Steppe Gold Announces Q3 2025 Financial Results

Core Viewpoint - Steppe Gold Ltd. reported strong financial results for the third quarter of 2025, with significant revenue growth driven by gold sales and processing activities, and anticipates continued strong performance in the fourth quarter due to high gold prices and operational improvements [2][3][4]. Financial Performance - Total Group revenue for Q3 2025 was $27,302, generated from sales of 7,988 ounces of gold and 1,475 ounces of silver, along with $2,096 from processing third-party ore [2]. - Pro forma sales for Q3, including finished goods, would total 15,954 ounces of gold, resulting in total revenue of $59,418 [2]. - For the nine months ended September 30, 2025, total Group revenue was $91,997, from the sale of 38,590 ounces of gold and 23,700 ounces of silver [2]. - Adjusted EBITDA for Q3 and the nine months ended September 30, 2025, was $15,595 and $51,793, respectively [2]. Production and Costs - Estimated production for Q4 2025 is 15,000 ounces, with capital expenditures expected to be approximately $12,000 [2]. - Site all-in sustaining costs (AISC) for Q3 and the nine months ended September 30, 2025, were $2,499 and $1,375, respectively [2]. - The increase in AISC during the quarter was primarily due to the timing of gold sales and higher sustaining capital expenditures [2]. Working Capital and Debt Management - As of September 30, 2025, the Group reported strong working capital of $124,497, including high-interest bond investments of $102,085 [2]. - Group net debt was $61,657 after accounting for bond investments, with ongoing efforts to restructure debt facilities and align them with cash flow [2]. Operational Developments - The Group is focusing on maximizing production and cash flows at its producing mines and sourcing more material to extend mine life [5][6]. - The ATO oxide phase is nearly depleted, with limited sales proceeds being allocated to critical operating costs [2]. - The Group is optimistic about expanding its production profile and is reviewing mill expansion opportunities [6]. Future Outlook - The Group is actively pursuing growth in reserves and resources through exploration and potential acquisitions [6]. - Negotiations for the ATO Phase 2 Expansion financing are ongoing, with a revised feasibility study expected to be completed in the second half of 2026 [7][11].