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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 one mine in development in Mongolia and two exploration properties. 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 ~C$311.75M which is a rise of roughly 166% over the last nine months. As of 12/02/2024 they have ~C$73M debt and ~C$37.02M 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 12/02/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $117.23M $311.75M 12/02/2024
MCap (OS): $115.23M $306.42M 12/02/2024
Total Assets: $129.62M $132.10M 12/02/2024
Total Liabilities: $64.81M $66.05M 12/02/2024
Current Assets: $36.32M $37.02M 12/02/2024
Current Liabilities: $123.92M $126.29M 12/02/2024
Total Debt: $71.22M $72.58M 12/02/2024
Cash: $36.32M $37.02M 12/02/2024
Debt (Net): $34.90M $35.56M
Enterprise Value: $152.13M $347.32M 01/02/1981
Cash Flow: $88.67M $160.13M never
Cash Flow Multiple: 1.32 1.95 never
Net Debt to
Cash Flow Ratio:		 0.39 0.22 never
Finance within 1 year: 12/02/2024
Misc 12/02/2024
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 252,800,000 252,800,000 12/02/2024
Shares (FD): 257,200,000 257,200,000 12/02/2024
Insider Ownership: n/a n/a never
Dividend (Annual): n/a n/a never
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a 01/01/2020 12/02/2024
Production (Gold Eq Oz.): (guess) 
85,000		 (guess) 
90,000		 03/31/2025
Production (Silver Eq Oz.): (guess) 
7,335,031		 (guess) 
7,792,750		 03/31/2025
Development Phase: none Producer (Single Mine) 03/31/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 12/06/2023
Cash Flow Multiple: 10 10 11/15/2024

Resource Data

GOLD 12/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 2.20M 2.20M 12/02/2024
Measured & Indicated: 2.80M 2.80M 12/02/2024
Inferred: 0.20M 0.20M 12/02/2024
Reserves & Resources: 3.00M 3.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.87M 1.87M 12/02/2024
Measured & Indicated: 2.28M 2.28M 12/02/2024
Inferred: 0.09M 0.09M 12/02/2024
Reserves & Resources: 2.36M 2.36M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
85,000oz.		 (guess) 
90,000oz.		 03/31/2025
Cash Cost: $1,000 $1,100 03/31/2025
Extra Operating Cost: $600 $650 03/31/2025
Total: $1,600 $1,750 03/31/2025
Margin (Free Cash Flow): $1,043 (39%) $1,779 (50%)
MCap / Production (AuEq): $1,379.20 $3,463.91
EV / Production (AuEq): $1,789.75 $3,859.07
G
R
A
D
E		 Underground (Avg): n/a n/a 12/02/2024
Open Pit (Avg): n/a 1.00 g/t 03/25/2024
Recovery Rate: (CG)  85.00% (CG)  85.00% 03/31/2025
F
U
T
U
R
E		 Proven & Probable: 3.00M 3.00M 12/02/2024
Annual Production: 100,000oz. 100,000oz. 12/02/2024
Cash Cost: $1,100 $1,200 03/31/2025
Extra Operating Cost: $650 $700 03/31/2025
SILVER 12/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 12/02/2024
Measured & Indicated: n/a n/a 12/02/2024
Inferred: n/a n/a 12/02/2024
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 12/02/2024
Measured & Indicated: n/a n/a 12/02/2024
Inferred: n/a n/a 12/02/2024
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 12/02/2024
Extra Operating Cost: n/a n/a 12/02/2024
Total: n/a n/a 12/02/2024
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $15.98 $40.01
EV / Production (AgEq): $20.74 $44.57
G
R
A
D
E		 Underground (Avg): n/a n/a 12/02/2024
Open Pit (Avg): n/a n/a 12/06/2023
Recovery Rate: n/a n/a 12/02/2024
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/02/2024
Annual Production: n/a n/a 12/02/2024
Cash Cost: n/a n/a 12/02/2024
Extra Operating Cost: n/a n/a 12/02/2024

Property

Last Analysis Data  (12/02/2024)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev ATO
100 show
Low cash costs.

Small open pit mine.

Exploration potential.

Size: 25,000 ha
Exp 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
Dev ATO
100 show
Low cash costs.

Small open pit mine.

Exploration potential.

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

Size: 14,000 ha

Profitability (by resource)

Proven &
Probable		 12/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.20M 2.20M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.87M 1.87M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,950.78M $3,327.20M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,950.78M $3,327.20M n/a
Max Profit / Current MCap: 16.640 10.673 n/a
Max Profit Per Share (Gold): $7.58 $12.94 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $7.58 $12.94 n/a
Total Free Profit Per Share: $6.94 $11.27 n/a
FD MCap / Gold Eq.: $62.69 $166.71 n/a
FD MCap / Silver Eq.: $0.73 $1.93 n/a
FD MCap / Per Metal
as % Spot Price:		 2.37% 4.72% n/a
EV / Gold Eq.: $81.35 $185.73 n/a
EV / Silver Eq.: $0.94 $2.15 n/a
EV / Per Metal
as % Spot Price:		 3.08% 5.26% n/a
Measured &
Indicated		 12/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.80M 2.80M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.28M 2.28M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $2,376.41M $4,053.13M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $2,376.41M $4,053.13M n/a
Max Profit / Current MCap: 20.271 13.001 n/a
Max Profit Per Share (Gold): $9.24 $15.76 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $9.24 $15.76 n/a
Total Free Profit Per Share: $8.60 $14.09 n/a
FD MCap / Gold Eq.: $51.46 $136.85 n/a
FD MCap / Silver Eq.: $0.60 $1.58 n/a
FD MCap / Per Metal
as % Spot Price:		 1.95% 3.88% n/a
EV / Gold Eq.: $66.78 $152.47 n/a
EV / Silver Eq.: $0.77 $1.76 n/a
EV / Per Metal
as % Spot Price:		 2.53% 4.32% n/a

Reserves &
Resources		 12/02/2024
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 3.00M 3.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.36M 2.36M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $2,465.08M $4,204.37M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $2,465.08M $4,204.37M n/a
Max Profit / Current MCap: 21.027 13.486 n/a
Max Profit Per Share (Gold): $9.58 $16.35 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $9.58 $16.35 n/a
Total Free Profit Per Share: $8.94 $14.68 n/a
FD MCap / Gold Eq.: $49.61 $131.93 n/a
FD MCap / Silver Eq.: $0.57 $1.52 n/a
FD MCap / Per Metal
as % Spot Price:		 1.88% 3.74% n/a
EV / Gold Eq.: $64.38 $146.98 n/a
EV / Silver Eq.: $0.75 $1.70 n/a
EV / Per Metal
as % Spot Price:		 2.44% 4.16% n/a

Future Valuation (Cash Flow & Totals)

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