Steppe Gold (STGO) Q4 2025 earnings summary

Executive summary

• 2025 revenue reached $254.1M, up 43% year over year; net profit was $32.7M.

• Boroo Gold acquisition completed as a reverse acquisition; Boroo Singapore became controlling shareholder with a 56.88% stake.

• Gold production totaled 76,059 oz in 2025, supported by Boroo and Ulaanbulag; ATO Phase 1 was largely depleted.

• Priorities included maximizing producing-mine cash flows, extending mine life, and advancing ATO Phase 2.

• Management and board transitions included new CEO and CFO appointments.

Financial highlights

• Revenue was $254.1M, versus $178.1M in 2024; adjusted EBITDA reached $173.9M, up from $105.4M.

• Net profit was $32.7M, compared with $61.3M in 2024; non-cash inventory write-downs and equipment impairment affected results.

• Gross profit was $138.2M; operating profit was $115.7M, while finance costs rose to $48.3M.

• Cash at year-end was $68.295M; net cash position was $35.169M.

• Site AISC was $1,215/oz and total AISC was $1,357/oz for 2025.

Outlook and guidance

• ATO Phase 2 is progressing; a revised feasibility study is expected in H2 2026, with timing dependent on financing and permits.

• Continued lender engagement aims to restructure debt and align repayments with cash flows.

• Exploration drilling planned at Boroo, Ulaanbulag, Bornuur, Nart Uul, and Uudam Khundii.

• Permitting at Boroo and Ulaanbulag supports mine-life extension.