Steppe Gold Announces Corporate Update, Strong Fourth Quarter Production

Core Viewpoint - Steppe Gold Ltd. has provided a corporate update highlighting increased gold production and sales, along with significant financial agreements including a bond extension and a royalty buyback option agreement [1][2][3]. Production and Sales - In the fourth quarter of 2025, Steppe Gold produced 29,280 ounces of gold, exceeding the updated guidance of 23,000 ounces [2] - The unaudited gold sales for the same quarter were 37,357 ounces, leading to a total unaudited production and sales of approximately 76,000 ounces for the full year [2] Bond Extension - Steppe Gold's subsidiary, Boroo Gold LLC, has agreed to extend the maturity date of outstanding intercompany bonds from December 31, 2025, to December 31, 2026 [3] - The Board of Directors unanimously determined that this bond extension is in the best interest of the Company, based on recommendations from a special committee of independent directors [3][8] Terms of Bond Amendment - The bond amendment maintains all existing terms and conditions, with no changes to outstanding principal amounts, interest rates, or accrued interest [4] - The bond extension is classified as a "related party transaction" under Multilateral Instrument 61-101, with Steppe Gold relying on exemptions from formal valuation and minority approval requirements [5][10] Royalty Buyback Option Agreement - Steppe Gold has entered into a royalty buyback option agreement with Boroo Singapore regarding the Alturas gold project in Chile [6] - The agreement grants Steppe Gold a call option to repurchase a 0.25% net smelter return royalty, which can be exercised during a 30-day period starting November 7, 2029, for a payment of US$7.5 million [7][8] Related Party Transaction - The royalty buyback option agreement is also considered a "related party transaction" under Multilateral Instrument 61-101, with Steppe Gold again relying on exemptions from formal valuation and minority approval requirements [9][10]