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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 ~$259.31M which is a fall of roughly 20% over the last three months. 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
Item Value Value Updated
MCap (FD): $325.65M $259.31M 12/08/2025
MCap (OS): $320.08M $254.87M 12/08/2025
Total Assets: $342.00M $342.00M 12/08/2025
Total Liabilities: $210.00M $210.00M 12/08/2025
Current Assets: $193.00M $193.00M 12/08/2025
Current Liabilities: $69.00M $69.00M 12/08/2025
Total Debt: $115.00M $115.00M 12/08/2025
Cash: $108.00M $108.00M 12/08/2025
Debt (Net): $7.00M $7.00M
Enterprise Value: $332.65M $266.31M
Cash Flow: $226.32M $326.24M never
Cash Flow Multiple: 1.44 0.79 never
Net Debt to
Cash Flow Ratio:		 0.03 0.02 never
Finance within 1 year: 12/08/2025
Misc 12/08/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 252,800,000 252,800,000 12/08/2025
Shares (FD): 257,200,000 257,200,000 12/08/2025
Insider Ownership: n/a n/a 12/08/2025
Dividend (Annual): n/a n/a 03/14/2026
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a 01/01/2020 12/08/2025
Production (Gold Eq Oz.): (guess) 
120,000		 (guess) 
120,000		 12/08/2025
Production (Silver Eq Oz.): (guess) 
8,692,224		 (guess) 
7,466,437		 12/08/2025
Development Phase: Producer (Single Mine) Producer (Single Mine) 12/08/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 12/08/2025
Cash Flow Multiple: 10 10 12/08/2025

Resource Data

GOLD 12/08/2025
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 12/08/2025
Measured & Indicated: 2.80M 2.80M 12/08/2025
Inferred: 0.20M 0.20M 12/08/2025
Reserves & Resources: 3.00M 3.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 1.87M 1.87M 12/08/2025
Measured & Indicated: 2.28M 2.28M 12/08/2025
Inferred: 0.09M 0.09M 12/08/2025
Reserves & Resources: 2.36M 2.36M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
120,000oz.		 (guess) 
120,000oz.		 12/08/2025
Cash Cost: $1,500 $1,500 12/08/2025
Extra Operating Cost: $800 $800 12/08/2025
Total: $2,300 $2,300 12/08/2025
Margin (Free Cash Flow): $1,886 (45%) $2,719 (54%)
MCap / Production (AuEq): $2,713.77 $2,160.91
EV / Production (AuEq): $2,772.10 $2,219.25
G
R
A
D
E		 Underground (Avg): n/a n/a 12/08/2025
Open Pit (Avg): n/a 1.00 g/t 12/08/2025
Recovery Rate: (CG)  85.00% (CG)  85.00% 03/14/2026
F
U
T
U
R
E		 Proven & Probable: 3.00M 3.00M 12/08/2025
Annual Production: 100,000oz. 100,000oz. 12/08/2025
Cash Cost: $1,700 $1,700 12/08/2025
Extra Operating Cost: $800 $800 12/08/2025
SILVER 12/08/2025
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 12/08/2025
Measured & Indicated: n/a n/a 12/08/2025
Inferred: n/a n/a 12/08/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 12/08/2025
Measured & Indicated: n/a n/a 12/08/2025
Inferred: n/a n/a 12/08/2025
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 12/08/2025
Extra Operating Cost: n/a n/a 12/08/2025
Total: n/a n/a 12/08/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $37.46 $34.73
EV / Production (AgEq): $38.27 $35.67
G
R
A
D
E		 Underground (Avg): n/a n/a 12/08/2025
Open Pit (Avg): n/a n/a 12/08/2025
Recovery Rate: n/a n/a 12/08/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/08/2025
Annual Production: n/a n/a 12/08/2025
Cash Cost: n/a n/a 12/08/2025
Extra Operating Cost: n/a n/a 12/08/2025

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
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): $3,526.88M $5,083.95M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $3,526.88M $5,083.95M n/a
Max Profit / Current MCap: 10.830 19.606 n/a
Max Profit Per Share (Gold): $13.71 $19.77 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $13.71 $19.77 n/a
Total Free Profit Per Share: $11.96 $18.39 n/a
FD MCap / Gold Eq.: $174.15 $138.67 n/a
FD MCap / Silver Eq.: $2.40 $2.23 n/a
FD MCap / Per Metal
as % Spot Price:		 4.16% 2.76% n/a
EV / Gold Eq.: $177.89 $142.41 n/a
EV / Silver Eq.: $2.46 $2.29 n/a
EV / Per Metal
as % Spot Price:		 4.25% 2.84% n/a
Measured &
Indicated		 12/08/2025
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): $4,296.38M $6,193.18M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $4,296.38M $6,193.18M n/a
Max Profit / Current MCap: 13.193 23.883 n/a
Max Profit Per Share (Gold): $16.70 $24.08 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $16.70 $24.08 n/a
Total Free Profit Per Share: $14.95 $22.70 n/a
FD MCap / Gold Eq.: $142.96 $113.83 n/a
FD MCap / Silver Eq.: $1.97 $1.83 n/a
FD MCap / Per Metal
as % Spot Price:		 3.42% 2.27% n/a
EV / Gold Eq.: $146.03 $116.90 n/a
EV / Silver Eq.: $2.02 $1.88 n/a
EV / Per Metal
as % Spot Price:		 3.49% 2.33% n/a

Reserves &
Resources		 12/08/2025
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): $4,456.69M $6,424.26M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $4,456.69M $6,424.26M n/a
Max Profit / Current MCap: 13.685 24.775 n/a
Max Profit Per Share (Gold): $17.33 $24.98 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $17.33 $24.98 n/a
Total Free Profit Per Share: $15.58 $23.60 n/a
FD MCap / Gold Eq.: $137.81 $109.74 n/a
FD MCap / Silver Eq.: $1.90 $1.76 n/a
FD MCap / Per Metal
as % Spot Price:		 3.29% 2.19% n/a
EV / Gold Eq.: $140.78 $112.70 n/a
EV / Silver Eq.: $1.94 $1.81 n/a
EV / Per Metal
as % Spot Price:		 3.36% 2.25% n/a

Future Valuation (Cash Flow & Totals)

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