On September 24, the advancement of mine construction began to be reflected in credit assessments.

CPT Markets noted that, according to a September 23 report by Investing, S&P changed Skeena's outlook from stable to positive while maintaining its issuer rating unchanged.

Its core project was more than 70% complete as of the end of August, representing progress compared with the assessment at the beginning of the year, with major equipment installation becoming a key focus of observation.

An improved credit outlook and a rating upgrade are different events.

CPT Markets believes that a higher construction completion ratio helps reduce some engineering uncertainty, but the project does not yet have a track record of stable operations, and sufficient liquidity still needs to be maintained before production begins.

Equipment arrival is only one step in the construction chain, and trial runs, integrated operation, and capacity ramp-up may also change funding use plans.

Rating agencies estimate cash flow after stable production and adopt long-term gold price assumptions.

Such forecasts depend on grade, recovery rate, unit costs, and the timing of production, and cannot be directly equated with current operating revenue.

If the remaining construction work exceeds budget, the company may need additional financing to bridge the construction phase even when facing favorable gold prices.

Construction completion may also be measured by cost or workload, and even if the remaining portion is relatively small, it may still include critical steps that determine whether start-up can proceed, so its progress should not be extrapolated at a linear pace.

Looking toward the next assessment, CPT Markets judges that the distance between remaining capital expenditure and available funds is more worthy of attention than a single completion percentage.

As construction nears its end, whether commissioning can be completed within budget and a continuous production record can be established will affect further changes in the credit condition.

When observing outlook adjustments, these conditions that have yet to be verified should always be retained.