Steppe Gold Announces 2023 Annual Financial Results

Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (" Steppe Gold " or the " Company ") is pleased to announce its financial results for the year ended December 31, 2023.

HIGHLIGHTS

Fourth quarter and year ended December 31, 2023 Highlights

(all figures in US$000's unless stated otherwise, except per unit figures which are in US$)

Revenue for the three months and year ended December 31, 2023 amounted to $14,677 and $54,239 on sales of 7,242 and 27,050 gold ounces and 17,673 and 71,367 silver ounces, respectively.
Average realized prices for the three months and year ended December 31, 2023 were $1,977 and $1,948 per gold ounce and $20 and $21 per silver ounce, respectively.
Operating income from mine operations before depreciation and depletion for the three months and year ended December 31, 2023 was $7,906 and $31,606, respectively.
Adjusted EBITDA after stream payments for the three months and year ended December 31, 2023 was $2,639 and $11,297, respectively.
Site All in Sustaining Costs were $984 and $839 per ounce sold respectively for the three months and year ended December 31, 2023. All in Sustaining Cost was $1,281 and $1,140 per ounce sold for the three months and year ended December 31, 2023, respectively.
During the three months and year ended December 31, 2023, 244,501 and 726,059 tonnes of ore were mined and 207,943 and 913,343 tonnes of ore were stacked on the leach pad, respectively, with an average gold grade of 0.87 g/t and 0.86 g/t, respectively, and an average silver grade of 4.93 g/t and 4.24 g/t, respectively.
As at December 31, 2023, the cash balance was $6,034 (including $28 recorded in ‘disposal group held for sale'); total bank debt, payables and other debts (including liabilities of $959 recorded in ‘disposal group held for sale', but excluding convertible debentures and stream arrangements) was $23,150 with net debt of $17,116.
On May 11, 2023, the Company completed a private placement of 11,000,000 common shares resulted in $9,020 cash being raised.
On March 21, 2024, the Company announced that it had entered into an amended and restated gold prepay agreement of US$5 million.

The acquisition of Anacortes Mining Corp. (" Anacortes ") was completed on June 28, 2023. As a result, a further 19,437,948 common shares were issued to Anacortes shareholders and a further 924,654 common shares were issued to the advisors to the transaction.
On August 22, 2023, the Company announced the filing of a technical report in respect of its 100% owned Tres Cruces Gold Oxide Project located in Peru (the " Tres Cruces Project ").
On July 11, 2023, the Company announced it had signed a binding term sheet with Trade and Development Bank of Mongolia and affiliated entities for $150,000 in financing to fully fund the construction and completion of the Phase 2 Expansion at the ATO Gold Mine (the " Phase 2 Expansion "). The terms of the financing comprise three tranches of $50,000 each for a total of $150,000, expected to be funded in line with the planned construction phase of the Phase 2 Expansion. On August 30, 2023, the Company signed a loan agreement for the first tranche of $50,000 and, on October 9, 2023, made its first draw down of $9,600. The second draw down of $40,400 from the project finance package was funded on March 20, 2024, with a total of $50,000 now drawn from the first tranche of the $150,000 project finance package since October 2023.
On January 9, 2024, the Company announced that it had entered into a turnkey engineering, procurement and construction contract (the " EPC Contract ") with Hexagon Build Engineering LLC (" Hexagon Build ") for the Phase 2 Expansion.
An announcement was made on March 26, 2024 providing further details regarding the EPC Contract and the Phase 2 Expansion, with a payment of $37,000 made towards the Phase 2 Expansion, to include funding for procurement of major long lead items, mobilization costs, early construction works and foundational work. The major long lead items include the flotations cells, grinding mills, cluster cyclones, thickener units, filters and pumping systems.
The Phase 2 Expansion is proceeding according to projected timelines and budgets, with commissioning planned for Q1 2026.
On January 22, 2024, the Company announced that it had entered into a binding term sheet (the " Term Sheet ") pursuant to which Steppe Gold, either directly or through a wholly-owned subsidiary, will acquire all of the issued and outstanding common shares of Boroo Gold LLC (" Boroo Gold ") in an all-share transaction. The Term Sheet also provides Boroo Pte Ltd., or one of its affiliates, the first right to acquire the Tres Cruces Project at fair market value following the completion of the transaction.

Outlook

With the landmark financing package secured and the first tranche of $50,000 fully drawn down, the Company's main operational focus is execution of development of the Phase 2 Expansion with its EPC partners at Hexagon Build.

This will involve acceleration of the ordering of long lead items, commencement of early construction and foundational works and mobilization to site by Hexagon Build.

The potential acquisition of Boroo Gold is proceeding well with the due diligence process now in the latter stages. The Company is also in negotiations regarding the sale of the Tres Cruces Project.

The Company's consolidated financial results for the year ended December 31, 2023 have been filed on SEDAR+. The full version of the annual consolidated financial statements and associated management's discussion & analysis can be viewed on the Company's website at www.steppegold.com or under the Company's profile on SEDAR + at www.sedarplus.ca .

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 Chief Financial Officer

Shangri-La office, Suite 1201, Olympic Street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914

Non-IFRS Performance Measures

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as adjusted earnings before interest, taxes, depreciation and amortization. Further details of Non-IFRS Performance Measures noted above can be found in the Company's management's discussion & analysis.

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 "continued", "focus", "scheduled", "will", "potential", "planned" and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: trading of the Company's common shares and business; economic, and political conditions in Mongolia and Peru; and discussion of future plans, projections, objectives, estimates and forecasts and the timing related thereto, including with respect to the ATO Gold Mine, the Phase 2 Expansion, the EPC Contract, the Boroo Gold transaction and the sale of the Tres Cruces Project.

The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of the Company including, without limitation: exercise of any termination rights under the Term Sheet; the negotiation of definitive agreements in respect of the acquisition of Boroo Gold and the sale of the Tres Cruces Project; material adverse effects on the business, properties and assets of the Company; changes in business plans and strategies; market and capital finance conditions; risks inherent to any capital financing transactions; changes in world commodity markets; currency fluctuations; costs and supply of materials relevant to the mining industry; change in government; and changes to regulations affecting the mining industry.

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 world commodity markets, equity markets, costs and supply of materials relevant to the mining industry; changes in government; changes to regulations affecting the mining industry; 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 dated April 1, 2024, 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 obligation 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.

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Steppe Gold STGO:CA TSX:STGO Precious Metals Investing

STGO:CA

Stonegate Capital Partners Updates Coverage on Steppe Gold Ltd. Q1 2024

Steppe Gold Ltd. (TSX: STGO): Stonegate Capital Partners Updates Coverage on Steppe Gold Ltd. (TSX: STGO).

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

Boroo Gold acquisition expected to be approved in June of 2024
Tres Cruces sale expected to close in 3Q24
First tranche of Phase 2 Expansion funding is drawn to order long lead items and fund early construction

Click image above to view full announcement.

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Steppe Gold Announces Executive Changes

Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") announces today that Aneel Waraich has resigned as a director and executive vice president of the Company and Greg Wood has resigned as Chief Operating Officer of the Company, each effective March 28, 2024, and the board of directors has accepted their resignations. The Company would like to thank Mr. Wood and Mr. Waraich for their contributions and wishes them every success in their future endeavors.

In connection with Mr. Waraich's resignation, Steppe Gold has issued an aggregate of 1,250,000 common shares of the Company at a deemed price of $0.77 per share, in addition to a cash payment of US$100,000, to settle all amounts owing by Steppe Gold to Mr. Waraich (the "Waraich Settlement Transaction"). The Toronto Stock Exchange has not approved the Waraich Settlement Transaction at this time. The common shares issued to Mr. Waraich are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation, and such further restrictions as apply under foreign securities laws.

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Element79 Gold Corp Provides Update on Chachas Community Charter and Revenue Generation, M&A Activities

(TheNewswire)

Vancouver, BC June 25, 2024 Element79 Gold Corp (CSE: ELEM, OTC: ELMGF, FSE: 7YS0), Hereinafter ("Element 79 Gold", the "Company") a mining company focused on gold and silver committed to maximizing shareholder value through responsible mining practices and sustainable development of its projects, is excited to provide the following updates about the social and business engagement in Chachas as well as highlight additional revenue-generating business underway.

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PROSPECT RIDGE ANNOUNCES FINAL CLOSING OF ITS OVERSUBSCRIBED PRIVATE PLACEMENT

Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce that it has closed the final tranche of its non-brokered private placement of $0.16 units (" NFT Units ") and $0.18 flow-through units (" FT Units ") announced May 29, 2024 and June 14, 2024 respectively, (see news releases for details). The final tranche consists of 2,912,500 NFT Units for gross proceeds of $466,000 plus an additional 7,717,441 FT Units for gross proceeds of $1,389,139.38 .

In total, the Company has raised aggregate gross proceeds of $5,218,847.24 , comprised of $2,860,520 in NFT Units plus an additional $2,358,327.24 in FT Units.

CEO Mike Iverson commented, "We are incredibly grateful to everyone who has supported us during this financing round. Your trust and confidence in Prospect Ridge Resources is deeply appreciated. We look forward to delivering on our promises and working diligently to create value for all our shareholders. Your belief in our vision fuels our commitment to achieving significant results during our upcoming drill program."

In connection with the final tranche, the Company paid aggregate finder fees of $100,801.38 in cash, 73,062 finder warrants having the same terms as the NFT Unit warrants (exercisable at $0.25 ) and 495,063 finder warrants having the same terms as the FT Unit warrants (exercisable at $0.30 ). All securities issued in the final tranche are subject to a statutory hold period expiring on November 25, 2024 . The final tranche and associated finder fees are subject to final Exchange acceptance.

Insiders of the Company purchased an aggregate of 312,500 NFT Units ($50,000) and 27,777 FT Units ($4,999.86) , representing approximately 10.7% and 0.36%, respectively, of the NFT Units and FT Units issued in the final tranche. The common shares so acquired by insiders represent approximately 0.41% of the issued and outstanding common shares upon closing, and together with the common shares issuable on exercise of the warrants so acquired by insiders would constitute an aggregate number of common shares representing approximately 0.61% of the then issued and outstanding shares as of closing.

The participation by insiders constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and (b), and 5.7(1)(a), respectively, of MI 61-101 on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the transaction exceeds 25% of the Company's market capitalization as calculated in accordance with MI 61-101, and/or on the basis that no securities of the Company are listed or quoted on a stock exchange as specified in MI 61-101.

Use of Proceeds of the Offering

The gross proceeds of the NFT Placement will be used to fund exploration expenditures on the Knauss Creek Property and Holy Grail Property (the " Properties "), corporate development and general working capital, while the gross proceeds of the FT Placement will be used to fund exploration expenditures on the Properties and other Canadian Exploration Expenses that will qualify as "flow-through mining expenditures" as defined in subsection 127(9) of the Income Tax Act ( Canada ), and "BC flow-through mining expenditures", as defined in the Income Tax Act ( British Columbia ).

About Prospect Ridge Resources Corp.

Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold exploration. Prospect Ridge's management and technical team cumulate over 100 years of mineral exploration experience and believes the Knauss Creek and the Holy Grail properties to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as " intends " or " anticipates" , or variations of such words and phrases or statements that certain actions, events or results " may", " could ", " should ", " would " or " occur " . This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, positive exploration results at the Knauss Creek and Holy Grail projects and the Company's use of proceeds from the Private Placement. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that future exploration results at the Knauss Creek and Holy Grail projects will not be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Knauss Creek and Holy Grail projects will be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

View original content to download multimedia: https://www.prnewswire.com/news-releases/prospect-ridge-announces-final-closing-of-its-oversubscribed-private-placement-302206337.html

SOURCE Prospect Ridge Resources Corp.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/25/c3787.html

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Silver Crown Royalties Goes Public on Cboe Canada

Cboe Canada Inc. ("Cboe Canada") is excited to announce the public markets debut of Silver Crown Royalties Inc. ("Silver Crown" or "SCRI"), a revenue-generating silver-only royalty company headquartered in Toronto. The company is now trading on Cboe Canada under the symbol SCRI .

Silver Crown unlocks previously unrecognized value by offering existing mining companies an up-front payment in exchange for the rights to revenues generated from the byproduct silver they mine. Silver Crown currently receives royalties from two mines, with another projected to begin producing revenues for Silver Crown in 2025, pending successful closing of the definitive agreement.

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Horizon Minerals Limited Group Mineral Resources Statement

Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to provide an updated Mineral Resource Statement for the Company's gold projects located near Kalgoorlie-Boulder in the heart of the Western Australian goldfields (Figure 1*). In addition, following the merger with Greenstone Resources, the Company has also added the Burbanks, Phillips Find and 50% owned Mt Thirsty projects to the Company's resources.

Following the successful completion of the merger between Horizon Minerals Limited and Greenstone Resources Limited (formerly ASX-GSR), additional resource model work and reviews, the Company is pleased to provide a consolidated statement of group Mineral Resources as of 30 June 2024.

HIGHLIGHTS

- Mineral Resources currently stand at:

o 1.8Moz gold
o 20.2Moz silver, 104kt zinc
o 283kt nickel, 40.5kt cobalt and 296.2kt manganese (50% owned)

- Mineral Resources are underpinned by the large cornerstone Boorara and Burbanks assets

- Updated Mineral Resource Estimates (MRE) include a maiden MRE for Pinner, an update for Monument and a revision for Boorara which is currently under an Ore Reserve Study (ORS) from AMC Consultants

- Changes to the gold MREs include:

o Addition of 297,650oz from Burbanks open pit
o Addition of 167,920oz from Burbanks underground
o Addition of 13,000oz from Pinner
o Addition of 3,000oz from Monument, and
o Reduction of 20,240oz from Boorara

- Large Mineral Resource base and ongoing studies pave the way for a development profile aiming at sustained gold production and continuous cashflows

Commenting on the Group MRE upgrade, Managing Director and CEO Mr Grant Haywood said:

"It is very pleasing to have the Burbanks and Phillips Find assets under single ownership with Horizon's complementary and extensive project base. Together this provides 1.8 million ounce gold portfolio, which is a great platform to implement our near term strategy of cashflow from operations and further growth into the medium and long term".

The gold MREs include an updated Monument MRE and a maiden MRE for Pinner, both part of the larger Cannon project area, and a review of the cornerstone Boorara project. A summary of the revised MREs are as follows:

- Monument 740,000t grading 1.18g/t Au for 28,000oz at a 0.5g/t Au cut-off grade

- Pinner 330,000t grading 1.21g/t Au for 12,844oz at a 0.5g/t Au cut-off grade

- Boorara 10.53Mt grading at 1.27g/t Au for 428,000oz at a 0.5g/t Au cut-off grade

Cannon, Monument and Pinner Project Overview

The Cannon deposit (Figure 1*) is located 30 km east-southeast of Kalgoorlie in the Eastern Goldfields region of Western Australia on granted mining leases M25/333 and M25/357. The Cannon mine and surrounding area is dominated by mafic to ultramafic rocks of the Bulong Complex overlain by a sequence of felsic volcanics, volcaniclastics and sediments. Lithologies present include komatiitic mafics and ultramafics, peridotites, basalts and gabbros. Sedimentary rocks include shales and cherts with rare, banded iron formation. The geological structure is complex and dominated by the Cannon shear which is recognised as a key ingredient for local gold and possibly nickel sulphide mineralisation.

The gold mineralisation at the adjacent Pinner deposit is similar to Cannon and consists small pods of semi-continuous mineralisation with three dominant directions that highlight the structural complexity observed at Pinner. The dominant lodes trend SW/NE, N/S, and E/W with cross cutting faults influencing the geometry.

Gold mineralisation within the Monument deposit consists of two main zones oriented NNW and NW, dipping steeply to the west. There is some indication of faulting through the centre of the mineralised area.

Boorara Overview

The Boorara Gold Project is located 15 km east of Kalgoorlie-Boulder (Figure 1*) adjacent to the Super Pit, and 1 km southwest of the Nimbus Silver-Zinc Project site where established offices are connected to mains power and existing water supplies.

The deposit is hosted in a quartz dolerite comprising a sheeted quartz vein array system with bounding shear zones and late-stage cross faults. Mineralisation occurs as northwest dipping sheeted and stockwork quartz-carbonate vein arrays within the quartz dolerite host rocks, and steeply dipping zones along sheared geological contacts trending to the north-northwest.

*To view tables and figures with updated mineral estimates, please visit:
https://abnnewswire.net/lnk/181JSBZ2

About Horizon Minerals Limited:

Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.

Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.

Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.

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Rio Silver Completes Agreement with Local Community at Jorimina Project, Peru

Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) is pleased to announce it has finalized a surface access agreement ("the Agreement") with the local Community for a period of one year at the Company's Jorimina Project, an advanced goldsilver project near the city of Ayachucho in south central Peru.

A recently completed Environmental Impact Study and community workshops aided by the President and Council of the local community, represent the final steps of the drill permitting application process and allow for the initiation of activities at this highly prospective, bulk tonnage gold and silver target located at the Company's wholly owned, Jorimina, Gold / Silver Project.

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Bataa Tumur-Ochir	(Chairman and Chief Executive Officer)
Tserenbadam Duger	(Chief Operating Officer)
Jeremy South	(SVP and Chief Financial Officer)
Byambatseren Tsogbadrakh	(President & Vice President, Finance)

Steppe Gold Announces 2023 Annual Financial Results

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