Steppe Gold Ltd (TSX:STGO, OTCQX:STPGF) sold 7,920 ounces of gold and 23,845 ounces of silver in the third quarter of 2023. That took total sales for the nine months to end September to 19,809 ounces of gold and 53,694 ounces of silver.
Revenue for the three and nine months ended September 30, 2023, amounted to US$15.8 million and US$39.6 million respectively.
Average realized prices for the three and nine months to September 30 were US$1,933 and US$1,922 per gold ounce and US$22.00 and US$22.00 per silver ounce, respectively.
Operating income from mine operations in Mongolia, before depreciation and depletion, for the three and nine months ended September 30 was US$8.9 million and US$23.7 million respectively.
Adjusted EBITDA after stream payments for the three and nine-month periods was US$3.6 million and US$8.5 million respectively.
All-in sustaining costs were US$1,078 and US$1,085 per ounce sold for the three and nine months to end September, respectively.
During the three and nine months ended September 30, 2023, 261,696 and 481,559 tonnes of ore were mined and 247,046 and 705,400 tonnes of ore were stacked on the leach pad, respectively, at an average gold grade of 0.72 grams per tonne (g/t) and 0.86 g/t, respectively, and an average silver grade of 6.03 g/t and 5.17 g/t, respectively.
As at September 30, cash amounted to US$2.8 million. Total bank debt and other debts (excluding convertible debentures and stream arrangements) was US$15.9 million, with net debt set at US$13.2 million.
The acquisition of Anacortes Mining Corp was completed on June 28. As a result, a further 19,437,948 common shares were issued to Anacortes shareholders and a further 924,654 common shares were issued to the advisors to the transaction.
In July the company announced it had signed a binding term sheet with Trade and Development Bank of Mongolia, and affiliated entities, for US$150 million in financing to fully fund the construction and completion of the Phase 2 Expansion at the ATO gold mine.