Steppe Gold Announces Q2 2026 Financial Results

Steppe Gold Ltd. reported second-quarter 2026 gold production of 22,465 oz, an increase from 13,000 oz in Q2 2025. For the first half of 2026, production reached 34,183 oz, compared to 32,861 oz in the same period last year. Sales figures lagged behind production volumes, with Q2 2026 sales totaling 13,724 oz against 15,058 oz in Q2 2025. H1 2026 sales were 24,227 oz, down from 30,669 oz in H1 2025. The company retained 9,958 oz of finished gold inventory at June 30, 2026, as part of its inventory management strategy.

Revenue for Q2 2026 rose to $61,848k from $32,327k in Q2 2025, while H1 revenue increased to $115,028k from $64,695k. The average realized gold price in Q2 2026 was $4,493/oz, up from $2,142/oz in the prior year quarter. Net loss attributable to shareholders was $175k in Q2 2026, compared to a profit of $8,998k in Q2 2025. However, H1 2026 net profit stood at $19,039k, up from $15,610k in H1 2025. Adjusted EBITDA for Q2 2026 was $46,626k versus $18,074k in Q2 2025, with H1 Adjusted EBITDA reaching $85,171k against $36,559k.

Production costs for Q2 2026 showed a cash cost of $1,164/oz sold and a total AISC of $1,716/oz sold. For the first half of the year, the cash cost was $1,168/oz and total AISC was $1,924/oz. As of June 30, 2026, cash holdings were $19,889k, with working capital at $86,490k. This working capital included bond investments of $107,119k maturing on December 31, 2026.

The Triple Flag settlement closed on June 11, 2026, establishing fixed deliveries of 34,770 oz through 2036, followed by a 1.5% production tail capped at 500 oz/quarter. The first delivery of 1,250 oz was made on August 14, 2026. Financially, the company fully repaid the $14,300k BORO bond and the TDB Gold II loan. The ATO Phase 2 Loan balance of $49,600k was rescheduled into installments due in 2028.

Regarding capital expenditure, ATO Phase 2 advanced $21,350k to the EPC contractor and $17,190k for mining equipment. The amended EPC contract value is approximately $238,230k. Steppe Gold Ltd. is maintaining its 2026 production guidance of approximately 68,000 oz of gold, with a revised feasibility study expected in the second half of 2026.

Steppe Gold Ltd. (STGO) reported second-quarter and half-year operating and cost figures, marking the primary new data in its latest release. While the company reiterated the Triple Flag settlement and the expanded ATO Phase 2 EPC contract, these items were previously disclosed in June 2026 and do not constitute new information.

Production recovered during the period, driving sharp increases in revenue and Adjusted EBITDA. However, unit costs also rose significantly, resulting in a small net loss for the second quarter. Full-year 2026 guidance remained unchanged at 68,000 ounces, indicating no revision to previous expectations.

Following the prior earnings release on May 14, 2026, when the stock traded at $1.40, shares rose to $1.52 on August 13, 2026, the day before this release. This represents a gain of approximately 8.6%, suggesting the market had already priced in a solid quarter or higher gold prices. The positive operating headlines were offset by cost escalation, low cash levels, and the absence of a guidance revision.

Steppe Gold Ltd. (TSX: STGO, OTCQX: STPGF, FSE: 2J9) is a Mongolia-focused precious metals producer and developer. Its operating assets include the Boroo and Ulaanbulag mines and the ATO Mine in Mongolia, with the ATO Phase 2 expansion located in Dornod Province. The company also references the Alturas Project in Chile, which includes a 0.25% NSR buyback option.

For fiscal year 2025, gold production totaled 76,059 oz. The company’s 2026 guidance is approximately 68,000 oz, with first-half 2026 production recorded at 34,183 oz. Current management includes CEO Tserenbadam Dugeree and Interim CFO Ariuntsetseg Batsaikhan.