Steppe Gold Limited (TSX:STGO, OTCQX:STPGF) told investors that its near-term focus was to maximise gold production and to begin preparations for its Phase 2 Expansion at its ATO mine in Mongolia, as the company posted its third quarter financials.
In the three months to end-September, the miner posted adjusted underlying earnings (EBITDA) of US$10.48 million on revenue of US$21.7 million.
The average realized prices in the quarter was US$1,806 per ounce of gold, which, it said, was a 5% premium to LME spot paid by MongolBank. The all-in-sustaining-costs (AISC) at the mine were US$738 per ounce sold, while as at quarter-end, the firm's cash and restricted cash stood at around US$37.84 million.
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"The company has built up a significant inventory of precious metals and it is working hard to maximize the yield from this inventory," the precious metals miner said in a statement.
"Assuming consistent reagent supply, and solid revenues from gold production, the company aims to finalize discussions shortly on project finance and EPC arrangements for the Phase 2 Expansion already underway."
Steppe also noted that the new fixed crushing unit installation was now "substantially complete".
"With winter conditions in place the company has decided to wait until April 2023 to make it operational. This is the first major equipment installation for the Phase 2 Expansion, which will also allow the company to drive higher crushing rates in the remaining oxide phase."
Steppe Gold describes itself as Mongolia's premier precious metals company.
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