Steppe Gold (“Steppe”), which operates the ATO and Boroo mines in Mongolia, has provided a production update for Q3 with output totalling 17.8koz across the two operations. Guidance for the year of 30koz-35koz is maintained, as well as group guidance of 80koz for 2025. We estimate group production will plateau at ~145koz AuEq in 2027, remaining at approximately that level until 2030. Upcoming catalysts for the shares include hitting H2 guidance, completing the integration of Boroo following the ....
