Business
Steppe Gold Announces Q1 2026 Financial Results
Ulaanbaatar, Mongolia--(Newsfile Corp. - May 14, 2026) - 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--(Newsfile Corp. - May 14, 2026) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (\"Steppe Gold\" or the \"Company\") is pleased to announce its financial results for the quarter ended March 31, 2026. HIGHLIGHTS First quarter ended March 31, 2026 (All amounts are in US dollars, expressed in thousands, unless otherwise indicated, except per unit amounts.) Production and Sales: For the three months ended March 31, 2026, the Company produced 11,719 ounces of gold and sold 10,502 ounces of gold, compared to 19,860 ounces produced and 15,611 ounces sold in the same period in 2025. The decrease was mainly due to planned lower production in accordance with the mine plan and reserve schedule, as well as unplanned plant maintenance during the quarter. Silver production totaled 8,251 ounces, with 2,237 ounces sold during the quarter. Revenue: Revenue for the three months ended March 31, 2026 was $53,180, compared to $32,368 in the same period in 2025. The increase in revenue was primarily attributable to higher gold price, despite lower volume. Pricing: The average realized gold price during the quarter was $5,064 per ounce, compared to $2,000 per ounce in the same period in 2025. The lower average realized gold price during the first quarter of 2025 was due to the Company selling its gold at a fixed price under the forward sales agreement. All sales were at spot prices following the expiry of the forward sales contract in June 2025. Profitability: Adjusted EBITDA was $38,404 for the quarter, compared to $18,370 in the same period in 2025 reflecting stable operating performance supported by higher gold prices. Costs: In the first quarter of 2026, site AISC and total AISC were $1,438 per ounce and $1,668 per ounce, respectively, compared to $844 per ounce and $991 per ounce in the same period in 2025. The increase was mainly due to lower gold ounces sold, reflecting planned lower production in line with the mine plan and reserve schedule, as well as two unplanned maintenance shutdowns totaling 316 hours. Costs were also higher due to stripping activities at the mine site. Inventory: Inventory increased during the first quarter of 2026 by $8,830 compared to the year end December 31, 2025 balance. The increase was primarily attributable to stripping activities carried out at Boroo Gold Mine and there was 1,221...