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Steppe Gold Limited Announces Its Financial Results for the Quarter Ended March 31, 2020
Ulaanbaatar, Mongolia--(Newsfile Corp. - May 15, 2020) -   Steppe Gold Limited (TSX: STGO...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold Limited Announces Its Financial Results for the Quarter Ended March 31, 2020Ulaanbaatar, Mongolia--(Newsfile Corp. - May 15, 2020) -  Steppe Gold Limited (TSX: STGO) (\"Steppe Gold\" or \"the Company\") is extremely pleased to announce its financial results for the quarter ended March 31, 2020.The Company announces that the Company's interim consolidated financial results for the first fiscal quarter ended March 31, 2020 have been filed on SEDAR. The full version of the Condensed Interim Consolidated Financial Statements and Management's Discussion & Analysis can be viewed on the Company's website at www.steppegold.com or under the Company's profile on SEDAR at www.sedar.com. Amounts are expressed in United States dollars unless otherwise noted.HIGHLIGHTSFinancial Results for the Three Months Ended, March 31, 2020On January 20, 2020, the Company's Adsorption-Desorption Recovery (ADR) Plant was fully commissioned by the Professional Inspection Agency of Mongolia and declared ready for use.On January 30, 2020, the Company received funding from the Mongolian National Investment Fund PIF SPV. The fund has subscribed for a 12% two‐year secured convertible debenture of the Company in the principal amount of $3 million.Cash was $1.8 million at March 31, 2020, compared to $0.67 million at December 31, 2019. The increase was primarily due to cash received from financing, offset by cash utilised in operating activities.Subsequent to quarter end the Company commenced its first gold sales and sold a total of 5,233 oz of gold and 1,372 oz of silver in two separate deliveries to the Central Bank of Mongolia. This generated net cash flow before stream obligations of $8.5 million.On April 9, 2020, privately held debentures with a total value of $2,500,000 were converted into 4,807,692 common shares of the Company. Loss from operations for the quarter was $3.9 million ($0.09 per share) compared to a loss of $0.5 million ($0.01 per share) for the quarter ended March 31, 2019.Steppe Gold LimitedSteppe Gold is Mongolia's premier precious metals company.For Further information, please contact:Matthew Wood, Executive ChairmanBataa Tumur-Ochir, CEO and PresidentShangri-La office, Suite 1201, Olympic street19A, Sukhbaatar District 1,Ulaanbaatar 14241, MongoliaTel: +976 7732 1914Cautionary Note Regarding Forward-Looking State...