05:04 PM EDT, 10/01/2025 (MT Newswires) -- Skeena Resources ( SKE ) was at last look down 4% in after-hours New York trading after the company on Wednesday said it is raising $125 million in a bought-deal share offering.

The company is selling an underwriting syndicate 5.21-million shares priced at $24.00. The underwriters have also been granted a 15% over-allotment option.

Skeena said the proceeds will be used for continued advancement of the Its Eskay Creek gold-silver project in northern British Columbia and for general corporate purposes.

"As previously disclosed," it said, "the company has continued with certain construction activities at Eskay Creek throughout 2025, while concurrently advancing the project through permitting milestones. While the government permitting process is advancing, an unanticipated delay is now expected as a result of the current BC government employee strike. Negotiations with the Tahltan Central Government regarding the Impact Benefits Agreement are progressing, and while the vote to ratify the agreement was expected to take place in the coming weeks, the ultimate date for that approval remains to be scheduled upon completion of the negotiations."

Skeena added the offering, together with the company's other sources of funding, should ensure sufficient liquidity to complete permitting, which is a condition precedent to access the balance of the US$750 million financing package with Orion Resource Partners. As of Sept. 30, SKE had unaudited cash of approximately $105 million.

Walter Coles, Skeena's Executive Chair, commented: "This funding provides flexibility to pursue less expensive financing alternatives compared to the existing undrawn senior secured loan facility and represents approximately 4.5% dilution to the Company's total market capitalization."

Skeena shares were last seen down US$0.73 to US$17.65 after hours. They closed down $0.03 to $25.60 on the Toronto Stock Exchange.