Business
Steppe Gold Announces 2022 Annual Financial Results
ULAANBAATAR, Mongolia, March 31, 2023 (GLOBE NEWSWIRE) -- Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (“Steppe Gold” or the “Company”) is pleased to
About this update from Steppe Gold Ltd.
[{"type":"text","content":" ULAANBAATAR, Mongolia, March 31, 2023 (GLOBE NEWSWIRE) -- Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (“Steppe Gold” or the “Company”) is pleased to announce its financial results for the year ended December 31, 2022. HIGHLIGHTS Year Ended December 31, 2022 Highlights (all figures in US$000’s unless stated otherwise and except for per unit amounts which are in US$) Revenue for the year ended December 31, 2022, was $62,366 (December 31, 2021 $24,050) on sales of 33,681 gold ounces (December 31, 2021: 12,899 gold ounces) and 38,740 silver ounces (December 31, 2021: 28,622 silver ounces) with average realized prices per ounce of $1,818 and $20 respectively (December 31, 2021: $1,837 and $24). Operating income from mine operations, before depreciation and depletion was $35,028 (December 31, 2021: $12,435). Adjusted EBITDA after stream payments was $11,927. Site all-in-sustaining-Cost (“AISC”) was $796 per ounce sold for the year ended December 31, 2022. As at December 31, 2022 cash amounted to $2,515 and total bank, other debt and payables were $18,385 for net debt of $15,870. During the year ended December 31, 2022, 958,289 tonnes of ore were mined and 922,051 tonnes of ore were stacked on the leach pad with an average gold grade of 1.82 g/t and an average silver grade of 12.06 g/t. The Company announced on February 21, 2023 the results of technical report of the 100% owned ATO Project in Mongolia comprising a further 1.5 years at the fresh rock expansion (the “Phase 2 Expansion”), for a 12 year aggregate mine life. The results reinforce the Company’s current Phase 2 Expansion plans with construction already underway, and existing permitting and infrastructure in place. The Phase 2 Expansion is scheduled to start with first concentrates in Q1 2025. The life of mine plan includes the ongoing oxide operations which have a further three years to run, for a total of 14 years of mine life, from January 1, 2023. The Company repaid $46,856 on the 2021 Gold 2 Loan from the cash deposit during 2022. The maturity date of the remaining loan balance of $2,838 has been extended to July 28, 2024. In January 2023, the Company reached an agreement for an additional $5,000 for allocation to working capital funded directly from the Trade and Development Bank of Mongolia. The loan maturity date is within 12 months. Fourth Quarter Hig...