Steppe Gold Ltd (TSX:STGO, OTCQX:STPGF) told investors the integration of Boroo Gold into its operations is progressing smoothly since completing the acquisition in August 2024.
The Mongolia-focused gold miner reported a combined output of 17,773 ounces of gold from its two operating mines in Mongolia during the third quarter, according to a release.
Steppe Gold reiterated its production guidance for the second half of 2024, targeting 33,360 ounces of gold, with expectations to reach the higher end of its previously announced range of 30,000 to 35,000 ounces.
The company also confirmed its full-year 2025 guidance of 80,000 ounces of gold.
“Integration teams are gaining momentum across all operations, identifying significant cost savings through bulk purchasing, optimizing operations through sharing of best practices,” Steppe Gold told shareholders, noting that better terms on consumables and equipment purchases have already been secured.
The company is also moving ahead with plans to acquire long lead items for its ATO Phase 2 Expansion.
Steppe Gold, Mongolia's largest primary gold producer, highlighted the complementary skill sets of its combined operations teams as a key driver for optimizing performance and introducing new initiatives to enhance efficiency.
With positive operating cash flow and an expanded reserve base, Steppe Gold is focusing on resource expansion opportunities near its existing mines, while planning to restart exploration at its Uudam Khundii site and exploring prospective projects in Western Mongolia.
The company also said it is actively evaluating additional mergers and acquisitions as part of its growth strategy.