- Steppe Gold (STGO) expects to pour approximately 3,200 ounces of gold in June
- The Mongolian precious metals explorer also expects to pour 10,400 ounces for the second quarter of the year
- The Mongolian government currently pays a five-percent premium for gold, ensuring an above-market achieved gold price in the quarter
- The company expects a significant uptick in the production rate in the third quarter with internal guidance around 15,000 oz for the quarter
- Steppe Gold is up 14.56 percent, trading at $1.18 at 1:30 pm ET
Steppe Gold (STGO) expects to pour approximately 3,200 ounces of gold in June.
The Mongolian precious metals explorer also expects to pour 10,400 ounces for the second quarter of the year.
The Mongolian government currently pays a five-percent premium for gold, ensuring an above-market gold price is achieved in the quarter. It also provides the company has a solid operating cash flow for the quarter.
New supplies of key reagents and consumables will allow the company to build stockpiles at the project site. That allows it to be more aggressive in its leaching strategy, with more cells under active leach. That can accelerate monthly production rates through the balance of 2022.
The company expects a significant uptick in the production rate in the third quarter with internal guidance around 15,000 oz for the quarter.
Steppe Gold now has an estimated 70 percent recovery rate, with approximately 80,000 ounces of recoverable gold.
“We are very pleased to report a strong quarter of production at the ATO Gold Mine as we restarted full operations. All activities at site are operating well and reagent and consumable stockpiles are building. Together with a strong inventory of ore we are optimistic of accelerating our production rate in the second half of 2022. Exploration drilling at the Uudam Khundii project is underway shortly and we are excited to see the results from this highly prospective deposit,” said President and CEO Bataa Tumur-Ochir.
Steppe Gold is up 14.56 percent, trading at $1.18 at 1:30 pm ET.
