Business
Steppe Gold Announces Third Quarter Financial Results and October Production Update
Ulaanbaatar, Mongolia--(Newsfile Corp. - November 7, 2022) - Steppe Gold Limited (TSX: STGO) ...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold Announces Third Quarter Financial Results and October Production UpdateUlaanbaatar, Mongolia--(Newsfile Corp. - November 7, 2022) - Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FRA: 2J9) (\"Steppe Gold\" or the \"Company\") is pleased to announce its financial results for the three and nine months ended September 30, 2022.Three and Nine months ended September 30, 2022 - Highlights (all figures in USD rounded unless stated otherwise)Revenue for the three and nine months ended September 30, 2022, was $21,710,000 and $44,404,000 on sales of 11,709 and 23,510 gold ounces respectively.Average realized prices in the third quarter and nine months ended September 30, 2022 per gold ounce of $1,806 and $1,863, reflecting a 5% premium to LME spot paid by MongolBank; per silver ounce $18 and $21 respectively.Operating income from mine operations, before depreciation and depletion for the three and nine months ended September 30, 2022 were $12,656,000 and $25,420,000 respectively.Consolidated group adjusted EBITDA for the three and nine months were $10,478,000 and $19,552,000 respectively, for an EBITDA margin of 48% and 44%, and a margin of 33% and 26% after stream payments.Site All in Sustaining Costs were $738 and $793 per ounce sold respectively for the three and nine months ended September 30, 2022.During the three and nine months ended September 30, 2022, 266,295 and 838,480 tonnes of ore were mined and 230,400 and 660,683 tonnes of ore were stacked on the leach pad respectively with an average gold grade of 1.57 g/t and 1.82 g/t and an average silver grade of 9.02 g/t and 12.87 g/t.As at September 30, 2022, cash and restricted cash amounted to $37,841,000; total bank debt and other debts (excluding convertible debentures and accounts payable and accrued liabilities) was $43,970,000 with net debt was $6,129,000.The new fixed crushing unit installation is now substantially complete. With winter conditions in place the Company has decided to wait until April 2023 to make it operational. This is the first major equipment installation for the Phase 2 Expansion, which will also allow the Company to drive higher crushing rates in the remaining oxide phase.Major work ongoing includes the camp expansion and plant design for the Phase 2 Expansion. The Company expects to make further announcements shortly on the Phase 2 Expansion ...