We expect Steppe Gold (“Steppe”), which operates the ATO and Boroo mines in Mongolia, to report Q3 production of 18.4koz split between 2.1koz from ATO and 16.3koz from Boroo with average All In Sustaining Cost (“AISC”) of US$1,658/oz for the period. We expect quarterly revenues of US$61.4m, EBITDA of US$33.3m, and NPAT of US$25.3m. We note the US$2,000/oz hedging that the group had in place at Boroo expired at the end of June and ounces produced in H2 should be fully exposed to higher spot price ....
