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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

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$176.73M which is a rise of roughly 206% over the last nine months. As of 12/15/2019 they have ~C$15M debt and ~C$3.79M cash. They have 43M shares outstanding and trade on the Toronto Stock Exchange.

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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 $176.73M 12/15/2019 $119.07M
Total Assets: $35.68M $35.66M 12/15/2019 $-0.02M
Total Liabilities: $16.70M $16.69M 12/15/2019 $-0.01M
Current Assets: $5.31M $5.31M 12/15/2019 $0.00M
Current Liabilities: $4.56M $4.55M 12/15/2019 $0.00M
Total Debt: $15.18M $15.17M 12/15/2019 $-0.01M
Cash: $3.80M $3.79M 12/15/2019 $0.00M
Enterprise Value: $69.06M $188.11M 12/18/1975 $119.06M
Cash Flow: $0.00M $44.06M never $44.06M
Cash Flow Multiple: 0.00 4.01 never 4.01
Net Debt to
Cash Flow Ratio:
n/a 0.26 never 0.26
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) 
4,374,860
09/15/2020 4,374,860
Initial CapEx (Outstanding): $20.00M
34.68% of Mkt.Cap
$20.00M
11.32% 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 -2.14M
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 -1.92M
Maximum Profit (Gold): $54.40M $123.91M n/a $69.51M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $54.40M $123.91M n/a $69.51M
Max Profit / Current MCap: 0.943 0.701 n/a -0.242
Max Profit Per Share (Gold): $0.64 $1.47 n/a $0.82
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.64 $1.47 n/a $0.82
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $427.17 $1,309.14 n/a $881.97
FD Mkt. Cap / Silver Eq.: $4.90 $17.95 n/a $13.05
FD Mkt. Cap / Per Metal
as % Spot Price:
28.95% 67.17% n/a 38.22%
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 -8.55M
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 -6.54M
Maximum Profit (Gold): $184.97M $421.30M n/a $236.33M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $184.97M $421.30M n/a $236.33M
Max Profit / Current MCap: 3.208 2.384 n/a -0.824
Max Profit Per Share (Gold): $2.19 $4.99 n/a $2.80
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $2.19 $4.99 n/a $2.80
Total Free Profit Per Share: $1.29 $2.23 n/a $0.94
FD Mkt. Cap / Gold Eq.: $125.64 $385.04 n/a $259.40
FD Mkt. Cap / Silver Eq.: $1.44 $5.28 n/a $3.84
FD Mkt. Cap / Per Metal
as % Spot Price:
8.51% 19.76% n/a 11.24%

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 -14.25M
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 -9.11M
Maximum Profit (Gold): $257.51M $586.52M n/a $329.01M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $257.51M $586.52M n/a $329.01M
Max Profit / Current MCap: 4.465 3.319 n/a -1.147
Max Profit Per Share (Gold): $3.05 $6.95 n/a $3.90
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.05 $6.95 n/a $3.90
Total Free Profit Per Share: $2.15 $4.19 n/a $2.04
FD Mkt. Cap / Gold Eq.: $90.25 $276.58 n/a $186.33
FD Mkt. Cap / Silver Eq.: $1.04 $3.79 n/a $2.76
FD Mkt. Cap / Per Metal
as % Spot Price:
6.12% 14.19% n/a 8.08%

Future Valuation (Cash Flow & Totals)

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