Steppe Gold Ltd. · TSX:STGO
Steppe Gold — Investor Presentation (November 2023)
24 slides from Steppe Gold's investor presentation, November 2023
Slide 1: Positioned for Growth and Beyond
Mongolia’s Premier Precious Metals Company POSITIONED FOR GROWTH AND BEYOND BUILDING NEW MID-TIER PRECIOUS METALS PRODUCER Investor Presentation November 2023 TSX: STGO / OTCQX: STPGF steppegold.com 1
Slide 2: Disclaimer
Steppe Gold - Investor Presentation / November 2023 Disclaimer TECHNICAL INFORMATION The technical and geoscientific content in this presentation has been compiled, reviewed and approved by Enkhtuvshin Khishigsuren, Vice President of Exploration of the Company and a “Qualified Person” as defined by
Slide 3: Mongolia's premier precious metals company with 4.5Moz AuEq in resources
Steppe Gold - Investor Presentation / November 2023 Steppe Gold is Mongolia’s premier precious metals company with 4.5Moz AuEq in resources. The Company is building Phase 2 Expansion on its 100% owned ATO Gold Mine and increasing its production from 30,000 to over 100,000 ounces of AuEq per annum fo
Slide 4: About Steppe Gold
Steppe Gold - Investor Presentation / November 2023 ABOUT COMPANY ABOUT STEPPE GOLD AN ACTION PACKED EXPANSION STORY STRONG MONGOLIA PRESENCE Headquartered in Mongolia, management with proven track record. Strong social license to operate and strong local financial support. 99% Mongolian nationals a
Slide 5: Company Milestones
Steppe Gold - Investor Presentation / November 2023 ABOUT COMPANY COMPANY MILESTONES KEY MILESTONES ACHIEVED AND TARGET DATES 2016 2019 2023 Established in Mongolia Built Heap Leach Mine and Plant/ ATO Phase 1. Secured $150M financing for Phase 2 Expansion. 2017 2020 2025 Acquired ATO and UK project
Slide 6: Management Team & Board
Steppe Gold - Investor Presentation / November 2023 ABOUT COMPANY MANAGEMENT TEAM & BOARD MANAGEMENT TEAM WITH PROVEN TRACK RECORD BATAA TUMUR-OCHIR BYAMBATSEREN TSOGBADRAKH MATTHEW WOOD ANEEL WARAICH PATRICK MICHAELS JEREMY SOUTH Chairman and CEO President Director, Advisor to the Board Executive V
Slide 7: Capital Structure
Steppe Gold - Investor Presentation / November 2023 ABOUT COMPANY CAPITAL STRUCTURE MANAGEMENT OWNS 20% AND BACKED BY THE INDUSTRY LEADING INVESTORS The Company raised US$90M dollars through equity and convertible notes. 20% 20% Directors and Management 15% US & Europe Family Offices 9% Eric Sprott
Slide 8: Mongolia Operations
Steppe Gold - Investor Presentation / November 2023 ABOUT COMPANY MONGOLIA OPERATIONS EXPLORATION, DEVELOPMENT AND PRODUCING ASSETS IN MONGOLIA The Company is assessing highly prospective projects Russia in Mongolia for further acquisitions. Dornod province ATO GOLD MINE 100% owned 5,459 hectares UL
Slide 9: ATO Gold Mine: 1.7Moz AuEq in reserves
Steppe Gold - Investor Presentation / November 2023 ATO GOLD MINE ATO PROJECT OVERVIEW 1 0 0 % O W N E D M U LT I - P H A S E P R E C I O U S M E TA L S P R O J E C T ATO GOLD MINE A multi-phase precious metals project covering 5,492 hectares in Dornod, Mongolia. ATO deposit contains mineral reserve
Slide 10: ATO Deposit Locations
Steppe Gold - Investor Presentation / November 2023 ATO GOLD MINE ATO DEPOSIT LOCATIONS 1 0 0 % O W N E D M U LT I - P H A S E P R E C I O U S M E TA L S P R O J E C T Mungu Deposit ATO-4 Deposit ATO-2 ATO-1 Deposit Deposit 1.7Moz AuEq in reserves + 1.32Moz AuEq to be recovered in 14 years + New hig
Slide 11: ATO Deposit Model
Steppe Gold - Investor Presentation / November 2023 ATO GOLD MINE АТО DEPOSIT MODEL 1 0 0 % O W N E D M U LT I - P H A S E P R E C I O U S M E TA L S P R O J E C T 1.7Moz AuEq in reserves + 1.32Moz AuEq to be recovered in 14 years + New high grade Zinc discoveries 11 + Additional oxide zones identif
Slide 12: ATO Mineral Reserves
Steppe Gold - Investor Presentation / November 2023 ATO GOLD MINE ATO MINERAL RESERVES 1 0 0 % O W N E D M U LT I - P H A S E P R E C I O U S M E TA L S P R O J E C T GRADES ATTRIBUTABLE METAL Ore MINERAL RESERVES /August 2023/ AuEq Au Ag Pb Zn AuEq Au Ag (kt) (g/t) (g/t) (g/t) (%) (%) (k oz) (k oz)
Slide 13: New High Grade Discoveries
Steppe Gold - Investor Presentation / November 2023 ATO GOLD MINE NEW HIGH GRADE DISCOVERIES 1 0 0 % O W N E D M U LT I - P H A S E P R E C I O U S M E TA L S P R O J E C T Recent Drilling resulted in an exciting new discovery of multiple high grade zinc sulphide intercepts beneath the existing ATO
Slide 14: Phase 2 Expansion: Commissioning and production by Q4 2025
Steppe Gold - Investor Presentation / November 2023 ATO GOLD MINE - PHASE 2 PHASE 2 EXPANSION 1 0 0 % O W N E D M U LT I - P H A S E P R E C I O U S M E TA L S P R O J E C T PHASE 2 EXPANSION $150M funding secured. initial drawdowns of US$10M have commenced to accelerate the construction and develop
Slide 15: New Crushing Circuit
Steppe Gold - Investor Presentation / November 2023 ATO GOLD MINE - PHASE 2 NEW CRUSHING CIRCUIT 1 0 0 % O W N E D M U LT I - P H A S E P R E C I O U S M E TA L S P R O J E C T 15
Slide 16: New Crushing Circuit
Steppe Gold - Investor Presentation / November 2023 ATO GOLD MINE - PHASE 2 NEW CRUSHING CIRCUIT 1 0 0 % O W N E D M U LT I - P H A S E P R E C I O U S M E TA L S P R O J E C T 16
Slide 17: Key Financial Metrics
Steppe Gold - Investor Presentation / November 2023 ATO GOLD MINE - PHASE 2 KEY FINANCIAL METRICS 1 0 0 % O W N E D M U LT I - P H A S E P R E C I O U S M E TA L S P R O J E C T NPV Life of Mine After-Tax Phase 1 and 2 $242M 14 years Cashflow CAPEX After Stream Fully Secured $781M $150M Production R
Slide 18: Uudam Khundii Project
Steppe Gold - Investor Presentation / November 2023 80/20 JV WITH LOCAL PROVINCE UUDAM KHUNDII PROJECT H I G H LY P R O S P E C T I V E E X P L O R AT I O N P R O J E C T I N W E S T E R N M O N G O L I A Steppe Gold owns 80% of the Uudam Khundii (UK) project, the largest exploration package in a ne
Slide 19: ESG Commitments
Steppe Gold - Investor Presentation / November 2023 ABOUT COMPANY ESG COMMITMENTS SAFETY AT THE CENTRE Scholarships and financial aid to 1,600 local students ... ENVIRONMENTAL: SOCIAL: GOVERNANCE: 92.9% Implementation Score on 2021 Community Relations is at the core of Steppe’s Regularly liaise and
Slide 20: Tres Cruces Project
Steppe Gold - Investor Presentation / November 2023 NEW DEVELOPMENT PROJECT TRES CRUCES PROJECT CREATING A LEADING DIVERSIFIED PRECIOUS METALS COMPANY Steppe has acquired Anacortes Mining and its Tres Cruces project located in one of the world’s most prolific gold mining belts in Peru. New combined
Slide 21: Attractive Asset Portfolio: Junior Producers Comparison
Steppe Gold - Investor Presentation / November 2023 JUNIOR PRODUCERS COMPARISON AT THE TSX ATTRACTIVE ASSET PORTFOLIO POSITIONED FOR GROWTH AND BEYOND LOM ANNUAL AU EQ. PRODUCTION (Koz) JUNIOR PRODUCER 2023 AU EQ. PRODUCTION (Koz) 266 253 171 174 +66% 147 155 134 103 110 92 38 Steppe (Phase 2)(1) An
Slide 22: Re-rating Potential
Steppe Gold - Investor Presentation / November 2023 JUNIOR PRODUCERS COMPARISON AT THE TSX RE-RATING POTENTIAL POSITIONED FOR GROWTH AND BEYOND CONSENSUS P / NAV EV / AU EQ. RESOURCES (US$/OZ) $119 1.0x $88 0.7x 0.7x 0.6x $77 0.6x $72 PEER AVERAGE: 0.6X 0.6x $68 PEER AVERAGE: $67 0.5x $53 $41 0.3x $
Slide 23: 12 Months Plans
Steppe Gold - Investor Presentation / November 2023 STEPPE GOLD VALUE CREATION 12 MONTHS PLANS POSITIONED FOR GROWTH AND BEYOND STEPPE GOLD’S VALUE PROPOSITION Signing EPC agreement and ordering long lead items for Phase 2. Maximizing Phase 1 gold production from the strong inventory in place. Exten
Slide 24: Contact Steppe
Steppe Gold - Investor Presentation / November 2023 CONTACT STEPPE BATAA TUMUR-OCHIR ANEEL WARAICH JEREMY SOUTH THE COMPANY’S HEAD OFFICE: Chairman and CEO Executive VP and Director Senior VP and CFO Shangri-La office, Suite 1201, Olympic street 19A, Sukhbaatar District 1, bataa@steppegold.com aneel