Steppe Gold provide an update on the pending transaction to acquire all of the issued and outstanding common shares of Boroo Gold LLC. Shareholders of the Company overwhelmingly approved the acquisition of Boroo Gold the sale of the Tres Cruces Oxide Project to Boroo Singapore, for approximately CAD$12 million in cash at the annual general and special meeting of shareholders held on June 24, 2024.
Upon completion of the Transaction, Steppe Gold will be the largest primary gold producer in Mongolia. Steppe Gold’s ATO Gold Mine with the established Boroo Gold mine, with total production expected to reach over 150,000 ounces of gold annually by 2026. The Transaction is expected to close on or about July 16, 2024.
The Transaction is expected to deliver several benefits to Steppe Gold,
1: Increased Production: Combined gold output is projected to surpass 150,000 oz annually by 2026. Boroo Gold brings substantial production to the table, with an estimated 431,000 ounces of gold expected between 2024 to 2031, with a projected average annual production of approximately 60,000 oz in 2024, 2025 and 2026.
2: Financial Boost: Immediate and strong cash flows to Steppe Gold. In 2023, Boroo Gold had revenue of US$132 million on production of 67,315 oz of gold, at an average achieved gold price of $1,957 per ounce. 2024 production is expected to be at a similar level to 2023.
3: Cost Savings: The combined entity is expected to see cost reductions through bulk purchasing and lower administrative expenses. 4: Exploration Potential: The Transaction expands Steppe Gold’s exploration opportunities near its existing mines, offering promising opportunities for future discoveries. 5: Stronger Focus: By divesting the Tres Cruces Project, Steppe Gold can concentrate its resources on its Mongolian assets.
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