Business
Steppe Gold Announces Third Quarter 2023 Financial Results
Ulaanbaatar, Mongolia--(Newsfile Corp. - November 14, 2023) - Steppe Gold Ltd. (TSX: STGO) (OT...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold Announces Third Quarter 2023 Financial ResultsUlaanbaatar, Mongolia--(Newsfile Corp. - November 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 third quarter ended September 30, 2023.HIGHLIGHTS Third quarter and nine months ended September 30, 2023 Highlights (all figures in US$000's unless stated otherwise, except per unit figures which are in US$)Revenue for the three and nine months ended September 30, 2023, amounted to $15,765 and $39,562 on sales of 7,920 and 19,809 gold ounces, and 23,845 and 53,694 silver ounces, respectively.Average realized prices for the three and nine months ended September 30, 2023 were $1,933 and $1,922 per gold ounce and $22 and $22 per silver ounce, respectively.Operating income from mine operations, before depreciation and depletion for the three and nine months ended September 30, 2023 was $8,906 and $23,700 respectively.Adjusted EBITDA after stream payments for the three and nine months ended September 30, 2023, was $3,550 and $8,466, respectively.Site All in Sustaining Costs were $856 and $786 per ounce sold respectively for the three and nine months ended September 30, 2023. All in Sustaining Cost was $1,078 and $1,085 per ounce sold for the three and nine months ended September 30, 2023, respectively. During the three and nine months ended September 30, 2023, 261,696 and 481,559 tonnes of ore were mined and 247,046 and 705,400 tonnes of ore were stacked on the leach pad, respectively with an average gold grade of 0.72 g/t and 0.86 g/t, respectively, and an average silver grade of 6.03 g/t and 5.17 g/t, respectively. As at September 30, 2023, cash amounted to $2,814; total bank debt and other debts (excluding convertible debentures and stream arrangements) was $15,921 with net debt of $13,107. The Private Placement of 11,000,000 common shares resulted in $9,020 cash being raised.The acquisition of Anacortes Mining Corp. (\"Anacortes\") was completed on June 28, 2023. As a result, a further 19,437,948 common shares were issued to Anacortes shareholders and a further 924,654 common shares were issued to the advisors to the transaction.On July 11, 2023, the Company announced it had signed a binding term sheet with Trade and Development Bank of Mongolia, and affiliated entities...