AveragePenny
1 year ago
$STPGF $STGO.C Steppe Gold Ltd to Present at the Emerging Growth Conference on September 7, 2023
https://www.newsfilecorp.com/release/179696
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
Toronto, Ontario--(Newsfile Corp. - September 6, 2023) - 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.
Tomorrow's live, interactive online event will give existing shareholders and the investment community the opportunity to interact with the Company's Executive Vice President & Director, Aneel Waraich, in real time.
Mr. Waraich will be providing a corporate overview and then subsequently open the floor for questions. Please submit your questions in advance to Questions@EmergingGrowth.com or ask your questions during the event and Mr. Waraich will do his best to get through as many of them as possible.
Steppe Gold Ltd. will be presenting at 11:25 - 11:55 am EST, on Thursday, September 7, 2023 for 30 minutes.
Please register here to ensure you are able to attend the conference and receive any updates that are released: https://bit.ly/3Z9pFcY.
If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on EmergingGrowth.com and on the Emerging Growth YouTube Channel, http://www.YouTube.com/EmergingGrowthConference. We will release a link to that after the event.
AveragePenny
1 year ago
$STPGF Steppe Gold Issues Inaugural ESG Report
https://www.newsfilecorp.com/release/178351
Ulaanbaatar, Mongolia--(Newsfile Corp. - August 24, 2023) - 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.
Steppe Gold Chairman and CEO, Mr. Bataa Tumur-Ochir, noted, "I am delighted to present our inaugural ESG report, encompassing the period from 2018 to 2022. As our vision is to create long-lasting value for all stakeholders, promote social and economic development in our local community, and responsibly manage our impact on the environment, I am proud to say that Steppe Gold has been committed to social responsibility to ensure our mines and communities are sustainable and profitable for many years to come."
AveragePenny
1 year ago
$STPGF $STGO Steppe Gold Files Updated Preliminary Economic Assessment for the Tres Cruces Oxide Gold Project
https://www.globenewswire.com/news-release/2023/08/21/2729084/0/en/Steppe-Gold-Files-Updated-Preliminary-Economic-Assessment-for-the-Tres-Cruces-Oxide-Gold-Project.html
ULAANBAATAR, Mongolia, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (“Steppe Gold” or the “Company”) is pleased to announce the filing of an updated preliminary economic assessment (the “Technical Report”) regarding its 100% owned Tres Cruces Oxide Gold Project located in Peru (“Tres Cruces”).
Chairman and CEO of Steppe Gold, Bataa Tumur-Ochir commented, “We are delighted to announce this updated technical study for the Tres Cruces project. Tres Cruces is strategically located in a highly prospective geological belt that hosts the Lagunas Norte and La Arena mines, both with multi-million ounce gold production. The Tres Cruces deposit contains oxide plus sulphide indicated resources of 2,474,000 ounces with a grade of 1.65 g/t gold, inclusive of 630,000 ounces contained within leachable gold oxide mineralization with a grade of 1.28 g/t gold. Located in the La Libertad, Peru, surrounded by operating mines with the attendant infrastructure and talent pool, this asset shows great potential as a new production zone for Steppe Gold. We are excited with the strong economics confirmed by recent drilling and metallurgical testing, as well as the exploration potential across the license area.”
TECHNICAL REPORT HIGHLIGHTS
Infill drilling completed in 2022 confirmed continuity of mineralization.
Metallurgical test work returned average recoveries of 82% Au, confirming design assumptions.
Construction costs escalated 4.5% based on market data to reflect inflationary pressures.
The initial capital expenditure estimate increased by $6 million to $131 million driven by equipment and labor costs.
Operating costs rose 3.6% due to consumables, reagents, contract mining services.
Life of mine operational expenditure estimate is now $297 million, up 3.6% from the Prelimary Economic Assessment dated effective March 14, 2022.
Operational expenditure per tonne processed is now estimated at $19.93/t.
At $1700/oz gold, the after-tax net present value is $158 million with 30.9% IRR.
Despite the cost increases, the project economics remain robust with significant upside potential.
Mine schedule unchanged with Phase 1 focused on maximizing value from the oxide gold cap.
Experienced team continues to systematically advance the oxide project.
Significant exploration potential remains with mineralization open at depth.
AveragePenny
1 year ago
$STPGF $STGO Steppe Gold Announces Second Quarter 2023 Financial Results
https://www.newsfilecorp.com/release/177083
Ulaanbaatar, Mongolia--(Newsfile Corp. - August 14, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce its financial results for the the second quarter ended June 30, 2023.
HIGHLIGHTS
Second Quarter Highlights (all figures, except per unit amounts, in US$000's unless stated otherwise)
Revenue for the three and six months ended June 30, 2023, was $14,272 and $23,797 on gold sales of 6,880 ounces and 11,888 ounces with average realized prices per ounce of $1,971 and $1,935 respectively. Silver sales for the same periods were 29,198 ounces and 29,850 ounces with average realized prices per ounce of $23 and $21 respectively.
Operating income from mine operations before depreciation and depletion was $8,770 and $14,794 for the three and six months ended June 30, 2023, respectively.
Adjusted EBITDA after stream payments was $2,775 and $4,916 for the three and six months ended June 30, 2023, respectively.
Site All in Sustaining Cost was $722 and $718 per ounce sold for the three and six months ended June 30, 2023, respectively.
All in Sustaining Cost was $1,081 and $1,089 per ounce sold for the three and six months ended June 30, 2023, respectively.
During the six months ended June 30, 2023, 219,863 tonnes of ore were mined, and 458,354 tonnes of ore were stacked on the leach pad with an average gold grade of 0.94 g/t and an average silver grade of 6.41 g/t.
As at June 30, 2023, cash amounted to $5,705; total bank and other debt was $16,670 and net debt was $10,965 including payables and other liabilities.
The Company completed a private placement of 11,000,000 shares resulting in $9,020 cash raised.
The acquisition of Anacortes Mining Corp. ("Anacortes") was completed on June 28, 2023. As a result, a further 19,473,948 shares were issued to Anacortes shareholders and a further 924,654 shares were issued to the advisors to the transaction.
On July 11, 2023, the Company announced it had signed a binding term sheet of $150,000 in financing to fully fund the construction and completion of the Phase 2 Expansion at the ATO Gold Mine (the "Phase 2 Expansion"). The terms of the financing comprise three tranches of $50,000 each for a total of $150,000, expected to be funded in line with the planned construction phase of the Phase 2 Expansion.
The Company is actively working on the engineering, procurement and construction ("EPC") arrangements for the Phase 2 Expansion. Construction and installation of the new fixed crushing unit is expected to be completed by fourth quarter 2023. Camp design is complete and the design phase for the major capital expenditure work is underway.
Outlook
With the Phase 2 Expansion financing announced on July 11, the focus for the Company now turns to finalizing EPC arrangements and the start to deployment of capital. Funds from the initial tranche of funding of $50m are expected to be available later in August. The Company anticipates to make a full announcement by September 2023 on the EPC arrangements.
Work is ongoing with the EPC contractor on plant design, capital expenditure review and updates and contract schedules. With the crusher installation now complete, the Company expects to complete power supply plans and commission the unit later in 2023. Camp design and expansion is already underway.
With funds from the recent private placement, the Company is also reinvigorating its exploration and development programs in Mongolia. The Company has conducted numerous site visits to license areas close to the ATO Gold Mine for potential cooperation, partnership and acquisitions.
Work continues on the recently acquired, highly prospective Tres Cruces project. The Company plans to release an update of the March 2022 preliminary economic assessment shortly and is conducting a review of source geological data as it looks to develop a plan for advancing this project, in consultation with local communities, and a revamped future drill program.
The Company's consolidated financial results for the quarter ended June 30, 2023 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.sedarplus.ca.
AveragePenny
1 year ago
$STPGF $STGO.V Steppe Gold Signs Binding Term Sheet for US$150 Million to Fully Fund the Phase 2 Expansion at the ATO Gold Mine
https://www.newsfilecorp.com/release/173065
Ulaanbaatar, Mongolia--(Newsfile Corp. - July 11, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is very pleased to announce it has signed a binding term sheet (the "Term Sheet") to provide up to US$150 million in financing to fully fund the construction and completion of the Phase 2 Expansion at the ATO Gold Mine (the "Phase 2 Expansion").
ATO Phase 2 Expansion Highlights:
US$150 million fully funded to finance the Phase 2 Expansion of the ATO Gold Mine.
Initial funding of US$50 million loan approved to order equipment and long lead items.
The financing payback period starts upon completion of Phase 2 Expansion.
First concentrate production and sales from Phase 2 is anticipated in 2025.
Construction has commenced with the crushing circuit at 90% completion.
The EPC selection process is well advanced, with final negotiations on timelines.
Fresh rock mine expansion life is 12 years, extending open pit mining and milling operations to December 2036.
The open pit model demonstrates the fresh rock phase generating 1,237,000oz Au Eq recovered over 12 years, at an average Au Eq oz of 103,000oz per annum.
Total gross revenue over the next 14 years is anticipated to be US$2.2 billion, including the current oxide phase.
Approximately 300 new jobs will be created during the construction and operation phases.
Project is fully supported by local communities and all stakeholders.
The Government of Mongolia fully supports mining and industrial export revenues into the country.
This significant milestone is the culmination of two years of collaborative efforts with our key stakeholders in Mongolia as we successfully move forward with the Phase 2 expansion. Since our listing in 2018, the Company has been dedicated to establishing a strong social license for our sustainable mining project, aiming to create lasting value for the people of Dornod and Mongolia. The secured financing will spur employment and investment during the upcoming construction phase and sustain these benefits until at least 2036.
Recognizing the untapped economic potential within the expansive +5,500-hectare license area, the Company remains committed to an active exploration program to fully leverage its value.
The terms of the financing comprise three tranches of US$50 million each for a total of US$150 million, to be funded in line with the planned construction phase of the Phase 2 Expansion.
Financing Details
US$50 million term loan from the Trade and Development Bank of Mongolia ("TDB"). The Bank Loan will have a term of four years at an interest rate of 13.4% with flexible prepayment conditions.
Senior Secured Credit Facility for US$50 million comprised of a senior secured non-revolving amortizing loan (the "EPC Loan Facility").
Term of 60 months
Repayments commencing 35 months from the Closing Date
Funded in tranches commencing in January 2024
Interest rate of 12% per annum
Senior Secured Gold Linked loan for US$50 million (the "Gold Linked Loan")
Subject to market conditions and equity markets, the Company has negotiated a Gold Linked Loan with fixed repayment terms.
Repayments commencing from approximately January 1, 2026, which assumes first concentrate production in mid-2025.
Gold-linked loan repayment over five years based on concentrate production with a final payment of US$40 million.
Warrants with a $1.50 strike price to be issued on drawdown under the Gold Linked Credit Agreement, subject to approval of the Toronto Stock Exchange (the "TSX").
Conditions and Next Steps
The parties will move to definitive loan documentation, with funding in tranches over the next 9 - 12 months. The TDB Bank Loan will likely be funded starting in July.
The lenders' obligations to advance any loan proceeds shall be subject to the satisfaction of customary advance and release conditions for a project financing of this nature.
Financial covenants will be customary for a financing of this nature.
Steppe Gold is in discussions with Triple Flag Mine Finance, and Triple Flag has expressed their support in principle for the Phase 2 financing, and welcomes partnering with TDB on the Phase 2 Expansion.
Steppe Gold Chairman and CEO, Mr. Bataa Tumur-Ochir commented, "This is a significant milestone for Steppe Gold and secures the future of the ATO Gold mine for the next 14 years. It has been a challenging yet rewarding 5 years since we listed on the TSX, and the Company has been working towards unlocking the full potential of the ATO Gold Mine through the Phase 2 expansion. Most importantly, it allows the Company to move forward with all our stakeholders in Mongolia with a long-term and sustainable project in the region, with secure employment opportunities and positive economic outcomes."
Steppe Gold Chairman and CEO, Mr. Bataa Tumur-Ochir expressed immense pride in this collaboration with TDB, its long-time banking partner and extended his gratitude to the entire TDB Group for their partnership and unwavering support in realizing their vision of developing Mongolia's mining industry and boosting export revenues for the country.
The secured funding package will enable Steppe Gold to expedite the Phase 2 Expansion with confidence, ensuring that their objective of initiating concentrate sales in 2025 is met. During the construction phase of the expansion, the Company will maintain its production of gold and silver from the current oxide phase for a period of three years.
Jeremy South, Steppe Gold Senior Vice President and Chief Financial Officer noted, "We are very pleased to have reached agreement on a competitive lending package in a very difficult market for mine development financing. It underscores the strong fundamentals of the ATO Gold Mine and it represents a strong vote of confidence in Mongolia and in the Steppe Gold team. Importantly, it builds in flexibility in debt service and aligns the repayment schedule with the project cash flows, as well as limiting dilution in tough equity markets."
Goh Way Chuan, Director of TDB Capital commented, "We are delighted to announce the extension of our long-standing partnership with Steppe Gold. The team at Steppe Gold has delivered on its promises and we are excited to partner with them on the Phase 2 Expansion with a flexible capital solution that matches risk and reward."
Shaun Usmar, CEO of Triple Flag Mine Finance also commented, "As a founder investor in Steppe Gold and one of our initial stream partners, we congratulate Steppe Gold on this landmark financing for the Phase 2 Expansion at the ATO Gold Mine. We are excited to partner with TDB and Steppe Gold as they embark on this significant project."
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