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Steppe Gold Ltd

www: steppegold.com   email: lori.winchester@tmx.com
Category: Junior: Emerging Mid-tier Producer
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Symbol Data

Symbol Currency
TSE:STGO CAD
OTCMKTS:STPGF USD

Description

Steppe Gold Ltd are a gold focused junior, emerging mid-tier producer with one mine in development in Mongolia and two exploration properties. They have approximately 1Moz. of gold in the reserves and resources category of which 0.6Moz. are in the measured and indicated category. They have a market capitalisation of ~C$135.7M which is a rise of roughly 135% over the last twelve months. As of 12/15/2019 they have ~C$15M debt and ~C$3.83M cash. They have 43M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 12/15/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $57.67M $135.70M 12/15/2019 $78.03M
Total Assets: $35.68M $35.98M 12/15/2019 $0.30M
Total Liabilities: $16.70M $16.84M 12/15/2019 $0.14M
Current Assets: $5.31M $5.36M 12/15/2019 $0.05M
Current Liabilities: $4.56M $4.59M 12/15/2019 $0.04M
Total Debt: $15.18M $15.31M 12/15/2019 $0.13M
Cash: $3.80M $3.83M 12/15/2019 $0.03M
Enterprise Value: $69.06M $147.18M 08/31/1974 $78.13M
Cash Flow: $0.00M $37.82M never $37.82M
Cash Flow Multiple: 0.00 3.59 never 3.59
Net Debt to
Cash Flow Ratio:
n/a 0.30 never 0.30
Finance within 1 year: 12/15/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 12/15/2019 0.00%
Misc 12/15/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 42,976,000 42,976,000 12/15/2019 0
Shares (FD): 84,400,000 84,400,000 12/15/2019 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a 01/01/2020 12/15/2019 n/a
Production (Gold Eq Oz.): (guess) 
0
(guess) 
60,000
09/15/2020 60,000
Production (Silver Eq Oz.): (guess) 
0
(guess) 
4,690,578
09/15/2020 4,690,578
Initial CapEx (Outstanding): $20.00M
34.68% of Mkt.Cap
$20.00M
14.74% of Mkt.Cap
12/15/2019 $0.00M
Funding Option: n/a n/a 12/15/2019 n/a
Documentation: none PRODUCER 09/15/2020 n/a
Value Adjustment: none 25% never 25%

Resource Data

GOLD 12/15/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 0.15M 0.15M 12/15/2019 0.00M
Measured & Indicated: 0.60M 0.60M 12/15/2019 0.00M
Inferred: 0.40M 0.40M 12/15/2019 0.00M
Reserves & Resources: 1.00M 1.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 0.14M 0.14M 12/15/2019 0.00M
Measured & Indicated: 0.46M 0.46M 12/15/2019 0.00M
Inferred: 0.18M 0.18M 12/15/2019 0.00M
Reserves & Resources: 0.64M 0.64M never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a (guess) 
60,000oz.
09/15/2020 60,000oz.
Cash Cost: $400 $400 12/15/2019 $0.00
Extra Operating Cost: $500 $500 12/15/2019 $0.00
Average Grade: 1.20 g/t 1.20 g/t 12/15/2019 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 09/15/2020 0.00%
F
U
T
U
R
E
Proven & Probable: 1.00M 1.50M 09/15/2020 0.50M
Annual Production: 50,000oz. 150,000oz. 09/15/2020 100,000oz.
Cash Cost: $500 $500 12/15/2019 $0
Extra Operating Cost: $400 $400 12/15/2019 $0
SILVER 12/15/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 12/15/2019 0.00M
Measured & Indicated: n/a n/a 12/15/2019 0.00M
Inferred: n/a n/a 12/15/2019 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 12/15/2019 0.00M
Measured & Indicated: n/a n/a 12/15/2019 0.00M
Inferred: n/a n/a 12/15/2019 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 12/15/2019 $0.00
Extra Operating Cost: n/a n/a 12/15/2019 $0.00
Average Grade: n/a n/a 12/15/2019 n/a
Recovery Rate: n/a n/a 12/15/2019 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 12/15/2019 0.00M
Annual Production: n/a n/a 12/15/2019 n/a
Cash Cost: n/a n/a 12/15/2019 n/a
Extra Operating Cost: n/a n/a 12/15/2019 n/a

Property

Last Analysis Data  (12/15/2019)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Mongolia, Mongolia ATO 100% (guess) 25,000 Open Pit show
Low cash costs.

Small open pit mine.

Exploration potential.
Exploration Mongolia, Mongolia Uudam Khundii 80% (guess) 14,000 Open Pit show
Early exploration.
Total Land Package Size (ha): 39,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Development Mongolia, Mongolia ATO 100% (guess) 25,000 Open Pit show
Low cash costs.

Small open pit mine.

Exploration potential.
Exploration Mongolia, Mongolia Mungu 100% (guess) n/a Both show
High-grade discovery.

There next deposit to mine.
Exploration Mongolia, Mongolia Uudam Khundii 80% (guess) 14,000 Open Pit show
Early exploration.
Total Land Package Size (ha): 39,000  

Profitability (by resource)

Proven &
Probable
12/15/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.15M 0.15M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -1.35M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.14M 0.14M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -1.21M
Maximum Profit (Gold): $54.40M $106.36M n/a $51.96M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $54.40M $106.36M n/a $51.96M
Max Profit / Current MCap: 0.943 0.784 n/a -0.160
Max Profit Per Share (Gold): $0.64 $1.26 n/a $0.62
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.64 $1.26 n/a $0.62
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $427.17 $1,005.17 n/a $578.00
FD Mkt. Cap / Silver Eq.: $4.90 $12.86 n/a $7.96
FD Mkt. Cap / Per Metal
as % Spot Price:
28.95% 55.83% n/a 26.88%
Measured &
Indicated
12/15/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 0.60M 0.60M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -5.39M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.46M 0.46M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -4.13M
Maximum Profit (Gold): $184.97M $361.62M n/a $176.65M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $184.97M $361.62M n/a $176.65M
Max Profit / Current MCap: 3.208 2.665 n/a -0.543
Max Profit Per Share (Gold): $2.19 $4.28 n/a $2.09
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.19 $4.28 n/a $2.09
Total Free Profit Per Share: $1.29 $2.18 n/a $0.89
FD Mkt. Cap / Gold Eq.: $125.64 $295.64 n/a $170.00
FD Mkt. Cap / Silver Eq.: $1.44 $3.78 n/a $2.34
FD Mkt. Cap / Per Metal
as % Spot Price:
8.51% 16.42% n/a 7.91%

Reserves &
Resources
12/15/2019
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 1.00M 1.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -8.99M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 0.64M 0.64M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -5.74M
Maximum Profit (Gold): $257.51M $503.44M n/a $245.93M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $257.51M $503.44M n/a $245.93M
Max Profit / Current MCap: 4.465 3.710 n/a -0.755
Max Profit Per Share (Gold): $3.05 $5.96 n/a $2.91
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.05 $5.96 n/a $2.91
Total Free Profit Per Share: $2.15 $3.86 n/a $1.71
FD Mkt. Cap / Gold Eq.: $90.25 $212.36 n/a $122.11
FD Mkt. Cap / Silver Eq.: $1.04 $2.72 n/a $1.68
FD Mkt. Cap / Per Metal
as % Spot Price:
6.12% 11.80% n/a 5.68%

Future Valuation (Cash Flow & Totals)

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