# EDGAR Filing Document

**Accession Number:** 0001713748
**File Stem:** 0001104659-25-096885
**Filing Date:** 2025-10
**Character Count:** 166803
**Document Hash:** 7ac2e63ba3c30172cd80114c37b07d30
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-096885.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0001104659-25-096885

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251006

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Skeena Resources Ltd
- **CENTRAL INDEX KEY:** 0001713748
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40961
- **FILM NUMBER:** 251375541

**BUSINESS ADDRESS:**
- **STREET 1:** SUITE 650, 1021 WEST HASTINGS STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 0C3
- **BUSINESS PHONE:** (604) 684-8725

**MAIL ADDRESS:**
- **STREET 1:** SUITE 650, 1021 WEST HASTINGS STREET
- **CITY:** VANCOUVER
- **STATE:** A1
- **ZIP:** V6E 0C3

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER <br> PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of October 2025**

**SKEENA RESOURCES LIMITED**

*(Translation of Registrant's Name into English)*

**001-40961**

*(Commission File Number)*

**1133 Melville Street, Suite 2600, Vancouver, British Columbia, V6E 4E5, Canada**

***(Address of Principal Executive Offices)***

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ◻ Form 40-F ⌧

**DOCUMENTS INCLUDED AS PART OF THIS FORM 6-K**

Exhibit 99.1 to this report, furnished on Form 6-K, is furnished, not filed, and will not be incorporated by reference into any registration statement filed by the registrant under the Securities Act of 1933, as amended. Exhibit 99.2 to this report is incorporated by reference as an additional exhibit to the registrant's Registration Statement on [Form F-10 (File No. 333-285911)](https://www.sec.gov/Archives/edgar/data/1713748/000110465925025555/tm259083-1_f10.htm).

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| [99.1](tm2528056d1_ex99-1.htm) | [A copy of the registrant's News Release dated October 3, 2025.](tm2528056d1_ex99-1.htm) |
| [99.2](tm2528056d1_ex99-2.htm) | [Underwriting Agreement dated October 3, 2025.](tm2528056d1_ex99-2.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **SKEENA RESOURCES LIMITED** | **SKEENA RESOURCES LIMITED** | **SKEENA RESOURCES LIMITED** |
| By: | /s/ Andrew MacRitchie | /s/ Andrew MacRitchie |
|  | Name: | Andrew MacRitchie |
|  | Title: | Chief Financial Officer |

---

Date: October 6, 2025

## Exhibit 99.1

**Exhibit 99.1**

![](tm2528056d1_ex99-1img001.jpg)

**Skeena Resources Limited Announces the Filing of the Prospectus Supplement in Respect of Its Approximately C$125 Million Bought Deal Financing**

**The Base Shelf Prospectus and the Prospectus Supplement are Accessible Through SEDAR+**

Vancouver, BC (October 3, 2025) Skeena Resources Limited (TSX: SKE, NYSE: SKE) ("Skeena Gold & Silver", "Skeena" or the "Company") is pleased to announce that it has filed a prospectus supplement and entered into an underwriting agreement (the "**Underwriting Agreement**") with a syndicate of underwriters led by BMO Capital Markets (collectively, the "**Underwriters**") in respect of its previously announced bought deal offering of 5,210,000 common shares of the Company (the "**Common Shares**"), at a price of C$24.00 per Common Share (the "**Offering Price**") for aggregate gross proceeds of approximately C$125,040,000 (the "**Offering**").

The Company has granted the Underwriters an over-allotment option (the "**Over-Allotment Option**"), exercisable in whole or in part, at any time until and including the date which is 30 days following the closing of the Offering, to purchase up to an additional 781,500 Common Shares (the "**Over-Allotment Shares**") at the Offering Price. If the Underwriters were to exercise the Over-Allotment Option in full, this would increase the aggregate gross proceeds to the Company of the Offering to approximately C$143,796,000.

The Common Shares, including any Over-Allotment Shares (together, the "**Offered Shares**"), will be offered by way of a prospectus supplement to the Company's base shelf prospectus (the "**Base Shelf Prospectus**") in all of the provinces of Canada, excluding Quebec. The Offered Shares will also be offered by way of a U.S. prospectus supplement to the Company's registration statement on Form F-10 (the "**Registration Statement**") (including the Base Shelf Prospectus) in the United States. The Offering is expected to close on or about October 8, 2025, and is subject to customary closing conditions, including but not limited to Skeena receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange and the Offered Shares having been approved for listing on the New York Stock Exchange.

Access to the prospectus supplements relating to the Offering, the Base Shelf Prospectus and any amendments thereto are provided in Canada in accordance with securities legislation relating to the procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment to such documents. The Base Shelf Prospectus and the prospectus supplement are accessible on Skeena's issuer profile on SEDAR+ at <u>www.sedarplus.ca</u>. An electronic or paper copy of the Base Shelf Prospectus, Registration Statement and prospectus supplements relating to the Offering may be obtained, without charge, upon request in Canada by contacting BMO Nesbitt Burns Inc., Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 by telephone at 905-791-3151 Ext 4312 or by email at torbramwarehouse@datagroup.ca, and in the United States by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, or by telephone at (800) 414-3627 or by email at bmoprospectus@bmo.com. Copies of the Base Shelf Prospectus and the prospectus supplements can be found under the Company's profile on SEDAR+ at www.sedarplus.ca, and a copy of the Registration Statement and the U.S. prospectus supplement can be found on EDGAR at <u>www.sec.gov</u>. Before investing, prospective investors should read the Base Shelf Prospectus, the prospectus supplements, the Registration Statement and the documents incorporated by reference therein.

Skeena Gold + Silver TSX: SKE \| NYSE: SKE 1

![](tm2528056d1_ex99-1img002.jpg)

**This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Offered Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.**

**About Skeena**

Skeena is a leading precious metals developer that is focused on advancing the Eskay Creek Gold-Silver Project – a past producing mine located in the renowned Golden Triangle in British Columbia, Canada. Eskay Creek will be one of the highest-grade and lowest cost open-pit precious metals mines in the world, with substantial silver by-product production that surpasses many primary silver mines. Skeena is committed to sustainable mining practices and maximizing the potential of its mineral resources. In partnership with the Tahltan Nation, Skeena strives to foster positive relationships with Indigenous communities while delivering long-term value and sustainable growth for its stakeholders.

**For further information, please contact:**

**Galina Meleger**

Vice President Investor Relations

E: <u>info@skeenagold.com</u>

T: 604-684-8725

Skeena's Corporate Head office is located at Suite #2600 – 1133 Melville Street, Vancouver BC V6E 4E5

Skeena Gold + Silver TSX: SKE \| NYSE: SKE 2

![](tm2528056d1_ex99-1img002.jpg)

**Cautionary note regarding forward-looking statements**

Certain statements and information contained or incorporated by reference in this news release constitute "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation (collectively, "forward-looking statements"). These statements relate to future events or our future performance. The use of words such as "anticipates", "believes", "proposes", "contemplates", "generates", "targets", "is projected", "is planned", "considers", "estimates", "expects", "is expected", "potential" and similar expressions, or statements that certain actions, events or results "may", "might", "will", "could", or "would" be taken, achieved, or occur, may identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Specific forward-looking statements contained herein include, but are not limited to, statements relating to the closing of the Offering, the acceptance of the Offering by the Toronto Stock Exchange and the New York Stock Exchange, any exercise of the Over-Allotment Option and the aggregate gross proceeds derived thereunder, and the timing of the closing of the Offering. Such forward-looking statements are based on material factors and/or assumptions which include, but are not limited to, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and the assumptions set forth herein and in the Company's MD&A for the year ended December 31, 2024 (the "Annual MD&A"), its MD&A for the six months ended June 30, 2025 (the "Interim MD&A"), and the Company's Annual Information Form dated March 31, 2025 (the "AIF"). Such forward-looking statements represent the Company's management expectations, estimates and projections regarding future events or circumstances on the date the statements are made, and are necessarily based on several estimates and assumptions that, while considered reasonable by the Company as of the date hereof, are not guarantees of future performance. Actual events and results may differ materially from those described herein, and are subject to significant operational, business, economic, and regulatory risks and uncertainties. The risks and uncertainties that may affect the forward-looking statements in this news release include, among others: risks related to the Company receiving all approvals necessary for the completion of the Offering and the timing thereof; the inherent risks involved in exploration and development of mineral properties, including permitting and other government approvals; changes in economic conditions, including changes in the price of gold and other key variables; changes in mine plans and other factors, including accidents, equipment breakdown, bad weather and other project execution delays, many of which are beyond the control of the Company; environmental risks and unanticipated reclamation expenses; and other risk factors identified in the Company's Annual MD&A, the Interim MD&A, the AIF, the Company's short form base shelf prospectus dated March 19, 2025, and in the Company's other periodic filings with securities and regulatory authorities in Canada and the United States that are available on SEDAR+ at <u>www.sedarplus.ca</u> or on EDGAR at <u>www.sec.gov</u>.

Readers should not place undue reliance on such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and the Company does not undertake any obligations to update and/or revise any forward-looking statements except as required by applicable securities laws.

Skeena Gold + Silver TSX: SKE \| NYSE: SKE 3

## Exhibit 99.2

**Exhibit 99.2**

**UNDERWRITING AGREEMENT**

October 3, 2025

**Skeena Resources Limited**

2600 – 1133 Melville St.

Vancouver, BC V6E 4E5

Attention: Walter Coles Jr., Executive Chairman

Dear Sirs/Mesdames:

BMO Nesbitt Burns Inc., as sole bookrunner and lead underwriter (the "**Lead Underwriter**"), along with UBS Securities Canada Inc., Raymond James Ltd., RBC Dominion Securities Inc., TD Securities Inc., CIBC World Markets Inc., SCP Resource Finance LP, Agentis Capital Markets (First Nations Financial Markets LP), Canaccord Genuity Corp. and Desjardins Securities Inc. (together with the Lead Underwriter, the "**Underwriters**" and each individually an "**Underwriter**") understand that Skeena Resources Limited (the "**Company**") proposes to issue and sell to the Underwriters upon and subject to the terms hereof, an aggregate of 5,210,000 common shares (the "**Common Shares**") of the Company at a price of $24.00 per Common Share (the "**Offering Price**") for aggregate gross proceeds of C$125,040,000.

Upon and subject to the terms and conditions contained herein, the Company hereby grants to the Underwriters an option (the "**Over-Allotment Option**") to purchase severally, and not jointly nor jointly and severally, in the respective percentages set forth in Section 22 hereof, up to an additional 781,500 Common Shares (the "**Additional Shares**") at a price of $24.00 per Additional Share for the purposes of covering over-allotments and for market stabilization purposes. The Over-Allotment Option may be exercised in accordance with Section 16 hereof.

The offering of the Common Shares (including any Additional Shares) is hereinafter referred to as the "**Offering**". Where applicable, references to "**Offered Securities**" in this Agreement shall mean the Common Shares and the Additional Shares.

Subject to the terms and conditions contained in this Agreement, the Underwriters hereby severally, and not jointly nor jointly and severally, agree to purchase from the Company, in the percentages set forth in Section 22 hereof, and, by its acceptance hereof, the Company agrees to sell to the Underwriters all but not less than all of the Common Shares at the Closing Time (as defined below) at the Offering Price for each Common Share and each Additional Share.

Subject to applicable laws, after a reasonable effort has been made to sell all of the Offered Securities at the Offering Price, the Underwriters may subsequently reduce the selling price to investors from time to time, provided that any such reduction in the Offering Price shall not affect the aggregate Offering Price less the Underwriting Fee (as defined below) payable to the Company.

The Offering shall take place in all of the provinces of Canada, except Quebec (the "**Qualifying Jurisdictions**"), and in the United States (as defined below) and in such jurisdictions outside Canada and the United States as determined appropriate by the Underwriters.

The Underwriters understand that the Company has prepared and filed with each of the Canadian Securities Commissions (as defined below) (i) a preliminary short form base shelf prospectus dated March 5, 2025 (together with the Documents Incorporated by Reference (as defined below) therein, the "**Canadian Preliminary Base Shelf Prospectus**"), and (ii) a final short form base shelf prospectus dated March 19, 2025 (together with the Documents Incorporated by Reference therein and any supplements or amendments thereto, the "**Canadian Final Base Shelf Prospectus**"), in respect of up to $525,000,000 aggregate offering price of common shares, preferred shares, debt securities, warrants, subscription receipts and units of the Company, omitting the Shelf Information (as hereinafter defined) in accordance with the Shelf Procedures (as defined below) and that the Company has received a Prospectus Receipt (as defined below) for the Canadian Preliminary Base Shelf Prospectus on March 6, 2025 and for the Canadian Final Base Shelf Prospectus on March 19, 2025.

The Underwriters also understand that the Company has prepared and filed with the U.S. Securities and Exchange Commission (the "**SEC**") pursuant to the Canada/U.S. Multi- Jurisdictional Disclosure System adopted by the SEC (the "**MJDS**"), a registration statement on Form F-10 (File No. 333-285911) covering the public offering and sale of the securities qualified under Applicable Securities Laws (as defined below) by the Canadian Final Base Shelf Prospectus, including the Offered Securities, under the U.S. Securities Act (as hereinafter defined) (the Canadian Final Base Shelf Prospectus, together with any Documents Incorporated by Reference therein, any supplements or amendments thereto and with such deletions therefrom and additions or changes thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC, in the form included in such Form F-10, the "**U.S. Base Prospectus**"), and has also prepared and filed with the SEC an Appointment of Agent for Service of Process and Undertaking on Form F-X (the "**Form F-X**") at the time of the initial filing of the Registration Statement (as defined below).

In addition, the Underwriters understand that the Company will (i) prepare and file as promptly as possible and in any event by 5:00 p.m. (Eastern time) on October 3, 2025, with the Canadian Securities Commissions, in accordance with the Shelf Procedures (as defined below), a prospectus supplement setting forth the Shelf Information (including the Documents Incorporated by Reference therein and any supplements or amendments thereto, the "**Canadian Prospectus Supplement**") in order to qualify for distribution to the public the Offered Securities in all the provinces of Canada, except Quebec (the "**Qualifying Jurisdictions**") through the Underwriters or any other investment dealer or broker registered to transact such business in the applicable Qualifying Jurisdictions contracting with the Underwriters, and (ii) prepare and file with the SEC, within one business day following the filing of the Canadian Prospectus Supplement with the Canadian Securities Commissions, in accordance with General Instruction II.L of Form F-10, the Canadian Prospectus Supplement, with such deletions therefrom and additions or changes thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the SEC (the "**U.S. Prospectus Supplement**"). The U.S. Prospectus Supplement and the Canadian Prospectus Supplement are hereinafter collectively referred to as the "**Prospectus Supplements**".

As used herein, "**Registration Statement**" shall mean the registration statement on Form F-10, including the U.S. Base Prospectus (as hereinafter defined), each as amended or supplemented, and the exhibits thereto and the Documents Incorporated by Reference therein, in the form in which it became effective; "**U.S. Prospectus**" shall refer to the U.S. Base Prospectus as supplemented by the U.S. Prospectus Supplement, including, in each case, the documents incorporated by reference therein; "**Canadian Prospectus**" shall refer to the Canadian Final Base Shelf Prospectus, as supplemented by the Canadian Prospectus Supplement, including for greater certainty, in each case, the documents incorporated by reference therein. The information, if any, included in the Canadian Prospectus Supplement that is omitted from the Canadian Final Base Shelf Prospectus for which a Prospectus Receipt has been obtained, but that is deemed under the Shelf Procedures to be incorporated by reference into the Canadian Final Base Shelf Prospectus as of the date of the Canadian Prospectus Supplement, is referred to herein as the "**Shelf Information**". Any reference in this Agreement to the Registration Statement, the Canadian Final Base Shelf Prospectus, U.S. Base Prospectus or the Prospectuses (as hereinafter defined) shall be deemed to refer to and include the Documents Incorporated by Reference therein as of the date hereof. The terms "supplement," "amendment," and "amend" as used herein with respect to the Registration Statement, Canadian Final Base Shelf Prospectus, U.S. Base Prospectus, the Pricing Disclosure Package (as defined below), or the Prospectuses (as hereinafter defined) shall include all documents subsequently filed or furnished by the Company with or to the Canadian Securities Commissions and the SEC pursuant to the U.S. Exchange Act, that are deemed to be incorporated by reference therein. The U.S. Prospectus and the Canadian Prospectus are hereinafter collectively sometimes referred to as the "**Prospectuses**".

The Issuer Free Writing Prospectuses (as defined below), if any, and the information listed in Schedule "A" hereto, taken together, are hereinafter referred to collectively as the "**Pricing Disclosure Package**". For purposes of this Agreement, the "**Applicable Time**" is 9:10 a.m. (Eastern) on October 2, 2025.

The Company and the Underwriters agree that (i) any offers or sales of the Offered Securities in Canada will be conducted through the Underwriters, or one or more affiliates of the Underwriters, duly registered in compliance with applicable Canadian Securities Laws; and (ii) any offers or sales of the Offered Securities in the United States will be conducted through the Underwriters, or one or more affiliates of the Underwriters, duly registered as a broker-dealer in compliance with applicable U.S. Securities Laws and the requirements of Financial Industry Regulatory Authority, Inc. ("**FINRA**").

In consideration of the agreement on the part of the Underwriters to purchase the Offered Securities and in consideration of the services rendered and to be rendered by the Underwriters hereunder, the Company agrees to pay to the Lead Underwriter on behalf of the Underwriters, at the Closing Time (as hereinafter defined) a cash fee equal to 4.5% of the aggregate gross proceeds of the Offering (the "**Underwriting Fee**") the payment of such fee to be reflected by the Underwriters making payment of the gross proceeds of the sale of the Offered Securities or any Additional Shares, as the case may be, to the Company less the amount of the Underwriting Fee.

This Agreement shall be subject to the following terms and conditions:

**TERMS AND CONDITIONS**

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| | |
|:---|:---|
| **Section 1** | **Interpretation** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Definitions

Where used in this Agreement or in any amendment hereto, the following terms shall have the following meanings, respectively:

**"Additional Shares"** has the meaning given to it in the second paragraph of this Agreement;

**"affiliate"** has the meaning given to it in the *Business Corporations Act* (British Columbia);

**"Agreement"** means the agreement resulting from the acceptance by the Company of the offer made by the Underwriters by this letter;

**"Applicable Laws"** means, in relation to any person or persons, the Applicable Securities Laws and all other statutes, regulations, rules, orders, by-laws, codes, ordinances, decrees, the terms and conditions of any grant of approval, permission, authority or licence, or any judgment, order, decision, ruling, award, policy or guidance document, of any Governmental Authority that are applicable to such person or persons or its or their business, undertaking, property or securities and emanate from a Governmental Authority, having jurisdiction over the person or persons or its or their business, undertaking, property or securities;

**"Applicable Securities Laws"** means the Canadian Securities Laws and the U.S. Securities Laws;

**"Business Day"** means any day, other than a Saturday or Sunday, on which banks are open for business in Vancouver, British Columbia;

**"Canadian Final Base Shelf Prospectus"** has the meaning given to it in the seventh paragraph of this Agreement;

**"Canadian Prospectus"** has the meaning given to it in the tenth paragraph of this Agreement;

**"Canadian Offering Documents"** means the Canadian Prospectus, including the Documents Incorporated by Reference and any Marketing Documents;

**"Canadian Preliminary Base Shelf Prospectus"** has the meaning given to it in the seventh paragraph of this Agreement;

**"Canadian Prospectus Supplement"** has the meaning given to it in the ninth paragraph of this Agreement;

**"Canadian Securities Commissions"** means the securities regulatory authorities in each of the Qualifying Jurisdictions;

**"Canadian Securities Laws"** means all securities laws of each of the Qualifying Jurisdictions and the respective rules and regulations under such laws together with applicable published national, multilateral and local policy statements, instruments, notices, blanket orders and rulings of the securities regulatory authorities in the Qualifying Jurisdictions;

**"CDS"** means the CDS Clearing and Depository Services Inc.;

**"Closing Date"** has the meaning given to it in Section 14;

**"Closing Time"** has the meaning given to it in Section 14;

**"Commission"** means the British Columbia Securities Commission;

**"common shares"** means the common shares in the capital of the Company;

**"Common Shares"** has the meaning given to it in the first paragraph of this Agreement;

**"Company"** means Skeena Resources Limited;

"**controlled**", "**distribution**", "**material change**", "**material fact**" and "**misrepresentation**" have the respective meanings given to them in the *Securities Act* (British Columbia), except where otherwise specified in this Agreement;

**"Corporate Records"** has the meaning given to it in Section 7(12);

**"Defaulting Underwriter"** has the meaning given to it in Section 22(2);

**"Documents Incorporated by Reference"** means all interim and annual financial statements, management's discussion and analysis, business acquisition reports, management information circulars, annual information forms, material change reports, Marketing Documents and other documents that are or are required by Applicable Securities Laws to be incorporated by reference into the Offering Documents, as applicable, but, for greater certainty, does not include documents superseded by other documents deemed to incorporated by reference into the Canadian Final Base Shelf Prospectus in accordance with the terms of the Canadian Final Base Shelf Prospectus nor the technical reports filed by the Company on SEDAR+ on September 26, 2023 and December 22, 2023;

**"Eligible Issuer"** means an issuer which meets the criteria and has complied with the requirements of NI 44-101 so as to be qualified to offer securities by way of a short form prospectus;

**"Encumbrance"** means any encumbrance, lien, charge, hypothec, pledge, mortgage, title retention agreement or other security interest;

**"Environmental Laws"** has the meaning given in Section 7(37)(a);

**"Environmental Permits"** has the meaning given in Section 7(37)(b);

**"Financial Statements"** has the meaning given to it in Section 7(18);

**"Governmental Authority"** means and includes, without limitation, any national, federal, provincial, state or municipal government or other political subdivision of any of the foregoing, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any corporation or other entity owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing;

**"Hazardous Substances"** has the meaning given to it in Section 7(37)(a);

**"IFRS"** has the meaning given to it in Section 7(18);

**"Indemnified Party"** has the meaning given to it in Section 9(1);

**"Indemnitor"** has the meaning given to it in Section 9(1);

**"Intellectual Property"** has the meaning given to in Section 7(31);

**"Issuer Free Writing Prospectus"** means an "issuer free writing prospectus" as defined in Rule 433 under the U.S. Securities Act relating to the Offered Securities that (i) is required to be filed with the SEC by the Company, (ii) is a "road show that is a written communication" within the meaning of Rule 433(d)(8)(i) under the U.S. Securities Act whether or not required to be filed with the SEC or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) under the U.S. Securities Act because it contains a description of the Offered Securities or of the Offering that does not reflect the final terms, in each case in the form filed or required to be filed with the SEC or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g) under the U.S. Securities Act;

**"Marketing Documents"** means the marketing materials approved in accordance with Section 3(2);

**"marketing materials"** has the meaning given to it in NI 41-101;

**"Material Adverse Effect"** means any event, fact, circumstance, development, change occurrence or state of affairs (i) that is materially adverse to the business, assets (including intangible assets), affairs, operations, liabilities (contingent or otherwise), capital, properties, condition (financial or otherwise) or results of operations of the Company whether or not arising in the ordinary course of business or (ii) that would result in any of the Pricing Disclosure Package or the Prospectuses containing a misrepresentation or an untrue statement of a material fact or omitting to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading, all within the meaning of Applicable Securities Laws;

**"Material Agreements"** mean any mortgage, note, indenture, contract, agreement (written or oral), instrument, lease or other document to which the Company is a party or by which the Company or a material portion of the assets thereof are bound which is material to the Company (on a consolidated basis);

**"Material Property"** means the Eskay Creek project located in the Iskut River Region, in the Liard Mining Division of British Columbia;

**"Money Laundering Laws"** has the meaning given in Section 7(47);

**"NI 43-101"** means National Instrument 43-101 – *Standards of Disclosure for Mineral Projects;*

**"NI 44-101"** means National Instrument 44-101 – *Short Form Prospectus Distributions*;

**"NI 44-102"** means National Instrument 44-102 – *Shelf Distributions*;

**"NI 51-102"** means National Instrument 51-102 – *Continuous Disclosure Obligations;*

**"Offered Securities"** has the meaning given to it in the third paragraph of this Agreement;

**"Offering"** has the meaning given to it in the third paragraph of this Agreement;

**"Offering Documents"** means the Canadian Offering Documents and the U.S. Offering Documents;

"**Offering Jurisdictions**" means the United States and the Qualifying Jurisdictions;

**"Offering Price"** has the meaning given to it in the first paragraph of this Agreement;

**"Option Closing Date"** has the meaning given to it in Section 16(1);

**"Option Closing Time"** has the meaning given to it in Section 16(1);

**"Over-Allotment Option"** has the meaning given to it in the second paragraph of this Agreement;

**"Permits"** has the meaning given to it in Section 7(38);

"**Pricing Disclosure Package**" has the meaning given to it in the eleventh paragraph of this Agreement;

**"Prospectus Amendment"** means any amendment to the Prospectuses;

**"Prospectus Receipt"** means the receipt issued by the Commission and the Ontario Securities Commission, which is deemed to also be a receipt of the other Canadian Securities Commissions pursuant to Multilateral Instrument 11-102 – *Passport System* and National Policy 11-202 *– Process for Prospectus Reviews in Multiple Jurisdictions,* for the Canadian Preliminary Base Shelf Prospectus, the Canadian Final Base Shelf Prospectus and any Prospectus Amendment, as the case may be;

**"Prospectus Supplements"** has the meaning given to it in the ninth paragraph of this Agreement;

**"Prospectuses"** means, collectively, the Canadian Prospectus, and the U.S. Prospectus;

**"Purchasers"** means, collectively, each of the purchasers of the Offered Securities arranged by the Underwriters pursuant to the Offering;

**"Qualifying Jurisdictions"** has the meaning given to it in the sixth paragraph of this Agreement;

**"Report"** has the meaning given to it in Section 7(39)(a);

**"Selling Firm"** has the meaning given to it in Section 2(1);

**"Shelf Procedures"** means NI 44-101 and NI 44-102;

**"Subsidiary"** has the meaning ascribed thereto in the Canadian Securities Laws of the Province of British Columbia;

**"Supplementary Material"** means, collectively, any amendment to the Offering Documents and any amendment or supplemental prospectus or ancillary materials that may be filed by or on behalf of the Company under Applicable Securities Laws relating to the Offering and/or the distribution of the Offered Securities;

**"Tax Act"** means the *Income Tax Act* (Canada) and the regulations thereunder, both as amended from time to time and any proposed amendments thereto announced publicly by or on behalf of the Minister of Finance (Canada) on or prior to the date of this Agreement;

**"template version"** has the meaning ascribed to such term in NI 41-101 and includes any revised template version of marketing materials as contemplated by NI 41-101;

**"TSX"** means the Toronto Stock Exchange;

**"Underwriters"** has the meaning given to it in the first paragraph of this Agreement;

**"Underwriters' Expenses"** has the meaning given to it in Section 17;

**"Underwriting Fee"** has the meaning given to it in the 12th paragraph of this Agreement;

**"United States"** means the United States of America, its territories and possessions, any State of the United States and the District of Columbia;

**"U.S. Affiliate"** of any Underwriter means the U.S. registered broker-dealer affiliate of such Underwriter;

**"U.S. Base Prospectus"** has the meaning given to it in the eighth paragraph of this Agreement;

**"U.S. Exchange Act"** means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder;

**"U.S. Offering Documents"** means the Registration Statement, the U.S. Prospectus and the Pricing Disclosure Package;

**"U.S. Prospectus"** has the meaning given to it in the tenth paragraph of this Agreement;

**"U.S. Prospectus Supplement"** has the meaning given to it in the ninth paragraph of this Agreement;

**"U.S. Securities Act"** means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder; and

**"U.S. Securities Laws"** means all applicable securities legislation in the United States, including, without limitation, the U.S. Securities Act, the U.S. Exchange Act, and any applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Capitalized
 terms used but not defined herein have the meanings ascribed to them in the Canadian Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any
 reference in this Agreement to a Section or Subsection shall refer to a section or subsection
 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) All
 words and personal pronouns relating thereto shall be read and construed as the number and
 gender of the party or parties referred to in each case required and the verb shall be construed
 as agreeing with the required word and/or pronoun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any
 reference in this Agreement to "$" or to "dollars" shall refer to
 the lawful currency of Canada, unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The
 following are the schedules to this Agreement, which schedules are deemed to be a part hereof
 and are hereby incorporated by reference herein:

Schedule "A" — Pricing Terms Included in the Pricing Disclosure Package.

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| | |
|:---|:---|
| **Section 2** | **Distribution of the Offered Securities** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each
 Underwriter shall be permitted to appoint additional investment dealers or brokers (each,
 a "**Selling Firm**") as its agents in the Offering and each such Underwriter
 may determine the remuneration payable by it to such Selling Firm. The Underwriters may offer
 the Offered Securities, directly and through Selling Firms or any duly registered affiliate
 of an Underwriter, in the Offering Jurisdictions for sale to the public only in accordance
 with Applicable Securities Laws and in any jurisdiction outside of the Offering Jurisdictions
 (subject to Section 6 hereof) to purchasers permitted to purchase the Offered Securities
 only in accordance with Applicable Securities Laws and applicable securities laws in such
 jurisdiction, and upon the terms and conditions set forth in the Offering Documents and in
 this Agreement. Each Underwriter shall require any Selling Firm appointed by such Underwriter
 to agree to the foregoing and such Underwriter shall be severally responsible for the compliance
 by such Selling Firm with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Underwriters shall, and shall require any Selling Firm to agree to, distribute the Offered
 Securities in a manner that complies with all applicable laws and regulations in each jurisdiction
 into and from which they may offer to sell the Offered Securities or distribute the Offering
 Documents, as applicable, in connection with the distribution of the Offered Securities and
 will not, directly or indirectly, offer, sell or deliver any Offered Securities or deliver
 the Offering Documents, as applicable, to any person in any jurisdiction other than in the
 Offering Jurisdictions, except in a manner which will not require the Company to comply with
 the registration, prospectus, continuous disclosure, filing or other similar requirements
 under the applicable securities laws of such other jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For
 purposes of this Section 2, the Underwriters shall be entitled to assume that the Offered
 Securities are qualified for distribution in any Qualifying Jurisdiction where a Prospectus
 Receipt shall have been obtained following the filing of the Canadian Prospectus, unless
 otherwise notified in writing by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 Lead Underwriter shall promptly notify the Company when, in its opinion, the distribution
 of the Offered Securities has ceased and will provide to the Company, as soon as practicable
 thereafter, a breakdown of the number of Offered Securities distributed in each of the Offering
 Jurisdictions where such breakdown is required for the purpose of calculating fees payable
 to the Canadian Securities Commissions and, as applicable, in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 Underwriters shall not, in connection with the services provided hereunder, make any representations
 or warranties with respect to the Company or its securities, other than as set forth in the
 Offering Documents or in any Issuer Free Writing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Notwithstanding
 the foregoing provisions of this Section 2, no Underwriter will be liable to the Company
 under this Section 2 with respect to a default by another Underwriter or another Underwriter's
 duly registered broker-dealer affiliate in the United States or any Selling Firm, as the
 case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The
 Underwriters acknowledge that the Company is not taking any steps to qualify the Offered
 Securities for distribution or register the Offered Securities or the distribution thereof
 with any securities authority outside of the Offering Jurisdictions.

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| | |
|:---|:---|
| **Section 3** | **Preparation of Prospectus; Marketing Materials; Due Diligence** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) During
 the period of the distribution of the Offered Securities, the Company shall cooperate in
 all reasonable respects with the Underwriters to allow and assist the Underwriters to participate
 fully in the preparation of, and allow the Underwriters to approve (acting reasonably) the
 form and content of, the Offering Documents and any Issuer Free Writing Prospectus and shall
 allow the Underwriters to conduct all "due diligence" investigations which the
 Underwriters may reasonably require to fulfil the Underwriters' obligations under Applicable
 Securities Laws as underwriters and, in the case of the Supplementary Material, to enable
 the Underwriters responsibly to execute any certificate required to be executed by the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Without
 limiting the generality of clause (1) above, during the distribution of the Offered Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company shall prepare, in consultation with the Lead Underwriter, and shall approve in writing,
 prior to the time that any such marketing materials are provided to potential Purchasers,
 a template version of any marketing materials reasonably requested to be provided by the
 Underwriters to any such potential Purchasers, and such marketing materials shall comply
 with Applicable Securities Laws and shall be acceptable in form and substance to the Underwriters
 and their counsel, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Lead Underwriter shall, on behalf of the Underwriters, approve a template version of any
 such marketing materials in writing prior to the time that such marketing materials are provided
 to potential Purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company shall file a template version of any such marketing materials on SEDAR+ as soon as
 reasonably practical after such marketing materials are so approved in writing by the Company
 and the Lead Underwriter and in any event on or before the day the marketing materials are
 first provided to any potential Purchaser, and any comparables shall be removed from the
 template version in accordance with NI 44-101 prior to filing such on SEDAR+ (provided that
 if any such comparables are removed, the Company shall deliver a complete template version
 of any such marketing materials to the Commission), and the Company shall provide a copy
 of such filed template version to the Underwriters as soon as practicable following such
 filing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) following
 the approvals and filings set forth in Section 3(2)(a) to (c) above, the Underwriters may
 provide a limited use version of such marketing materials to potential Purchasers in accordance
 with Applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 Company and each Underwriter, on a several basis, covenants and agrees not to provide any
 potential Purchaser with any marketing materials except for marketing materials which have
 been approved as contemplated in Section 3(2).

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| | |
|:---|:---|
| **Section 4** | **Material Changes** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) During
 the period from the date of this Agreement to the completion of the distribution of the Offered
 Securities, the Company covenants and agrees with the Underwriters that it shall promptly
 notify the Underwriters in writing of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 material change (actual, anticipated, contemplated or threatened) in or relating to the business,
 affairs, operations, assets, liabilities (contingent or otherwise), capital or ownership
 of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 material fact which has arisen or been discovered and would have been required to have been
 stated in any of the Offering Documents or any Issuer Free Writing Prospectus had the fact
 arisen or been discovered on or prior to the date of such document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 change in any material fact (which for purposes of this Agreement shall be deemed to include
 the disclosure of any previously undisclosed material fact) contained in the Canadian Offering
 Documents, as they exist immediately prior to such change, which fact or change is, or may
 reasonably be expected to be, of such a nature as to render any statement in such Canadian
 Offering Documents, as they exist taken together in their entirety immediately prior to such
 change, misleading or untrue in any material respect or which would result in the Canadian
 Offering Documents, as they exist immediately prior to such change, containing a misrepresentation
 or which would result in the Canadian Offering Documents, as they exist immediately prior
 to such change, not complying with the laws of any Qualifying Jurisdiction in which the Offered
 Securities are to be offered for sale or which change would reasonably be expected to have
 a significant effect on the market price or value of any securities of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 occurrence of any event as a result of which (i) the Registration Statement, as amended immediately
 prior to such occurrence, would include any untrue statement of a material fact or omit to
 state a material fact required to be stated therein or necessary in order to make the statements
 therein not misleading, or (ii) the Prospectuses, the Pricing Disclosure Package or any Issuer
 Free Writing Prospectus, in each case as then amended or supplemented (in the case of the
 Pricing Disclosure Package, as of the Applicable Time), would include any untrue statement
 of a material fact or omit to state a material fact required to be stated therein or necessary
 in order to make the statements therein, in the light of the circumstances in which they
 are made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Underwriters agree, and will require each Selling Firm to agree, to cease the distribution
 of the Offered Securities upon the Underwriters receiving written notification of any change
 or material fact with respect to any Offering Document contemplated by this Section 4 and
 to not recommence the distribution of the Offered Securities until Supplementary Materials
 disclosing such change are filed in such Offering Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 Company shall promptly comply with all applicable filing and other requirements under Applicable
 Securities Laws whether as a result of such change, material fact or otherwise; provided
 that the Company shall not file any Supplementary Material or other document without first
 providing the Underwriters with a copy of such Supplementary Material or other document and
 consulting with the Underwriters with respect to the form and content thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) If
 during the distribution of the Offered Securities there is any change in any Applicable Securities
 Laws, which results in a requirement to file a Prospectus Amendment, the Company shall, subject
 to the proviso in clause (2) above, make any such filing under Applicable Securities Laws
 as soon as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 Company shall in good faith discuss with the Underwriters any fact or change in circumstances
 (actual, anticipated, contemplated or threatened, financial or otherwise) which is of such
 a nature that there is reasonable doubt whether written notice need be given under this Section

---

| | |
|:---|:---|
| **Section 5** | **Deliveries to the Underwriters** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Company shall deliver or cause to be delivered to the Underwriters, forthwith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) copies
 of the Canadian Prospectus duly signed by the Company as required by the laws of all of the
 Qualifying Jurisdictions and any Marketing Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies
 of the Registration Statement, signed as required by the U.S. Securities Act and any documents
 included as exhibits to any such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) copies
 of any Prospectus Amendment required to be filed under Section 4 hereof duly signed as required
 by the laws of all of the Qualifying Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 amendments or supplements to the Registration Statement or the U.S. Prospectus required to
 be filed under Section 4 hereof, signed as required by the U.S. Securities Act and any documents
 included as exhibits to the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) provided,
 that with respect to (i) clauses (a) and (c) of this Section 5(1) if the documents are publicly
 available on SEDAR+, they shall be deemed to have been delivered to the Underwriters as required
 by this Section 5(1); and (ii) clauses (b) and (d) of this Section 5(1), if the documents
 are available on the SEC's Electronic Data Gathering, Analysis, and Retrieval system,
 they shall be deemed to have been delivered to the Underwriters as required by this Section
 5(1); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) further
 provided that delivery of the Canadian Prospectus, including any amendments or supplements
 thereto, will be satisfied in accordance with the "access equals delivery" provisions
 contained in Part 6A of NI 44- 102 and the Underwriters and the Company shall satisfy any
 request for electronic or paper copies of such documents in accordance with the requirements
 of NI 44-102, without charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Company shall as soon as practicable cause to be delivered to the Underwriters in such cities
 in the Offering Jurisdictions as they may reasonably request, without charge, such numbers
 of commercial copies of the Prospectuses, excluding the Documents Incorporated by Reference,
 as the Underwriters shall reasonably require. The Company shall similarly cause to be delivered
 to the Underwriters commercial copies of any Supplementary Material, excluding in each case
 the Documents Incorporated by Reference. The Company agrees that such deliveries with respect
 to the Prospectuses, any Marketing Documents and any Supplementary Material shall be effected
 as soon as possible and, in any event, in Vancouver and Toronto by 12:00 pm (Toronto time)
 on the Business Day following filing of the Prospectuses or Prospectus Amendment, as the
 case may be, and in all other cities by 12:00 pm (Toronto time) on the second Business Day
 following filing of the Prospectuses or Prospectus Amendment, as the case may be, provided
 that the Underwriters have given the Company written instructions as to the number of copies
 required and the places to which such copies are to be delivered not less than 24 hours prior
 to the time requested for delivery. Such delivery shall also confirm that the Company consents
 to the use by the Underwriters and Selling Firms of the Offering Documents in connection
 with the distribution of the Offered Securities in compliance with the provisions of this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) By
 the act of having delivered the Offering Documents to the Underwriters, (or in the case of
 the Pricing Disclosure Package, having conveyed such information to prospective investors),
 the Company shall have represented and warranted to the Underwriters that all information
 and statements (except information and statements relating solely to the Underwriters and
 expressly provided by them in writing solely for inclusion therein) contained in such documents,
 at the respective dates of initial delivery thereof (or as of the Applicable Time in the
 case of the Pricing Disclosure Package), comply in all material respects with the Applicable
 Securities Laws and are true and correct in all material respects, and that such documents,
 at such dates, contain no misrepresentation or omit to state a material fact required to
 be stated therein or necessary to make the statements therein, in light of the circumstances
 under which they were made, not misleading and constitute full, true and plain disclosure
 of all material facts relating to the Company and the Offering as required by the Applicable
 Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 Company shall also deliver or cause to be delivered to the Underwriters, concurrently with
 the execution of this Agreement, a "long form" comfort letter from KPMG LLP,
 in form and substance satisfactory to the Underwriters, acting reasonably, addressed to the
 Underwriters and the directors of the Company, with respect to certain financial and accounting
 information relating to the Company and affiliates contained in the Offering Documents, which
 letters shall be in addition to the auditor's reports incorporated by reference in
 the Prospectuses.

---

| | |
|:---|:---|
| **Section 6** | **Regulatory Approvals** |

---

The Company will make all necessary filings, use commercially reasonable efforts to obtain all necessary consents and approvals (if any) and pay all filing fees required to be paid in connection with the transactions contemplated by this Agreement. The Company will use commercially reasonable efforts to qualify the Offered Securities for offering and sale under the Applicable Securities Laws of the Offering Jurisdictions and in such other jurisdictions as the Underwriters may designate and maintain such qualifications in effect for so long as required for the distribution of the Offered Securities; provided, however, that (i) the Company shall not be obligated to make any material filing, file any prospectus, registration statement or similar document, consent to service of process, or qualify as a foreign corporation or as a dealer in securities in any of such other jurisdictions, or subject itself to taxation in respect of doing business in any of such other jurisdictions in which it is not otherwise so subject, or become subject to any additional periodic reporting or continuous disclosure obligations in such other jurisdictions, and (ii) the Underwriters and the Selling Firms shall comply with the applicable laws in any such designated jurisdiction in making offers and sales of Offered Securities therein.

---

| | |
|:---|:---|
| **Section 7** | **Representations and Warranties of the Company** |

---

The Company represents and warrants to each of the Underwriters and acknowledges that the Underwriters are relying on such representations and warranties in entering into this Agreement. The representations and warranties of the Company contained in this Agreement shall be true as of the date hereof, the Closing Time and any Option Closing Time, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)  ***Effectiveness of the Registration Statement*** . The Registration Statement has become effective pursuant
 to Rule 467(a) under the U.S. Securities Act; no stop order suspending the effectiveness
 of the Registration Statement is in effect, and no proceedings for such purpose are pending
 before or, to the Company's knowledge, threatened by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  ***No Material Misstatements or Omissions.*** (i) The Registration Statement, when it became
 effective, did not contain and, as amended or supplemented, if applicable, will not contain,
 as of the date of such amendment or supplement, any untrue statement of a material fact or
 omit to state a material fact required to be stated therein or necessary to make the statements
 therein not misleading, (ii) the U.S. Prospectus and the Registration Statement comply and,
 as amended or supplemented, if applicable, will comply in all material respects with the
 U.S. Securities Act and the applicable rules and regulations of the SEC thereunder, (iii)
 the Pricing Disclosure Package does not, and at the time of each sale of the Offered Securities
 when the U.S. Prospectus is not yet available to prospective purchasers and at the Closing
 Date, the Pricing Disclosure Package, as then amended or supplemented by the Company, if
 applicable, will not, contain any untrue statement of a material fact or omit to state a
 material fact necessary to make the statements therein, in the light of the circumstances
 under which they were made, not misleading, (iv) each broadly available road show, if any,
 when considered together with the Pricing Disclosure Package, does not contain any untrue
 statement of a material fact or omit to state a material fact necessary to make the statements
 therein, in the light of the circumstances under which they were made, not misleading, and
 (v) as of its date and as of the Closing Date, the U.S. Prospectus does not contain and,
 as amended or supplemented, if applicable, will not contain any untrue statement of a material
 fact or omit to state a material fact necessary to make the statements therein, in the light
 of the circumstances under which they were made, not misleading, except that the representations
 and warranties set forth in this paragraph do not apply to statements or omissions in the
 Registration Statement, the Pricing Disclosure Package or the Prospectuses based upon information
 relating to any Underwriter furnished to the Company in writing by such Underwriter through
 you expressly for use therein. The Form F-X conforms in all material respects with the requirements
 of the U.S. Securities Act and the rules and regulations of the SEC under the U.S. Securities
 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)  ***Compliance with Canadian Laws and Regulations.*** No cease trade order preventing or suspending
 the use of the Canadian Prospectus or preventing the distribution of the Offered Securities
 has been issued and no proceeding for that purpose has been initiated or, to the knowledge
 of the Company, threatened, by any of the Canadian Securities Commissions; as of their respective
 dates and upon filing with the Canadian Securities Commissions, the Canadian Prospectus complied
 in all material respects with all applicable Canadian Securities Laws; each of the Canadian
 Securities Commissions in the Qualifying Jurisdictions has issued or is deemed to have issued
 receipts for the Canadian Preliminary Base Shelf Prospectus and the Canadian Final Base Shelf
 Prospectus. The aggregate amount of all securities issued pursuant to the Canadian Final
 Base Shelf Prospectus does not and, upon completion of the Offering, will not exceed $525,000,000
 being the maximum allowable amount thereunder. On the Closing Date and any Option Closing
 Date (i) the Canadian Prospectus will comply in all material respects with the Canadian Securities
 Laws, and (ii) the Canadian Prospectus or any amendment or supplement thereto constituted
 at the respective dates thereof, and will constitute at the Closing Date and any Option Closing
 Date full, true and plain disclosure of all material facts relating to the Offered Securities,
 that is required to be in the Canadian Prospectus, and did not at the respective dates thereof,
 and will not at the Closing Date and any Option Closing Date contain a misrepresentation
 or an untrue statement of a material fact or omit to state a material fact required to be
 stated therein or necessary to make the statements therein, in the light of the circumstances
 under which they were made, not misleading. To its knowledge, the Company is not a "related
 issuer" or "connected issuer" (as those terms are defined in National Instrument
 33-105 – *Underwriting Conflicts* of the Canadian Securities Administrators) of
 any of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)  ***Reporting Issuer and TSX Status.*** The Company is a "reporting issuer" in the Qualifying
 Jurisdictions. Other than as disclosed in writing to the Underwriters, the Company is in
 compliance in all material respects with the by-laws, rules and regulations of the TSX and
 the New York Stock Exchange (the "**NYSE** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)  ***Eligible Issuer*.** The Company is an Eligible Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)  ***Issuer Free Writing Prospectuses.*** The Company is not an "ineligible issuer"
 in connection with the Offering pursuant to Rules 164, 405 and 433 under the U.S. Securities
 Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d)
 under the U.S. Securities Act has been, or will be, filed with the SEC in accordance with
 the requirements of the U.S. Securities Act and the applicable rules and regulations of the
 SEC thereunder. Each free writing prospectus that the Company has filed, or is required to
 file, pursuant to Rule 433(d) under the U.S. Securities Act or that was prepared by or on
 behalf of or used or referred to by the Company complies or will comply in all material respects
 with the requirements of the U.S. Securities Act and the applicable rules and regulations
 of the SEC thereunder. Except for the Issuer Free Writing Prospectuses, if any, identified
 in Schedule "A" hereto, and electronic road shows, if any, each furnished to
 you before first use, the Company has not prepared, used or referred to, and will not, without
 your prior consent, prepare, use or refer to, any free writing prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)  ***Incorporated Documents*.** The Documents Incorporated by Reference in the Offering Documents, when
 they were filed with the Canadian Securities Commissions, conformed in all material respects
 to the requirements of the Canadian Securities Laws; and any further Documents Incorporated
 by Reference in the Canadian Offering Documents prior to the completion of the distribution
 of the Offered Securities, when such documents are so filed, will conform in all material
 respects to the applicable requirements of Canadian Securities Laws and will not contain
 a misrepresentation or an untrue statement of a material fact or omit to state a material
 fact required to be stated therein or necessary to make the statements therein, in the light
 of the circumstances under which they were made, not misleading. Each document, if any, filed
 or to be filed pursuant to the U.S. Exchange Act and incorporated by reference in the Pricing
 Disclosure Package or the U.S. Prospectus complied or will comply when so filed in all material
 respects with the U.S. Exchange Act, and did not or will not when so filed, contain any untrue
 statement of a material fact or omit to state a material fact necessary to make the statements
 therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)  ***No Conflicts*.** Neither the execution of this Agreement, nor the issuance, offering or
 sale of the Offered Securities, nor the consummation of any of the transactions contemplated
 herein and therein, nor the compliance by the Company with the terms and provisions hereof
 and thereof will conflict with, or will result in a breach of, any of the terms and provisions
 of, or has constituted or will constitute a default under, or has resulted in or will result
 in the creation or imposition of any lien, charge or encumbrance upon any property or assets
 of the Company pursuant to the terms of any agreements, contracts, arrangements or understandings
 (written or oral) to which the Company may be bound or to which any of the property or assets
 of the Company is subject, except (i) such conflicts, breaches or defaults as may have been
 waived, and (ii) such conflicts, breaches and defaults that would not reasonably be expected
 to have a Material Adverse Effect (as defined below); nor will such action result (x) in
 any violation of the provisions of the organizational or governing documents of the Company,
 or (y) in any violation of the provisions of any statute or any order, rule or regulation
 applicable to the Company or of any Governmental Authority having jurisdiction over the Company,
 except such violations that would not reasonably be expected to have a Material Adverse Effect,
 either individually or in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)  ***Offered Securities.*** All of the Offered Securities will be, at the Closing Time, duly and
 validly authorized and issued and will be fully paid and non-assessable common shares of
 the Company, and none of such Offered Securities of the Company will have been issued in
 violation of the pre-emptive or similar rights of any securityholder of the Company or of
 any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)  ***Organization.*** The Company is, and will be, as of the Closing Date and any Option Closing Date,
 duly organized, validly existing as a corporation and in good standing under the laws of
 its jurisdiction of incorporation. The Company is, and will be, as of the Closing Date and
 any Option Closing Date, duly licensed or qualified as a foreign corporation for transaction
 of business and in good standing under the laws of each other jurisdiction in which its ownership
 or lease of property or the conduct of its businesses requires such license or qualification,
 and has all corporate power and authority necessary to own or hold its properties and to
 conduct its businesses as described in the Pricing Disclosure Package and the Prospectuses,
 except where the failure to be so qualified or in good standing or have such power or authority
 would not, individually or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)  ***No Subsidiaries.*** Except as disclosed in the Pricing Disclosure Package and the Prospectuses
 (or in any Document Incorporated by Reference therein), the Company has no material Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)  ***Minute Books.*** All existing minute books of the Company, including all existing records of
 all meetings and actions of the board of directors (including, all board committees) from
 January 1, 2024 until the date hereof (collectively, the "**Corporate Records** ")
 have been made available to the Underwriters and their counsel, and all such Corporate Records
 are complete in all material respects. There are no material transactions, agreements or
 other actions of the Company that are required to be recorded in the Corporate Records that
 are not properly approved and/or recorded in the Corporate Records. All required filings
 have been made with the appropriate Governmental Authorities in the province of British Columbia
 in a timely fashion under the *Business Corporations Act* (British Columbia).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)  ***No Violation or Default.*** The Company is not (i) in violation of its articles or similar
 organizational documents in any material respect; (ii) in violation or default, and no event
 has occurred that, with notice or lapse of time or both, would constitute such a violation
 or default, in the due performance or observance of any term, covenant or condition contained
 in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument
 to which the Company is a party or by which the Company is bound or to which any of the property
 or assets of the Company is subject; or (iii) in violation of any Applicable Law, except
 in the case of each of clauses (ii) and (iii) above, for any such violation or default that
 would not, individually or in the aggregate, have a Material Adverse Effect. To the Company's
 knowledge, no other party under any material agreements, contracts, arrangements or understandings
 (written or oral) to which it is a party is in violation or default in any respect thereunder
 where such violation or default would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14)  ***Enforceability of Agreements.*** All Material Agreements are legal, valid and binding obligations of
 the Company enforceable in accordance with their respective terms, except to the extent that
 (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or
 similar laws affecting creditors' rights generally and by general equitable principles,
 and (ii) the indemnification provisions of certain agreements may be limited by Applicable
 Law or public policy considerations in respect thereof, and except for any other potentially
 unenforceable term that, individually or in the aggregate, would not reasonably be expected
 to be material to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15)  ***Authorization; Enforceability.*** The Company has full corporate power and authority to enter into
 this Agreement and perform the transactions contemplated hereby. This Agreement has been
 duly authorized, executed and delivered by the Company and constitutes a legal, valid and
 binding agreement of the Company enforceable in accordance with its terms, except to the
 extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
 or similar laws affecting creditors' rights generally and by general equitable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16)  ***No Material Adverse Effect.*** Subsequent to June 30, 2025, there has not been any Material
 Adverse Effect and there has been no event or occurrence that would reasonably be expected
 to result in a Material Adverse Effect except as disclosed in the Pricing Disclosure Package
 and the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17)  ***Filings.*** The Company has filed all documents or information required to be filed by it under
 Applicable Securities Laws and the rules, regulations and policies of the TSX and the NYSE,
 except where the failure to file such documents or information will not have a Material Adverse
 Effect, either individually or in the aggregate; the Company has not filed any confidential
 material change report that at the date hereof remains confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)  ***Financial Information.*** The audited financial statements of the Company as at December 31, 2024
 and December 31, 2023, together with the related notes and schedules (the "**Financial Statements** "), present fairly, in all material respects, the consolidated financial
 position of the Company as of the dates indicated and the consolidated statements of comprehensive
 income, shareholders' equity and cash flows of the Company for the periods specified.
 Such Financial Statements conform in all material respects with International Financial Reporting
 Standards as issued by the International Accounting Standards Board ()"**IFRS** "),
 applied on a consistent basis during the periods involved. The Company does not have any
 liabilities or material obligations, whether contingent or otherwise, of the type required
 to be reflected on a balance sheet prepared in accordance with IFRS, except for liabilities
 or obligations: (i) that occurred in the ordinary course of business, (ii) reflected in or
 reserved against in the Financial Statements, or (iii) reflected in the Pricing Disclosure
 Package and the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19)  ***Independent Accountants.*** KPMG LLP, who have delivered their report with respect to the audited
 Financial Statements for 2024 and 2023 (as defined above and which term as used in this Agreement
 includes the related notes thereto), are independent public, certified public or chartered
 public accountants as required by applicable Canadian Securities Laws and are an independent
 registered public accounting firm within the meaning of the U.S. Securities Act and the Public
 Company Accounting Oversight Board (United States).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20)  ***Disclosure Controls.*** The Company maintains disclosure controls and procedures (as such term
 is defined in Rule 13a-15(e) under the U.S. Exchange Act) that comply with the requirements
 of the U.S. Exchange Act; such disclosure controls and procedures have been designed to ensure
 that information required to be disclosed by the Company in the reports that it files or
 submits under the U.S. Exchange Act is recorded, processed, summarized and reported within
 the time periods specified in the SEC's rules and forms. Management of the Company
 assessed its disclosure controls as of December 31, 2024 and concluded such disclosure controls
 and procedures were effective as of December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21)  ***Capitalization.*** The issued and outstanding Common Shares have been validly issued, are fully paid
 and non-assessable and are not subject to any pre-emptive rights, rights of first refusal
 or similar rights. The Company has an authorized, issued and outstanding capitalization as
 set forth in or included or incorporated by reference in the Pricing Disclosure Package and
 the Prospectuses as of the dates referred to therein (other than pursuant to outstanding
 rights or obligations under securities or contractual rights or the grant of additional options,
 restricted share units ()"**RSUs** "), performance share units ()"**PSUs** ")
 or deferred share units ()"**DSUs** ", and collectively with the RSUs and the
 PSUs, the "**Share Units**") under the Company's existing omnibus equity
 incentive plan, or changes in the number of outstanding Common Shares of the Company due
 to the issuance of shares upon the exercise or conversion of securities exercisable for,
 or convertible into, Common Shares, including without limitation the exercise of stock options,
 exercise of warrants, vesting of Share Units and, in each case outstanding on the date hereof)
 and such authorized capital stock conforms in all material respects to the description thereof
 set forth in, or included or incorporated by reference in the Pricing Disclosure Package
 and the Prospectuses. The description of the securities of the Company in the Pricing Disclosure
 Package and the Prospectuses is complete and accurate in all material respects. Except as
 disclosed in or contemplated by or included or incorporated by reference in the Pricing Disclosure
 Package and the Prospectuses, the Company has not issued any options to purchase, or any
 rights or warrants to subscribe for, or any securities or obligations convertible into, or
 exchangeable for, or any contracts or commitments to issue or sell, any Common Shares or
 other securities. Except as disclosed in or contemplated by or included or incorporated by
 reference in the Pricing Disclosure Package or the Prospectuses, no person has any agreement
 or option or right or privilege (whether by law, pre-emptive or contractual) issued or capable
 of becoming an agreement for: (i) the purchase, subscription or issuance of any unissued
 shares, securities or warrants of the Company; or (ii) the repurchase by or on behalf of
 the Company of any issued and outstanding securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)  ***Share Capital of the Company.*** The authorized capital of the Company consists of an unlimited
 number of Common Shares of which, as of the date hereof, 115,096,835 Common Shares were outstanding
 as fully paid and non-assessable shares in the capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23)  ***Voting or Control Agreements.*** To the knowledge of the Company, no agreement is in force
 or effect which in any manner affects the voting or control of any of the securities of the
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24)  ***Restrictions on Business.*** The Company is not a party to or bound or affected by any commitment,
 agreement or document containing any covenant which expressly limits the freedom of the Company
 to compete in any line of business, transfer or move any of its assets or operations which
 materially and adversely affects, or could reasonably be expected to materially and adversely
 affect, the business practices, operations or condition of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25)  ***No Applicable Registration or Other Similar Rights.*** There are no persons with registration
 or other similar rights to have any equity or debt securities registered or qualified for
 sale under the Pricing Disclosure Package and the Prospectuses or included in the Offering
 contemplated by this Agreement who have not waived such rights in writing (including electronically)
 prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26)  ***No Consents Required.*** No consent, approval, authorization, order, registration or qualification
 of or with Governmental Authority or stock exchange is required for the execution, delivery
 and performance by the Company of this Agreement, the issuance and sale by the Company of
 the Offered Securities, except for (i) the qualification of the Offered Securities for distribution
 in Canada by the filing of the Canadian Offering Documents and receipt of the relevant Prospectus
 Receipts therefore; and (ii) the approval of the TSX and the NYSE, and except as such as
 have been obtained or may be required by the securities or Blue Sky laws of the various states
 in connection with the offer and sale of the Offered Securities and the filing of the Canadian
 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27)  ***Transfer Agent.*** Computershare Investor Services Inc. has been duly appointed as registrar
 and transfer agent for the Common Shares and Computershare Trust Company, N.A. has been duly
 appointed as U.S. co-registrar and co-transfer agent for the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28)  ***No Litigation.*** Except as disclosed in or incorporated by reference in the Pricing Disclosure
 Package and the Prospectuses, there are no legal, governmental or regulatory actions, suits
 or proceedings pending, nor, to the Company's knowledge, any legal, governmental or
 regulatory audits or investigations, to which the Company is a party or to which any property
 of the Company is subject that, individually or in the aggregate, if determined adversely
 to the Company, could reasonably be expected to have a Material Adverse Effect or materially
 and adversely affect the ability of the Company to perform its obligations under this Agreement.
 Except as disclosed in or incorporated by reference in the Pricing Disclosure Package and
 the Prospectuses, to the Company's knowledge, no such actions, suits, proceedings,
 audits or investigations are threatened or contemplated by any Governmental Authority or
 threatened by others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29)  ***Material Agreements.*** Neither the Company nor, to the Company's knowledge, any other
 party is in material default in the observance or performance of any material term or material
 obligation to be performed by any of them under any Material Agreement and no event has occurred
 which with notice or lapse of time or both would constitute such a default, in any such case
 which default or event would reasonably be expected to have a Material Adverse Effect on
 the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30)  ***No Acquisition or Disposition*** . The Company has not completed any "significant
 acquisition", "significant disposition" nor is it proposing any "probable
 acquisitions" (as such terms are defined in NI 51-102) that would require the inclusion
 of any additional financial statements or pro forma financial statements in the Offering
 Documents pursuant to Applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31)  ***Intellectual Property Rights.*** Except as disclosed in or incorporated by reference in the Pricing
 Disclosure Package and the Prospectuses, the Company owns, possesses, licenses or has other
 rights to use all foreign and domestic patents, patent applications, trade and service marks,
 trade and service mark registrations, trade names, copyrights, licenses, inventions, trade
 secrets, technology, Internet domain names, know-how and other intellectual property (collectively,
 the "**Intellectual Property** "), necessary for the conduct of their respective
 businesses as now conducted except to the extent that the failure to own, possess, license
 or otherwise hold adequate rights to use such Intellectual Property would not, individually
 or in the aggregate, have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32)  ***No Material Defaults.*** The Company has not defaulted on any installment on indebtedness
 for borrowed money or on any rental on one or more long-term leases, which defaults, individually
 or in the aggregate, would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) **Title to Real and Personal Property.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company is the beneficial owner of the material properties and assets relating to the Material
 Property, free of all material Encumbrances whatsoever, other than such Encumbrances disclosed
 in the Pricing Disclosure Package and the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 and all agreements pursuant to which the Company holds or will hold any such interest in
 its material property or assets relating to the Material Property are in good standing in
 all material respects according to their terms, and the properties are in good standing under
 the applicable statutes and regulations of the jurisdictions in which they are situated except,
 in any case, where it would not result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) **Material Property.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Material Property is the only mineral property currently material to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company holds either mining leases, mining claims, mineral claims, surface leases or exploration
 permits recognized in the jurisdiction in which the Material Property is located in respect
 of the ore bodies and minerals located in the Material Property as described in the Pricing
 Disclosure Package and the Prospectuses under valid, subsisting and enforceable title documents
 or other recognized and enforceable agreements or instruments, sufficient to permit the Company
 to explore the minerals relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 mining leases, mineral claims and surface leases relating to the Material Property in which
 the Company has an interest or right are valid and in good standing in accordance with all
 Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except
 as disclosed in the Pricing Disclosure Package and the Prospectuses, the Company has all
 necessary surface rights, access rights and other necessary rights and interest relating
 to the Material Property granting the right and ability, as applicable, to explore and access
 minerals, ore and metals for development purposes as described in the Pricing Disclosure
 Package and the Prospectuses, subject to the Company's ability to maintain the Permits
 (as defined below), with only such exceptions as do not materially interfere with the use
 made by the Company of the rights or interests in the Material Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except
 as disclosed in the Pricing Disclosure Package and the Prospectuses, all assessments or other
 work required to be performed in relation to the material mineral claims of the Company in
 order to maintain their respective interests therein, if any, have been performed to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except
 as disclosed in the Pricing Disclosure Package and the Prospectuses, the Company does not
 have any responsibility or obligation to pay any commission, royalty, license, fee or similar
 payment to any person with respect to the property rights thereof, except where such fee
 or payment would not have a Material Adverse Effect, either individually or in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) There
 are no expropriations or similar proceedings or any material challenges to title or ownership,
 actual or threatened, of which the Company has received notice against any Material Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35)  ***Aboriginal Claims.*** Except as set forth in the Pricing Disclosure Package and the Prospectuses,
 there are no material claims or actions with respect to aboriginal or native rights against
 or affecting the Company or, to the best of the knowledge of the Company, pending or threatened,
 including with respect to the Material Property. Other than as set forth in the Pricing Disclosure
 Package and the Prospectuses, the Company is not aware of any material land entitlement claims
 or aboriginal land claims having been asserted or any legal actions relating to aboriginal
 or community issues having been instituted with respect to the such properties, and no material
 dispute in respect of such properties with any local or aboriginal or native group exists
 or, to the knowledge of the Company, is threatened or imminent with respect thereto or activities
 thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36)  ***Exploration Activities.*** All mineral exploration activities by the Company on the properties of
 the Company have been conducted in all material respects in accordance with good mining and
 engineering practices and all applicable workers' compensation and health and safety
 and workplace laws, regulations and policies have been duly complied with except where the
 failure to so conduct operations could not reasonably be expected to have a Material Adverse
 Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37)  ***Environmental Laws.*** Except as set forth in the Pricing Disclosure Package and the Prospectuses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the best of the knowledge of the Company, the Company is in compliance in all material respects
 with all applicable federal, provincial, municipal and local laws, statutes, ordinances,
 bylaws and regulations and orders, directives and decisions rendered by any ministry, department
 or administrative or regulatory agency (the "**Environmental Laws**") applicable
 to the Company and relating to the protection of the environment, occupational health and
 safety or the processing, use, treatment, storage, disposal, discharge, transport or handling
 of any pollutants, contaminants, chemicals or industrial, toxic or hazardous wastes or substance
 (the "**Hazardous Substances** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Company has obtained all material licenses, permits, approvals, consents, certificates, registrations
 and other authorizations under all applicable Environmental Laws (the "**Environmental Permits**") necessary as at the date hereof for the operation of the business currently
 carried on by the Company and each Environmental Permit is valid, subsisting and in good
 standing and the Company is not in material default or breach of any Environmental Permit,
 and no proceeding is pending or, to the knowledge of the Company, threatened, to revoke or
 limit any Environmental Permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company has not received any notice of, or been prosecuted for an offence alleging, non-compliance
 with any Environmental Law that would have a Material Adverse Effect, and the Company (including,
 if applicable, any predecessor companies) has not settled any allegation of non- compliance
 that would have a Material Adverse Effect short of prosecution. There are no orders or directions
 relating to environmental matters requiring any material work, repairs, construction or capital
 expenditures to be made with respect to any of the assets of the Company, nor to the knowledge
 of the Company, have any such orders or directions been threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Company has not received any notice wherein it is alleged or stated that the Company is potentially
 responsible for a federal, provincial, municipal or local clean-up site or corrective action
 under any Environmental Laws other than in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Company has not received any request for information in connection with any federal, municipal
 or local inquiries as to disposal sites and, to the best of the knowledge of the Company,
 there are no environmental audits, evaluations, assessments, studies or tests being conducted
 by any federal, municipal or local except for ongoing audits, evaluations, assessments, studies
 or tests being conducted in the ordinary course; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Company is in compliance in all material respects with all applicable workers' compensation
 and health and safety and workplace laws, regulations and policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38)  ***Permits.*** Except as disclosed in the Pricing Disclosure Package and the Prospectuses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company has obtained or identified all the material permits, certificates, and approvals
 (collectively, the "**Permits**") which are required for its current operations
 on the Material Property, which Permits include but are not limited to environmental assessment
 certificates, water licenses, land tenures, rezoning or zoning variances and other necessary
 local, provincial and federal approvals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 required Permits have either been received, applied for, or the processes to obtain such
 Permits have been or will in due course be initiated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) NI
 43-101 Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company made available to the respective authors thereof prior to the issuance of the technical
 report filed by the Company on SEDAR+ on December 22, 2023 relating to the Material Property
 (the "**Report** "), for the purpose of preparing the Report, as applicable,
 all material information requested, and no such information contained any material misrepresentation
 as at the relevant time the relevant information was made available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Report is current and complies in all material respects with the requirements of NI 43-101
 as at the date of such Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company is in compliance, in all material respects, with the provisions of NI 43-101; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except
 as noted in the Pricing Disclosure Package and the Prospectuses, all scientific and technical
 information disclosed in the Pricing Disclosure Package and the Prospectuses: (i) is based
 upon information prepared, reviewed and/or verified by or under the supervision of a "qualified
 person" (as such term is defined in NI 43-101), (ii) has been prepared and disclosed
 in accordance with Canadian industry standards set forth in NI 43-101, and (iii) was true,
 complete and accurate in all material respects at the time of filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40)  ***Insurance.*** The Company maintains insurance covering its properties, operations, personnel and businesses
 that the Company reasonably deems adequate; such insurance insures against such losses and
 risks to an extent which is adequate in accordance with customary industry practice to protect
 such persons and the business of the Company; all such insurance is fully in force on the
 date hereof and will be fully in force on the Closing Date. The Company has no reason to
 believe that such persons will not be able to renew such existing insurance coverage as and
 when such coverage expires or to obtain similar coverage from similar insurers as may be
 necessary to continue their businesses at a cost that would not be reasonably expected to
 have a Material Adverse Effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) **Employment Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Company is in compliance in all material respects with all laws respecting employment and
 employment practices, terms and conditions of employment, pay equity and wages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 has not been and there is not currently any labour disruption or conflict nor, to the knowledge
 of the Company, is any labour disruption or conflict threatened which would reasonably be
 expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each
 material plan for retirement, bonus, stock purchase, profit sharing, stock options, deferred
 compensation, severance or termination pay, insurance, medical, hospital, dental, vision
 care, drug, sick leave, disability, salary continuation, legal benefits, unemployment benefits,
 vacation, incentive or otherwise contributed to or required to be contributed to, by the
 Company for the benefit of any current or former director, officer, employee or consultant
 of the Company (the "**Employee Plans**") has been maintained in material
 compliance with its terms and with the requirements prescribed by any and all statutes, orders,
 rules and regulations that are applicable to such Employee Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 material accruals for unpaid vacation pay, premiums for unemployment insurance, health premiums,
 federal or provincial pension plan premiums, accrued wages, salaries and commissions and
 Employee Plan payments have been reflected in the books and records of the Company and the
 Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the knowledge of the Company, no officer, director, employee or security holder of the Company
 has any cause of action or other claim whatsoever against, or owes any amount to, the Company
 in connection with its business except for claims in the ordinary and normal course of the
 business such as for accrued vacation pay or other amounts or matters which would not be
 material to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42)  ***Related Party Transactions.*** Except as disclosed in the Pricing Disclosure Package and the
 Prospectuses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company does not owe any monies to or has any present loans to, or borrowed any monies from
 or is otherwise indebted to, any officer, director, employee, shareholder or any person not
 dealing at "arm's length" (as such term is defined in the Tax Act) with
 the Company or its subsidiaries except for usual employee reimbursements and compensation
 paid in the ordinary and normal course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except
 for usual employee or consulting arrangements made in the ordinary and normal course of business,
 the Company is not a party to any contract, agreement or understanding with any officer,
 director, employee, shareholder or any other person not dealing at arm's length with
 it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except
 for any participation in the Offering, none of the directors, officers or employees of the
 Company, any known holder of more than ten percent (10%) of any class of shares of the Company,
 or any known associate or affiliate of any of the foregoing persons has had any material
 interest, direct or indirect, in any material transaction with the Company, or any proposed
 material transaction which, as the case may be, materially affected, is material to or will
 materially affect the Company or its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43)  ***Taxes.*** The Company has filed all federal, state, provincial, local and foreign tax returns
 which have been required to be filed and such tax returns are correct and complete in all
 material respects, and has paid all taxes shown thereon through the date hereof, to the extent
 that such taxes have become due and are not being contested in good faith, except where the
 failure to so file or pay would not have a Material Adverse Effect. Except as otherwise disclosed
 in the Pricing Disclosure Package and the Prospectuses, no tax deficiency has been determined
 adversely to the Company which would have, individually or in the aggregate, a Material Adverse
 Effect. The Company has no knowledge of any federal, state, provincial or other governmental
 tax deficiency, penalty or assessment which has been asserted or threatened in writing against
 it which would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44)  ***Investment Company Act.*** The Company is not nor, after giving effect to the offering and sale
 of the Offered Securities and the application of the proceeds thereof as described in the
 Pricing Disclosure Package and the Prospectuses, as applicable, will be required to register
 as an "investment company" or an entity "controlled" by an "investment
 company," as such terms are defined in the United States Investment Company Act of
 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45)  ***Finder's Fees.*** The Company has not incurred any liability for any finder's fees, brokerage
 commissions or similar payments in connection with the transactions herein contemplated,
 except as may otherwise exist with respect to the Underwriters pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46)  ***No Improper Practices.*** (i) None of the Company, any of its subsidiaries or controlled
 affiliates, or, to the Company's knowledge, any of the directors, officers, agents,
 affiliates or representatives of the Company or any of its subsidiaries or controlled affiliates,
 has, in the past five years, made any unlawful contributions to any candidate for any political
 office (or failed fully to disclose any contribution in violation of Applicable Law) or taken
 any action in furtherance of an offer, a contribution or other payment, or promise to pay,
 or authorized or approved the payment or giving of money, property, gifts or anything else
 of value, directly or indirectly, to any official of, or candidate for, any federal, state,
 provincial, municipal, or foreign office or other person charged with similar public or quasi-
 public duties, other than payments required or permitted by the laws of the United States
 or Canada of any jurisdiction thereof. Without limiting the generality of the foregoing,
 none of the Company, its subsidiaries or, to the knowledge of the Company, any director,
 officer, agent, employee or affiliate of the Company or any of its subsidiaries is aware
 of or has taken any action, directly or indirectly, that would result in a violation by such
 persons of the *Corruption of Foreign Public Officials Act* (Canada) or the *Foreign Corrupt Practices Act of 1977*, as amended, and the rules and regulations thereunder (collectively
 the "**Foreign Corruption Laws** "), including, without limitation, making
 use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance
 of an offer, payment, promise to pay or authorization of the payment of any money, or other
 property, gift, promise to give, or authorization of the giving of anything of value to any
 "foreign official" (as such term is defined in the Foreign Corruption Laws) or
 any foreign political party or official thereof or any candidate for foreign political office,
 in contravention of the Foreign Corruption Laws; and the Company and each of its subsidiaries
 in compliance with the Foreign Corruption Laws and have instituted and maintain policies
 and procedures designed to ensure, and which are reasonably expected to continue to ensure,
 continued compliance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47)  ***Operations.*** To the best of the knowledge of the Company, the operations of the Company are and
 have been conducted at all times in compliance with applicable financial record keeping and
 reporting requirements of the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada), the Foreign Corruption Laws, the *Bank Secrecy Act*, as amended by
 Title III of the *Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001* (USA PATRIOT Act) and any related or
 similar applicable rules, regulations or guidelines, issued, administered or enforced by
 any Governmental Authority (collectively, the "**Money Laundering Laws** ");
 and no action, suit or proceeding by or before any court or Governmental Authority involving
 the Company or any of its subsidiaries with respect to the Money Laundering Laws is pending
 or threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 the Company nor any of its subsidiaries, nor any director, officer, or employee thereof,
 nor, to the Company's knowledge, any agent, affiliate or representative of the Company
 or any of its subsidiaries, is an individual or entity ()"**Person**") that
 is, or is owned or controlled by a Person that is: (i) the subject of any sanctions administered
 or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control,
 the United Nations Security Council, the European Union, His Majesty's Treasury, or
 other relevant sanctions authority (collectively, "**Sanctions** "), nor (ii)
 located, organized or resident in a country or territory that is the subject of Sanctions
 (including, without limitation, Crimea, Cuba, Iran, North Korea and Syria).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Company will not, directly or indirectly, use the proceeds of the offering, or lend, contribute
 or otherwise make available such proceeds to any subsidiary, joint venture partner or other
 Person: (i) to fund or facilitate any activities or business of or with any Person or in
 any country or territory that, at the time of such funding or facilitation, is the subject
 of Sanctions, or (ii) in any other manner that will result in a violation of Sanctions by
 any Person (including any Person participating in the offering, whether as underwriter, advisor,
 investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged
 in, and will not knowingly engage in, any dealings or transactions with any Person, or in
 any country or territory, that at the time of the dealing or transaction is or was the subject
 of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49)  ***U.S. Status.*** The Company meets the general eligibility requirements for the use of Form
 F-10 under the U.S. Securities Act and at the time of filing the Registration Statement and
 any post-effective amendment thereto, at the earliest time thereafter that the Company or
 any offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under
 the U.S. Securities Act) of the Offered Securities and at the date hereof, the Company was
 not and is not an "ineligible issuer", as defined in Rule 405 under the U.S.
 Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50)  ***Due Diligence Matters.*** All documents and information delivered and provided by or on
 behalf of the Company to the Underwriters as a part of their due diligence in connection
 with the Offering were complete and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51)  ***TSX and NYSE Listings.*** The Common Shares are listed for trading on the TSX and the NYSE
 under the symbol "SKE", and the Company has taken no action designed to delist
 the Common Shares from the TSX or the NYSE, nor has the Company received any notification
 that the Canadian Securities Commissions, the SEC, the TSX or the NYSE is contemplating terminating
 such registration or listing, as applicable. Except as disclosed in the Pricing Disclosure
 Package and the Prospectuses, the Company has complied in all material respects with the
 applicable requirements of the TSX and the NYSE for maintenance of inclusion of the Common
 Shares thereon. As at the Closing Date, the Company will have obtained all necessary consents,
 approvals, authorizations or orders of, or filing, notification or registration with, the
 TSX, the NYSE, the Canadian Securities Commissions and the SEC, where applicable, required
 for the listing and trading of the Offered Securities subject only to satisfying their standard
 listing and maintenance requirements.

---

| | |
|:---|:---|
| **Section 8** | **Representations, Warranties and Covenants of the Underwriters** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each
 Underwriter hereby severally, and not jointly, nor jointly and severally, represents and
 warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 is, and will remain so, until the completion of the Offering, appropriately registered under
 Applicable Securities Laws so as to permit it to lawfully fulfill its obligations hereunder;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it
 has good and sufficient right and authority to enter into this Agreement and complete the
 transactions contemplated under this Agreement on the terms and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Underwriters hereby covenant and agree with the Company to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***Compliance with Securities Laws.*** The Underwriters will comply with applicable securities laws
 (including Applicable Securities Laws) in connection with the distribution of the Offered
 Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***Completion of Distribution.*** The Underwriters will use their commercially reasonable efforts
 to complete the distribution of the Offered Securities as promptly as possible after the
 Closing Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 Company agrees that the Underwriters are acting severally and not jointly (or jointly and
 severally) in performing their respective obligations under this Agreement and that no Underwriter
 shall be liable for any act, omission or conduct by any other Underwriter or another Underwriter's
 duly registered broker-dealer affiliate in the United States or any Selling Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)  ***Distribution in Canada.*** No Underwriter that is a non-resident for purposes of the Tax Act will
 render any services under this Agreement in Canada.

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| | |
|:---|:---|
| **Section 9** | **Indemnification** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Company (also referred to in this Section 9 as the "**Indemnitor**") agrees
 to indemnify and hold harmless the Underwriters, their respective affiliates and subsidiaries,
 and their respective directors, officers, partners, agents, employees and shareholders and
 each other person, if any, controlling any of the Underwriters or their subsidiaries or affiliates
 directors, officers, employees and agents of the Underwriters (hereinafter referred to as
 the "**Personnel**" and together with the Underwriters and their respective
 affiliates and subsidiaries, the "**Indemnified Parties**" and individually,
 an "**Indemnified Party** "), from and against any and all losses, expenses,
 claims (including shareholder actions, derivative or otherwise), actions, damages and liabilities,
 joint or several, including without limitation the aggregate amount paid in reasonable settlement
 of any actions, suits, proceedings, investigations or claims and the reasonable fees and
 expenses of their counsel but excluding any loss of profits (collectively, the "**Losses** ")
 that may be suffered by, imposed upon or asserted against an Indemnified Party as a result
 of, in respect of, connected with or arising out of any action, suit, proceeding, investigation
 or claim that may be made or threatened by any person or in enforcing this indemnity (collectively
 the "**Claims**") insofar as the Claims relate to, are caused by, result from,
 arise out of or are based upon, directly or indirectly, the services performed by the Underwriters
 in connection with the Offering, whether performed before or after the Underwriters'
 execution of the Agreement. The Indemnitor agrees to waive any right the Indemnitor may have
 of first requiring an Indemnified Party to proceed against or enforce any other right, power,
 remedy or security or claim payment from any other person before claiming under this indemnity.
 The Indemnitor also agrees that no Indemnified Party shall have any liability (whether direct
 or indirect, in contract or tort or otherwise) to the Indemnitor or any person asserting
 Claims on behalf of or in right of the Indemnitor for or in connection with the Offering
 except to the extent any Losses suffered by the Company are determined by a court of competent
 jurisdiction in a final judgement that has become non-appealable to have resulted from the
 negligence, willful misconduct, or other fraudulent act of such Indemnified Party. The Indemnitor
 will not, without the prior written consent of the Underwriters, settle, compromise, consent
 to the entry of any judgment in or otherwise seek to terminate any Claim in respect of which
 indemnification may be sought under this indemnity (whether or not any Indemnified Party
 is a party to such Claim) unless the Indemnitor has acknowledged in writing that the Indemnified
 Parties are entitled to be indemnified in respect of such Claim and such settlement, compromise,
 consent or termination includes an unconditional release of each Indemnified Party from any
 liabilities arising out of such Claim without any admission of negligence, misconduct, liability
 or responsibility by or on behalf of any Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Promptly
 after receiving notice of a Claim against any Indemnified Party or receipt of notice of the
 commencement of any investigation which is based, directly or indirectly, upon any matter
 in respect of which indemnification may be sought from the Indemnitor, the relevant Indemnified
 Party will notify the Indemnitor in writing of the particulars thereof, provided that the
 omission so to notify the Indemnitor shall not relieve the Indemnitor of any liability which
 the Indemnitor may have to any Indemnified Party, except to the extent the Company is materially
 prejudiced by such omission. The Indemnitor shall have 14 days after receipt of the notice
 to undertake, conduct and control, through counsel of their own choosing and at their own
 expense, the settlement or defense of the Claim. If the Indemnitor undertakes, conducts or
 controls the settlement or defense of the Claim, the relevant Indemnified Parties shall have
 the right to participate in the settlement or defense of the Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 Indemnitor agrees to reimburse the Underwriters for the time spent by their personnel in
 connection with any Claim at their normal per diem rates. The Indemnified Parties may retain
 counsel to separately represent them in the defense of a Claim, which shall be at the Indemnitor's
 expense if (i) the Indemnitor does not promptly assume the defense of the Claim no later
 than 14 days after receiving actual notice of the Claim (as set forth in Section 9(2)), (ii)
 the Indemnitor agrees to separate representation, or (iii) the Indemnified Parties are advised
 by counsel that there is an actual or potential conflict in the Indemnitor's and the
 Indemnified Parties' respective interests or additional defenses are available to the
 Indemnified Parties, which makes representation by the same counsel inappropriate. Under
 no circumstances will the Company be required to pay the fees and disbursements of more than
 one counsel on behalf of the Indemnified Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 indemnity provided for in this Section 9 shall not apply to the extent that a court of competent
 jurisdiction in a final judgment that has become non-appealable has determined that such
 Losses to which the Indemnified Party may be subject were caused primarily by the gross negligence,
 intentional fault or willful misconduct of the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) If
 for any reason the indemnity provided for in this Section 9 is unavailable (other than in
 accordance with the terms hereof) to the Underwriters or any other Indemnified Party or insufficient
 to hold the Underwriters or any other Indemnified Party harmless in respect of a Claim, the
 Indemnitor shall, contribute to the amount paid or payable by the Underwriters or the other
 Indemnified Party as a result of such Claim in such proportion as is appropriate to reflect
 not only the relative benefits received by the Indemnitor on the one hand and the Underwriters
 or any other Indemnified Party on the other hand but also the relative fault of the Indemnitor,
 the Underwriters or any other Indemnified Party as well as any relevant equitable considerations;
 provided that the Indemnitor shall in any event contribute to the amount paid or payable
 by the Underwriters or any other Indemnified Party as a result of such Claim any excess of
 such amount over the amount of the fees received by the Underwriters under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The
 Indemnitor hereby constitutes the Lead Underwriter as trustee for each of the other Indemnified
 Parties of the Indemnitor's covenants under this indemnity with respect to those persons
 and the Lead Underwriter agrees to accept that trust and to hold and enforce those covenants
 on behalf of those persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The
 obligations of the Indemnitor hereunder are in addition to any liabilities which the Indemnitor
 may otherwise have to the Underwriters or any other Indemnified Party, shall extend upon
 the same terms and conditions to the Indemnified Parties and shall be binding upon and enure
 to the benefit of any successors, permitted assigns, heirs and personal representatives of
 the Indemnitor, the Underwriters and any other Indemnified Party. The foregoing provisions
 shall survive any termination of this Agreement or the completion of the Offering.

---

| | |
|:---|:---|
| **Section 10** | **Contribution** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In
 order to provide for a just and equitable contribution in circumstances in which the indemnity
 provided in Section 9 would otherwise be available in accordance with its terms but is, for
 any reason (other than for circumstances described in Section 9(4)), held to be unavailable
 to or unenforceable by the Indemnified Party or enforceable otherwise than in accordance
 with its terms or is insufficient to hold the Indemnified Party harmless, the Indemnitor
 shall contribute to the aggregate of all claims, expenses, costs and liabilities and all
 losses (other than loss of profits in connection with the distribution of the Offered Securities
 and other indirect and consequential damages) of the nature contemplated in this Section
 10 and suffered or incurred by the Indemnified Parties in such proportions as is appropriate
 to not only reflect the relative benefits received by the Company on the one hand and the
 Underwriters on the other hand from the distribution of the Offered Securities but also the
 relative fault of the Company on one hand and the Indemnified Parties on the other hand in
 connection with the Claim or Claims which resulted in such claims, expenses, costs, damages,
 liabilities or losses, as well as any other equitable considerations determined by a court
 of competent jurisdiction; provided that the Company shall, in any event contribute to the
 amount paid or payable by the Underwriters or any other Indemnified Party as a result of
 such expense, loss, clam damage or liability any excess of such amount over the amount of
 the fees received by the Underwriters hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Underwriters' obligations to contribute pursuant to this Section 10 are several, and
 not joint, in proportion to their respective underwriting commitments as set forth opposite
 their respective names in Section 22 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In
 the event that the Indemnitor is held to be entitled to contribution from the Underwriters
 under the provisions of any Applicable Law, the Indemnitor shall be limited to contribution
 in an amount not exceeding the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 portion of the full amount of the loss or liability giving rise to such contribution for
 which the Underwriters are responsible, as determined above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 amount of the aggregate fee actually received by the Underwriters from the Indemnitor hereunder,
 provided that no individual Underwriter shall be required to contribute more than the fee
 actually received by such Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) With
 respect to Section 9 and this Section 10, the Company acknowledges and agrees that the Underwriters
 are contracting on their own behalf and as agents for their respective affiliates and subsidiaries
 (including the U.S. Affiliates) and each of their respective directors, officers, partners,
 employees and shareholders, and each person, if any, controlling any Underwriter or any of
 its subsidiaries or affiliates and each shareholder of any Underwriter. Accordingly, the
 Company hereby constitutes the Underwriters as agents for each person who is entitled to
 the covenants of the Company contained in Section 9 and this Section 10 and is not a party
 hereto and the Underwriters agree to accept such agents and to hold in trust for and to enforce
 such covenants on behalf of such persons.

---

| | |
|:---|:---|
| **Section 11** | **Covenants of the Company** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Company covenants and agrees with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Company will advise the Underwriters, promptly after receiving notice thereof, of the time
 when each Offering Document or Issuer Free Writing Prospectus has been filed, and will provide
 evidence satisfactory to the Underwriters of each such filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) between
 the date hereof and the date of completion of the distribution of the Offered Securities,
 the Company will advise the Underwriters, promptly after receiving notice or obtaining knowledge
 thereof, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the
 issuance by any Canadian Securities Commission or U.S. securities regulator of any order
 suspending or preventing the use of any of the Offering Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the
 issuance by any Canadian Securities Commission, the SEC, the TSX or the NYSE of any order
 having the effect of ceasing or suspending the distribution of the Offered Securities or
 the trading in any securities of the Company, or of the institution or, to the knowledge
 of the Company, threatening of any proceeding for any such purpose; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. any
 requests made by any Canadian Securities Commission or the SEC for amending or supplementing
 any of the Offering Documents or any Issuer Free Writing Prospectus or for additional information;
 and the Company will use its commercially reasonable efforts to prevent the issuance of any
 order referred to in subparagraphs (b)i, (b)ii or (b)iii above and, if any such order is
 issued, to obtain the withdrawal thereof at the earliest possible time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Company will use its commercially reasonable efforts to obtain the conditional listing of
 the Offered Securities on the TSX by the Closing Time, subject only to the official notice
 of issuance, and the Company will use its best efforts to have the Offered Securities listed
 and admitted and authorized for trading on the NYSE by the Closing Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as
 soon as practicable, but in any event not later than eighteen months after the effective
 date of the Registration Statement (as defined in Rule 158(c) under the U.S. Securities Act),
 the Company will make generally available to its security holders an earnings statement or
 statements of the Company and its subsidiaries which will satisfy the provisions of Section
 11(a) of the U.S. Securities Act and Rule 158 under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Company will use the net proceeds from the Offering for the purposes described in the Pricing
 Disclosure Package and the Prospectuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Prior
 to the completion of the distribution of the Offered Securities, the Company will file all
 documents required to be filed with or furnished to the Canadian Securities Commissions and
 the SEC pursuant to Applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Except
 as contemplated by this Agreement, the Company will not, without the prior written consent
 of the Lead Underwriter (not to be unreasonably withheld) on behalf of the Underwriters,
 directly or indirectly issue, offer, pledge, sell, contract to sell, contract to purchase,
 purchase any option or contract to sell, grant any option, right or warrant to purchase or
 otherwise transfer, lend or dispose of directly or indirectly, any Common Shares or securities
 convertible into or having the right to acquire Common Shares or enter into any agreement
 or arrangement under which the Company would acquire or transfer to another, in whole or
 in part, any of the economic consequences of ownership of Common Shares, or agree to become
 bound to do so, or disclose to the public any intention to do so, during the period from
 the date hereof and ending 90 days following the Closing Date; provided that, notwithstanding
 the foregoing, the Company may (i) grant options or other securities pursuant to the Company's
 employee stock option plan or other equity compensation plans provided that the exercise
 price thereof shall not be less than the Offering Price, and issue common shares upon the
 exercise of such options or vesting of such securities, (ii) issue equity securities pursuant
 to the exercise, conversion settlement or redemption, as the case may be, of any warrants,
 incentive securities, equity compensation securities or other convertible securities of the
 Company outstanding on the date hereof, or (iii) issue equity securities in connection with
 one or more bona fide acquisitions by the Company in the normal course of business. In addition,
 the Company shall not file a prospectus under Canadian Securities Laws or a registration
 statement under the U.S. Securities Act in connection with any transaction by the Company
 or any person that is prohibited pursuant to the foregoing, except as pursuant to the Offering
 and for registration statements on Form S-8 relating to employee benefit plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) On
 or prior to the Closing Date and any Option Closing Date, the Company will not amend its
 constating documents nor will it split, consolidate, or reclassify the Common Shares.

---

| | |
|:---|:---|
| **Section 12** | **All Terms to be Conditions** |

---

The Company agrees that the conditions contained in this Agreement will be complied with insofar as the same relate to acts to be performed or caused to be performed by the Company. Any material breach or material failure to comply with any of the conditions set out in this Agreement shall entitle any of the Underwriters to terminate their obligation to purchase the Offered Securities, by written notice to that effect given to the Company and the other Underwriters at or prior to the Closing Time or any Option Closing Time, as applicable. It is understood that the Underwriters may waive, in whole or in part, or extend the time for compliance with, any of such terms and conditions without prejudice to the rights of the Underwriters in respect of any such terms and conditions or any other or subsequent breach or non-compliance, provided that to be binding on any Underwriter any such waiver or extension must be in writing and signed by such Underwriter.

---

| | |
|:---|:---|
| **Section 13** | **Termination by Underwriters** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each
 Underwriter shall also be entitled to terminate its obligation to purchase the Offered Securities
 by written notice to that effect to the Company and the other Underwriters at or prior to
 the Closing Time or any Option Closing Time, as applicable, if after the date hereof and
 prior to the Closing Time or any Option Closing Time, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there
 should occur any Material Change (as defined in the *Securities Act* (Ontario)) (actual,
 anticipated, contemplated, threatened, financial or otherwise) in the assets, liabilities
 (contingent or otherwise), business, affairs or operations of the Company and its subsidiaries,
 taken as a whole, or there should be discovered any previously undisclosed Material Fact
 (as defined in the *Securities Act* (Ontario)) (other than a Material Fact related solely
 to any of the Underwriters) required to be disclosed in the Pricing Disclosure Package or
 the Prospectuses or any amendment thereto, in each case which, in the reasonable opinion
 of the Underwriters (or any of them), would be expected to have a significant adverse effect
 on the market price or value of the Common Share; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 should develop, occur or come into effect or existence, any event, action, state, condition
 or major financial occurrence of national or international consequence or any law or regulation
 or a change thereof which, in the opinion of the Underwriters (or any of them) materially
 adversely affects or involves or will materially adversely affect or involve, the financial
 markets or the business, operations or affairs of the Company and its subsidiaries, taken
 as a whole; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 inquiry, action, suit, investigation or other proceeding in relation to the Company or any
 of the directors or senior officers of the Company, whether formal or informal (including
 matters of regulatory transgression or unlawful conduct), is commenced, threatened or publicly
 announced or any order is made under or pursuant to any statute or by any federal, provincial,
 state, municipal or other governmental department, commission, board, bureau, stock exchange,
 regulatory authority, agency or instrumentality or there is any enactment or change of law
 or regulation, or interpretation or administration thereof, (unless solely based on the activities
 or alleged activities of the Underwriters), which in the reasonable opinion of the Underwriters
 (or any of them), could operate to prevent or restrict the trading of the Common Shares,
 including the Offered Securities, or which seriously adversely affects, or will, or could
 seriously adversely affect the market price or value of the Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Company is in material breach of any term, condition or covenant of this Agreement or any
 representation or warranty given by the Company in this Agreement becomes materially incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If
 this Agreement is terminated by any of the Underwriters pursuant to Section 13(1), there
 shall be no further liability on the part of such Underwriter or of the Company to such Underwriter,
 except in respect of any liability which may have arisen or may thereafter arise under Section
 9, Section 10 and Section 17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
 right of the Underwriters or any of them to terminate their respective obligations under
 this Agreement is in addition to such other remedies as they may have in respect of any default,
 act or failure to act of the Company in respect of any of the matters contemplated by this
 Agreement. A notice of termination given by one Underwriter under this Section 13 shall not
 be binding upon the other Underwriters.

---

| | |
|:---|:---|
| **Section 14** | **Closing** |

---

The closing of the purchase and sale of the Offered Securities herein provided for shall be completed at 8:00 a.m. (Toronto time) on October 8, 2025, or such other date and/or time as may be agreed upon in writing by the Company and the Underwriters, but in any event not later than November 14, 2025 (respectively, the **"Closing Time"** and the "**Closing Date**"), at the offices of Blake, Cassels & Graydon LLP. In the event that the Closing Time has not occurred on or before November 14, 2025, this Agreement shall, subject to Section 13(2) hereof, terminate.

---

| | |
|:---|:---|
| **Section 15** | **Conditions of Closing and Option Closing** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 obligations of the Underwriters under this Agreement are subject to the accuracy of the representations
 and warranties of the Company contained in this Agreement both as of the date of this Agreement,
 the Closing Time and any Option Closing Time, the performance by the Company of its obligations
 under this Agreement and receipt by the Underwriters or performance by the Company at the
 Closing Time or any Option Closing Time, as applicable, of the following, other than as provided
 below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 favourable legal opinion, dated the Closing Date and any Option Closing Date, as applicable,
 in form and substance and subject to customary qualifications and assumptions satisfactory
 to the Underwriters, acting reasonably, from Blake, Cassels & Graydon LLP, in its capacity
 as the Company's Canadian counsel, as to matters of Canadian federal and provincial
 law, addressed to the Underwriters and the Underwriters' counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 favourable legal opinion and negative assurance letter, dated the Closing Date and any Option
 Closing Date, as applicable, in form and substance and subject to customary qualifications
 and assumptions satisfactory to the Underwriters, acting reasonably, from Skadden, Arps,
 Slate, Meagher & Flom LLP, in its capacity as the Company's U.S. counsel, addressed
 to the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 favourable legal opinion, dated the Closing Date and any Option Closing Date, as applicable,
 in form and substance satisfactory to the Underwriters, from McCarthy Tétrault LLP
 as to title matters in respect of the Material Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 favourable legal opinion, dated the Closing Date and any Option Closing Date, as applicable,
 from Paul, Weiss, Rifkind, Wharton & Garrison LLP, the Underwriters' U.S. counsel,
 addressed to the Underwriters, in form and substance satisfactory to the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) certificates
 or evidence of registration representing, in the aggregate, the Common Shares (and Additional
 Shares, if applicable) in the name of CDS or its nominee or in such other name(s) as the
 Lead Underwriter on behalf of the Underwriters shall have directed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) KPMG
 LLP's comfort letter, dated the Closing Date and any Option Closing Date, as applicable,
 updating the comfort letter referred to in Section 5(4) above with such changes as may be
 necessary from the comfort letter delivered previously to bring the information therein forward
 to a date which is within two (2) Business Days of the Closing Date and any Option Closing
 Date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 Underwriting Fee paid in accordance with the 12th paragraph of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) on
 the Closing Date, evidence satisfactory to the Lead Underwriter that the Offered Securities
 (and Additional Shares, if applicable) shall have been (A) approved for listing on the NYSE
 and (B) conditionally approved for listing on the TSX, in each case, subject only to the
 official notice of issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 certificate, dated the Closing Date and any Option Closing Date, as applicable, and signed
 on behalf of the Company, but without personal liability, by the President and Chief Executive
 Officer and by the Chief Financial Officer of the Company, or such other officers of the
 Company as may be reasonably acceptable to the Underwriters, certifying that: (i) the Company
 has complied with all covenants and satisfied all terms and conditions hereof to be complied
 with and satisfied by the Company at or prior to the Closing Time and any Option Closing
 Time, as applicable; (ii) all the representations and warranties of the Company contained
 herein are true and correct in all material respects as of the Closing Time and any Option
 Closing Time, as applicable with the same force and effect as if made at and as of the Closing
 Time and any Option Closing Time, as applicable, after giving effect to the transactions
 contemplated hereby; (iii) there has been no material change relating to the Company since
 the date hereof which has not been generally disclosed, except for the offering of the Offered
 Securities, and with respect to which the requisite material change statement or report has
 not been filed and no such disclosure has been made on a confidential basis; and (iv) that,
 to the best of the knowledge, information and belief of the persons signing such certificate,
 no order, ruling or determination having the effect of ceasing or suspending trading in the
 Common Shares or any other securities of the Company has been issued and no proceedings for
 such purpose are pending or are contemplated or threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) at
 the Closing Time and any Option Closing Time, as applicable, certificates dated the Closing
 Date and any Option Closing Date, as applicable, signed on behalf of the Company, but without
 personal liability, by the President and Chief Executive Officer of the Company or another
 officer acceptable to the Underwriters, acting reasonably, in form and content satisfactory
 to the Underwriters, acting reasonably, with respect to the constating documents of the Company;
 the resolutions of the directors of the Company relevant to the Offering, including the allotment,
 issue (or reservation for issue) and sale of the Common Shares and the grant of the Over-Allotment
 Option, the authorization of this Agreement, the listing of the Common Shares and Additional
 Shares, on the TSX and NYSE and transactions contemplated by this Agreement; and the incumbency
 and signatures of signing officers of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) at
 the Closing Time, the Company's directors and officers shall each have entered into
 lock-up agreements in form and substance satisfactory to the Lead Underwriter, evidencing
 their agreement to not, without the consent of the Lead Underwriter, which consent shall
 not be unreasonably withheld or delayed, offer, sell, or resell (or announce any intention
 to do so) any securities of the Company held by them or agree to or announce any such offer
 or sale for a period of 90 days following the Closing Date, other than transfers to immediate
 family (provided that any transferee first executes a similar lock-up agreement), in connection
 with a third party take-over bid made to all holders of Common Shares or a similar business
 combination transaction and other than securities sold to satisfy tax obligations on the
 exercise of convertible securities of the Company held by such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) at
 the Closing Time and any Option Closing Time, as applicable, a certificate of status (or
 equivalent) for the Company dated within one (1) Business Day (or such earlier or later date
 as the Underwriters may accept) of the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) such
 other documents as the Underwriters or counsel to the Underwriters may reasonably require.

---

| | |
|:---|:---|
| **Section 16** | **Over-Allotment Option** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Over-Allotment Option may be exercised by the Underwriters at any time, in whole or in part,
 by delivering notice to the Company not later than 12:00 p.m. (Toronto time) on the 30th
 day after the Closing Date, which notice will specify the number of Additional Shares to
 be purchased by the Underwriters and the date (each such date, an "**Option Closing Date**") and time (each such time, an "**Option Closing Time**") on
 and at which such Additional Shares are to be purchased. Any such Option Closing Date may
 be the same as (but not earlier than) the Closing Date and will not be earlier than three
 Business Days nor later than five Business Days after the date of delivery of such notice
 (except to the extent a shorter or longer period shall be agreed to by the Company); provided
 that if any Option Closing Date is the same as the Closing Date, such notice may be given
 by the Underwriters not less than 48 hours prior to the Closing Time. Subject to the terms
 of this agreement, upon the Underwriters furnishing this notice, the Underwriters will be
 committed to purchase, in the respective percentages set forth in Section 22, and the Company
 will be committed to issue and sell in accordance with and subject to the provisions of this
 Agreement, the number of Additional Shares indicated in the notice. Additional Shares may
 be purchased by the Underwriters only for the purpose of satisfying over-allotments made
 in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In
 the event that the Over-Allotment Option is exercised in accordance with its terms, the closing
 of the issuance and sale of that number of Additional Shares in respect of which the Underwriters
 are exercising the Over-Allotment Option shall take place at such Option Closing Time at
 the offices of Blake, Cassels & Graydon LLP or at such other place as may be agreed to
 by the Underwriters and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) At
 any Option Closing Time, the Company shall issue to the Underwriters that number of Additional
 Shares in respect of which the Underwriters are exercising the Over-Allotment Option and
 deposit with CDS or its nominee, if requested by the Lead Underwriter, the Additional Shares
 electronically through the non-certificated inventory system of CDS against payment per Additional
 Share by wire transfer or certified cheque payable to the Company or as otherwise directed
 by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Concurrently
 with the deliveries and payment under paragraph (3), the Company shall pay the Underwriting
 Fee applicable to the Additional Shares in the manner provided in the twelfth paragraph of
 this Agreement against delivery of a receipt for that payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 obligation of the Underwriters to make any payment or delivery contemplated by this Section
 16 is subject to the conditions set forth in Section 15.

---

| | |
|:---|:---|
| **Section 17** | **Expenses** |

---

The Company will pay all expenses and fees in connection with the Offering, including, without limitation: (i) all expenses of or incidental to the creation, issue, sale or distribution of the Offered Securities and the filing of the Offering Documents; (ii) the fees and expenses of the Company's legal counsel; (iii) all costs incurred in connection with the preparation of documentation relating to the Offering; and (iv) all reasonable and direct expenses of the Underwriters including all reasonable fees and disbursements of the Underwriters' legal counsel, up to a maximum amount of C$100,000 for the Underwriters' Canadian counsel and US$200,000 for the Underwriters' U.S. counsel, plus applicable taxes and disbursements ((iv) collectively, the "**Underwriters' Expenses**"). All Underwriters' Expenses incurred by the Underwriters, or on their behalf, shall be payable by the Company immediately upon receiving an invoice therefor from the Underwriters and shall be payable whether or not an offering is completed. At the option of the Lead Underwriter, such fees and expenses may be deducted from the gross proceeds otherwise payable to the Company on the closing of the Offering. Regardless of whether the transactions contemplated herein are completed or not, the Company will pay the Underwriters' Expenses, as described in this Section 17.

---

| | |
|:---|:---|
| **Section 18** | **No Advisory or Fiduciary Relationship** |

---

The Company acknowledges and agrees that (a) the purchase and sale of the Offered Securities pursuant to this Agreement, including the determination of the Offering Price, the Offered Securities and any related discounts and commissions, is an arm's-length commercial transaction between the Company, on the one hand, and the several Underwriters, on the other hand, (b) in connection with the Offering and the process leading to such transaction each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of the Company or its shareholders, creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favour of the Company with respect to the Offering or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) and no Underwriter has any obligation to the Company with respect to the Offering except the obligations expressly set forth in this Agreement, (d) the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company, and (e) the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the Offering and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it deems appropriate.

---

| | |
|:---|:---|
| **Section 19** | **Notices** |

---

Any notice to be given hereunder shall be in writing and may be given by hand delivery or email and shall, in the case of notice to the Company, be addressed and emailed or delivered to:

Skeena Resources Limited

Suite 2600

1133 Melville Street

Vancouver, BC V6E 4E5

---

| | |
|:---|:---|
| Attention: | Walter Coles Jr. |
| Email: | **[Redacted]** |

---

with a copy to (such copy not to constitute notice):

Blake, Cassels & Graydon LLP

Suite 3500

1133 Melville Street

Vancouver, British Columbia V6E 4E5

---

| | |
|:---|:---|
| Attention: | Kathleen Keilty and Bob Wooder |
| Email: | **[Redacted]** |

---

and to (such copy not to constitute notice):

Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates

222 Bay Street

Suite 1750, P.O. Box 258

Toronto, ON M5K 1J5

---

| | |
|:---|:---|
| Attention: | Ryan Dzierniejko |
| Email: | **[Redacted]** |

---

and in the case of the Underwriters, to the Lead Underwriter, addressed and emailed or delivered to:

BMO Nesbitt Burns Inc.

100 King Street West

Toronto, ON M5X 2A1 Canada

---

| | |
|:---|:---|
| Attention: | Ilan Bahar |
| Email: | **[Redacted]** |

---

with a copy to (such copy not to constitute notice):

Stikeman Elliott LLP

Suite 1700

666 Burrard Street

Vancouver, British Columbia V6C 2X8

---

| | |
|:---|:---|
| Attention: | Neville McClure |
| Email: | **[Redacted]** |

---

and to (such copy not to constitute notice):

Paul, Weiss, Rifkind, Wharton & Garrison LLP

77 King Street West,

Suite 3100, P.O. Box 226

Toronto, ON M5K 1J3

---

| | |
|:---|:---|
| Attention: | Christopher J. Cummings |
| Email: | **[Redacted]** |

---

The Company and the Underwriters may change their respective addresses for notice by notice given in the manner referred to above.

---

| | |
|:---|:---|
| **Section 20** | **Actions on Behalf of the Underwriters** |

---

All steps which must or may be taken by the Underwriters in connection with this Agreement, with the exception of the matters contemplated by Section 9, Section 12 and Section 13, shall be taken by the Lead Underwriter on the Underwriters' behalf and the execution of the Agreement by the Underwriters shall constitute the Company's authority for accepting notification of any such steps from, and for giving notice to, and for delivering any definitive certificate(s) representing the Offered Securities to, or to the order of, the Lead Underwriter.

---

| | |
|:---|:---|
| **Section 21** | **Survival** |

---

The representations, warranties, obligations and agreements of the Company and of the Underwriters contained herein or delivered pursuant to this Agreement shall survive the purchase by the Underwriters of the Offered Securities for a period of two years following the Closing Date and shall continue in full force and effect notwithstanding any subsequent disposition by the Underwriters of the Offered Securities and the Underwriters shall be entitled to rely on the representations and warranties of the Company contained in or delivered pursuant to this Agreement notwithstanding any investigation which the Underwriters may undertake or which may be undertaken on the Underwriters' behalf.

---

| | |
|:---|:---|
| **Section 22** | **Underwriters' Obligations** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject
 to the terms of this Agreement, the Underwriters' obligations under this Agreement
 to purchase the Offered Securities shall be several and not joint and several and the liability
 of each of the Underwriters to purchase the Offered Securities shall be limited to the following
 percentages of the purchase price paid for the Offered Securities:

---

| | |
|:---|:---|
| BMO Nesbitt Burns Inc. <sup>(1)</sup> | 40.0% |
| UBS Securities Canada Inc. | 12.5% |
| Raymond James Ltd. | 10.0% |
| RBC Dominion Securities Inc. | 10.0% |
| TD Securities Inc. | 10.0% |
| CIBC World Markets Inc. | 5.0% |
| SCP Resource Finance LP | 5.0% |
| Agentis Capital Markets (First Nations Financial Markets LP) | 2.5% |
| Canaccord Genuity Corp. | 2.5% |
| Desjardins Securities Inc. | 2.5% |
|  | 100.0% |

---

\*The Lead Underwriter is entitled to a "step-up fee" equal to 5% of the Underwriting Fee, which is payable by the Company as part of and not in addition to the Underwriting Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If
 any of the Underwriters fails to purchase its applicable percentage of the Offered Securities
 at the Closing Time (a "**Defaulting Underwriter**") and the percentage of
 Offered Securities that have not been purchased by the Defaulting Underwriter represents
 10% or less of the Offered Securities then the other Underwriters will be severally, and
 not jointly and severally, obligated to purchase, on a pro rata basis to their respective
 percentages as aforesaid, all but not less than all of the Offered Securities not purchased
 by the Defaulting Underwriter, and to receive the Defaulting Underwriter's portion
 of the Underwriting Fee in respect thereof, and such non-defaulting Underwriters shall have
 the right, by notice to the Company, to postpone the Closing Date, by not more than three
 Business Days to effect such purchase. In the event that the percentage of Offered Securities
 that have not been purchased by a Defaulting Underwriter represents more than 10% of the
 aggregate Offered Securities, the other Underwriters will have the right, but will not be
 obligated, to purchase all of the percentage of the Offered Securities which would otherwise
 have been purchased by the Defaulting Underwriter; the Underwriters exercising such right
 will purchase such Offered Securities, if applicable, pro rata to their respective percentages
 aforesaid or in such other proportions as they may otherwise agree. In the event that such
 right is not exercised, the non-defaulting Underwriters shall be relieved of all obligations
 to the Company arising from such default. Nothing in this section shall oblige the Company
 to sell to the Underwriters less than all of the Offered Securities or relieve from liability
 to the Company any Underwriter which shall be so in default.

---

| | |
|:---|:---|
| **Section 23** | **Market Stabilization** |

---

In connection with the distribution of the Offered Securities, the Underwriters (or any of them) may effect transactions which stabilize or maintain the market price of the Common Shares at levels other than those which might otherwise prevail in the open market, but in each case as permitted by Applicable Securities Laws. Such stabilizing transactions, if any, may be discontinued by the Underwriters at any time.

---

| | |
|:---|:---|
| **Section 24** | **Entire Agreement** |

---

Any and all previous agreements with respect to the purchase and sale of the Offered Securities, whether written or oral, are terminated and this Agreement constitutes the entire agreement between the Company and the Underwriters with respect to the purchase and sale of the Offered Securities.

---

| | |
|:---|:---|
| **Section 25** | **Governing Law** |

---

This Agreement shall be governed by and construed in accordance with the laws in force in the province of British Columbia and the federal laws of Canada applicable therein.

---

| | |
|:---|:---|
| **Section 26** | **Time of the Essence** |

---

Time shall be of the essence of this Agreement. This Agreement may be executed in counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument.

***[Remainder of page intentionally blank. Signature page follows.]***

If the foregoing is in accordance with your understanding and is agreed to by you, will you please confirm your acceptance by signing the enclosed copies of this letter at the place indicated and returning the same to us.

Yours very truly,

**BMO NESBITT BURNS INC.**

By: <u>(signed) *"Ilan Bahar"*</u> <br> Name: Ilan Bahar <br> Title: Managing Director and Co-head Global Metals and Mining

**UBS SECURITIES CANADA INC.**

By: <u>(signed) *"Alain Auclair"*</u> <br> Name: Alain Auclair <br> Title: Chairman of Global Banking, Canada

By: <u>(signed) *"Ari Kopolovic"*</u> <br> Name: Ari Kopolovic <br> Title: Executive Director, Global Banking, Canada

**RAYMOND JAMES LTD.**

By: <u>(signed) *"Gavin McOuat"*</u> <br> Name: Gavin McOuat <br> Title: Senior Managing Director

**RBC DOMINION SECURITIES INC.**

By: <u>(signed) *"Michael Scott"*</u> <br> Name: Michael Scott <br> Title: Managing Director

**TD SECURITIES INC.**

By: <u>(signed) *"Dorian Cochran"*</u> <br> Name: Dorian Cochran <br> Title: Managing Director

**CIBC WORLD MARKETS INC.**

By: <u>(signed) *"Steven Reid"*</u> <br> Name: Steven Reid <br> Title: Managing Director and Head, Global Mining

**SCP RESOURCE FINANCE LP by its General Partner, SCP RESOURCE FINANCE GP INC.**

By: <u>(signed) *"David Wargo"*</u> <br> Name: David Wargo <br> Title: Chief Executive Officer & Head of Investment Banking

**AGENTIS CAPITAL MARKETS (FIRST NATIONS FINANCIAL MARKETS LP)**

By: <u>(signed) *"Robert Van Belle"*</u> <br> Name: Robert Van Belle <br> Title: CEO

**CANACCORD GENUITY CORP.**

By: <u>(signed) *"David Sadowski"*</u> <br> Name: David Sadowski <br> Title: Managing Director, Head of Canadian Metals and Mining

**DESJARDINS SECURITIES INC.**

By: <u>(signed) *"Marc Mills"*</u> <br> Name: Marc Mills <br> Title: Managing Director, Investment Banking

The foregoing is in accordance with our understanding and is accepted by us.

**SKEENA RESOURCES LIMITED**

By: <u>(signed) *"Andrew MacRitchie"*</u> <br> Name: Andrew MacRitchie <br> Title: Chief Financial Officer

**SCHEDULE "A"**

**PRICING TERMS INCLUDED IN THE PRICING DISCLOSURE PACKAGE**

Number of Common Shares Offered by the Company: 5,210,000 Number of Additional Shares Offered by the Company: 781,500

Public Offering Price per Common Share: $24.00

Underwriting Commission per Offered Share: 4.5% Date of Delivery of Offered Shares: October 8, 2025

Term sheet dated October 1, 2025, substantially in the form of Schedule "A-1"

**ISSUER FREE WRITING PROSPECTUSES**

Term sheet dated October 1, 2025, substantially in the form of Schedule "A-1".

**SCHEDULE "A-1"**

**TERM SHEET**

[See attached.]

**Skeena** **Resources Limited**

**Treasury Offering of Common Shares**

**October 1, 2025**

*The Common Shares will be offered by way of* a *prospectus supplement in each of the provinces of Canada, except Quebec, and in the United States. A final base shelf prospectus containing important information relating to the Securities has been filed with the securities regulatory authorities in each of the provinces of Canada, excluding Quebec, and* a *corresponding registration statement on Form F-10 has been filed with the U.S. Securities and Exchange Commission. A copy of the final base shelf prospectus, any amendment to the final base shelf prospectus and any applicable shelf prospectus supplement that has been filed, is required to be delivered with this term sheet.*

 

*This term sheet does not provide full disclosure of all material facts relating to the Securities. Investors should read the final base shelf prospectus, any amendment and any applicable shelf prospectus supplement for disclosure of those facts, especially risk factors relating to the Securities, before making an investment decision.*

 

---

| | |
|:---|:---|
| **Terms and Conditions** | **Terms and Conditions** |
| **Issuer:** | Skeena Resources Limited (the "Company" or "you"). |
| **Offering** **:** | Treasury offering of 5,210,000 common shares of the Company (the "Common Shares"). |
| **Offering Price** **:** | C$24.00 per Common Share |
| **Issue Amount:** | C$125,040,000 |
| **Over-Allotment Option** **:** | The Company has granted the Underwriters an option, exercisable, in whole or in part, at any time until and including 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering at the Offering Price to cover over-allotments, if any (the "Over-Allotment Option"). |
| **Use of Proceeds:** | The proceeds raised from the sales of the Common Shares will be used for continued advancement of the Company's Eskay Creek gold-silver project and for general corporate purposes. As previously disclosed, 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. Completion of this Offering is expected to provide, together with the Company's other sources of funding, 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 ("Orion"). As of September 30<sup>th</sup>, the Company has unaudited cash of approximately C$105 million.<br>In addition to advancing the project, the proceeds will facilitate the finalization of the Impact Benefits Agreement with the Tahltan Nation, which is being conducted in parallel with permitting efforts in the fourth quarter. This funding will provide flexibility to pursue alternative, less expensive financing compared to the existing undrawn senior secured loan facility and represents approximately 4.5% dilution to the Company's total market capitalization. As part of the agreement with Orion, Skeena maintains an option to reduce the cost of capital on its senior secured loan and is re-evaluating potential refinancing opportunities.  |
| **Form of Offering:** | Bought deal by way of a prospectus supplement to be filed in all provinces of Canada, excluding Quebec. Registered public offering in the U.S. via MJDS. |
| **Listing:** | An application will be made to list the Common Shares on the Toronto Stock Exchange (the "TSX") and on the New York Stock Exchange (the "NYSE"). The existing common shares are listed on the TSX and the NYSE under the symbol "SKE". |

---

---

| | |
|:---|:---|
| **Eligibility** **:** | Eligible for RRSPs, RRIFs, RESPs, TFSAs, RDSPs and DPSPs. |
| **Sole Bookrunner:** | BMO Capital Markets. |
| **Commission** **:** | 4.5% on the gross proceeds to the Company |
| **Closing:** | October 8, 2025. |

---

Copies of the Company's base shelf prospectus dated March 19, 2025, Registration Statement on Form F-10 and prospectus supplements relating to the Offering, when available, may be obtained upon request in Canada by contacting BMO Nesbitt Burns Inc. ("BMO Capital Markets"), Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 by telephone at 905-791-3151 Ext 4312 or by email at torbramwarehouse@datagroup.ca, and in the United States by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, or by telephone at (800) 414-3627 or by email at bmoprospectus@bmo.com. Copies of the base shelf prospectus and prospectus supplement, when available, can be found under the Company's profile on SEDAR+ at www.sedarplus.ca, and a copy of the registration statement and the prospectus supplement can be found on EDGAR at www.sec.gov.