Business
Steppe Gold Sees Continued Strong Cash Flow in Third Quarter
Ulaanbaatar, Mongolia--(Newsfile Corp. - November 16, 2020) - Steppe Gold Limited (TSX: STGO)...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold Sees Continued Strong Cash Flow in Third QuarterUlaanbaatar, Mongolia--(Newsfile Corp. - November 16, 2020) - Steppe Gold Limited (TSX: STGO) (\"Steppe Gold\" or the \"Company\") is pleased to announce its financial results for the third quarter ended September 30, 2020. The Company's interim consolidated financial results for the third fiscal quarter ended September 30, 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.Steppe Gold President and CEO, Mr Bataa Tumur-Ochir commented, \"We are pleased to report another strong quarter of production at the ATO Gold Mine with operating cash flow from mine operations of $12.7m, for a total of $24.2m in the approximate 6 months of production year to date. \"Most importantly we are proud to report a zero accident safety record. \"Cash costs remain at market-low levels at $572 per ounce in the third quarter and, with strong gold prices, this is allowing us to build up a solid cash balance, at over $37m currently. \"We now have 1.4m tonnes of ore mined and nearly 1m tonnes stacked on Cells 1 and 2. Construction is complete for the leach pad extensions at Cells 3, 4 and 5. We expect to continue our production trend into the fourth quarter with 35,000 oz of gold projected for the first nine months of mine ramp up and targeting a higher run rate in 2021.\"We are well under way with the development of the fresh rock phase 2 of the ATO project. The Bankable Feasibility Study (\"BFS\") Update and related infrastructure studies are well underway and we are engaging with lenders on the project finance for Phase 2. With a strong cash balance we will look to secure long lead items early in 2021 and we are optimistic we can secure funding soon after the publication of the feasibility study.\"We plan to continue mining and stacking through the winter and look forward to increasing our production run rate from the oxide phase through 2021 and 2022 and a move to fresh rock production starting in 2023.\"Third Quarter Highlights (all figures in US$000s unless stated)Revenue for the quarter was $19,360 on 11,35...