Steppe GOLD Announces 2021 Annual Financial Results and Refiling of Its Restated Annual Financial Statements
NEWS RELEASE
STEPPE GOLD ANNOUNCES 2021 ANNUAL FINANCIAL RESULTS AND REFILING OF ITS RESTATED
ANNUAL FINANCIAL STATEMENTS
Ulaanbaatar, Mongolia – March 31, 2022 – Steppe Gold Limited (TSX: STGO) (OTCMKTS: STPGF) (FRA:
2J9) (“Steppe Gold” or the “Company”) announces its financial results for the year ended December 31,
2021, as well as the filing of its restated annual financial statements for the periods ended December 31,
2020 (the “ Restated Financial Statements ”) and provides a corporate update. The Restated Financial
Statements were prepared following a continuous disclosure review by Staff of the Ontario Securities
Commission (the “OSC”) of the Company’s disclosure records.
HIGHLIGHTS
Financial Results for the year ended December 31, 2021
• Revenue for the year ended December 31, 2021 was $24,050 on sales of 12,899 gold ounces and
28,622 silver ounces with average realized prices per ounce of $1,837 and $24 respectively.
• Operating income from mine operations, before depreciation and depletion was $12,435.
• Consolidated Group Adjusted EBITDA for the year was $4,909.
• As at December 31, 2021 cash and restricted cash amounted to $71,817; total bank and other
debt was $77,920 for net debt of $6,103.
In conjunction with preparation of the Company’s financial statements for the year ended December 31,
2021 and as part of a continuous disclosure review by Staff of the OSC in relation to the accounting for
the Streaming Agreement, dated August 11, 2017 between the Company and Triple Flag Mine Finance
Bermuda, Steppe Gold identified an error in how the arrangement has been reflected in the previously
issued financial stateme nts. The Company previously determined that the stream obligation was in
substance a debt instrument (carried at amortized cost) with embedded derivatives (recognized at $nil
value) linked to gold and silver commodity prices.
Upon further review of the ar rangement the Company has determined that the arrangement should be
accounted for in its entirety as a derivative measured at fair value through profit and losses. The Restated
Financial Statements resulted in changes to revenue, the stream liability and fair value gains/losses related
to the liability. The adjustments did not impact the overall net cash flows of the Company. The Company
evaluated the significance of the corrections and determined the adjustments were material to the
consolidated financial statements for December 31, 2021.
Steppe Gold has therefore restated its annual financial statements for the year ended December 31, 2020,
as well as the associated management’s discussion and analysis. Comparative figures for 2021 interim
periods will also be restated in 2022 interim reports.
The Company’s consolidated financial results for the year ended December 31, 2021 have been filed on
SEDAR. The full version of the c ondensed interim consolidated financial statements and associated
management's discussion & analysis can be viewed on the Company's website at www.steppegold.com
or under the Company's profile on SEDAR at www.sedar.com.
All amounts are expressed in United States dollars unless otherwise noted.
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 Street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914
Non-IFRS Performance Measures
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is
defined as adjusted earnings before interest, taxes, depreciation and amortization. Further details of Non-
IFRS Performance Measures noted above can be found in the Company’s m anagement's discussion &
analysis.
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, eq uity 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 tra ding 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 Excha nge has not reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this news release.