Steppe Gold (STGO) Q3 2024 earnings summary

Executive summary

• Achieved strong operational and financial results in Q3 2024, with significant revenue and earnings growth compared to the previous quarter.

• The acquisition of Boroo Gold accelerated the transition to a multi-asset, Mongolia-focused mining group and is expected to provide immediate cash flow to support growth.

Financial highlights

• Total revenue for Q3 2024 was $37.3 million; nine-month revenue reached $131.9 million.

• Boroo Gold contributed $27.4 million in Q3 revenue and $122.0 million for the nine months, with sales of 12,607 gold ounces and 2,833 silver ounces in Q3.

• Steppe Gold generated $9.9 million in revenue from August 1 to September 30, 2024, selling 3,769 gold ounces and 20,078 silver ounces.

• EBITDA for Q3 2024 was $19.5 million; nine-month EBITDA totaled $82.7 million.

• Operating income before depreciation and depletion was $21.5 million for Q3 and $88.1 million for the nine months.

Outlook and guidance

• Focus remains on maximizing production and cash flows at both mines and executing the Phase 2 Expansion.

• Recent strong gold prices are expected to further improve cash flow and support growth plans.