Business
Steppe Gold Announces 2024 Annual Financial Results
ULAANBAATAR, Mongolia, March 31, 2025 (GLOBE NEWSWIRE) -- Steppe Gold Ltd. (TSX: STGO) (OTC...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold Announces 2024 Annual Financial Results\n\n\n\n ULAANBAATAR, Mongolia, March 31, 2025 (GLOBE NEWSWIRE) --\n \n Steppe Gold Ltd. (TSX: STGO)\n \n\n (OTCQX: STPGF) (FSE: 2J9)\n \n (“\n \n Steppe Gold\n \n ” or the “\n \n Company\n \n ”) is pleased to announce its financial results for the year ended December 31, 2024.\n \n\n Steppe Gold's Chairman and CEO, Bataa Tumur-Ochir, stated, \"2024 has been a year of transformational growth for Steppe Gold as we integrated Boroo Gold LLC’s (“\n \n Boroo Gold\n \n ”) mines and operations.\n \n\n I am pleased to report that our team has achieved a record production milestone of 88,347 ounces of gold and 93,837 ounces of silver on a full-year basis through our combined operations.\n \n\n With a solid foundation and extensive mining expertise, the Boroo Gold team is now leading the core mining operations at both the Boroo Gold and ATO mines. We have also significantly reduced overhead costs and streamlined our management team.\n \n\n Looking ahead to 2025, with signs of a continuing strong gold price environment, this places us in a strong position to restructure and reduce our debt facilities, increase our mining capacity and production via developing high-return assets.\"\n \n\n\n HIGHLIGHTS\n \n\n\n\n Fourth quarter and year ended December 31, 2024 Highlights\n \n\n\n (all figures in US$000’s unless stated otherwise, except per unit figures which are in US$)\n \n\n\n Total Group revenue for the three months and year ended December 31, 2024, amounted to $46,220 and $178,133, on combined sales of 17,567 oz and 78,450 oz of gold, respectively.\n \n\n\n On a combined mine full year 2024 basis, Boroo Gold and Steppe Gold mines produced 88,347 ounces of gold and 93,837 ounces of silver.\n \n\n\n Revenue for Boroo Gold for the three months and year ended December 31, 2024 amounted to $35,999 and $157,978 on sales of 13,728 and 70,842 gold ounces, respectively.\n \n\n Revenue for Steppe Gold for the three months ended December 31, 2024 and the period from August 1, 2024, to December 31, 2024, amounted to $10,221 on sales of 3,839 gold ounces and $20,155 on sales of 7,608 gold ounces.\n \n\n All in Sustaining Costs for the Group were $1,347 and $1,078 for the three months and year ended December 31, 2024.\n \n\n Average re...