Steppe Gold Ltd. · TSX:STGO
Steppe Gold — Investor Presentation (October 2024)
25 slides from Steppe Gold's investor presentation, October 2024
Slide 1: Mongolia's Leading Precious Metals Company
TSX: STGO I OTCQX: STPGF I WKN: A2JMMP MONGOLIA’S LEADING PRECIOUS METALS COMPANY CORPORATE PRESENTATION OCTOBER 2024 www.steppegold.com
Slide 2: Disclaimer
Steppe Gold - Corporate Presentation / October 2024 Disclaimer TECHNICAL INFORMATION The technical and geoscientific content in this presentation in respect of the ATO Gold Project has been compiled, reviewed and approved by Enkhtuvshin Khishigsuren, Vice President of Exploration of the Company and
Slide 3: Disclaimer
Steppe Gold - Corporate Presentation / October 2024 Disclaimer FORWARD-LOOKING INFORMATION This presentation, together with any supplements and any other information that may be furnished to prospective investors by the Company, includes “forward-looking information” or “forward-looking statements”
Slide 4: Multi-Asset, Low Cost, Emerging Gold Producer
Steppe Gold - Corporate Presentation / October 2024 Multi-Asset, Low Cost, Emerging Gold Producer ATO - Producing & Expanding Boroo Gold - Producing 2 1 Russia UK – Exploration Project Producing Mines Exploration Project Boroo Gold 100% Owned 2.37Moz 3.35Moz Selenge province AuEq P&P AuEq M&I + I Mo
Slide 5: A Success story in Mongolia: Low cost, mining-friendly jurisdiction
Steppe Gold - Corporate Presentation / October 2024 A Success story in Mongolia: Low cost, mining-friendly jurisdiction Uniquely Positioned Why Mongolia? • High-quality assets with upside Untapped Mineral Resources • Low-cost jurisdiction • Exploration licenses 3.3% • Mining licenses 1.2% of Mongoli
Slide 6: Multi-asset producer and Mongolia's fastest-growing gold company
Steppe Gold - Corporate Presentation / October 2024 Multi-asset producer and Mongolia’s fastest-growing gold company Immediate production growth Competitive valuation among peers Strong potential for gold stocks • Gold surges: Over 30% increase in 2024, the best Projected annual production AuEq EV/o
Slide 7: Growing production with low costs and operational efficiency
Steppe Gold - Corporate Presentation / October 2024 Growing production with low costs and operational efficiency Projected annual production AuEq ~140Koz Boroo AuEq ATO AuEq Total AuEq 160 141 139 139 140 129 Annual production with BG and ATO Phase2 113 120 105 96 94 100 86 90 84 91 82 79 82 40 75 7
Slide 8: Over US$3B in Revenue
Steppe Gold - Corporate Presentation / October 2024 Over US$3B in Revenue 2024-2038 Projection ATO & Boroo Annual Revenue (at US$2,300/oz Au) ATO Revenue Boroo Revenue Total Revenue Production (AuEq) 1,469 400 Revenue (US$M) 3,378 321 319 325 EBITDA (US$M) 1,541 296 After-Tax Cash Flow (US$M) 1,012
Slide 9: Strong reserve position and near-term expansion to support growth
Steppe Gold - Corporate Presentation / October 2024 Strong reserve position and near-term expansion to support growth Proven & Probable Reserves Annual Production oz AuEq Calibre 7.59 Calibre 283 Aris 226 Aris 5.49 Karora 160 Orla 2.88 Steppe 2027E 150 Orezone 2.40 Orezone 141 Steppe 2.37 Orla 122 K
Slide 10: Project Sequencing – Reserves Growth Pathway
Steppe Gold - Corporate Presentation / October 2024 Project Sequencing – Reserves Growth Pathway Operating Mines Increases Production & Cash Flow • Boroo Gold (Boroo Mine and Ulaanbulag Mine) • ATO Phase 1 Development Projects • ATO Phase 2 • Boroo Mine Expansion Exploration & Acquisitions Increases
Slide 11: Opportunity for further growth and expansion
Steppe Gold - Corporate Presentation / October 2024 Opportunity for further growth and expansion MUNGU: Potential to expand Mungu pit to include ATO drilled resources At Depth / Mungu ATO: Potential at depth to expand pits or mine from underground ULAANBULAG: BOROO Additional mineralization opportun
Slide 12: Outlook and Near-Term Focus
Steppe Gold - Corporate Presentation / October 2024 Outlook and Near-Term Focus • Combined production in 2024 and 2025 to be between 80K-90Koz • Near-term focus: Maximize production and cash flows, and complete Phase II Expansion • ATO Phase II Expansion construction underway, on-track • Increase ex
Slide 13: ESG Commitment
Steppe Gold - Corporate Presentation / October 2024 ESG Commitment Safety at the Centre Scholarships and financial aid to 1,760 local students Environmental: Social: Governance: • 95% Implementation Score on 2023 Environmental • Community Relations is at the core of Steppe’s operating • Regularly li
Slide 14: Management Team and Board
Steppe Gold - Corporate Presentation / October 2024 Management Team Management Team With and Board Proven Track Record Bataa Tumur-ochir Byambatseren Tsogbadrakh Dulguun Erdenebaatar Tserenbadam Dugeree Marina Lerner Chairman and CEO President and Director Director Director and Chief Operating Offic
Slide 15: Capital Structure
Steppe Gold - Corporate Presentation / October 2024 Capital Structure Equity Ownership TSX: STGO / OTCQX: STPGF / WKN: A2JMMP Analyst Coverage Management and Former Directors Recent Share price: C$0.90 Date Target 10.61% US & Europe Family Offices 6.61% 3.19% Eric Sprott Shares Outstanding: 257M Sto
Slide 16: Appendix
Steppe Gold - Corporate Presentation / October 2024 Appendix www.steppegold.com 16
Slide 17: About ATO Gold Mine
Steppe Gold - Corporate Presentation / October 2024 About ATO Gold Mine Expansion & Production Growth • ATO Phase I oxide zone in production • First gold concentrate from Phase II by mid-2026, with 90Koz AuEq annually • ATO Phase II Expansion: 1.3 Moz AuEq to be recovered in 12 years (2026- 2038) in
Slide 18: ATO and Mungu Mineral Reserves
Steppe Gold - Corporate Presentation / October 2024 ATO and Mungu Mineral 100% Owned Multi-Phase Reserves Precious Metals Project ATO Mineral Reserves as of August, 2023 Average Grades Metal (koz) Ore (kt) AuEq (g/t) Au (g/t) Ag (g/t) Pb (%) Zn (%) AuEq Au Ag PROVEN Oxide 1,159 1.14 0.70 9.50 0.44 0
Slide 19: ATO and Mungu Deposits All Resources
Steppe Gold - Corporate Presentation / October 2024 ATO and Mungu Deposits 100% Owned Multi-Phase All Resources Precious Metals Project ATO Mineral Resources as of August, 2023 Average Grades Metal (koz) Category Material Ore (kt) AuEq (g/t) Au (g/t) Ag (g/t) Pb (%) Zn (%) AuEq Au Ag ATO1 12.60 1.83
Slide 20: ATO Gold Mine Financial Metrics
Steppe Gold - Corporate Presentation / October 2024 ATO Gold Mine Financial Core Asset Expansion Metrics ATO Stand Alone KPIs IN 2024 AND 2025 2026 – 2038 (TOTAL @ US$2,300/OZ) 2020 2021 2022 2023 (EXPECTED) (EXPECTED) Gold Silver Lead Zinc Au produced (oz) 33,154 12,012 33,300 26,931 31,000 1,005,1
Slide 21: About Boroo Gold Mine
Steppe Gold - Corporate Presentation / October 2024 About Boroo Gold Mine Proven Producer & Immediate Strong Cash Flow • Two active mining projects: Boroo Gold and Ulaanbulag - both operational • Expected 430Koz to 2031, with plans to extend via nearby exploration • All hard-rock minerals and placer
Slide 22: Boroo Gold Mineral Reserves
Steppe Gold - Corporate Presentation / October 2024 Boroo Gold Mineral Strong Cash Reserves Flowing Assets Boroo Mineral Reserves as of January 01, 2024 Ulaanbulag Mineral Reserves as of January 01, 2024 Category Tonnage (kt) Average grade (g/t) Metal (oz) Category Tonnage (kt) Average grade (g/t) M
Slide 23: Boroo Gold Mineral Resources
Steppe Gold - Corporate Presentation / October 2024 Boroo Gold Mineral Strong Cash Resources Flowing Assets Boroo Mineral Resources as of January 01, 2024 Ulaanbulag Mineral Resources as of January 01, 2024 Category Tonnage (kt) Average grade (g/t) Metal (oz) Category Tonnage (kt) Average grade (g/t
Slide 24: Boroo Gold Mine Financial Metric
Steppe Gold - Corporate Presentation / October 2024 Boroo Gold Mine Financial Immediate Strong Cash Metric Flow Engine Boroo Stand Alone KPIS 2021 2022 2023 2024 – 2031 (TOTAL @ US$2,300/OZ) (EXPECTED) Au produced (oz) 70,837 61,774 67,315 431,250 Au sold (oz) 70,837 61,774 67,315 431,250 Ave Gold P
Slide 25: Contact Steppe
Steppe Gold - Corporate Presentation / October 2024 Contact Steppe Bataa Tumur-ochir Jeremy South The Company’s Head Office: Chairman and CEO Senior VP and CFO Shangri-La office, Suite 1201, Olympic street 19A, Sukhbaatar bataa@steppegold.com jeremy@steppegold.com District 1, Ulaanbaatar 14241, Mong