Steppe Gold (STGO) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $27.3M from 7,988 oz gold and 1,475 oz silver sales, plus $2.1M from third-party ore processing.

• Post-quarter, an additional 7,966 oz gold sold for $32.1M, bringing pro forma Q3 sales to 15,954 oz gold and $59.4M revenue.

• Nine-month revenue totaled $92.0M from 38,590 oz gold and 23,700 oz silver; pro forma sales would be 46,556 oz gold and $124.1M revenue.

• Strong gold prices and optimized sales timing boosted revenue and cash flow, especially at Boroo.

• Investment in new mining fleet improved productivity, with further gains expected in 2026.

Financial highlights

• Adjusted EBITDA for Q3 and nine months was $15.6M and $51.8M; pro forma adjusted EBITDA was $38.0M and $74.2M, respectively.

• Average realized gold prices were $3,412/oz for Q3 and $2,367/oz for nine months.

• Site AISC for Q3 and nine months was $2,499/oz and $1,375/oz; total AISC was $2,780/oz and $1,544/oz.

• Pro forma AISC (including finished goods sales) for Q3 was $1,869/oz (site) and $2,010/oz (total).

• Working capital stood at $124.5M, including $102.1M in high-interest bonds maturing end of 2025.

Outlook and guidance

• Q4 2025 production estimated at 15,000 oz gold, with $12M in capital expenditures.

• Focus remains on maximizing production and cash flows, extending mine life, and sourcing additional material.

• Optimism for expanding production profile as nearby projects seek processing capabilities.

• Revised feasibility studies for Boroo and Ulaanbulag expected early next year.