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Steppe Gold Announces Q1 2023 Financial Results
Ulaanbaatar, Mongolia--(Newsfile Corp. - May 15, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: ...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold Announces Q1 2023 Financial ResultsUlaanbaatar, Mongolia--(Newsfile Corp. - May 15, 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 quarter ended March 31, 2023.HIGHLIGHTS First Quarter Highlights (all figures in US$000's unless stated otherwise)Revenue for the three months ended March 31, 2023, was $9,525 on sales of 5,008 gold ounces and 651 silver ounces with average realized prices per ounce of $1,899 and $19 respectively.Production in the quarter was 6,993 ounces of gold and 19,877 ounces of silver.Operating income from mine operations, before depreciation and depletion was $6,024.Consolidated group adjusted EBITDA after stream payments for the quarter was $2,141. Site AISC was $679 per ounce sold for the quarter.During the three months ended March 31, 2023, 87,362 tonnes of ore were mined and 195,196 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 5.81 g/t. As at March 31, 2023, cash on hand was $1,339; total bank and other debt (excluding convertible debentures) was $9,758 and net debt was $8,419. In January 2023, the Company received a $5,000 working capital loan, due for repayment later in 2023.On February 22, 2023, the Company announced plans to pursue a dual primary listing for its common shares on the Main Board of the Stock Exchange of Hong Kong Limited, anticipated to occur later in 2023.On March 13, 2023, the Company announced the filing of an updated Technical Report in respect of the ATO Project.OutlookThe operational focus for the balance of 2023 will be on maximising production and accelerating stacking rates as we look to bring on the new fixed crusher in the third quarter. The main strategic priority will be to secure commitments for project finance for the Phase 2 Expansion at the ATO Gold Mine.The first quarter of 2023 saw production levels above target while mining activity remained low, as planned, in the prevailing winter conditions.With the recent relaxation of the zero COVID restrictions in China, we have seen an improvement in parts of the China/Mongolia supply chain and this has alleviated some of the bottlenecks in our supply chain. While the border is now largely reopened, critical reagent supply is still restrict...