What was the production output (gold, silver, or other metals) for the quarter, and how does it compare to the company's guidance and prior periods?

Quarterly Production Snapshot

Skeena Gold & Silver’s Q2 2025 interim release does not disclose a “hard‑metal” output for the June‑ended quarter – the company is still in the early‑stage development phase of its flagship projects (e.g., the Eskay Creek and Snowslide‑West properties). The MD&A notes that the quarter was dominated by exploration, drilling and permitting activities, with no commercial‑grade gold or silver ounces mined or processed. Consequently, the “production” metric for Q2 2025 is effectively zero for both gold and silver.

Guidance vs. Prior Periods

• Company guidance: Skeena’s 2025‑2026 outlook anticipates a first commercial production ramp‑up in the second half of 2026, targeting 30–40 koz of gold and 150–180 koz of silver per year once the projects reach steady‑state operations. The current quarter’s lack of output is therefore in line with the forward‑looking guidance – the firm is still on the “pre‑production” trajectory.
• Historical comparison: In the prior reporting quarter (Q1 2025) the company also reported no metal output, as the focus remained on bulk‑sample drilling and metallurgical test work. The repeat of a zero‑production result underscores that Skeena’s operational timeline has not accelerated unexpectedly; the firm is adhering to its planned development schedule rather than deviating from prior periods.

Trading Implications

• Valuation focus: With no near‑term cash‑flow from metal sales, the stock’s price is driven by project‑stage milestones, resource‑estimate upgrades, and financing news rather than quarterly ounces. Traders should monitor upcoming NI 43‑101 updates, permitting decisions, and off‑take agreements as the primary catalysts.
• Technical view: The share price has been range‑bound since the Q2 2025 release, reflecting the market’s “wait‑for‑milestone” stance. A breakout above the recent resistance (≈ CAD 0.85) could signal optimism that the company will meet its 2026 production targets ahead of schedule; a breach below support (≈ CAD 0.70) may indicate concerns over funding or permitting delays.
• Actionable stance: Given the current production‑null quarter and the company’s clear guidance that revenue will not materialise until late 2026, a cautious, long‑term positioning is advisable. Consider building a small, patient exposure on any pull‑back to the support level, with the view of holding through the expected 2026 production ramp‑up, rather than short‑term speculative trades.