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Steppe Gold Announces Q2 2024 Financial Results Board Appointment and 2024 Production Guidance
Ulaanbaatar, Mongolia--(Newsfile Corp. - August 14, 2024) - Steppe Gold Ltd. (TSX: STGO) (OTCQ...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold Announces Q2 2024 Financial Results Board Appointment and 2024 Production GuidanceUlaanbaatar, Mongolia--(Newsfile Corp. - August 14, 2024) - 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 June 30, 2024.The second quarter results shown below do not reflect the impact of the acquisition of Boroo Gold which was completed on August 1, 2024. The impact of the Boroo Gold acquisition and the sale of the Tres Cruces Project will be reflected in the third quarter results. HIGHLIGHTSSecond Quarter Highlights(all figures in US$000's unless stated otherwise, except per unit figures which are in US$)Revenue for the three and six months ended June 30, 2024 amounted to $10,392 and $18,363 on sales of 4,040 and 7,763 gold ounces, and 36,672 and 56,178 silver ounces, respectively.Average realized prices for the three and six months ended June 30, 2024, were $2,318 and $2,191 per gold ounce and $26 and $24 per silver ounce, respectively.Combined gold production for the second half of 2024 is expected to be between 30,000 to 35,000 oz.Operating income from mine operations before depreciation and depletion for the three and six months ended June 30, 2024, were $6,167 and $10,490, respectively.Adjusted EBITDA after stream payments for the three and six months ended June 30, 2024 were $2,337 and $2,027.Site All in Sustaining Costs were $856 and $899 per ounce sold for the three and six months ended June 30, 2024. All in Sustaining Cost was $1,124 and $1,315 per ounce sold for the three and six months ended June 30, 2024. During the six months ended June 30, 2024, 337,236 tonnes of ore were mined and 223,738 tonnes of ore were stacked on the leach pad, with an average gold grade of 0.72 g/t and an average silver grade of 4.28 g/t. As at June 30, 2024, the cash balance was $3,207 (including $30 recorded in assets classified as held for sale); total bank debt, payables and other debts (including liabilities of $87 recorded in assets classified as held for sale, excluding convertible debentures, Stream Agreement, lease liabilities, tax payables and asset retirement obligations was $70,070 with net debt of $66,863.On January 9, 2024 the Company entered into a turnkey engineering, procurement and construction contract with Hexagon Bu...