Steppe Gold Announces Q3 2026 Financial Results

Steppe Gold Ltd. (STGO) reported third-quarter 2026 production of 17,543 oz of gold, with sales reaching 19,984 oz. The company generated $86.570m in revenue based on a realized gold price of $4,319/oz, resulting in a net profit attributable to shareholders of $37.389m. Earnings per share stood at $0.148, while Adjusted EBITDA was $56.421m. Production costs for the quarter included cash costs of $1,304/oz and total AISC of $1,623/oz.

For the first nine months of 2026, production totaled 51,726 oz against sales of 44,211 oz. Revenue for the period was $201.599m, driven by a realized price of $4,545/oz. Net profit reached $56.336m, with EPS of $0.223 and Adjusted EBITDA of $141.190m. Cash costs for the nine-month period were $1,222/oz, and total AISC was $1,790/oz. Operating cash flow was $44.951m in Q3 and $82.917m for the nine-month period.

As of September 30, 2026, cash on hand was $37.912m, with working capital at $110.226m. This working capital figure included $108.816m in Boroo Singapore bond investments maturing on December 31, 2026. Inventories rose to $53.083m from $35.202m at December 31, 2025. Finished gold inventory decreased to 7,508 oz at September 30, 2026, down from 9,958 oz at June 30, 2026.

The company fully repaid the $14.300m BORO bond and the TDB Gold II loan. It also repaid $4.000m of the MIK loan and deferred $49.600m of ATO Phase 2 loan principal into five instalments scheduled between March and August 2028. Triple Flag’s first scheduled quarterly delivery of 1,250 oz gold-equivalent was settled on August 14, 2026, with the second 1,250 oz delivery settled on November 13, 2026.

Progress on the ATO Phase 2 project includes an EPC contract with Hexagon Engineering valued at approximately $238.230m, with $21.350m advanced during the first nine months of 2026. A Barloworld Mongolia equipment contract is valued at approximately $57.300m, with $21.302m paid in deposits. Land permitting approval has been received, and power transmission and water exploration are underway. The revised feasibility study is now expected in Q4 2026.

Management maintained its 2026 production guidance of approximately 68,000 oz of gold.

Steppe Gold Ltd. (STGO) reported a strong third-quarter financial performance, driven by a 26.6% increase in the realized gold price to $4,319/oz. Sales of 19,984 oz exceeded production of 17,543 oz by 2,441 oz, resulting in a drawdown of finished inventory. Consequently, revenue rose 194.5% and net profit increased 429.1%.

The company reaffirmed its annual production target of 68,000 oz, with Q3 output tracking in line with prior guidance. No guidance raise or new cost reset was announced. While the third-quarter All-In Sustaining Costs (AISC) improved 41.2% year over year to $1,623/oz, the nine-month AISC of $1,790/oz remains 16.6% above the same period in 2025 and 47.3% above FY2025. The quarterly AISC improvement was partly attributable to a denominator effect from selling more ounces than were produced.

The stock closed at $1.56 on August 14, 2026, the date of the prior Q2 release, and at $1.37 on November 13, 2026, down 12.2% into this print. From the August 25, 2026 peak of $1.94, shares are down 29.4%. The release was viewed as positive but expected, as production is tracking, profit and cash flow are strong, and debt and stream milestones were met. The central debate regarding Phase 2 funding, related-party liquidity, and cost trends remains unchanged.

Steppe Gold Ltd. (TSX: STGO, OTCQX: STPGF, FSE: 2J9) is a Mongolia-focused precious metals producer and developer. Its producing assets include the Boroo Gold mine and Ulaanbulag, while the ATO Gold Mine in Dornod Province serves as the Phase 2 expansion asset. The company also holds an interest in the Alturas project in Chile, featuring a 0.25% NSR buyback option exercisable for $7.5m in a 30-day window beginning November 7, 2029.

Management includes CEO Tserenbadam Dugeree and Interim CFO Ariuntsetseg Batsaikhan. In December 2025, the auditor changed to Emmerich, Córdova y Asociados, a KPMG member firm, replacing Kingston Ross Pasnak LLP. Boroo Singapore is the indirect parent and a related party. No detailed management background, reserve/resource statement, or strategic investor register was provided in the release.