Skeena Resources Limited (TSX:SKE) signed a binding agreement to acquire remaining 86% stake in QuestEx Gold & Copper Ltd. (TSXV:QEX) from Newmont Corporation (NYSE:NEM), Delbrook Capital Advisors Inc and others for CAD 41.4 million on March 29, 2022. Skeena will acquire all of the issued and outstanding shares of QuestEx, pursuant to a plan of arrangement for share and cash consideration. The consideration will consist of CAD 0.65 cash and 0.0367 of a common share in the capital of Skeena for each one QuestEx common share, other than Newmont held shares. Skeena has signed a concurrent binding agreement with Newmont Corporation to vend certain QuestEx properties to Newmont via an asset purchase agreement on completion of the QuestEx transaction for approximately CAD 27 million. In lieu of the aggregate Arrangement Consideration payable to Newmont for common shares of QuestEx, being CAD 4,150,095 and 234,320 Skeena Shares, Newmont will receive a promissory note issued by Skeena, which will be used as part of the consideration payable by Newmont for the purchased assets. Cash component of consideration to acquire QuestEx is expected to be entirely offset by the proceeds of the Newmont transaction. Termination fee of CAD 1.5 million is payable to Skeena under certain circumstances. The transaction is subject to QuestEx shareholder approval, regulatory approval (including TSXV and TSX), shareholder and court approvals and the fulfillment of other customary closing conditions. The Board of Directors of each of Skeena and QuestEx have unanimously approved the transaction. As of May 26, 2022, QuestEx's shareholders approved the transaction. The transaction is expected to close on or about June 2, 2022.

Agentis Capital Mining Partners is acting as financial advisor to Skeena. Bob Wooder and Kathleen Keilty of Blake, Cassels & Graydon LLP is acting as legal counsel to Skeena. Fort Capital Partners is acting as financial advisor to QuestEx and David Gunasekera of DuMoulin Black LLP is acting as QuestEx's legal advisor. QuestEx's Special Committee engaged Evans & Evans, Inc. to provide an independent fairness opinion. Cyndi Laval and Jill Dunn of Gowling WLG (Canada) LLP acted as legal advisors to the QuestEx Special Committee. Fort Capital Partners has provided a fairness opinion to the Board of Directors of QuestEx. Computershare Trust Company of Canada acted as depository bank to QuestEx.