Steppe Gold produced 6,993 ounces in 1Q

May 27, 2023

Steppe Gold announces its financial results for 1Q- the quarter ended March 31, 2023. Its’ key takeaways are,

1: Revenue for the three months ended March 31, 2023, was $9,525 on sales of 5,008 gold ounces and 651 silver ounces with average realized prices per ounce of $1,899 and $19 respectively.

2: Production in the quarter was 6,993 ounces of gold and 19,877 ounces of silver.

3: Operating income from mine operations, before depreciation and depletion was $6,024 & 4: Consolidated group adjusted EBITDA after stream payments for the quarter was $2,141. Site AISC was $679 per ounce sold for the quarter.

In a presentation, Steppe Gold presented Outlook the operational focus for the balance of 2023 will be on maximising production and accelerating stacking rates as we look to bring on the new fixed crusher in the third quarter. The main strategic priority will be to secure commitments for project finance for the Phase 2 Expansion at the ATO Gold Mine.

The first quarter of 2023 saw production levels above target while mining activity remained low, as planned, in the prevailing winter conditions.

On May 8, the Company announced that it had signed an Arrangement Agreement pursuant to which it will acquire all of the issued and outstanding common shares of Anacortes Mining Corp by way of a court approved plan of arrangement under the Business Corporations Act. On the closing of the Transaction, shareholders of Steppe Gold and Anacortes will own approximately 79% and 21% of the combined company, respectively, on a basic basis.

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