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Steppe Gold Announces Q2 2025 Financial Results; Expiry of Forward Contract; Management and Board Changes
Newsfileยท2025-08-13 11:15

Core Viewpoint - Steppe Gold Ltd. reported strong financial results for Q2 2025, with significant gold production and revenue, while also announcing management and board changes [1][5][10]. Financial Performance - Total Group revenue for Q2 2025 was $32,327, generated from sales of 15,058 ounces of gold, while total revenue for the first half of 2025 reached $64,695 from 30,669 ounces sold [4]. - Average realized gold prices were $2,147 per ounce for Q2 and $2,109 for the first half, influenced by a forward sales contract that expired on June 10, 2025 [4]. - Adjusted EBITDA for Q2 was $17,890 and $36,512 for the first half, with a Site All in Sustaining Cost (AISC) of $1,088 for the first half [4][5]. - The Group reported strong working capital of $141,709 as of June 30, 2025, including high-interest bond investments of $100,388 [4][8]. Production and Operations - Gold production for the first half of 2025 totaled 32,831 ounces, with a slight underperformance at Altan Tsagaan Ovoo due to operational readiness of a new crushing plant [4][5]. - The Group expects all gold production in the second half of 2025 to be sold at spot prices, following the expiration of the forward contract [7][11]. Management and Board Changes - Byambatseren Tsogbadrakh stepped down as a director and President, while Tserenbadam Dugeree continues to oversee operational activities [10][12]. - New Chief Operating Officers for Boroo Gold and Steppe Gold LLC have been appointed, with Purevraash Duzeenyam and Orgodol Togoo taking on these roles [12][13][14]. Future Outlook - The Group anticipates strong operating cash flows in the second half of 2025, supported by high gold prices and the maturity of bond investments [6][11]. - Plans for restructuring debt facilities are underway to align with cash flow from operating mines and upcoming bond maturity [8][19]. - The Group is exploring growth opportunities through organic exploration and potential acquisitions [8][19].