Steppe Gold (STGO) Q4 2024 earnings summary

Executive summary

• Achieved record production of 88,347 ounces of gold and 93,837 ounces of silver for 2024, following the integration of Boroo Gold's mines and operations.

• Streamlined management and reduced overhead costs, with Boroo Gold team leading core mining operations at both Boroo Gold and ATO mines.

• Positioned for further growth in 2025, leveraging strong gold prices to restructure debt and expand mining capacity.

Financial highlights

• Total group revenue reached $178.1 million for 2024, with $46.2 million in Q4, on combined sales of 78,450 oz and 17,567 oz of gold, respectively.

• Boroo Gold contributed $158.0 million in revenue for 2024, with Steppe Gold contributing $20.2 million from August to December.

• All-in sustaining costs were $1,078 per ounce for the year.

• Average realized gold prices: Boroo Gold at $2,225/oz for the year, Steppe Gold at $2,589/oz from August to December.

• Positive working capital of $151.0 million at year-end, including $97.1 million in bond investments maturing in 2025.

Outlook and guidance

• Focus on maximizing production and cash flows at both mines, advancing Phase 2 Expansion, and exploring financing options.

• Reviewing growth in reserves through exploration and potential acquisitions.

• Strong gold prices expected to support cash flow and debt reduction in 2025.