Steppe Gold Limited (TSX:STGO, OTCQX:STPGF) has reported a significant boost to its year-over-year 1Q revenue as the company ramps up production at its ATO mine in Mongolia with the resumption of supply of key reagents.
The company reported revenue for the three months ending March 31, 2022, of $5.5 million, compared to $1.9 million for the same period in 2021, from the sale of 2,893 ounces of gold and 248 ounces of silver at average realized prices per ounce of $1,850 and $24 respectively.
During the quarter, the company said it mined 69,613 tonnes of ore and 192,680 tonnes of ore were stacked on the leach pad with an average gold grade of 1.83 grams per tonne (g/t) and an average silver grade of 18.33 g/t.
READ: Steppe Gold reports higher April gold output as production ramps up at its ATO mine in Mongolia
“The focus for the balance of 2022 will be to continue to maximize oxide production from the substantial inventories on hand,” the company said.
“Production will ramp up gradually as the reagent supplies build up and more cells are under leach.”
For 1Q, the company reported a net loss of $7.3 million compared to a net profit of $836,000 for the same period last year.
Steppe Gold is a precious metals exploration and development company with an aggressive growth strategy to build itself into the premier precious metals company in Mongolia.
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