Steppe Gold (STGO) Q4 2025 earnings summary

Executive summary

• Achieved record revenues and significant improvement in financial position for the year ended December 31, 2025.

• Strong operational performance driven by Boroo and Ulaanbulag gold mines; ATO Phase 1 nearing end of mine life.

• Advanced restructuring initiatives and infrastructure activities for ATO Phase 2 expansion.

Financial highlights

• Gold production reached 76,059 ounces for the full year; gold sales totaled 75,927 ounces.

• Full-year revenue was $254,130, with adjusted EBITDA of $173,918.

• Net income for the year was $32,760; working capital stood at $107,336 as of year-end.

• Site all-in sustaining costs (AISC) averaged $1,215 per ounce for the year.

• Cash position at year-end was $68,295; net cash position was $35,169.

Outlook and guidance

• ATO Phase 2 expansion remains in development, with a revised feasibility study expected in H2 2026.

• Focus on disciplined capital allocation, prudent liquidity management, and operational stability during transition.

• Permitting activities at Boroo and Ulaanbulag support mine life extension.