Steppe Gold Ltd (TSX:STGO, OTCQX:STPGF) revealed its financial results for the year ended December 31, 2023, showcasing robust performance and significant achievements.
Revenue amounted to $14.7 million in the fourth quarter on sales of 7,242 gold ounces and 17, 673 silver ounces.
For the year ended December 31, 2023, Steppe Gold posted just over $54.2 million in revenue on sales of 7,242 gold ounces and 71,367 silver ounces.
Steppe Gold’s Phase 2 Expansion at the ATO Gold Mine is progressing according to projected timelines and budgets, with commissioning planned for Q1 2026, the company said in a statement.
“With the landmark financing package secured and the first tranche of $50,000 fully drawn down, the company's main operational focus is the execution of development of the Phase 2 Expansion with its EPC partners at Hexagon Build,” Steppe Gold said.
“This will involve acceleration of the ordering of long lead items, the commencement of early construction and foundational works and mobilization to the site by Hexagon Build.”
The proposed acquisition of Boroo Gold is “proceeding well,” the company added.
Other highlights from the Operating income from mine operations before depreciation and depletion was $7.9 million in 4Q, and adjusted EBITDA after stream payments stood at $2.4 million over the same three-month period.
All in sustaining costs were $984 and $839 per ounce sold, respectively, for the three months and year ended December 31, 2023.
Additionally, significant corporate developments included the completion of a private placement resulting in over $9 million cash raised, the entry into an amended and restated gold prepay agreement of US$5 million, and the acquisition of Anacortes Mining, among others.