Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) has released its financial results for the first quarter ended March 31, 2024, showcasing impressive numbers and strategic moves that are set to shape the company’s future.
The company reported revenue of $7,971 for the quarter, driven by sales of 3,723 gold ounces and 19,506 silver ounces. With average realized prices of $2,043 per gold ounce and $19 per silver ounce, Steppe Gold demonstrated strong performance in the precious metals market.
Operating profit from mine operations before depreciation and depletion stood at $4,324, highlighting the company’s operational efficiency. However, adjusted EBITDA after payments made pursuant to the Stream Agreement with Triple Flag Finance Bermuda Ltd. was negative $309, indicating some challenges in the financial performance.
Looking ahead, Steppe Gold is focused on maximizing production and cash flows at ATO Phase 1, while also progressing with the Phase 2 Expansion project. The company’s recent agreements, including the Boroo Gold Transaction and the Tres Cruces Transaction, are expected to provide additional value and cash flow opportunities.
The Proposed Transaction to acquire Boroo Gold is seen as a transformational step for Steppe Gold, with expected benefits for shareholders and strong cash flow projections. The company’s near-term goals include successful completion of the Phase 2 Expansion, exploration activities to extend resources and reserves, and potential acquisitions in Mongolia.
With a strategic outlook and a focus on operational excellence, Steppe Gold is positioning itself as Mongolia’s premier precious metals company, poised for growth and success in the mining industry.