Free cash flow burn has accelerated to a negative $87.7 million in 2026Q1, reflecting the aggressive $72.4 million in capital expenditures required to advance the Eskay Creek project.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | -35.9M | -58.74M | -127.9M | -90.6M | -93.38M | -124.41M | -66.38M | -10.47M | -15.11M | -10.88M | -12.22M | -8.65M | -1.65M | -149.67K | -213.37K | -233.37K | -397.98K | -34.35K | -190.28K | -481.48K | -303.49K | -513.17K | -168.86K | -146.66K | 49.25K | -122.8K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 304.88% | 54.07% | -41.17% | 2.98% | 24.94% | -87.43% | -534.05% | 30.73% | -38.85% | 10.93% | -41.29% | -423.9% | -1003.12% | 29.86% | 8.57% | 41.36% | -1058.67% | 81.95% | 60.48% | -58.65% | 40.86% | -203.9% | -15.14% | -397.77% | 140.11% | - |
| Net Income | -249.26M | -182.69M | -151.94M | -108.98M | -88.89M | -117.57M | -60.31M | -27.08M | -15.52M | -10M | -13.55M | -7.07M | -3.12M | -191.36K | -236.5K | -318.64K | -756.92K | -6.02M | -6.34M | -822.52K | -637.39K | -1.09M | -222.65K | -599.09K | -344.8K | -46.74K |
| Depreciation & Amortization | 1.44M | 1.82M | 8.22M | 2.4M | 1.91M | 2.02M | 613K | 376.52K | 176.1K | 99K | 34.6K | 8.96K | 1.67K | 3.16K | 4.06K | 5.24K | 5.81K | 6.44K | 7.66K | 6.89K | 4.59K | 3.61K | 239 | 203 | 288 | 413 |
| Stock-Based Compensation | 14.44M | 0 | 13.13M | 11.99M | 10.97M | 14.11M | 4.92M | 2.51M | 1.64M | 689.12K | 2.73M | 64.7K | 759.5K | 0 | 0 | 12.48K | 338.31K | 95.28K | 288.61K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.29M | 3.46M | 0 | -644K | 0 | 0 | 0 | 11.37M | 982.01K | 0 | 0 | 4.87K | 691.78K | 0 | 0 | 0 | 11.33K | -448K | -27.4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 203.03M | 148.32M | -20.16M | -3.71M | -23.55M | -12.67M | -19.17M | -1.84M | -1.03M | -1.49M | -1.09M | -1.58M | -83.78K | 273 | 42.13K | 5.27K | 104.04K | 6.1M | 5.85M | 364.27K | 424.79K | 786.78K | 46.68K | 509.38K | 259.62K | -67.52K |
| Working Capital Changes | -4.27M | -29.66M | 22.85M | 8.35M | 6.18M | -10.3M | 7.57M | 4.2M | -1.37M | -185.57K | -345.06K | -80.97K | 103.6K | 38.27K | -23.05K | 62.29K | -100.55K | 226.76K | 32.63K | -30.13K | -95.48K | -213.8K | 6.87K | -57.15K | 134.15K | -8.95K |
| Change in Receivables | -4.78M | -2.9M | 666K | 3.36M | 1.78M | -4.45M | -1.32M | 1.4M | -936.69K | -578.02K | -361.46K | -308.49K | -60 | 1 | -1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 96K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -366.61M | -333.09M | -23.83M | 31.27M | 11.4M | -13.55M | 2.12M | 388.36K | 3.24M | -2.47M | -737.65K | -876.33K | -182.17K | 140 | 0 | -980.04K | -553.21K | -649.7K | -2.81M | -1.16M | -1.18M | -1.79M | -428.34K | -95.05K | -131.94K | -216.6K |
| Capital Expenditures | -337.98M | -294.17M | -2.71M | -10.65M | -1.34M | -11.43M | -5.47M | -324.58K | -137.32K | -868.09K | -152.78K | -603.33K | -162.17K | 0 | 0 | -1.01M | -574.24K | -649.7K | -2.81M | -1.17M | -1.18M | -1.79M | -428.34K | -95.05K | -131.94K | -216.6K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -14.6M | 0 | 0 | 240.46K | 0 | 0 | -491.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -25.6M | -28.4M | -21.16M | 41.52M | 28.98M | 44K | 5.51M | 259.55K | 3.37M | -1.6M | -93K | -273K | -20K | 140 | 0 | 26.7K | 18.85K | 0 | 0 | 15K | 0 | 5.5K | 0 | 0 | 0 | 0 |
| Cash from Financing | 329.79M | 416.74M | 156.77M | 109.86M | 82.27M | 140.45M | 88.96M | 22.11M | 11.95M | 11.75M | 12.02M | 11.98M | 2.91M | 142K | 196.16K | 1.13M | 1.08M | 642.1K | 970.85K | 3.32M | 1.6M | 2.07M | 745K | 598K | 3.5K | 418.54K |
| Debt Issued (Net) | 132.33M | 0 | 37.11M | 24.01M | -477K | -1.57M | -1.53M | 0 | 0 | 0 | 0 | 1.5M | 0 | 142K | 200K | -170K | 50K | 120K | 0 | 0 | 0 | 0 | 400K | 0 | 0 | 0 |
| Equity Issued (Net) | 141.3M | 228.31M | 122.75M | 88.81M | 52.54M | 131.96M | 83.91M | 22.11M | 11.95M | 11.75M | 9.43M | 10.48M | 2.91M | 0 | 0 | 1.3M | 1.03M | 522.1K | 970.85K | 3.48M | 1.67M | 2.15M | 345K | 598K | 0 | 406.54K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -35.33K | -17.4K | -60.65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 56.16M | 188.43M | -3.09M | -2.96M | 30.21M | 10.06M | 6.58M | 0 | 0 | 0 | 2.59M | 0 | 0 | 0 | -3.84K | 0 | 0 | 0 | 0 | -157.89K | -65.51K | -85K | 0 | 0 | 3.5K | 12K |
| Net Change in Cash | -72.76M | 29.36M | 5.81M | 50.53M | 289K | 2.49M | 24.7M | 12.03M | 74.9K | -1.6M | -939.98K | 2.46M | 1.08M | -7.53K | -23.09K | -82.01K | 130.99K | -41.95K | -2.03M | 1.68M | 124.59K | -232.36K | 147.8K | 356.29K | -79.19K | 79.14K |
| Free Cash Flow | -373.89M | -352.91M | -130.61M | -101.25M | -112.22M | -135.84M | -71.86M | -10.79M | -15.25M | -11.75M | -12.37M | -9.25M | -1.81M | -149.67K | -213.37K | -1.24M | -972.22K | -684.04K | -3M | -1.65M | -1.48M | -2.3M | -597.2K | -241.71K | -82.69K | -339.4K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -117.36% | -170.2% | -29% | 9.78% | 17.39% | -89.05% | -565.71% | 29.23% | -29.77% | 5.02% | -33.73% | -410.32% | -1111.48% | 29.86% | 82.79% | -27.56% | -42.13% | 77.21% | -81.63% | -11.72% | 35.81% | -285.94% | -147.07% | -192.3% | 75.64% | - |
| FCF per Share | -3.07 | -3.06 | -1.32 | -1.20 | -1.60 | -2.27 | -1.70 | -0.40 | -0.69 | -0.76 | -1.19 | -1.59 | -1.47 | -0.23 | -0.34 | -1.98 | -2.03 | -1.87 | -10.13 | -6.50 | -7.08 | -13.47 | -5.36 | -2.36 | -0.96 | -4.76 |
| FCF Conversion (FCF/Net Income) | 1.50x | 0.32x | 0.84x | 1.10x | 1.42x | 1.34x | 1.40x | 0.50x | 0.97x | 1.09x | 0.90x | 1.22x | 0.53x | 0.78x | 0.90x | 0.73x | 0.53x | 0.01x | 0.03x | 0.59x | 0.48x | 0.47x | 0.76x | 0.24x | -0.14x | 2.63x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Intensive Development Risk
As reported in recent financial statements, Skeena Resources exhibits a persistent disconnect between net losses and operating cash flow, with the company recording a $15.2 million operating cash outflow in 2026Q1, highlighting the structural reliance on external financing to sustain its pre-revenue development activities.
The OCF/NI ratio remains highly volatile, reflecting the absence of revenue and the impact of non-cash items on the bottom line. Investors should monitor this divergence as it indicates that the company's accounting losses are currently being compounded by actual cash outflows required to maintain project momentum.
Based on quarterly filings, the company's free cash flow trajectory has deteriorated significantly, reaching a negative $87.7 million in 2026Q1, which underscores the accelerating capital intensity as the firm advances its Eskay Creek project toward a potential final investment decision and subsequent construction phase.
The consistent negative FCF trend suggests that the company is in a high-burn phase typical of late-stage development mining entities. This trajectory warrants further investigation into the company's ability to secure non-dilutive funding before existing cash reserves are exhausted by ongoing project development costs.
According to recent SEC filings, Skeena Resources has ramped up capital expenditures to $72.4 million in 2026Q1, a clear indicator that the firm is aggressively investing in infrastructure and technical studies to de-risk the Eskay Creek deposit ahead of anticipated production timelines.
The shift from minimal capital spending in 2024 to significant quarterly outlays suggests that the company is moving past the exploration phase into more capital-intensive development. This trend implies that future liquidity needs will likely remain elevated until the project reaches commercial production or a strategic partnership is finalized.
As evidenced by the provided data, working capital changes have been inconsistent, with a $6.4 million outflow in 2026Q1 following a $7.1 million inflow in 2025Q4, suggesting that the company's cash position is sensitive to the timing of project-related payments and vendor management strategies.
The lack of a stable working capital cycle is typical for a pre-revenue developer, yet it complicates cash flow forecasting for investors. Management's ability to manage these fluctuations will be critical as the company approaches the more complex procurement requirements associated with full-scale mine construction.
Based on reported figures, the company's practice of capitalizing exploration and evaluation costs masks the true extent of its operational cash requirements, as these expenditures are moved to the balance sheet rather than being fully reflected in the periodic net income or operating cash flow statements.
This accounting treatment may lead to an underestimation of the company's ongoing cash burn by investors focusing solely on the income statement. It is essential to look at the total cash outflow, including capitalized development costs, to understand the true pace at which the company is consuming its capital.
Quick answers to the most common questions about buying SKE stock.
Skeena Resources Limited (SKE) generated $-58.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Skeena Resources Limited (SKE) reported negative free cash flow of $352.9M in 2025, indicating capital requirements exceeded cash from operations.
Skeena Resources Limited (SKE) spent $294.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.