STEPPE GOLD LIMITED - STPGF STOCK NEWS

Steppe Gold (TSX: STGO) (OTCQX: STPGF) has provided a production update on its two gold mines in Mongolia. The company reported combined production of 17,773 oz of gold in Q3 2024, following the acquisition of Boroo Gold on August 1, 2024. Steppe Gold reiterated its production guidance for H2 2024 at 33,360 oz, towards the higher end of the previously announced range of 30,000 to 35,000 oz. The full-year 2025 guidance is set at 80,000 oz of gold.

The integration process is progressing well, with teams identifying cost savings through bulk purchasing, operational optimization, and securing long-lead items for the ATO Phase 2 Expansion. The company is also focusing on exploration and resource expansion near existing mines and considering projects in Western Mongolia. As Mongolia's largest primary gold producer, Steppe Gold is evaluating additional M&A opportunities.

Steppe Gold announced its Q2 2024 financial results, reflecting strong performance before its Boroo Gold acquisition on August 1. Revenue reached $10.39 million for the quarter and $18.36 million for the first half of 2024, driven by sales of 4,040 gold ounces and 36,672 silver ounces in Q2. The average realized gold price was $2,318 per ounce and silver at $26 per ounce.

Operating income before depreciation and depletion was $6.17 million in Q2, with an adjusted EBITDA of $2.34 million. The company reported All-in Sustaining Costs (AISC) of $1,124 per ounce sold in Q2. The cash balance as of June 30 was $3.21 million, with net debt of $66.86 million.

Steppe Gold's combined gold production for H2 2024 is projected between 30,000 to 35,000 oz. The Phase 2 Expansion is on track, with commissioning planned for Q1 2026. The Boroo acquisition is expected to accelerate growth, adding strong cash flow and production capabilities.

Steppe Gold (TSX: STGO) (OTCQX: STPGF) has completed the acquisition of Boroo Gold , becoming Mongolia's leading gold producer. The transaction includes:

1. Acquisition of all Boroo Gold shares
2. Sale of Tres Cruces Oxide Project for CAD$12 million
3. Expected benefits: increased production, strong cash flows, financing flexibility, cost savings, and exploration upside
4. Combined 2024-2025 production forecast: 80,000-90,000 ounces
5. Boroo Gold's 2024 capital expenditures: ~$19 million

Post-transaction, Boroo Singapore holds 55.9% of Steppe Gold shares. The deal strengthens Steppe Gold's position in Mongolia and provides immediate cash flow to support growth plans.

Steppe Gold announced the appointment of WSP Canada as the engineering design partner for the ATO Phase 2 Expansion project. This project, located at the 100% owned ATO Gold Mine in Mongolia, aims to enhance plant layout, process design, and detailed engineering. The detailed engineering design is expected to complete in 15 months starting July 1, 2024, with procurement and construction proceeding concurrently. Early works, including a feasibility study and geotechnical studies, are already underway and set to finish by September 2024. The project remains on track for commissioning in H1 2026. Hexagon Build Engineering will lead construction and procurement, with initial equipment orders to be placed in Q3 2024.

Steppe Gold shareholders have approved the acquisition of Boroo Gold with 99% support. The transaction includes the purchase of Boroo Gold shares and the sale of the Tres Cruces Oxide Project for approximately CAD$12 million. Upon completion, Steppe Gold will become the largest primary gold producer in Mongolia, with an expected annual production of over 150,000 ounces by 2026. The acquisition is anticipated to close around July 16, 2024, pending regulatory approvals. The deal is set to enhance Steppe Gold's output, cash flow, and exploration opportunities while reducing costs. In 2023, Boroo Gold generated US$132 million from 67,315 ounces of gold. The combined entity will benefit from increased operational efficiency and focused resources on Mongolian assets.

Steppe Gold (TSX: STGO) has filed an amended and restated technical report for its Boroo and Ulaanbulag Gold Project following a review by the Ontario Securities Commission. The Amended Report, titled 'Boroo And Ulaanbulag Gold Project NI 43-101 Technical Report,' addresses comments by the commission regarding the report's author and certificate. It removes references to internal use and restates mineral resource and reserve estimates as rounded figures, with no changes to the initial report’s results. The report is effective as of February 1, 2024, and amended on June 16, 2024. It is available on SEDAR+ and Steppe Gold's website.

Steppe Gold announces its Q1 2024 financial results, reporting $7.97 million in revenue from the sale of 3,723 ounces of gold and 19,506 ounces of silver. The average realized prices were $2,043 per gold ounce and $19 per silver ounce. Operating profit before depreciation and depletion was $4.32 million, with an adjusted EBITDA of negative $309,000. The All In Sustaining Cost (AISC) was $1,522 per gold ounce sold. The company mined 133,090 tonnes of ore, with 145,479 tonnes stacked on the leach pad. Cash balance stood at $6.74 million with total debts at $70.22 million and net debt at $63.48 million. Key developments include a $5 million gold prepay agreement and a $37,000 milestone payment for the Phase 2 expansion. The company is set to acquire Boroo Gold and sell the Tres Cruces Oxide Project for CAD$12 million, aimed at transforming Steppe Gold into a multi-asset mining group with enhanced cash flow.

Steppe Gold has announced that it has filed and mailed the management information circular and related materials for its annual general and special meeting, to be held on June 24, 2024, at 10:00 a.m. ULAT in Ulaanbaatar, Mongolia. The primary agenda item is the proposed transaction with Boroo Gold and Boroo Singapore, previously disclosed on April 11, 2024.

Shareholders will vote on Steppe Gold's acquisition of all issued and outstanding shares of Boroo Gold, resulting in Boroo Singapore holding 55.9% of Steppe Gold's common shares. Additionally, Boroo Singapore will acquire the Tres Cruces Oxide Project for CAD$12 million.

The board unanimously recommends the transaction, citing benefits such as increased gold production, stronger cash flow, and enhanced financial strength to service project financing, among other strategic advantages.

Steppe Gold (STPGF) announces strong financial results for 2023, with revenue of $54.2 million, operating income of $31.6 million, and adjusted EBITDA of $11.3 million. The company completed key acquisitions, secured financing, and is progressing well with the Phase 2 Expansion project. The outlook includes the potential acquisition of Boroo Gold and negotiations for the sale of the Tres Cruces Project.