STOCK TITAN

Steppe Gold Ltd. - STPGF STOCK NEWS

Welcome to our dedicated page for Steppe Gold Ltd. news (Ticker: STPGF), a resource for investors and traders seeking the latest updates and insights on Steppe Gold Ltd. stock.

Steppe Gold Limited (STPGF) is Mongolia's premier precious metals company, owning the ATO Gold Mine and 80% of the Uudam Khundii project. The company recently reached financing milestones for the Phase 2 Expansion at the ATO Gold Mine and secured a $150M financing package. With solid progress on the Phase 2 Expansion and recent gold prepay agreements, Steppe Gold is poised for significant growth, aiming to produce over 160,000 ounces of gold equivalent per annum by 2026.

Rhea-AI Summary

Steppe Gold announced the appointment of WSP Canada as the engineering design partner for the ATO Phase 2 Expansion project. This project, located at the 100% owned ATO Gold Mine in Mongolia, aims to enhance plant layout, process design, and detailed engineering. The detailed engineering design is expected to complete in 15 months starting July 1, 2024, with procurement and construction proceeding concurrently. Early works, including a feasibility study and geotechnical studies, are already underway and set to finish by September 2024. The project remains on track for commissioning in H1 2026. Hexagon Build Engineering will lead construction and procurement, with initial equipment orders to be placed in Q3 2024.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
management clinical trial
-
Rhea-AI Summary

Steppe Gold shareholders have approved the acquisition of Boroo Gold with 99% support. The transaction includes the purchase of Boroo Gold shares and the sale of the Tres Cruces Oxide Project for approximately CAD$12 million. Upon completion, Steppe Gold will become the largest primary gold producer in Mongolia, with an expected annual production of over 150,000 ounces by 2026. The acquisition is anticipated to close around July 16, 2024, pending regulatory approvals. The deal is set to enhance Steppe Gold's output, cash flow, and exploration opportunities while reducing costs. In 2023, Boroo Gold generated US$132 million from 67,315 ounces of gold. The combined entity will benefit from increased operational efficiency and focused resources on Mongolian assets.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-5.66%
Tags
-
Rhea-AI Summary

Steppe Gold (TSX: STGO) has filed an amended and restated technical report for its Boroo and Ulaanbulag Gold Project following a review by the Ontario Securities Commission. The Amended Report, titled 'Boroo And Ulaanbulag Gold Project NI 43-101 Technical Report,' addresses comments by the commission regarding the report's author and certificate. It removes references to internal use and restates mineral resource and reserve estimates as rounded figures, with no changes to the initial report’s results. The report is effective as of February 1, 2024, and amended on June 16, 2024. It is available on SEDAR+ and Steppe Gold's website.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
14.89%
Tags
none
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-3.83%
Tags
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.71%
Tags
none
-
Rhea-AI Summary
Steppe Gold (STPGF) announces strong financial results for 2023, with revenue of $54.2 million, operating income of $31.6 million, and adjusted EBITDA of $11.3 million. The company completed key acquisitions, secured financing, and is progressing well with the Phase 2 Expansion project. The outlook includes the potential acquisition of Boroo Gold and negotiations for the sale of the Tres Cruces Project.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.86%
Tags
News
Rhea-AI Summary
Steppe Gold (STPGF) announces the resignation of Aneel Waraich and Greg Wood, along with the issuance of common shares and cash payments to settle amounts owing. The company expresses gratitude for their contributions. The Settlement Transactions are related party transactions and were approved by the Board of Directors.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-8.43%
Tags
none
-
Rhea-AI Summary
Steppe Gold (STPGF) reaches financing milestone for Phase 2 Expansion at ATO Gold Mine, drawing down $40.4m from project finance package. The company has made significant progress with the EPC Contract, confirming total funding of $150m and commissioning planned for Q1 2026.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.62%
Tags
-
Rhea-AI Summary
Steppe Gold (STPGF) announces an amended gold prepay agreement with Triple Flag International , providing additional funds of US$5 million. The agreement includes five equal monthly deliveries of gold starting August 15, 2024. This agreement offers non-dilutive liquidity for Steppe Gold as it progresses with its acquisition of Boroo Gold.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.07%
Tags
none
Rhea-AI Summary
Steppe Gold Ltd. (STPGF) has entered into a binding term sheet to acquire all of the issued and outstanding common shares of Boroo Gold LLC in an all-share transaction, making it Mongolia's largest gold producer with an expected production of 160,000 oz per annum by 2026. The Proposed Transaction is expected to triple Steppe Gold's production over the next two years, providing increased financial strength and optionality for the Tres Cruces gold project in Peru.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.63%
Tags

FAQ

What projects does Steppe Gold Limited own?

Steppe Gold owns the ATO Gold Mine and 80% of the Uudam Khundii project in Mongolia.

What is the company's production goal by 2026?

Steppe Gold aims to produce over 160,000 ounces of gold equivalent per annum by 2026.

What recent agreements has Steppe Gold entered into?

Steppe Gold recently entered into financing agreements for the Phase 2 Expansion at the ATO Gold Mine and gold prepay agreements.

What is Steppe Gold's focus in the near term?

Steppe Gold's focus includes maximizing production and cash flows, completing the Phase 2 Expansion, and planning for the acquisition of Boroo Gold.

How can shareholders stay informed about the company's operations?

Shareholders can access the company's financial results and updates on its website or through SEDAR+.

What are the non-IFRS measures used by Steppe Gold?

Steppe Gold uses Adjusted EBITDA, EBITDA, and AISC as non-IFRS measures to provide additional information to investors in measuring the company's financial performance.

What are the benefits of the Proposed Transaction for Steppe Gold?

The Proposed Transaction is expected to accelerate the company's growth, provide strong cash flow, and support future exploration activities and acquisitions.

When is the Meeting for Shareholders regarding the Proposed Transaction?

The Meeting is scheduled for the end of June 2024, where Shareholders will vote on the Transaction.

What is the focus of Steppe Gold post-closing of the Proposed Transaction?

Post-closing, Steppe Gold's focus will be on maximizing production, executing the Phase 2 Expansion, and integrating Boroo Gold into its operations.

Where can investors find more information about Steppe Gold?

Investors can access the company's website, SEDAR+, or contact the Chairman and CEO, Bataa Tumur-Ochir, or the Investor Relations Manager, Elisa Tagarvaa, for further information.

Steppe Gold Ltd.

OTC:STPGF

STPGF Rankings

STPGF Stock Data

46.87M
80.02M
23.74%
6.39%
Crushed and Broken Limestone Mining and Quarrying
Mining, Quarrying, and Oil and Gas Extraction
Link
United States of America
Ulaanbaatar