Steppe Gold Ltd (TSX:STGO, OTCQX:STPGF) sold 4,040 ounces of gold and 36,672 ounces of silver for revenue of $10.4 million during the second quarter, the company said.
Revenue for the six months ended June 30, 2024, was $18.4 million from the sale of 7,763 ounces of gold and 56,178 ounces of silver.
The Mongolia-focused precious metals miner said it achieved an average realized price for the three- and six-month periods of $2,318 and $2,191 per ounce of gold and $26 and $24 per ounce of silver, respectively.
Operating income for the three months was $6.2 million and for the six months ended in June was $10.5 million.
During the first six months of the year, it mined 337,236 tonnes of ore. 223,738 tonnes of ore were stacked on the leach pad, with an average gold grade of 0.72 grams per ton and an average silver grade of 4.28 grams per ton.
The company noted that the impact of its acquisition of Boroo Gold and sales of the Tres Cruces project will be reflected in its third quarter production results.
Steppe Gold told investors it expects its combined gold production for the second half of 2024 will be between 30,000 to 35,000 ounces.
It added that its near-term focus is on executing the Phase 2 Expansion at its flagship ATO project and maximizing production and cash flow at both of its producing mines.
The Phase 2 Expansion is proceeding on time and on budget, with commissioning set for the first quarter of 2026.
“With the projected additional operating cash flow accruing from the Boroo Gold Transaction, the company expects to be well-placed to increase exploration activities at both production centres with the aim of extending resources, reserves and production,” Steppe Gold said in a statement.
The company said it will also consider opportunistic acquisitions in Mongolia.