Steppe Gold Ltd. (TSX: STGO | OTCQX: STPGF | FSE: 2J9) has reported solid financial and operational results for the quarter ended June 30, 2025, alongside updates on its strategic initiatives and leadership changes.

💰 Financial Performance:
▫️ Q2 revenue: US$32.3M from sales of 15,058 oz of gold
▫️ H1 revenue: US$64.7M from 30,669 oz of gold
▫️ Average realized gold price: $2,147/oz in Q2 (forward contract at $2,000 expired June 10 – now selling at spot)
▫️ Adjusted EBITDA after maintenance capex:
US$17.9M (Q2) | US$36.5M (H1)
▫️ Site AISC: US$1,088/oz (H1)

⚒ Operational Highlights:
▫️The Group produced 32,831 ounces of gold in H1 from its Boroo and ATO mines.
▫️Operations at the Altan Tsagaan Ovoo (ATO) mine focused on commissioning a new crushing plant.
▫️Significant fleet upgrades were implemented to support productivity.

📊 Balance Sheet & Capital Management:
▫️Working capital stood at US$141.7M, including US$100.4M in high-interest bonds maturing in December 2025.
▫️Net debt was US$58.3M after deducting bond investments.
▫️The Company intends to use the proceeds from bond maturities to reduce debt and support its working capital needs.

🚀 Strategic Outlook:
▫️All gold sales in the second half of 2025 will occur at spot prices.
▫️The Group is working with the Trade and Development Bank of Mongolia to restructure debt facilities and repay higher-interest loans.
▫️Exploration is underway to extend mine life at Boroo and Ulaanbulag, with updated feasibility studies expected later in the year.
▫️Financing options for the ATO Phase 2 Expansion are under active review.

👥 Leadership Changes:
▫️Byambatseren Tsogbadrakh stepped down as Director and President effective August 12, 2025.
▫️Tserenbadam Dugeree will continue as CEO of operational subsidiaries in Mongolia, but has stepped down as Chief Operating Officer of Steppe Gold Ltd.
▫️Purevraash Duzeenyam has been appointed COO of Boroo Gold, and Orgodol Togoo has been appointed COO of Steppe Gold LLC.

Steppe Gold stated that strong gold prices, the expiry of the forward contract, and the upcoming bond maturity are expected to result in robust operating cash flows in the second half of 2025, enabling the Company to strengthen its balance sheet and advance growth initiatives at ATO.