October 08, 2024 7:00 AM EDT | Source: Steppe Gold Ltd.
Ulaanbaatar, Mongolia–(Newsfile Corp. – October 8, 2024) – Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (“Steppe Gold” or the “Company”) is pleased to provide a production update on its two producing gold mines in Mongolia.
Production Update and Growth
Steppe Gold closed the acquisition of Boroo Gold LLC (“Boroo Gold“) on August 1, 2024 and the integration process is progressing smoothly. The Company is pleased to report that combined production from the two operating mines totaled 17,773 oz of gold in the third quarter of 2024. The company reiterates production guidance for the second half of 2024 estimated to be 33,360 oz., in line with and towards the higher end of our previously announced guidance range – 30,000 to 35,000 oz. Current guidance for the full year of 2025 is 80,000 oz. of gold.
Integration teams are gaining momentum across all operations, identifying significant cost savings through bulk purchasing, optimizing operations through sharing of best practices, better terms on consumables and equipment purchases, and securing long lead items for the ATO Phase 2 Expansion. The combined operations teams bring a complementary skill set across key areas, consistently driving optimization and introducing new initiatives to enhance operational performance.
Environmental Stewardship and Exploration
Both Steppe Gold and Boroo Gold have a long-standing reputation for environmental stewardship in Mongolia. The integrated team is committed to further strengthening the ESG blueprint for Steppe Gold. With positive operating cash flow and a substantially increased reserve base, the exploration team is focused on optimizing exploration and resource expansion opportunities near existing mines, creating promising potential for future discoveries. The Company is also planning the restart of exploration work at its Uudam Khundii site and considering some highly prospective projects in Western Mongolia.
Future Outlook and Expansion
As Mongolia’s largest primary gold producer, Steppe Gold is evaluating additional M&A opportunities. The company looks forward to providing further updates on production and cost improvements in due course.
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…
In addition to the impressive production update and growth outlined by Steppe Gold Ltd., it’s worth noting the company’s proactive approach to environmental stewardship and exploration activities. By focusing on sustainability and resource expansion, Steppe Gold is not only enhancing its operational performance but also positioning itself for future success in the mining industry. The company’s evaluation of M&A opportunities signals a strategic growth mindset that could further solidify its position as a leading gold producer in Mongolia.
