Skeena Resources is transitioning from a high-risk developer to a fully permitted, funded, mid-construction precious metals company targeting initial production in Q2 2027. SKE has secured all major permits, completed 49% of Eskay Creek construction, and raised US$750M in senior secured notes to fund remaining capex and reduce streaming liabilities. Despite a 17.7% capex increase to US$659M and a high price-to-book ratio, SKE offers a rare near-production re-rating opportunity in a favorable jurisdiction with strong gold/silver leverage.