Business
Steppe Gold Announces Second Quarter 2023 Financial Results
Ulaanbaatar, Mongolia--(Newsfile Corp. - August 14, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQ...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold Announces Second Quarter 2023 Financial ResultsUlaanbaatar, Mongolia--(Newsfile Corp. - August 14, 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 second quarter ended June 30, 2023.HIGHLIGHTS Second Quarter Highlights (all figures, except per unit amounts, in US$000's unless stated otherwise)Revenue for the three and six months ended June 30, 2023, was $14,272 and $23,797 on gold sales of 6,880 ounces and 11,888 ounces with average realized prices per ounce of $1,971 and $1,935 respectively. Silver sales for the same periods were 29,198 ounces and 29,850 ounces with average realized prices per ounce of $23 and $21 respectively.Operating income from mine operations before depreciation and depletion was $8,770 and $14,794 for the three and six months ended June 30, 2023, respectively.Adjusted EBITDA after stream payments was $2,775 and $4,916 for the three and six months ended June 30, 2023, respectively. Site All in Sustaining Cost was $722 and $718 per ounce sold for the three and six months ended June 30, 2023, respectively. All in Sustaining Cost was $1,081 and $1,089 per ounce sold for the three and six months ended June 30, 2023, respectively. During the six months ended June 30, 2023, 219,863 tonnes of ore were mined, and 458,354 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 6.41 g/t. As at June 30, 2023, cash amounted to $5,705; total bank and other debt was $16,670 and net debt was $10,965 including payables and other liabilities. The Company completed a private placement of 11,000,000 shares resulting in $9,020 cash raised.The acquisition of Anacortes Mining Corp. (\"Anacortes\") was completed on June 28, 2023. As a result, a further 19,473,948 shares were issued to Anacortes shareholders and a further 924,654 shares were issued to the advisors to the transaction.On July 11, 2023, the Company announced it had signed a binding term sheet of $150,000 in financing to fully fund the construction and completion of the Phase 2 Expansion at the ATO Gold Mine (the \"Phase 2 Expansion\"). The terms of the financing comprise three tranches of $50,000 each for a total of $150,000, expected to be funded in line with the planned construction phase...