Steppe Gold Ltd (QX) (STPGF)

Steppe Gold Announces Settlement Agreement with Triple FlagJune 12, 2026 7:00 AM
NewsfileUlaanbaatar, Mongolia--(Newsfile Corp. - June 12, 2026) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce that it has entered into a settlement agreement with Triple Flag Precious Metals Corp. ("Triple Flag") that fully resolves all outstanding litigation, arbitration proceedings and disputes relating to the Company's stream agreement and gold prepay agreement. The agreement also establishes a revised long-term streaming framework and satisfies all outstanding delivery obligations under those arrangements.Under the settlement agreement, Steppe Gold has delivered all outstanding gold and silver obligations under the existing arrangements, including full satisfaction of the gold prepay agreement and all arrears under the stream agreement.Tserenbadam Dugeree, Chief Executive Officer of Steppe Gold, commented: "We are pleased to have reached a mutually beneficial resolution with Triple Flag that resolves all outstanding matters between our companies. The settlement strengthens our position as we focus on advancing the Phase 2 Expansion of the ATO Project, growing production and continuing to execute our long-term strategy. We appreciate the collaborative efforts of the Triple Flag team in reaching this outcome and look forward to continuing our partnership."The settlement establishes a revised long-term streaming framework that provides clarity and certainty for both parties. Under the amended agreement, Steppe Gold will make fixed gold deliveries totaling 34,770 ounces of gold through 2036, after which the stream converts to a 1.5% interest in gold production from the ATO mine, subject to a quarterly cap of 500 ounces. The amended obligations remain secured by the ATO mine and supported by guarantees from Steppe Gold and Boroo Gold LLC.About Steppe Gold Ltd.Steppe Gold is Mongolia's premier precious metals company.For further information, please contact:Tserenbadam Dugeree, Chief Executive Officer Ariuntsetseg Batsaikhan, Interim Chief Financial OfficerElisa Tagarvaa, Investor Relations Manager7th floor, Blue Sky Tower, Peace Avenue 17
Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia|
Tel: +976 7732 1914Cautionary Note Regarding Forward-Looking StatementsThis news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results, or developments that the Company anticipates or expects may, or will, occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "continued", "focus", "scheduled", "will", "planned", "anticipated", "approximately" and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the anticipated benefits of the settlement agreement with Triple Flag; the terms and expected operation of the revised long-term streaming framework; the security and guarantees supporting the amended obligations; the advancement, timing and completion of the Phase 2 Expansion of the ATO Project; anticipated growth in production; and the Company's ability to execute its long-term strategy and continue its partnership with Triple Flag. The forward-looking statements contained in this news release are based on a number of assumptions which may prove to be incorrect, and actual results, performance or achievements may differ materially from those expressed or implied by such statements due to known and unknown risks, uncertainties and other factors, including risks relating to gold and silver prices, the ability of the parties to perform their obligations under the settlement agreement and revised streaming framework, the development and operation of the ATO mine, and general economic, market and regulatory conditions. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301267 Original: Steppe Gold Announces Settlement Agreement with Triple Flag

Steppe Gold Announces Q1 2026 Financial ResultsMay 14, 2026 6:59 PM
NewsfileUlaanbaatar, Mongolia--(Newsfile Corp. - May 14, 2026) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce its financial results for the quarter ended March 31, 2026. HIGHLIGHTS
First quarter ended March 31, 2026
(All amounts are in US dollars, expressed in thousands, unless otherwise indicated, except per unit amounts.)Production and Sales: For the three months ended March 31, 2026, the Company produced 11,719 ounces of gold and sold 10,502 ounces of gold, compared to 19,860 ounces produced and 15,611 ounces sold in the same period in 2025. The decrease was mainly due to planned lower production in accordance with the mine plan and reserve schedule, as well as unplanned plant maintenance during the quarter. Silver production totaled 8,251 ounces, with 2,237 ounces sold during the quarter.Revenue: Revenue for the three months ended March 31, 2026 was $53,180, compared to $32,368 in the same period in 2025. The increase in revenue was primarily attributable to higher gold price, despite lower volume. Pricing: The average realized gold price during the quarter was $5,064 per ounce, compared to $2,000 per ounce in the same period in 2025. The lower average realized gold price during the first quarter of 2025 was due to the Company selling its gold at a fixed price under the forward sales agreement. All sales were at spot prices following the expiry of the forward sales contract in June 2025.Profitability: Adjusted EBITDA was $38,404 for the quarter, compared to $18,370 in the same period in 2025 reflecting stable operating performance supported by higher gold prices.Costs: In the first quarter of 2026, site AISC and total AISC were $1,438 per ounce and $1,668 per ounce, respectively, compared to $844 per ounce and $991 per ounce in the same period in 2025. The increase was mainly due to lower gold ounces sold, reflecting planned lower production in line with the mine plan and reserve schedule, as well as two unplanned maintenance shutdowns totaling 316 hours. Costs were also higher due to stripping activities at the mine site.Inventory: Inventory increased during the first quarter of 2026 by $8,830 compared to the year end December 31, 2025 balance. The increase was primarily attributable to stripping activities carried out at Boroo Gold Mine and there was 1,221 ounces of gold remained at finished goods as at the quarter end. Financial Position: The Company's net cash position increased to $56,738 as at March 31, 2026, compared to $35,169 as at December 31, 2025. The increase was primarily attributable to cash generated from operating activities during the quarter and the repayment of the BORO bond of $14,300. Liquidity and Capital Structure: As at March 31, 2026, the Company reported a working capital of $105,688, including bond investments of $105,275 maturing on December 31, 2026, which are expected to support near-term liquidity requirements.The Company's liquidity is supported by ongoing production and commodity prices, with performance in 2026 expected to reflect continued operations at existing assets, subject to operational conditions and the timing of ATO Phase 2 development.During the three months ended March 31, 2026, the Company continued to service its debt obligations in accordance with contractual terms and reached agreements with TDB in respect of amendments to repayment arrangements for the ATO Phase 2 and TDB Gold II loan facilities. These arrangements are expected to improve near-term cash flow timing and support the Company's ongoing ATO Phase 2 development activities. The Group remains engaged in previously disclosed arbitration relating to the streaming arrangement and litigation concerning the Gold Prepay loan facility. These matters may affect the timing and extent of future cash flows and liquidity available to the Group, and management continues to monitor developments and assess their potential financial impact.Operations: Gold production decreased during the first quarter of 2026 compared to the same period in 2025, primarily due to planned lower production in line with the mine plan and reserve schedule, as well as reduced plant availability during the quarter. Plant availability was impacted by scheduled maintenance activities and unplanned downtime associated with repairs to the ball mill trunnion bearing in February 2026, which temporarily reduced processing throughput. The issue was subsequently resolved, and the processing plant has been operating at normal levels from mid-February onwards.ATO Operations: The ATO oxide phase is largely depleted, with residual leaching ongoing. Cash flows from ATO have been prioritized toward essential operating costs and maintaining operations.ATO Phase 2 Expansion: The Company continues to advance the Phase 2 Expansion under the existing turnkey engineering, procurement and construction ("EPC") arrangement with Hexagon Engineering LLC, with a focus on increasing processing capacity and improving recoveries. Subsequent to the reporting period, on April 10, 2026, the Company further advanced $21,350 to Hexagon Engineering LLC from internal cash resources to support ongoing Phase 2 development activities and is currently in the process of negotiating an amendment to the existing EPC Contract to reflect the expanded scope of works.The proposed Phase 2 scope includes additional infrastructure and development works across processing, mining, power supply, water, camp facilities, and supporting mine infrastructure. Please note that the amendment terms remain under discussion and are currently in draft form. Accordingly, the scope of the additional works is subject to change and may be revised, reduced, removed, or supplemented as discussions progress.A revised feasibility study remains underway and is expected to be completed in the second half of 2026. The timing of further development remains dependent on the completion of the feasibility study, securing required permits, and overall project execution planning. Permitting and land access remain key prerequisite for full project execution and continue to involve inherent uncertainty.Mining Activity: During the quarter, 457,291 tonnes of ore was mined and 319,614 tonnes of ore milled, with an average gold grade of 1.17 g/t, compared to 1,558,815 tonnes of ore mined and 460,035 tonnes of ore milled, with average gold grade of 1.51 g/t in the same period of 2025. Health and Safety: As at March 31, 2026, the Company recorded no minor injury case, resulting in zero Lost-Time Injury ("LTI"), and a Lost Time Injury Frequency ("LTIF") rate of 0.00 per 200,000 man-hours worked, compared to an LTIF of 0.00 during the previous year.Management CommentarySteppe Gold's Chief Executive Officer, Tserenbadam Dugeree, stated, "I am pleased to report solid operational and financial performance for the first quarter of 2026. Development of ATO Phase 2 continues to advance, reflecting practical execution considerations such as land access coordination, permitting timelines, engineering scope refinements, and ongoing balance sheet management initiatives, while an updated feasibility study is currently underway. The Company also continues to actively manage outstanding supplier liabilities, bank loan obligations, and arbitration proceedings related to the streaming agreement, as well as legal proceedings associated with the gold prepay facility. These matters remain under active review and management. Stable performance from the Boroo and Ulaanbulag gold mines supported results, while ATO Phase 1 continued nearing the end of its mine life. We remain focused on disciplined capital allocation, prudent liquidity management and advancing ATO Phase 2 in a measured manner."Operations and OutlookThe Company's 2026 production guidance is approximately 68,000 ounces of gold, reflecting anticipated improvements in mill throughput, recoveries, and operational efficiencies across its processing facilities.The Company continues to advance the ATO Phase 2, with ongoing progress in engineering, permitting, and infrastructure planning. Subsequent to the reporting period, the Company advanced $21,350 under the EPC contract from internal cash resources to support continued ATO Phase 2 development activities. Project execution plans are being refined to reflect updated engineering scope and site access considerations, which may affect development sequencing and timing. Permitting and land access remain key prerequisite for full project execution and continue to involve inherent uncertainty.Overall, the Company remains focused on disciplined execution, maintaining financial flexibility and advancing its growth initiatives in a measured manner.Financial Statements and MD&AThe Company's condensed interim consolidated financial results for the quarter ended March 31, 2026 have been filed on SEDAR+. The full version of the condensed interim consolidated financial statements and associated management's discussion & analysis can be viewed on the Company's website at www.steppegold.com or under the Company's profile on SEDAR + at www.sedarplus.ca. About Steppe Gold Ltd.Steppe Gold is Mongolia's premier precious metals company.For further information, please contact:Tserenbadam Dugeree, Chief Executive Officer Ariuntsetseg Batsaikhan, Interim Chief Financial OfficerElisa Tagarvaa, Investor Relations Manager7th floor, Blue Sky Tower, Peace Avenue 17
Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914Non-IFRS Performance MeasuresThe Company uses the following non-IFRS performance measures: EBITDA, Adjusted EBITDA and AISC. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as adjusted earnings before interest, taxes, depreciation and amortization. AISC is commonly used by mining companies to assess operating performance and ability to generate cash flows. These measures do not have standardized meanings under IFRS and may not be comparable to similar measures presented by other companies. Further details of non-IFRS performance measures noted above can be found in the Company's management's discussion & analysis for the three months ended March 31, 2026.Cautionary Note Regarding Forward-Looking StatementsThis news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results, or developments that the Company anticipates or expects may, or will, occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "continued", "focus", "scheduled", "will", "planned", "anticipated", "approximately" and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the Company's performance in 2026 reflecting continued operations at existing assets; improvement of near-term cash flow timing; advancement and development of ATO Phase 2 expansion; revised feasibility study and its expected completion; inherent uncertainty of permitting and land access for full project execution; management of outstanding supplier liabilities, bank loan obligations and ongoing arbitration and legal proceedings; ATO Phase 1 nearing end of mine life; the Company's focus on disciplined capital allocation, prudent liquidity management; financial flexibility and growth; production guidance of the Group; improvements in mill throughput, recoveries, and operational efficiencies across processing facilities; and project execution plans affecting development sequencing and timing.The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of the Company including, without limitation: material adverse effects on the business, properties and assets of the Company; changes in business plans and strategies; market and capital finance conditions; risks inherent to any capital financing transactions; the Triple Flag litigation; changes in world commodity markets; currency fluctuations; costs and supply of materials relevant to the mining industry; change in government; changes to regulations affecting the mining industry; and such other risk factors detailed from time to time in Steppe Gold's public disclosure documents, including, without limitation, those risks identified in Steppe Gold's annual information form for the year ended March 31, 2026, which is available on the Company's SEDAR+ profile at www.sedarplus.ca.Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by such forward-looking statements. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Steppe Gold assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Steppe Gold updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297591 Original: Steppe Gold Announces Q1 2026 Financial Results

Steppe Gold Announces 2025 Annual Financial ResultsMarch 31, 2026 5:00 PM
NewsfileUlaanbaatar, Mongolia--(Newsfile Corp. - March 31, 2026) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce its financial results for the year ended December 31, 2025. The Company delivered strong operating performance, record revenues and a significant improvement in its financial position during the year. "We are pleased to report a year of solid operational and financial performance," said Tserenbadam Dugeree, Chief Executive Officer of Steppe Gold. "The Company made meaningful progress on restructuring initiatives, strengthened its financial position and advanced certain infrastructure activities related to the ATO Phase 2 expansion. Strong performance from the Boroo and Ulaanbulag gold mines supported overall results, while the ATO Phase 1 operation approached the end of its mine life. ATO Phase 2 remains at a development stage and is subject to a range of material risks and uncertainties, including with respect to permitting, financing, construction execution, operating costs, and timing. There can be no assurance that the project will be completed on the currently contemplated schedule or budget, or at all. The Company continues to evaluate development plans and funding options, with a focus on preserving financial flexibility and managing downside risk. We remain focused on disciplined capital allocation, prudent liquidity management, and maintaining operational stability across the business during this transition period." A full set of risk factors is included in the Company's annual information form dated March 31, 2026, filed on SEDAR+. HIGHLIGHTS
Fourth quarter and year ended December 31, 2025
(All amounts are in US dollars, expressed in thousands, unless otherwise indicated, except per unit amounts.) Gold production was 29,401 ounces for the fourth quarter and 76,059 ounces for the full year Gold sales were 37,337 ounces for the fourth quarter and 75,927 ounces for the full year Revenue was $160,037 for the fourth quarter and $254,130 for the full year Adjusted EBITDA of $122,369 for the fourth quarter and $173,918 for the full year Net income (loss) was $10,218 for the fourth quarter and $32,760 for the full year Site all-in sustaining costs (AISC) were $1,044 per ounce for the fourth quarter and $1,215 per ounce for the full year Working capital was $107,336 as at December 31, 2025 Results OverviewFourth quarter results reflect higher realized gold prices and increased production driven by higher grades, as well as higher gold sales, including the sale of 7,966 ounces of gold produced in the prior quarter. Net income for the fourth quarter was $10,218, impacted by non-cash items totaling $84,001, primarily related to inventory write-downs, equipment impairment and fair value adjustments related to the streaming arrangement, which did not affect the Company's cash position. Financial Position As at December 31, 2025, the Company reported cash of $68,295 and working capital of $107,336, including bond investments maturing on December 31, 2026. The Company reported a net cash position of $35,169 and continues to actively manage its capital structure and engage with lenders regarding its financing arrangements. Subsequent Events Subsequent to the year ended December 31, 2025, the Company: entered into a royalty buyback option agreement with Boroo Singapore in respect of the Alturas Project; received the final installment of proceeds from the sale of the Tres Cruces Oxide Project; completed certain repayments of debt obligations, including full repayment of the BORO bond; and entered into agreements with Trade and Development Bank to restructure and defer certain loan repayments. Operations and Outlook The Company continues to advance the ATO Phase 2 expansion, including engineering, permitting and infrastructure planning, with a revised feasibility study expected in the second half of 2026. The project remains at a development stage and is subject to material risks and uncertainties, including permitting, financing, execution, costs and timing. At the Boroo and Ulaanbulag gold mines, permitting activities have supported the extension of mine life based on previously announced reserve estimates. A full set of risk factors is included in the Company's annual information form dated March 31, 2026, filed on SEDAR+. Financial Statements and MD&A The Company's consolidated financial results for the year ended December 31, 2025 have been filed on SEDAR+. The full version of the annual consolidated financial statements and associated management's discussion & analysis can be viewed on the Company's website at www.steppegold.com or under the Company's profile on SEDAR + at www.sedarplus.ca.About Steppe Gold Ltd. Steppe Gold is Mongolia's premier precious metals company. For further information, please contact: Tserenbadam Dugeree, Chief Executive Officer Ariuntsetseg Batsaikhan, Interim Chief Financial Officer Elisa Tagarvaa, Investor Relations Manager 7th floor, Blue Sky Tower, Peace Avenue 17
Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914Non-IFRS Performance MeasuresEBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as adjusted earnings before interest, taxes, depreciation and amortization. Further details of Non-IFRS Performance Measures noted above can be found in the Company's management's discussion & analysis. Cautionary Note Regarding Forward-Looking Statements This news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results, or developments that the Company anticipates or expects may, or will, occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "continued", "focus", "scheduled", "will", "potential", "planned", "projected" and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: management of the Company's capital structure and financing arrangements; evaluation of developmental plans and funding options with respect to the ATO Phase 2 expansion; advancement of ATO Phase 2 expansion; focus on disciplined capital allocation and prudent liquidity management; maintaining operational stability; and optimization of the Company's operations and maintaining of financial discipline. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of the Company including, without limitation: material adverse effects on the business, properties and assets of the Company; changes in business plans and strategies; market and capital finance conditions; risks inherent to any capital financing transactions; the Triple Flag litigation; changes in world commodity markets; currency fluctuations; costs and supply of materials relevant to the mining industry; change in government; and changes to regulations affecting the mining industry. The Company believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including, without limitation: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry; litigation risks; changes in government; changes to regulations affecting the mining industry; and certain other risks detailed from time to time in the Company's public disclosure documents, including, without limitation, those risks identified in this news release and in the Company's annual information form dated March 31, 2026, copies of which are available on the Company's SEDAR+ profile at www.sedarplus.ca. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290694
Original: Steppe Gold Announces 2025 Annual Financial Results

Steppe Gold Announces Finance Leadership TransitionFebruary 24, 2026 9:05 AM
NewsfileUlaanbaatar, Mongolia--(Newsfile Corp. - February 24, 2026) -  Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") announces that Mr. Jeremy South has resigned from his role as Senior Vice President and Chief Financial Officer ("CFO") of the Company, effective March 10, 2026. The Board of Directors continues its review of the resignation and related matters. Initially joining the Company as a member of the board of directors (the "Board") and serving as CFO since 2018, Mr. South has played a key role in guiding Steppe Gold from an early-stage development company, through the commencement of production during the global pandemic, into a multi-asset gold producer with a strong asset base in Mongolia and a clear long-term growth profile. He has been instrumental in shaping the Company's strategic and financial direction, building an institutional shareholder base and advancing corporate governance practices. The Board has appointed Ms. Ariuntsetseg Batsaikhan as Interim CFO of the Company. She has served as the Company's Financial Controller since 2018, with over 15 years of finance experience in the mining sector. Ms. Batsaikhan holds a BSc (Hons) in Applied Accounting, Oxford Brookes University and an ACCA Advanced Diploma in Accounting and Business. The Company is also currently undertaking a review of prior financial periods, and total assets remain subject to adjustment upon completion of the ongoing audit. Steppe Gold remains focused on safe and efficient production, as well as disciplined capital allocation, to support long-term shareholder value. Cautionary Statement on Forward-Looking Information This news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results, or developments that the Company anticipates or expects may, or will, occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "commenced", "focused", "continued", "will", "commitment" and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the appointment of new executive leadership, commitment to governance standards, the timing and outcome of the Board's search process and the Company's future strategy and development plans. Such statements reflect the Company's current expectations and speak only as of the date of this news release. Except as required by applicable securities laws, the Company undertakes no obligation to update forward-looking statements. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. Contact Information Steppe Gold Ltd. Dulguun Erdenebaatar, Chairman Shangri-La office, Suite 1201, Olympic Street 19A, Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914To view the source version of this press release, please visit https://www.newsfilecorp.com/release/285077
Original: Steppe Gold Announces Finance Leadership Transition

Steppe Gold Announces Final Instalment on Asset SaleFebruary 19, 2026 7:30 AM
NewsfileUlaanbaatar, Mongolia--(Newsfile Corp. - February 19, 2026) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") announces that it has now received the final instalment of approximately CAD$3m relating to the sale of the Aurifera Tres Cruces asset in Peru.On August 1, 2024, the Company completed the sale of the Tres Cruces Oxide Project to Minera Boroo Misquichilca S.A. and Boroo Pte Ltd. (as guarantor) for approximately CAD$12 million payable over approximately 18 months (the "Transaction").Payment instalments under the Transaction were received in September 2024, February 2025, and July 2025, and the final instalment was received on February 10, 2026.Cautionary Statement on Forward-Looking InformationThis news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results, or developments that the Company anticipates or expects may, or will, occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "anticipates", "expects", "plans", "will" and similar expressions. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the Company's most recent annual information form and management's discussion and analysis, available on SEDAR+ at www.sedarplus.ca. The Company does not undertake any obligation to update such forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.Contact InformationSteppe Gold Ltd.Dulguun Erdenebaatar, ChairmanShangri-La office, Suite 1201, Olympic Street 19A, Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284497
Original: Steppe Gold Announces Final Instalment on Asset Sale

$STPGF $STGO - "Check out the latest version of our investor presentation👇"

https://steppegold.com/investors/presentations/

Wondering what the latest $STGO updates are?

Check out the latest version of our investor presentation👇:https://t.co/Qodd0MTjna#gold #mining #investing #Mongolia #Peru #KeepingYouInformed pic.twitter.com/ffd43oHwKA— Steppe Gold | TSX: STGO (@SteppeGold) September 11, 2023

$STPGF $STGO.C Steppe Gold Ltd to Present at the Emerging Growth Conference on September 7, 2023

https://www.newsfilecorp.com/release/179696

Steppe Gold Ltd. invites individual and institutional investors as well as advisors and analysts, to attend its real-time, interactive presentation at the Emerging Growth Conference
Toronto, Ontario--(Newsfile Corp. - September 6, 2023) - Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce that it has been invited to present at the "Emerging Growth Conference 62" on Thursday, September 7, 2023.

Tomorrow's live, interactive online event will give existing shareholders and the investment community the opportunity to interact with the Company's Executive Vice President & Director, Aneel Waraich, in real time.

Mr. Waraich will be providing a corporate overview and then subsequently open the floor for questions. Please submit your questions in advance to Questions@EmergingGrowth.com or ask your questions during the event and Mr. Waraich will do his best to get through as many of them as possible.

Steppe Gold Ltd. will be presenting at 11:25 - 11:55 am EST, on Thursday, September 7, 2023 for 30 minutes.

Please register here to ensure you are able to attend the conference and receive any updates that are released: https://bit.ly/3Z9pFcY.

If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on EmergingGrowth.com and on the Emerging Growth YouTube Channel, http://www.YouTube.com/EmergingGrowthConference. We will release a link to that after the event.

$STPGF $STGO - ""The yellow #metal appears resilient" says @MorganStanley

With the everchanging market trends, great piece on #gold 'holding up'."

"The yellow #metal appears resilient" says @MorganStanley

With the everchanging market trends, great piece on #gold 'holding up'.$STGO #Au #Mongolia #Peru #mining #investinghttps://t.co/zbtgx2T9bd— Steppe Gold | TSX: STGO (@SteppeGold) August 30, 2023

$STPGF $STGO -

"If you haven't had a chance yet, check out $STGO's inaugural #ESG report!

It is the first annual disclosure of our company's ESG approach & performance."

👇If you haven't had a chance yet, check out $STGO's inaugural #ESG report!

It is the first annual disclosure of our company's ESG approach & performance. Learn more in the article below.#mining #investing #transparency #sustainability #gold https://t.co/2A9PGa1NYv— Steppe Gold | TSX: STGO (@SteppeGold) August 29, 2023

$STPGF Steppe Gold Issues Inaugural ESG Report

https://www.newsfilecorp.com/release/178351

Ulaanbaatar, Mongolia--(Newsfile Corp. - August 24, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce the release of its inaugural Environmental, Social and Governance ("ESG") Report. The report is the Company's first annual disclosure of its approach and performance on a range of material ESG topics as well as the Company's plans and priorities for 2023 and beyond. The report is available on Steppe Gold's website at www.steppegold.com under Sustainability. The Company has also shared a corporate video highlighting its ESG efforts: Steppe Gold - Embracing Sustainable Mining in Mongolia.

Steppe Gold's 2022 ESG Report summarizes its strategy, efforts, and actions for responsible and sustainable operations since 2018. The Report provides enhanced transparency regarding the Company's ESG efforts and approach to managing ESG factors that have the greatest potential to impact Steppe's value and success. Building on the Company's commitment to ongoing transparency and disclosure, the ESG Report has been prepared in alignment with the Sustainability Accounting Standards Board (SASB) Metals & Mining Sustainability Accounting Standard.

Steppe Gold Chairman and CEO, Mr. Bataa Tumur-Ochir, noted, "I am delighted to present our inaugural ESG report, encompassing the period from 2018 to 2022. As our vision is to create long-lasting value for all stakeholders, promote social and economic development in our local community, and responsibly manage our impact on the environment, I am proud to say that Steppe Gold has been committed to social responsibility to ensure our mines and communities are sustainable and profitable for many years to come."

$STPGF $STGO Steppe Gold Files Updated Preliminary Economic Assessment for the Tres Cruces Oxide Gold Project

https://www.globenewswire.com/news-release/2023/08/21/2729084/0/en/Steppe-Gold-Files-Updated-Preliminary-Economic-Assessment-for-the-Tres-Cruces-Oxide-Gold-Project.html

ULAANBAATAR, Mongolia, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (“Steppe Gold” or the “Company”) is pleased to announce the filing of an updated preliminary economic assessment (the “Technical Report”) regarding its 100% owned Tres Cruces Oxide Gold Project located in Peru (“Tres Cruces”).

Chairman and CEO of Steppe Gold, Bataa Tumur-Ochir commented, “We are delighted to announce this updated technical study for the Tres Cruces project. Tres Cruces is strategically located in a highly prospective geological belt that hosts the Lagunas Norte and La Arena mines, both with multi-million ounce gold production. The Tres Cruces deposit contains oxide plus sulphide indicated resources of 2,474,000 ounces with a grade of 1.65 g/t gold, inclusive of 630,000 ounces contained within leachable gold oxide mineralization with a grade of 1.28 g/t gold. Located in the La Libertad, Peru, surrounded by operating mines with the attendant infrastructure and talent pool, this asset shows great potential as a new production zone for Steppe Gold. We are excited with the strong economics confirmed by recent drilling and metallurgical testing, as well as the exploration potential across the license area.”

TECHNICAL REPORT HIGHLIGHTS

Infill drilling completed in 2022 confirmed continuity of mineralization.
Metallurgical test work returned average recoveries of 82% Au, confirming design assumptions.
Construction costs escalated 4.5% based on market data to reflect inflationary pressures.
The initial capital expenditure estimate increased by $6 million to $131 million driven by equipment and labor costs.
Operating costs rose 3.6% due to consumables, reagents, contract mining services.
Life of mine operational expenditure estimate is now $297 million, up 3.6% from the Prelimary Economic Assessment dated effective March 14, 2022.
Operational expenditure per tonne processed is now estimated at $19.93/t.
At $1700/oz gold, the after-tax net present value is $158 million with 30.9% IRR.
Despite the cost increases, the project economics remain robust with significant upside potential.
Mine schedule unchanged with Phase 1 focused on maximizing value from the oxide gold cap.
Experienced team continues to systematically advance the oxide project.
Significant exploration potential remains with mineralization open at depth.

$STPGF $STGO - "team is so proud to see that @questCNN showcased 'Land of the Eternal Blue Sky'

Check out this clip to find out why 'Majestic #Mongolia' is a vibrant force to contend with, with significant #mineral wealth drawing global investment! "

The $STGO team is so proud to see that @questCNN showcased our 'Land of the Eternal Blue Sky'🇲🇳!

👇Check out this clip to find out why 'Majestic #Mongolia' is a vibrant force to contend with, with significant #mineral wealth drawing global investment!https://t.co/PHPfdvXDD7— Steppe Gold | TSX: STGO (@SteppeGold) August 17, 2023

$STPGF $STGO Steppe Gold Announces Second Quarter 2023 Financial Results

https://www.newsfilecorp.com/release/177083

Ulaanbaatar, Mongolia--(Newsfile Corp. - August 14, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce its financial results for the the second quarter ended June 30, 2023.

HIGHLIGHTS

Second Quarter Highlights (all figures, except per unit amounts, in US$000's unless stated otherwise)

Revenue for the three and six months ended June 30, 2023, was $14,272 and $23,797 on gold sales of 6,880 ounces and 11,888 ounces with average realized prices per ounce of $1,971 and $1,935 respectively. Silver sales for the same periods were 29,198 ounces and 29,850 ounces with average realized prices per ounce of $23 and $21 respectively.

Operating income from mine operations before depreciation and depletion was $8,770 and $14,794 for the three and six months ended June 30, 2023, respectively.

Adjusted EBITDA after stream payments was $2,775 and $4,916 for the three and six months ended June 30, 2023, respectively.

Site All in Sustaining Cost was $722 and $718 per ounce sold for the three and six months ended June 30, 2023, respectively.

All in Sustaining Cost was $1,081 and $1,089 per ounce sold for the three and six months ended June 30, 2023, respectively.

During the six months ended June 30, 2023, 219,863 tonnes of ore were mined, and 458,354 tonnes of ore were stacked on the leach pad with an average gold grade of 0.94 g/t and an average silver grade of 6.41 g/t.

As at June 30, 2023, cash amounted to $5,705; total bank and other debt was $16,670 and net debt was $10,965 including payables and other liabilities.

The Company completed a private placement of 11,000,000 shares resulting in $9,020 cash raised.

The acquisition of Anacortes Mining Corp. ("Anacortes") was completed on June 28, 2023. As a result, a further 19,473,948 shares were issued to Anacortes shareholders and a further 924,654 shares were issued to the advisors to the transaction.

On July 11, 2023, the Company announced it had signed a binding term sheet of $150,000 in financing to fully fund the construction and completion of the Phase 2 Expansion at the ATO Gold Mine (the "Phase 2 Expansion"). The terms of the financing comprise three tranches of $50,000 each for a total of $150,000, expected to be funded in line with the planned construction phase of the Phase 2 Expansion.

The Company is actively working on the engineering, procurement and construction ("EPC") arrangements for the Phase 2 Expansion. Construction and installation of the new fixed crushing unit is expected to be completed by fourth quarter 2023. Camp design is complete and the design phase for the major capital expenditure work is underway.

Outlook
With the Phase 2 Expansion financing announced on July 11, the focus for the Company now turns to finalizing EPC arrangements and the start to deployment of capital. Funds from the initial tranche of funding of $50m are expected to be available later in August. The Company anticipates to make a full announcement by September 2023 on the EPC arrangements.

Work is ongoing with the EPC contractor on plant design, capital expenditure review and updates and contract schedules. With the crusher installation now complete, the Company expects to complete power supply plans and commission the unit later in 2023. Camp design and expansion is already underway.

With funds from the recent private placement, the Company is also reinvigorating its exploration and development programs in Mongolia. The Company has conducted numerous site visits to license areas close to the ATO Gold Mine for potential cooperation, partnership and acquisitions.

Work continues on the recently acquired, highly prospective Tres Cruces project. The Company plans to release an update of the March 2022 preliminary economic assessment shortly and is conducting a review of source geological data as it looks to develop a plan for advancing this project, in consultation with local communities, and a revamped future drill program.

The Company's consolidated financial results for the quarter ended June 30, 2023 have been filed on SEDAR+. The full version of the condensed interim consolidated financial statements and associated management's discussion & analysis can be viewed on the Company's website at www.steppegold.com or under the Company's profile on SEDAR+ at www.sedarplus.ca.

$STPGF $STGO.V Steppe Gold Signs Binding Term Sheet for US$150 Million to Fully Fund the Phase 2 Expansion at the ATO Gold Mine

https://www.newsfilecorp.com/release/173065

Ulaanbaatar, Mongolia--(Newsfile Corp. - July 11, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is very pleased to announce it has signed a binding term sheet (the "Term Sheet") to provide up to US$150 million in financing to fully fund the construction and completion of the Phase 2 Expansion at the ATO Gold Mine (the "Phase 2 Expansion").

ATO Phase 2 Expansion Highlights:

US$150 million fully funded to finance the Phase 2 Expansion of the ATO Gold Mine.
Initial funding of US$50 million loan approved to order equipment and long lead items.
The financing payback period starts upon completion of Phase 2 Expansion.
First concentrate production and sales from Phase 2 is anticipated in 2025.
Construction has commenced with the crushing circuit at 90% completion.
The EPC selection process is well advanced, with final negotiations on timelines.
Fresh rock mine expansion life is 12 years, extending open pit mining and milling operations to December 2036.
The open pit model demonstrates the fresh rock phase generating 1,237,000oz Au Eq recovered over 12 years, at an average Au Eq oz of 103,000oz per annum.
Total gross revenue over the next 14 years is anticipated to be US$2.2 billion, including the current oxide phase.
Approximately 300 new jobs will be created during the construction and operation phases.
Project is fully supported by local communities and all stakeholders.
The Government of Mongolia fully supports mining and industrial export revenues into the country.
This significant milestone is the culmination of two years of collaborative efforts with our key stakeholders in Mongolia as we successfully move forward with the Phase 2 expansion. Since our listing in 2018, the Company has been dedicated to establishing a strong social license for our sustainable mining project, aiming to create lasting value for the people of Dornod and Mongolia. The secured financing will spur employment and investment during the upcoming construction phase and sustain these benefits until at least 2036.

Recognizing the untapped economic potential within the expansive +5,500-hectare license area, the Company remains committed to an active exploration program to fully leverage its value.

The terms of the financing comprise three tranches of US$50 million each for a total of US$150 million, to be funded in line with the planned construction phase of the Phase 2 Expansion.

Financing Details

US$50 million term loan from the Trade and Development Bank of Mongolia ("TDB"). The Bank Loan will have a term of four years at an interest rate of 13.4% with flexible prepayment conditions.
Senior Secured Credit Facility for US$50 million comprised of a senior secured non-revolving amortizing loan (the "EPC Loan Facility").
Term of 60 months
Repayments commencing 35 months from the Closing Date
Funded in tranches commencing in January 2024
Interest rate of 12% per annum
Senior Secured Gold Linked loan for US$50 million (the "Gold Linked Loan")
Subject to market conditions and equity markets, the Company has negotiated a Gold Linked Loan with fixed repayment terms.
Repayments commencing from approximately January 1, 2026, which assumes first concentrate production in mid-2025.
Gold-linked loan repayment over five years based on concentrate production with a final payment of US$40 million.
Warrants with a $1.50 strike price to be issued on drawdown under the Gold Linked Credit Agreement, subject to approval of the Toronto Stock Exchange (the "TSX").
Conditions and Next Steps

The parties will move to definitive loan documentation, with funding in tranches over the next 9 - 12 months. The TDB Bank Loan will likely be funded starting in July.
The lenders' obligations to advance any loan proceeds shall be subject to the satisfaction of customary advance and release conditions for a project financing of this nature.
Financial covenants will be customary for a financing of this nature.
Steppe Gold is in discussions with Triple Flag Mine Finance, and Triple Flag has expressed their support in principle for the Phase 2 financing, and welcomes partnering with TDB on the Phase 2 Expansion.
Steppe Gold Chairman and CEO, Mr. Bataa Tumur-Ochir commented, "This is a significant milestone for Steppe Gold and secures the future of the ATO Gold mine for the next 14 years. It has been a challenging yet rewarding 5 years since we listed on the TSX, and the Company has been working towards unlocking the full potential of the ATO Gold Mine through the Phase 2 expansion. Most importantly, it allows the Company to move forward with all our stakeholders in Mongolia with a long-term and sustainable project in the region, with secure employment opportunities and positive economic outcomes."

Steppe Gold Chairman and CEO, Mr. Bataa Tumur-Ochir expressed immense pride in this collaboration with TDB, its long-time banking partner and extended his gratitude to the entire TDB Group for their partnership and unwavering support in realizing their vision of developing Mongolia's mining industry and boosting export revenues for the country.

The secured funding package will enable Steppe Gold to expedite the Phase 2 Expansion with confidence, ensuring that their objective of initiating concentrate sales in 2025 is met. During the construction phase of the expansion, the Company will maintain its production of gold and silver from the current oxide phase for a period of three years.

Jeremy South, Steppe Gold Senior Vice President and Chief Financial Officer noted, "We are very pleased to have reached agreement on a competitive lending package in a very difficult market for mine development financing. It underscores the strong fundamentals of the ATO Gold Mine and it represents a strong vote of confidence in Mongolia and in the Steppe Gold team. Importantly, it builds in flexibility in debt service and aligns the repayment schedule with the project cash flows, as well as limiting dilution in tough equity markets."

Goh Way Chuan, Director of TDB Capital commented, "We are delighted to announce the extension of our long-standing partnership with Steppe Gold. The team at Steppe Gold has delivered on its promises and we are excited to partner with them on the Phase 2 Expansion with a flexible capital solution that matches risk and reward."

Shaun Usmar, CEO of Triple Flag Mine Finance also commented, "As a founder investor in Steppe Gold and one of our initial stream partners, we congratulate Steppe Gold on this landmark financing for the Phase 2 Expansion at the ATO Gold Mine. We are excited to partner with TDB and Steppe Gold as they embark on this significant project."

STGO $$$$

this is a goldmine, literaly speaking !!!

only regret that i did not buy more.....

I've gotten into this within the last week. I must say it does look promising and a great time to get into.

There is a lot of value here as far as i can see. Expansion and Exploration will lead to strong pricing in coming years

Nobody? Is undiscovered still, doesn’t move yet with other goldminers...

This one is a sleeping beauty. State of Mongolia is behind, and first production started right now, at incredibly low AISC .....