SCHEDULE: Orion Resource Partners Trims Skeena Stake to 4.5%

Orion Resource Partners (USA) LP has reported a beneficial ownership of 4.5% in Skeena Resources Ltd., holding 5,147,840 common shares as of June 30, 2025.

Summary

• Orion Resource Partners (USA) LP, an investment advisor, reported beneficial ownership of 5,147,840 common shares of Skeena Resources Ltd.
• This represents approximately 4.5% of Skeena Resources Ltd.'s common shares outstanding.
• The percentage is based on 114,768,985 common shares outstanding as of May 15, 2025, as reported in Skeena Resources Ltd.'s Form 6-K.
• The shares are held directly by various investment vehicles, collectively known as the "Orion Funds," for which Orion Resource Partners (USA) LP serves as investment advisor.
• Orion Resource Partners (USA) LP holds sole voting and sole dispositive power over these shares.
• The filing is an Amendment No. 2 to a Schedule 13G, indicating a change from a previously reported beneficial ownership position.

Sentiment

Score: 4

Explanation: The filing is a routine disclosure of beneficial ownership. The reduction of Orion Resource Partners' stake below 5% could be interpreted as a slightly negative signal, as a significant institutional investor has reduced its position, but it is not a strong indicator of company performance.

Positives

• NA

Negatives

• Orion Resource Partners (USA) LP's beneficial ownership in Skeena Resources Ltd. has decreased to 4.5%, indicating a reduction in their stake below the 5% threshold that triggers Schedule 13G/D reporting requirements.

Risks

• NA

Future Outlook

NA

Management Comments

• The filing includes a certification from Rick Gashler, Chief Compliance Officer of Orion Resource Partners (USA) LP, stating that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Industry Context

This filing is a routine beneficial ownership disclosure by an investment advisor regarding its stake in Skeena Resources Ltd., a company operating in the mining sector. The reduction of Orion Resource Partners' stake below the 5% threshold is a specific investor action rather than a reflection of broader industry trends.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: The reduction in a significant institutional investor's stake might lead to minor concerns or questions about the reasons for the divestment, potentially influencing investor sentiment.

Next Steps

• NA

Key Dates

Recommendation

The filing indicates a reduction in a significant institutional investor's stake below the 5% threshold. While not a direct reflection of company performance, such a move by a major holder warrants a 'hold' recommendation to assess the broader implications and observe future company developments or further investor activity.

Keywords

Skeena Resources, Orion Resource Partners, SEC filing, Schedule 13G, beneficial ownership, common shares, investment advisor, mining, resources