Steppe Gold Announces Q1 2022 Financial Results

Steppe Gold Announces Q1 2022 Financial Results

Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce its financial results for the three months ended March 31, 2022, following recent positive operational updates.

First Quarter Highlights (all figures in US$000's unless stated otherwise)

  • Revenue for the three months ended March 31, 2022, was $5,457 on sales of 2,893 gold ounces and 248 silver ounces with average realized prices per ounce of $1,850 and $24 respectively.

  • Operating income from mine operations, before depreciation and depletion was $2,814.

  • Consolidated group adjusted EBITDA for the quarter was $1,135.

  • During the three months ended March 31, 2022, 69,613 tonnes of ore were mined and 192,680 tonnes of ore were stacked on the leach pad with an average gold grade of 1.83 g/t and an average silver grade of 18.33 g/t.

  • As at March 31, 2022, cash and restricted cash amounted to $59,736; total bank and other debt (excluding convertible debentures) was $70,986 and net debt was $11,250.

  • Progress has been made on the construction and installation of the new fixed crushing unit and it is expected to be operational by summer 2022. This is the first major equipment installation for the fresh rock phase, and it will also allow the Company to drive higher crushing rates in the remaining oxide phase with ample excess capacity in the plant.

Outlook

With the resumption of supply of key reagents in March 2022, and the Compay's recent operational update that highlighted ramped-up production levels, the focus for the balance of 2022 will be to continue to maximize oxide production from the substantial inventories on hand. Production will ramp up gradually as the reagent supplies build up and more cells are under leach. Exploration efforts have identified high grade zinc and lead and further exploration and pit optimisation work in 2022 will be directed at expanding the resource at ATO.

With the 2021 Gold 2 Loan package now in place and production resumed, the Company also plans to move forward with securing the balance of the Phase 2 Expansion project finance.

The Company's consolidated financial results for the three months ended March 31, 2022 have been filed on SEDAR. The full version of the condensed interim 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.sedar.com.

Steppe Gold Limited

Steppe Gold is Mongolia's premier precious metals company.

For Further information, please contact:
Bataa Tumur-Ochir, CEO and President

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

The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include, among other things, statements regarding the trading of the common shares and business, economic, and political conditions in Mongolia. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

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/124123

News Provided by Newsfile via QuoteMedia

STGO:CA
Steppe Gold

Steppe Gold Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Steppe Gold

Steppe Gold


Keep reading...Show less
Steppe Gold Announces Third Quarter 2023 Financial Results

Steppe Gold Announces Third Quarter 2023 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 third quarter ended September 30, 2023.

HIGHLIGHTS

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Steppe Gold Provides Corporate Update - over 100,000 Oz Gold Production

Steppe Gold Provides Corporate Update - over 100,000 Oz Gold Production

Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to provide an operations update.

Highlights: (all $ figures USD unless stated)

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Steppe Gold Starts Drawdowns - US$9.6M from US$150M Phase 2 Project Financing Package

Steppe Gold Starts Drawdowns - US$9.6M from US$150M Phase 2 Project Financing Package

Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to provide an update on the Phase 2 expansion.

Phase 2 Expansion Updates:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Steppe Gold Ltd to Present at the Emerging Growth Conference on September 7, 2023

Steppe Gold Ltd to Present at the Emerging Growth Conference on September 7, 2023

Steppe Gold Ltd. invites individual and institutional investors as well as advisors and analysts, to attend its real-time, interactive presentation at the Emerging Growth Conference

Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce that it has been invited to present at the "Emerging Growth Conference 62" on Thursday, September 7, 2023.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Steppe Gold Issues Inaugural ESG Report

Steppe Gold Issues Inaugural ESG Report

Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce the release of its inaugural Environmental, Social and Governance ("ESG") Report. The report is the Company's first annual disclosure of its approach and performance on a range of material ESG topics as well as the Company's plans and priorities for 2023 and beyond. The report is available on Steppe Gold's website at www.steppegold.com under Sustainability. The Company has also shared a corporate video highlighting its ESG efforts: Steppe Gold - Embracing Sustainable Mining in Mongolia.

Steppe Gold's 2022 ESG Report summarizes its strategy, efforts, and actions for responsible and sustainable operations since 2018. The Report provides enhanced transparency regarding the Company's ESG efforts and approach to managing ESG factors that have the greatest potential to impact Steppe's value and success. Building on the Company's commitment to ongoing transparency and disclosure, the ESG Report has been prepared in alignment with the Sustainability Accounting Standards Board (SASB) Metals & Mining Sustainability Accounting Standard.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Barrick Supports Consolidated Standard for Responsible Mining

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) The Copper Mark, Mining Association of Canada, ICMM and the World Gold Council today announced their intention to work together to consolidate their respective responsible mining standards into one single standard.

Barrick supports this initiative and has been an advocate of this consolidation for many years. "Having one standard for responsible mining will not only provide clear direction on what good should look like but would reduce the complexity that exists with the numerous standards currently in circulation," said Barrick president and chief executive Mark Bristow. "It is also crucial that this standard has multi-stakeholder oversight".

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Cobre Panama Supreme Court Update

Franco-Nevada Corporation (" Franco- Nevada ") (TSX: FNV) (NYSE: FNV) is aware that the Supreme Court of Panama announced this morning that Law 406, the law that approved the revised concession contract for the Cobre Panama mine, is unconstitutional. Franco- Nevada is in communication with its partner First Quantum Minerals Ltd. and will provide further updates as they are available.

Forward- Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995, respectively, which may include, but are not limited to, statements with respect to the impact of the unconstitutionality ruling of the Supreme Court of Panama with respect to Law 406. The outcome of these matters could have a material adverse impact on the revenue Franco-Nevada derives from its streaming arrangements relating to Cobre Panama and on Franco-Nevada's results of operations and financial condition. There can be no assurance that such forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
omar ayales, gold bars

Omar Ayales: Gold Moves in 7 Year Cycles, Next Peak is 2026/2027

Gold is above US$2,000 per ounce once again, and Omar Ayales of Gold Charts R Us thinks higher prices are coming. He's tracking a seven to eight year cycle in gold, and said the next peak is set to occur in 2026 or 2027.

"What this cycle is telling us is not only that gold reaches a bottom every seven years, (but also) that after it reaches a bottom it goes into an 11 year uptrend to reach a high. So every bottom precedes an 11 year move," he explained.

In his view, it's a matter of when — not if — the yellow metal breaks its all-time high.

Keep reading...Show less

Newmont Commences Exchange Offers and Consent Solicitations

Newmont Corporation (Newmont or the Company) announced today, in connection with its acquisition of Newcrest Mining Limited, the commencement of offers to exchange (each, an "Exchange Offer" and, collectively, the "Exchange Offers") any and all outstanding notes (the "Existing Newcrest Notes") issued by Newcrest Finance Pty Limited, a wholly owned subsidiary of Newmont ("Newcrest Finance" and, together with Newmont, the "Issuers"), for (1) up to $1.65 billion aggregate principal amount of new notes to be issued by the Issuers (the "New Newmont Notes") and (2) cash, in each case, as set forth in the table below.

The following table sets forth the Exchange Consideration, the Early Tender Premium and the Total Exchange Consideration for each series of Existing Newcrest Notes:

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Heliostar Metals Announces Updated Mineral Resource Estimate for the Ana Paula Project, Mexico

Heliostar Metals Announces Updated Mineral Resource Estimate for the Ana Paula Project, Mexico

Highlights of the Mineral Resource Estimate:

  • Total measured and indicated mineral resourcesof 710,920 gold ounces grading 6.60 g/t gold

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
gold bars

5 Top Weekly TSXV Stocks: Luminex Rises 50 Percent on Adventus Acquisition News

The S&P/TSX Venture Composite Index (INDEXTSI:JX) saw a slight gain of 1.83 points last week, closing at 532.33.

Statistics Canada reported inflation numbers for October this past Tuesday (November 21). The consumer price index rose 3.1 percent year-on-year, down from 3.8 percent in September. The drop was largely due to lower gas prices, which provided relief to drivers; however, prices for rent, travel and services all increased during the period.

The US labor market remains strong despite the Federal Reserve's attempts to cool the economy with high interest rates. According to a Department of Labor report released last Wednesday (November 22), unemployment claims for the week ended November 19 fell by 24,000 to a seasonally adjusted 209,000, erasing gains from the previous week. The drop surprised economists polled by Reuters, who had expected claims to stay steady at 226,000.

Keep reading...Show less
Steppe Gold

Steppe Gold Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×