Steppe Gold (“Steppe”), which operates the ATO and Boroo mines in Mongolia, has released its Q1’25 financial and production results. The group produced 19.86koz, selling 15.61koz at an average realised price of US$2,041/oz for the quarter. The realised price was impacted by the forward sales contract at Boroo, fixed at US$2,000/oz; however, this hedge should roll off from June 2025, providing exposure to elevated spot prices. We note output from the ATO mine was not hedged and realised US$2,795/ ....
