CORRECTION FROM SOURCE: Steppe Gold Announces Gold Prepayment Facility This document corrects and replaces in its entirety the previous release that was issued by Steppe Gold Limited earlier today, where it should have read, "The Triple Flag Gold Prepay Facility will be
CORRECTION FROM SOURCE: Steppe Gold
Announces Gold Prepayment Facility
This document corrects and replaces in its entirety the previous release that was issued by Steppe
Gold Limited earlier
today, where it should have read, "The Triple Flag Gold Prepay Facility will be
repaid over 6 months starting
December 23, 2022
by six monthly deliveries of 500 oz of gold for a
total of 3,000 oz." instead of "December 23, 2023." The corrected release is found below and all other
content within this release is unchanged:
Ulaanbaatar, Mongolia--(Newsfile Corp. - September 29, 2022) -
Steppe Gold Limited (TSX: STGO)
(OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company")
is pleased to announce that it has
entered into an agreement with Triple Flag International Ltd ("Triple Flag") for a short-term gold prepay
facility (the "Triple Flag Gold Prepay Facility").
One of the consequences of the zero covid policy in China and the attendant China/Mongolia border
closures has been a shortage of available US dollars with banks in Mongolia.
Steppe Gold sales
revenue is received in Mongolian Tugrik. While most of its operating costs are also paid in local
currency, we require US dollars to acquire reagents and to fund deliveries to Triple Flag. The Triple Flag
Gold Prepay Facility allows Steppe Gold to continue to meet all of its obligations during this temporary
market disruption.
The prepay represents an elegant funding solution for a short term currency issue.
The Company is
operating as planned with gold pours every two weeks and the advancement of the Phase 2 Expansion
efforts continue.
Under the terms of the agreement Triple Flag has advanced net funds of US$4.6 million to Steppe Gold
after fees and legal costs.
The Triple Flag Gold Prepay Facility will be repaid over 6 months starting
December 23, 2022 by six monthly deliveries of 500 oz of gold for a total of 3,000 oz.
Steppe Gold Limited
Steppe Gold is Mongolia's premier precious metals company.
For Further information, please contact:
Bataa Tumur-Ochir, CEO and President
Shangri-La office, Suite 1201, Olympic Street19A, Sukhbaatar District 1,Ulaanbaatar 14241,
MongoliaTel: +976 7732 1914
Cautionary Note Regarding Forward-Looking Statements:
The above contains forward-looking statements that are subject to a number of known and unknown
risks, uncertainties and other factors that may cause actual results to differ materially from those
anticipated in our forward-looking statements. Factors that could cause such differences include:
changes in world commodity markets, equity markets, costs and supply of materials relevant to the
mining industry, change in government and changes to regulations affecting the mining industry.
Forward-looking statements in this release include, among other things, statements regarding the
trading of the Common Shares and business, economic, and political conditions in Mongolia. Although
we believe the expectations reflected in our forward-looking statements are reasonable, results may
vary, and we cannot guarantee future results, levels of activity, performance or achievements. We
disclaim any intention or obligation to update or revise any forward-looking statements whether as a
result of new information, future events or otherwise, except as required by applicable law.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this news release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/138884