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Steppe Gold announces its Q1 2024 financial results, reporting $7.97 million in revenue from the sale of 3,723 ounces of gold and 19,506 ounces of silver. The average realized prices were $2,043 per gold ounce and $19 per silver ounce. Operating profit before depreciation and depletion was $4.32 million, with an adjusted EBITDA of negative $309,000. The All In Sustaining Cost (AISC) was $1,522 per gold ounce sold. The company mined 133,090 tonnes of ore, with 145,479 tonnes stacked on the leach pad. Cash balance stood at $6.74 million with total debts at $70.22 million and net debt at $63.48 million. Key developments include a $5 million gold prepay agreement and a $37,000 milestone payment for the Phase 2 expansion. The company is set to acquire Boroo Gold and sell the Tres Cruces Oxide Project for CAD$12 million, aimed at transforming Steppe Gold into a multi-asset mining group with enhanced cash flow.
Steppe Gold has announced that it has filed and mailed the management information circular and related materials for its annual general and special meeting, to be held on June 24, 2024, at 10:00 a.m. ULAT in Ulaanbaatar, Mongolia. The primary agenda item is the proposed transaction with Boroo Gold and Boroo Singapore, previously disclosed on April 11, 2024.
Shareholders will vote on Steppe Gold's acquisition of all issued and outstanding shares of Boroo Gold, resulting in Boroo Singapore holding 55.9% of Steppe Gold's common shares. Additionally, Boroo Singapore will acquire the Tres Cruces Oxide Project for CAD$12 million.
The board unanimously recommends the transaction, citing benefits such as increased gold production, stronger cash flow, and enhanced financial strength to service project financing, among other strategic advantages.
