Why This $19 Million Gold Miner Buy Could Signal Bigger Upside Ahead

Helikon Investments increased its stake in Skeena Resources (NYSE:SKE) in the first quarter, buying 634,156 shares in a trade estimated at $19.48 million based on quarterly average pricing, according to a May 8, 2026, SEC filing.

What happened

According to a SEC filing dated May 8, 2026, Helikon Investments bought 634,156 additional shares of Skeena Resources during the first quarter. The estimated value of the transaction, based on the quarterly average share price, was $19.48 million. At quarter-end, the total position value increased by $113.66 million, a figure that reflects both the purchase and changes in the share price.

What else to know

• Helikon’s buy brings its SKE stake to 18.47% of reportable AUM as of March 31, 2026.
• Top holdings after the filing:
  • NYSE:SKE: 489.28 million (18.5% of AUM)
  • NYSE:AAUC: $380.93 million (14.4% of AUM)
  • NYSE:CAAP: $332.95 million (12.6% of AUM)
  • NYSEMKT:CNL: $193.35 million (7.3% of AUM)
  • NYSEMKT:SVM: $173.08 million (6.5% of AUM)
• As of May 7, 2026, shares of Skeena Resources were priced at $30.34, up 140% over the past year and vastly outperforming the S&P 500, which is instead up about 30% in the same period.

Company overview

Company snapshot

• Skeena Resources explores and develops mineral properties in Canada, focusing on gold, silver, and copper assets such as the Eskay Creek and Snip gold mines in British Columbia.
• The company operates as a mineral exploration and development company, generating value through the advancement and potential future production of precious metal resources.
• Headquartered in Vancouver, the company was formerly known as Prolific Resources Ltd. and changed its name to Skeena Resources in June 1990.

Skeena Resources is a Vancouver-based mineral exploration company with a strategic focus on high-potential gold and silver projects in British Columbia. The company leverages its 100% ownership of the Eskay Creek and Snip mines to build a robust portfolio of precious metal assets. With a disciplined approach to resource development, Skeena aims to unlock value through exploration, project advancement, and potential future production, positioning itself as a key player in the Canadian mining sector.

What this transaction means for investors

The magnitude of this buy and Helikon’s pre-existing stake seems like a high-conviction bet that Skeena is transitioning from a speculative mining story into a real operating asset with a clearer path to cash flow. Helikon already had major exposure to the company, but increasing the position after a 140% run suggests the fund still sees meaningful upside tied to Eskay Creek’s development timeline rather than just momentum trading.

That thesis has started getting more tangible. Skeena said its flagship Eskay Creek project was 49% complete as of February 28, with 66% of total project costs already contractually committed. Initial production remains on track for the second quarter of 2027. The company also disclosed that detailed engineering for the process plant is 92% complete, while procurement commitments have reached 88%.

Of course, there are still risks. Skeena raised its project cost estimate to $659 million from $560 million because of inflation, permitting requirements, and infrastructure upgrades. But management appears focused on derisking execution early, including securing key contracts and accelerating development ahead of final permits. Plus, the firm also completed a $750 million senior secured notes offering in April, which should offer some financial flexibility.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Corporación América Airports. The Motley Fool has a disclosure policy.