Steppe Gold Announces 2025 Annual Financial Results

Core Viewpoint - Steppe Gold Ltd. reported strong operational and financial performance for the year ended December 31, 2025, with record revenues and improved financial position [1][2]. Financial Performance - Gold production for the fourth quarter was 29,401 ounces, and for the full year, it was 76,059 ounces [14]. - Gold sales reached 37,337 ounces in the fourth quarter and 75,927 ounces for the full year [14]. - Revenue for the fourth quarter was $160,037 thousand, while for the full year, it totaled $254,130 thousand [14]. - Adjusted EBITDA was $122,369 thousand for the fourth quarter and $173,918 thousand for the full year [14]. - The net income for the fourth quarter was $10,218 thousand, and for the full year, it was $32,760 thousand [14]. - Site all-in sustaining costs (AISC) were $1,044 per ounce for the fourth quarter and $1,215 per ounce for the full year [14]. Financial Position - As of December 31, 2025, the company reported cash of $68,295 thousand and working capital of $107,336 thousand [6]. - The net cash position was $35,169 thousand, with ongoing management of capital structure and engagement with lenders regarding financing arrangements [6]. Operational Developments - The company is advancing the ATO Phase 2 expansion, with engineering, permitting, and infrastructure planning ongoing, and a revised feasibility study expected in the second half of 2026 [7]. - Permitting activities at the Boroo and Ulaanbulag gold mines have supported the extension of mine life based on previously announced reserve estimates [8]. Strategic Focus - The company emphasizes disciplined capital allocation, prudent liquidity management, and maintaining operational stability during the transition period [4].