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Steppe Gold Ltd

www: steppegold.com   email: lori.winchester@tmx.com
Category: 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 mid-tier producer with two producing mines in Mongolia and one exploration property. Currently they produce roughly 120koz. of gold per year. They have approximately 3Moz. of gold in the reserves and resources category of which 2.8Moz. are in the measured and indicated category. They have a market capitalisation of ~$378.22M which is a rise of roughly 16% over the last two weeks. As of 12/08/2025 they have ~$115M debt and ~$108M cash. They have 253M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 12/08/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $325.65M $378.22M 12/08/2025 $52.56M
MCap (OS): $320.08M $371.75M 12/08/2025 $51.66M
Total Assets: $342.00M $342.00M 12/08/2025 $0.00M
Total Liabilities: $210.00M $210.00M 12/08/2025 $0.00M
Current Assets: $193.00M $193.00M 12/08/2025 $0.00M
Current Liabilities: $69.00M $69.00M 12/08/2025 $0.00M
Total Debt: $115.00M $115.00M 12/08/2025 $0.00M
Cash: $108.00M $108.00M 12/08/2025 $0.00M
Debt (Net): $7.00M $7.00M $0.00M
Enterprise Value: $332.65M $385.22M 03/17/1982 $52.56M
Cash Flow: $226.32M $261.01M never $34.69M
Cash Flow Multiple: 1.44 1.45 never 0.01
Net Debt to
Cash Flow Ratio:		 0.03 0.03 never 0.00
Finance within 1 year: 12/08/2025 n/a
Misc 12/08/2025
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 252,800,000 252,800,000 12/08/2025 0
Shares (FD): 257,200,000 257,200,000 12/08/2025 0
Insider Ownership: n/a n/a 12/08/2025 n/a
Dividend (Annual): n/a n/a 12/08/2025 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a 01/01/2020 12/08/2025 n/a
Production (Gold Eq Oz.): (guess) 
120,000		 (guess) 
120,000		 12/08/2025 0
Production (Silver Eq Oz.): (guess) 
8,692,224		 (guess) 
7,783,928		 12/08/2025 -908,295
Development Phase: Producer (Single Mine) Producer (Single Mine) 12/08/2025 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 12/08/2025 0
Cash Flow Multiple: 10 10 12/08/2025 0.00

Resource Data

GOLD 12/08/2025
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 2.20M 2.20M 12/08/2025 0.00M
Measured & Indicated: 2.80M 2.80M 12/08/2025 0.00M
Inferred: 0.20M 0.20M 12/08/2025 0.00M
Reserves & Resources: 3.00M 3.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.87M 1.87M 12/08/2025 0.00M
Measured & Indicated: 2.28M 2.28M 12/08/2025 0.00M
Inferred: 0.09M 0.09M 12/08/2025 0.00M
Reserves & Resources: 2.36M 2.36M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
120,000oz.		 (guess) 
120,000oz.		 12/08/2025 0oz.
Cash Cost: $1,500 $1,500 12/08/2025 $0.00
Extra Operating Cost: $800 $800 12/08/2025 $0.00
Total: $2,300 $2,300 12/08/2025 $0.00
Margin (Free Cash Flow): $1,886 (45%) $2,175 (49%) $289.08
MCap / Production (AuEq): $2,713.77 $3,151.80 $438.03
EV / Production (AuEq): $2,772.10 $3,210.14 $438.03
G
R
A
D
E		 Underground (Avg): n/a n/a 12/08/2025 n/a
Open Pit (Avg): n/a 1.00 g/t 12/08/2025 1.00 g/t
Recovery Rate: (CG)  85.00% (CG)  85.00% 12/08/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: 3.00M 3.00M 12/08/2025 0.00M
Annual Production: 100,000oz. 100,000oz. 12/08/2025 0oz.
Cash Cost: $1,700 $1,700 12/08/2025 $0
Extra Operating Cost: $800 $800 12/08/2025 $0
SILVER 12/08/2025
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 12/08/2025 0.00M
Measured & Indicated: n/a n/a 12/08/2025 0.00M
Inferred: n/a n/a 12/08/2025 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 12/08/2025 0.00M
Measured & Indicated: n/a n/a 12/08/2025 0.00M
Inferred: n/a n/a 12/08/2025 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 12/08/2025 $0.00
Extra Operating Cost: n/a n/a 12/08/2025 $0.00
Total: n/a n/a 12/08/2025 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $37.46 $48.59 $11.12
EV / Production (AgEq): $38.27 $49.49 $11.22
G
R
A
D
E		 Underground (Avg): n/a n/a 12/08/2025 n/a
Open Pit (Avg): n/a n/a 12/08/2025 n/a
Recovery Rate: n/a n/a 12/08/2025 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/08/2025 0.00M
Annual Production: n/a n/a 12/08/2025 n/a
Cash Cost: n/a n/a 12/08/2025 n/a
Extra Operating Cost: n/a n/a 12/08/2025 n/a

Property

Last Analysis Data  (12/08/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod ATO
100 show
Low cash costs.

Small open pit mine.

Exploration potential.

Size: 25,000 ha
Prod Boroo
100 show
1 million deposit
Short mine life
Exp UK
80 show
Early exploration.

Size: 14,000 ha
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod ATO
100 show
Low cash costs.

Small open pit mine.

Exploration potential.

Size: 25,000 ha
Prod Boroo
100 show
1 million deposit
Short mine life
Exp UK
80 show
Early exploration.

Size: 14,000 ha

Profitability (by resource)

Proven &
Probable		 12/08/2025
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.): 2.20M 2.20M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -16.65M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.87M 1.87M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -14.15M
Maximum Profit (Gold): $3,526.88M $4,067.46M n/a $540.58M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $3,526.88M $4,067.46M n/a $540.58M
Max Profit / Current MCap: 10.830 10.754 n/a -0.076
Max Profit Per Share (Gold): $13.71 $15.81 n/a $2.10
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $13.71 $15.81 n/a $2.10
Total Free Profit Per Share: $11.96 $13.79 n/a $1.83
FD MCap / Gold Eq.: $174.15 $202.25 n/a $28.11
FD MCap / Silver Eq.: $2.40 $3.12 n/a $0.71
FD MCap / Per Metal
as % Spot Price:		 4.16% 4.52% n/a 0.36%
EV / Gold Eq.: $177.89 $206.00 n/a $28.11
EV / Silver Eq.: $2.46 $3.18 n/a $0.72
EV / Per Metal
as % Spot Price:		 4.25% 4.60% n/a 0.35%
Measured &
Indicated		 12/08/2025
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.): 2.80M 2.80M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -21.19M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.28M 2.28M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -17.24M
Maximum Profit (Gold): $4,296.38M $4,954.90M n/a $658.52M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,296.38M $4,954.90M n/a $658.52M
Max Profit / Current MCap: 13.193 13.101 n/a -0.092
Max Profit Per Share (Gold): $16.70 $19.26 n/a $2.56
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $16.70 $19.26 n/a $2.56
Total Free Profit Per Share: $14.95 $17.24 n/a $2.29
FD MCap / Gold Eq.: $142.96 $166.03 n/a $23.07
FD MCap / Silver Eq.: $1.97 $2.56 n/a $0.59
FD MCap / Per Metal
as % Spot Price:		 3.42% 3.71% n/a 0.30%
EV / Gold Eq.: $146.03 $169.10 n/a $23.07
EV / Silver Eq.: $2.02 $2.61 n/a $0.59
EV / Per Metal
as % Spot Price:		 3.49% 3.78% n/a 0.29%

Reserves &
Resources		 12/08/2025
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.): 3.00M 3.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -22.71M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.36M 2.36M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -17.89M
Maximum Profit (Gold): $4,456.69M $5,139.78M n/a $683.10M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $4,456.69M $5,139.78M n/a $683.10M
Max Profit / Current MCap: 13.685 13.590 n/a -0.096
Max Profit Per Share (Gold): $17.33 $19.98 n/a $2.66
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $17.33 $19.98 n/a $2.66
Total Free Profit Per Share: $15.58 $17.96 n/a $2.39
FD MCap / Gold Eq.: $137.81 $160.06 n/a $22.24
FD MCap / Silver Eq.: $1.90 $2.47 n/a $0.56
FD MCap / Per Metal
as % Spot Price:		 3.29% 3.58% n/a 0.28%
EV / Gold Eq.: $140.78 $163.02 n/a $22.24
EV / Silver Eq.: $1.94 $2.51 n/a $0.57
EV / Per Metal
as % Spot Price:		 3.36% 3.64% n/a 0.28%

Future Valuation (Cash Flow & Totals)

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