out as a compelling investment opportunity, leveraging its flagship Eskay Creek Gold-Silver Project and a newly discovered gold-copper porphyry system to capitalize on these trends. , Skeena's dual focus on precious and base metals positions it to benefit from both short-term volatility and long-term structural growth.

Gold: A Safe-Haven Bet with Strong Fundamentals

Gold remains a cornerstone of Skeena's strategy. The company's Eskay Creek project, located in British Columbia's Golden Triangle, is poised to become one of the highest-grade and lowest-cost open-pit gold-silver mines globally. Recent updates highlight significant progress:
- Financing Momentum: Skeena closed a in October 2025, including the full exercise of the over-allotment option. This funding, , ensures liquidity for permitting, construction, and operational needs, as reflected in its .
- Permitting Progress, , as reported by Mining Weekly. A joint workplan with the BC government and Tahltan Central Government underscores the project's social license and regulatory alignment.
- Gold Price Tailwinds: With central banks (notably in Asia and emerging markets) aggressively buying gold to diversify reserves and hedge against inflation, , according to a gold price forecast. Skeena's Gold Stream derivative, , further insulates the company from price volatility.

Copper: A Strategic Expansion into a Supply-Constrained Market

While Skeena's core strength lies in gold and silver, its recent KSP Property discovery in British Columbia's Golden Triangle signals a bold move into copper-a critical metal for renewable energy and AI infrastructure. Key developments include:
- Gold-Copper Porphyry Discovery: In 2024, , , , according to a Yahoo Finance release. This aligns with global demand for copper, , per a copper price forecast.
- Strategic Synergies: The KSP discovery complements Eskay Creek, potentially serving as a satellite operation to supply high-grade material to the Eskay Creek mill, reducing reliance on gold while tapping into copper's long-term structural demand.
- Policy Tailwinds: The U.S. , creating a favorable environment for domestic production. Skeena's Canadian jurisdiction offers political stability and regulatory clarity, enhancing its appeal to investors.

Risks and Mitigants

Skeena's path to commercial production is not without challenges:
- Permitting Delays: A BC government employee strike has slowed approvals, though the joint workplan with Tahltan Central Government aims to resolve this by late 2025, as reported by Mining Weekly.
- Cash Burn, .
- Copper Price Volatility: J.P. , .

However, Skeena's strategic partnerships (e.g., , BlackRock's .

Investment Thesis

Skeena Resources is uniquely positioned to benefit from the dual tailwinds of gold's safe-haven appeal and copper's electrification-driven demand. Its Eskay Creek project, a , offers a high-margin, low-cost production model, while the KSP discovery opens a new revenue stream in a supply-constrained market. With permitting milestones nearing completion and institutional backing from firms like BlackRock, the company is well-capitalized to execute its 2027 commercial production timeline.

Visual: A line chart comparing gold and copper prices from 2023 to 2025, alongside Skeena's share price performance, with annotations on key events (e.g., $750M financing, KSP discovery).