Steppe Gold Ltd (TSX:STGO, OTCQX:STPGF) has passed the 100,000-ounce production threshold at its ATO gold mine in Mongolia.
The company is in the process of increasing annual production from approximately 30,000 ounces in in 2023 and 2024 to over 100,000 ounces of gold equivalent from the end of 2025.
The 100,000 ounces produced from the heap leach operation to date has delivered $188mln and royalties and taxes paid to the Mongolian treasury of approximately $13mln.
From the start of commercial production in April 2020, the mine has seen uninterrupted production, while withstanding major disruption to reagent supplies.
Mining and stacking activities in the third quarter continued on-plan and the company mined and stacked 261,694 and 247,044 tonnes respectively in the quarter.
“We are very excited to pass the 100,000-ounce milestone at the ATO gold mine,” said Bataa Tumur-Ochir, chief executive of Steppe Gold.
“In difficult circumstances our team has remained focused on delivering the best production outcomes, using responsible mining best practices and, most importantly, providing a safe workplace for all our team members. We are a proud Mongolian company and I want to thank all our stakeholders and partners who have shown us great support in our journey so far. We are excited about the next phase of the project as we move to be a 100,000 ounces per annum producer, fulfilling the promise of home-grown Mongolian mining companies on the world stage.”