Steppe GOLD Announces 2024 Annual Financial Results
NEWS RELEASE
STEPPE GOLD ANNOUNCES 2024 ANNUAL FINANCIAL RESULTS
Ulaanbaatar, Mongolia – March 31, 2025 – Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) ( FSE: 2J9)
(“Steppe Gold” or the “ Company”) is pleased to announce its financial results for the year ended
December 31, 2024.
Steppe Gold's Chairman and CEO, Bataa Tumur-Ochir, stated, "2024 has been a year of transformational
growth for Steppe Gold as we integrated Boroo Gold LLC’s (“Boroo Gold”) mines and operations.
I am pleased to report that our team has achieved a record production milestone of 88,347 ounces of gold
and 93,837 ounces of silver on a full-year basis through our combined operations.
With a solid foundation and extensive mining expertise, the Boroo Gold team is now leading the core
mining operations at both the Boroo Gold and ATO mines. We have also significantly reduced overhead
costs and streamlined our management team.
Looking ahead to 2025, with signs of a continuing strong gold price environment, this places us in a strong
position to restructure and reduce our debt facilities, increase our mining capacity and production via
developing high-return assets."
HIGHLIGHTS
Fourth quarter and year ended December 31, 2024 Highlights
(all figures in US$000’s unless stated otherwise, except per unit figures which are in US$)
● Total Group revenue for the three months and year ended December 31, 2024, amounted to
$46,220 and $178,133, on combined sales of 17,567 oz and 78,450 oz of gold, respectively.
● On a combined mine full year 2024 basis, Boroo Gold and Steppe Gold mines produced 88,347
ounces of gold and 93,837 ounces of silver.
● Revenue for Boroo Gold for the three months and year ended December 31, 2024 amounted to
$35,999 and $157,978 on sales of 13,728 and 70,842 gold ounces, respectively.
● Revenue for Steppe Gold for the three months ended December 31, 2024 and the period from
August 1, 2024, to December 31, 2024, amounted to $10,221 on sales of 3,839 gold ounces and
$20,155 on sales of 7,608 gold ounces.
● All in Sustaining Costs for the Group were $1,347 and $1,078 for the three months and year ended
December 31, 2024.
● Average realized prices for Boroo Gold for the three months and year ended December 31, 2024,
were $2,618 and $2,225 per gold ounce, respectively.
● Average realized prices for Steppe Gold for the three months ended December 31, 2024 and the
period from August 1, 2024, to December 31, 2024, were $2,676 and $2,589 per gold ounce.
● The Group reported positive working capital of $151,022 as at December 31, 2024. Payables were
elevated at year end but working capital included in this are bond investments of $97,050 which
accrue interest at between 8% to 13.4% and mature on December 31, 2025. This will be applied
to debt reduction and working capital needs.
● As at December 31, 2024, Group net debt was $150,086. Following the Boroo Gold transaction,
the Group has been actively working with its principal lenders at TDB to restructure debt facilities
and repay higher rate loans.
● After cash taxes, capital expenditures, dividends and before cash received from the BORO bond,
the Group recorded $10,674 in cash outflow in 2024.
● The Phase 2 Expansion of the ATO Min e is proceeding according to the updated projected
timelines and budgets, and the Group is reviewing increases in annual capacity and metallurgical
improvements with its EPC and engineering partners. The Group is working on a revised feasibility
study in 2025 which will reflect the impact of higher current gold prices.
● With higher gold prices, and expected strong cash flow in 2025 the Group is also actively reviewing
its financing options for the Phase 2 Expansion, including the impact of the stream arrangements,
debt availability and other factors.
● The Company sold the Tres Cruces Project to Boroo Singapore for CAD$11.7 million in cash,
payable in four instalments in 18 months from August 1, 2024. On September 17, 2024, the
Company received the first instalment of C$2.7 million in cash and a second instalment of C$4.3
million has been received subsequent to the reporting period and applied it to partial repayment
of Triple Flag Gold Prepay loan on February 17, 2025.
Outlook
The acquisition of Boroo Gold was a transformational step for Steppe Gold. It accelerates the path to a
multi-asset Mongolia-focused mining group and, importantly, is provid ing strong cash flow to support
growth plans, further improved with the recent strong gold prices.
The near -term focus for the Steppe Gold group is on maximizing production and cash flows at both
producing mines and, progressing the Phase 2 Expansion and related financing options. The Group also
continues to consider growth in reserves through exploration at current and nearby operations as well as
potential acquisitions.
On March 31, 2025, the Company was served with a Statement of Claim filed in the Ontario Superior Court
of Justice in connection with a contractual dispute by Triple Flag Precious Metals Corp. (“Triple Flag”)
naming the Company as the defendant. In the Statement of Claim, Triple Flag seeks delivery of 1,650 troy
ounces of refined gold or contractual damages of approximately $5 million. The outcome of the
proceeding is not determinable at this time.
The Company’s consolidated financial results for the year ended December 31, 2024 have been filed on
SEDAR+. The full version of the annual consolidated financial statements and associated m anagement'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.sedarplus.ca.
Steppe Gold Ltd.
Steppe Gold is Mongolia’s premier precious metals company.
For Further information, please contact:
Bataa Tumur-Ochir, Chairman and CEO
Jeremy South, Senior Vice President and Chief Financial Officer
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
This news release contains certain statements or disclosures relating to the Company that are based on
the expectations of its management as well as assumptions made by and information currently available
to the Company which may constitute forward -looking statements or information (“forward -looking
statements”) under applicable securities laws. All such statements and disclosures, other than those of
historical fact, which address activities, events, outcomes, results, or developments that the Company
anticipates or expects may, or will, occur in the future (in whole or in part) should be considered forward-
looking statements. In some cases, forward-looking statements can be identified by the use of the words
“continued”, “focus”, “scheduled”, “will”, “potential”, “planned”, “projected” and similar expressions. In
particular, but without limiting the foregoing, this news release contains forward -looking statements
pertaining to the following: integrating the Company and Boroo Gold; debt reduction and working capital
needs of the Group; trading of the Company's common shares and business; economic, and political
conditions in Mongolia; restructuring and reducing debt facilities; gold price environment; revised
feasibility study in 2025; financing options for the Phase 2 Expansion; growth in reserves through
exploration; potential acquisitions; increasing mining capacity and production of the Group; the outcome
of the Triple Flag litigation; and discussion of future plans, projections, objectives, estimates and forecasts
and the timing related thereto, including with respect to the ATO Gold Mine and the Phase 2 Expansion.
The forward -looking statements contained in this news release reflect several material factors and
expectations and assumptions of the Company including, without limitation: material adverse effects on
the business, properties and assets of the Company; changes in business plans and strategies; market and
capital finance conditions; risks inherent to any capital financing transactions; the Triple Flag litigation;
changes in world commodity markets; currency fluctuations; costs and supply of materials relevant to the
mining industry; change in government; and changes to regulations affecting the mining industry.
The Company believes the material factors, expectations and assumptions reflected in the forward -
looking statements are reasonable at this time, but no assurance can be given that these factors,
expectations and assumptions will prove to be correct. The fo rward-looking statements included in this
news release are not guarantees of future performance and should not be unduly relied upon. Such
forward-looking statements involve known and unknown risks, uncertainties and other factors that may
cause actual results or events to differ materially from those anticipated in such forward -looking
statements, including, without limitation: changes in world commodity markets, equity markets, costs and
supply of materials relevant to the mining industry; litigation risk s; changes in government; changes to
regulations affecting the mining industry; and certain other risks detailed from time to time in the
Company’s public disclosure documents, including, without limitation, those risks identified in this news
release and in the Company’s annual information form dated March 31, 2025, copies of which are
available on the Company’s SEDAR+ profile at www.sedarplus.ca . Readers are cautioned that the
foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-
looking statements.
The forward-looking statements contained in this news release are made as of the date hereof and the
Company undertakes no obligation to update publicly or revise any forward-looking statements, whether
as a result of new information, future events or othe rwise, unless so required by applicable securities
laws.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this news release.