Steppe Gold (“Steppe”), which operates the ATO and Boroo mines in Mongolia, has reported Q4 production of 29.28koz Au, above our expectation of 23koz. Consequently, Q4 sales of 37.397koz and FY25 sales of ~76koz exceeded our estimates of 30.92koz and 69.51koz respectively. Management has previously noted improved operating performance from the new mining fleet that drove this beat. Steppe has also extended the maturity of its intercompany bonds by one year to Dec’26, with no change to principal ....
