Steppe Gold Ltd (TSX:STGO, OTCQX:STPGF). has provided an operations update for its final quarter of 2022, saying it produced about 5,600 ounces of gold in 4Q, for a total of 33,500 ounces for 2022, while selling 33,700 gold ounces for the year.
The Mongolia-focused gold miner noted it expects 2023 production to come in at a similar level to 2022, with some potential for upside, with output in 1Q anticipated to be about 6,000 ounces.
“We are pleased to report that the company produced 33,500 ounces of gold in 2022, a 180% increase over 2021,” Steppe Gold CEO Bataa Tumur-Ochir said in a statement.
READ: Steppe Gold aiming to maximize output as it eyes Phase 2 expansion at ATO
“The company has completed the construction of a new crushing unit and has a substantial inventory of mined ore to continue active production in 2023,” Tumur-Ochir added.
Steppe Gold also stated that its primary focus for 2023 is to complete the financing for the Phase 2 Expansion and start construction of the new flotation plant to increase annual production to more than 100,000 gold equivalent ounces by the end of 2024.
The company added that the construction start for Phase 2 Expansion is planned for the second quarter of this year.
As well, Steppe Gold said a reserve update has been prepared for its ATO gold project and it expects to release the details shortly.
Steppe Gold owns 100% of the advanced staged ATO gold project where resource expansion drilling and a heap leach development is currently underway. The company also owns 80% of the Uudam Khundii gold project.
Steppe is one of Mongolia's main precious metals companies.
Contact Sean at sean@proactiveinvestors.com