Steppe Gold (STGO) Q1 2026 earnings summary

Executive summary

• Produced 11,719 ounces of gold and sold 10,502 ounces, down from 19,860 and 15,611 ounces year-over-year due to planned lower production and unplanned maintenance.

• Revenue rose to $53,180, up from $32,368 year-over-year, driven by a higher average realized gold price of $5,064/oz after expiry of a forward sales contract.

• Adjusted EBITDA increased to $38,404 from $18,370 year-over-year, reflecting stable operations and higher gold prices.

• Net cash position improved to $56,738 as of March 31, 2026, from $35,169 at year-end 2025, aided by operating cash flow and bond repayment.

Financial highlights

• Site AISC and total AISC rose to $1,438/oz and $1,668/oz, respectively, from $844/oz and $991/oz year-over-year, due to lower sales and increased stripping activities.

• Inventory increased by $8,830 during the quarter, mainly from stripping at Boroo Gold Mine.

• Working capital stood at $105,688, including $105,275 in bond investments maturing by year-end.

Outlook and guidance

• 2026 production guidance is approximately 68,000 ounces of gold, with anticipated improvements in mill throughput and recoveries.

• Ongoing ATO Phase 2 expansion, with a revised feasibility study expected in the second half of 2026; project timing depends on permitting and land access.