Ellis Martin Report: Steppe Gold Ltd (TSE:STGO) Reports 28% Increase in Gold Production

Toronto, Nov 2, 2022 AEST (ABN Newswire) - Join Ellis Martin now for a conversation with Aneel Waraich the Executive Vice President and Director of Steppe Gold Ltd (STPGF:OTCMKTS) (TSE:STGO). We take a look at a demonstrated explorer, developer and gold producer in Mongolia employing approximately 250 individuals locally. Production costs all in are about $750-800 per ounce. Today Mr. Waraich reviews recent increases in gold production at the company's ATO Gold Mine. We also take a broad look at the gold market and the equities.

Gold production was approximately 13,300 oz, up 28% from second quarter Mined 266,292 tonnes and 230,399 tonnes crushed and stacked in third quarter.

At September 30, total estimated recoverable gold in inventory is 71,000 ounces.

Gold production in the third quarter was approximately 13,300 oz, up 28% from the second quarter where the Company produced 10,400 oz. The Company has continued with its regular pour schedule, twice per month. Ongoing deliveries to MongolBank attract a 5% premium to the LME Spot price.

Mining and stacking activities were on plan for the third quarter and we are now stacking ore on the second lift of the leach pad. Mining activities decreased in September as the planned fall and winter slowdown commenced, with 266,292 tonnes mined across ATO2, ATO1 and ATO4, and 230,399 tonnes crushed and stacked in the third quarter.

As of September 30, 2022 the Company has now mined 3.29 million tonnes, crushed and stacked 2.56 million tonnes @ 1.93 g/t for approximately 158,884 ounces of gold on the leach pad and 684,000 tonnes of ore at an average grade of 1.0 g/t on the ROM pad. At an estimated 70% recovery, the total inventory on the leach pad, ROM pad and pit floors is approximately 71,000 ounces of recoverable gold.

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About Steppe Gold Ltd

Steppe Gold Ltd (TSE:STGO) (OTCMKTS:STPGF) (FRA:2J9) is Mongolia's premier precious metals company and is projected to produce over 100,000 ounces of gold from the current operational oxide zone of the ATO Gold Mine this year in 2022 and in 2023. The Company also completed a feasibility study into expansion of the ATO Gold Mine to approximately 100,000 ounces of gold per annum from the development of underlying fresh rock ores.

     

Contact

Aneel Waraich Executive Vice President T: +1 647 697 0577 E: aneel@steppegold.com W: www.steppegold.com