Steppe Gold Provides Corporate Update
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 (TSX: STGO) (OTCQX: STPGF) ha fornito un aggiornamento sulla produzione delle sue due miniere d'oro in Mongolia. L'azienda ha riportato una produzione combinata di 17.773 oz d'oro nel terzo trimestre del 2024, a seguito dell'acquisizione di Boroo Gold il 1° agosto 2024. Steppe Gold ha ribadito le sue previsioni di produzione per il secondo semestre del 2024 a 33.360 oz, verso l'estremità più alta dell'intervallo precedentemente annunciato di 30.000 a 35.000 oz. Le previsioni per l'intero anno 2025 sono fissate a 80.000 oz d'oro.
Il processo di integrazione sta procedendo bene, con i team che identificano risparmi sui costi attraverso acquisti in blocco, ottimizzazione operativa e acquisizione di articoli con lunghi tempi di approvvigionamento per l'espansione Fase 2 ATO. L'azienda si sta anche concentrando sull'esplorazione e sull'espansione delle risorse vicino alle miniere esistenti e sta considerando progetti nella Mongolia occidentale. Essendo il maggiore produttore di oro primario della Mongolia, Steppe Gold sta valutando ulteriori opportunità di M&A.
Steppe Gold (TSX: STGO) (OTCQX: STPGF) ha proporcionado una actualización sobre la producción de sus dos minas de oro en Mongolia. La compañía reportó una producción combinada de 17,773 oz de oro en el tercer trimestre de 2024, tras la adquisición de Boroo Gold el 1 de agosto de 2024. Steppe Gold reiteró su guía de producción para el segundo semestre de 2024 en 33,360 oz, hacia el extremo superior del rango previamente anunciado de 30,000 a 35,000 oz. La guía para el año completo 2025 se establece en 80,000 oz de oro.
El proceso de integración está avanzando bien, con equipos identificando ahorros de costos a través de compras al por mayor, optimización operativa y asegurando artículos de largo plazo para la expansión de la Fase 2 ATO. La compañía también se está enfocando en la exploración y expansión de recursos cerca de las minas existentes y considerando proyectos en Mongolia Occidental. Como el mayor productor de oro primario de Mongolia, Steppe Gold está evaluando oportunidades adicionales de M&A.
스텝 골드 (TSX: STGO) (OTCQX: STPGF)는 몽골에 있는 두 개의 금 광산에 대한 생산 업데이트를 제공했습니다. 이 회사는 2024년 3분기에 금 17,773 oz의 통합 생산량을 보고했으며, 이는 2024년 8월 1일 보로 골드를 인수한 이후의 결과입니다. 스텝 골드는 2024년 하반기 생산 가이드를 33,360 oz로 재확인했으며, 이는 이전에 발표된 범위(30,000~35,000 oz)의 상단에 해당합니다. 2025년 전체 연간 가이드는 80,000 oz의 금으로 설정되었습니다.
통합 과정이 원활하게 진행되고 있으며, 팀들은 대량 구매, 운영 최적화 및 ATO 2단계 확장을 위한 장기 소요 품목 확보를 통해 비용 절감을 식별하고 있습니다. 또한, 이 회사는 기존 광산 근처의 탐사 및 자원 확대에 집중하고 있으며, 몽골 서부의 프로젝트도 고려하고 있습니다. 몽골의 최대 금 생산업체로서 스텝 골드는 추가 M&A 기회를 평가하고 있습니다.
Steppe Gold (TSX: STGO) (OTCQX: STPGF) a fourni une mise à jour sur la production de ses deux mines d'or en Mongolie. La société a annoncé une production combinée de 17 773 oz d'or au troisième trimestre 2024, suite à l'acquisition de Boroo Gold le 1er août 2024. Steppe Gold a réitéré son objectif de production pour le second semestre 2024 à 33 360 oz, vers l'extrémité supérieure de la fourchette précédemment annoncée de 30 000 à 35 000 oz. La prévision pour l'année entière 2025 est fixée à 80 000 oz d'or.
Le processus d'intégration progresse bien, les équipes identifiant des économies de coûts grâce à des achats en gros, à l'optimisation des opérations et à la sécurisation des articles à long terme pour l'expansion de la Phase 2 ATO. L'entreprise se concentre également sur l'exploration et l'expansion des ressources près des mines existantes et envisage des projets en Mongolie occidentale. En tant que principal producteur d'or primaire en Mongolie, Steppe Gold évalue des opportunités supplémentaires de fusion et d'acquisition.
Steppe Gold (TSX: STGO) (OTCQX: STPGF) hat ein Produktionsupdate zu seinen beiden Goldminen in der Mongolei bereitgestellt. Das Unternehmen berichtete von einer kombinierten Produktion von 17.773 oz Gold im dritten Quartal 2024, nachdem es am 1. August 2024 Boroo Gold akquiriert hatte. Steppe Gold bekräftigte seine Produktionsprognose für das zweite Halbjahr 2024 bei 33.360 oz, am oberen Ende der zuvor angekündigten Spanne von 30.000 bis 35.000 oz. Die Prognose für das gesamte Jahr 2025 liegt bei 80.000 oz Gold.
Der Integrationsprozess verläuft gut, die Teams identifizieren Kosteneinsparungen durch Großabnahmen, operative Optimierung und die Beschaffung von langfristigen Artikeln für die ATO-Phase-2-Erweiterung. Das Unternehmen konzentriert sich auch auf Erkundung und Ressourcenexpansion in der Nähe bestehender Minen und erwägt Projekte im Westen der Mongolei. Als größter primärer Goldproduzent der Mongolei evaluiert Steppe Gold zusätzliche M&A-Möglichkeiten.
- Combined production of 17,773 oz of gold in Q3 2024
- H2 2024 production guidance of 33,360 oz, at the higher end of previous range
- Full-year 2025 guidance set at 80,000 oz of gold
- Identification of significant cost savings through integration
- Positive operating cash flow and increased reserve base
- Exploration and resource expansion opportunities near existing mines
- None.
Ulaanbaatar, Mongolia--(Newsfile Corp. - October 8, 2024) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to provide a production update on its two producing gold mines in Mongolia.
Steppe Gold closed the acquisition of Boroo Gold LLC ("Boroo Gold") on August 1, 2024 and the integration process is progressing smoothly.
The Company is pleased to report that combined production from the two operating mines totaled 17,773 oz of gold in the third quarter of 2024.
Additionally the company reiterates production guidance for the second half of 2024 estimated to be 33,360 oz., in line with and towards the higher end of our previously announced guidance range - 30,000 to 35,000 oz. (News Release August 14, 2024). Current guidance for the full year of 2025 is 80,000 oz. of gold.
Integration teams are gaining momentum across all operations, identifying significant cost savings through bulk purchasing, optimizing operations through sharing of best practices, better terms on consumables and equipment purchases, and securing long lead items for the ATO Phase 2 Expansion.
The combined operations teams bring a complementary skill set across key areas, consistently driving optimization and introducing new initiatives to enhance operational performance.
Both Steppe Gold and Boroo Gold have a long-standing reputation for environmental stewardship in Mongolia. Our integrated team is committed to further strengthening the ESG blueprint for Steppe Gold.
With positive operating cash flow and a substantially increased reserve base, our exploration team is focused on optimizing exploration and resource expansion opportunities near our existing mines, creating promising potential for future discoveries.
The Company is planning restart of exploration work at its Uudam Khundii site and is considering some highly prospective projects in Western Mongolia.
As Mongolia's largest primary gold producer, Steppe Gold is also evaluating additional M&A opportunities.
The Company looks forward to providing further updates on production and cost improvements in due course.
About Steppe Gold Ltd.
Steppe Gold is Mongolia's premier precious metals company.
For Further information, please contact:
Bataa Tumur-Ochir, Chairman and CEO
Jeremy South, Senior Vice President and CFO
Shangri-La office, Suite 1201, Olympic Street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that the Company anticipates or expects may, or will, occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "allow", "anticipated", "can", "preparing", "estimate", "opportunity", "continue", "expected", "plans", "planned', "projected", "undertake", "will" and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the integration of Steppe Gold and Boroo Gold and the benefits and progress thereof; production of the ATO Gold mine and the Boroo Gold mine; the mobilization of the Hexagon team to the ATO site and timing thereof; the expected services provided by WSP in respect of the ATO site; procurement and construction on the ATO site; commissioning of the ATO Phase 2 Expansion; ESG initiatives of Steppe Gold; timing and receipt of the cash payments by Boroo Pte Ltd. pursuant to the amended and restated share purchase agreements dated July 30, 2024; the Company's operational position, potential, growth, success, commitments and strategy; and the timing, goals, targets, benefits, production and revenue related to the ATO site and Boroo Gold mine.
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of the Company including, without limitation: that the Company will continue to conduct its operations in a manner consistent with past operations; the general continuance of current or, where applicable, assumed industry conditions; and estimates related to the commencement and production of gold.
The Company believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: changes in business plans and strategies, market and capital finance conditions, general economic, market and business conditions; reliance on industry partners; and certain other risks detailed from time to time in the Company's public disclosure documents including, without limitation, those risks identified in this news release, and in the Company's annual information form for the year ended December 31, 2023, copies of which are available on the Company's SEDAR+ profile at www.sedarplus.ca. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225962
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