Event in Progress:
Discover the latest content that has just been published on Research Tree
Steppe Gold (“Steppe”) has announced that it has entered into a binding term sheet through which it will acquire all of the issued shares of Boroo Gold (“Boroo”) in an all shares transaction. Boroo is a Mongolian gold miner with production of 60koz/year. This transaction would increase Steppe’s production for 2024 and 2025 to ~90koz/year upon completion, rising to 160koz/year when the Phase II of ATO is commissioned in 2026, and would add 4Moz on a gold equivalent basis to the company’s resource
Companies: Steppe Gold Ltd.
Hannam & Partners
Steppe Gold (“Steppe”) has announced that the company has drawn down US$9.6m of a US$150m funding package that was secured in July. The funds will go towards the next phase of development at the Company’s ATO mine in Mongolia, supporting the estimated production of 103kozpa of gold over a 12 year period from 2026. This will follow the completion of the current phase of oxide heap leach operations which hold a further 65koz expected to be mined at ATO to the end of 2025. ATO produced 7.5koz of go
Steppe Gold (“Steppe”) has released Q2 results with 6.8koz of gold sold during the quarter generating revenue of US$14.7m at an average received price of US$1,971/oz all-in Sustaining Cost (“AISC”) for the period were US$1,081/oz with adjusted EBITDA net of stream payments of US$2.7m. Net earnings for the quarter were US$6.8m with EPS of US$0.085/share. Net debt at the end of the period was US$10.9m, including payables and other liabilities, with US$5.7m of cash. The company had previously relea
What you need to know:
• The precious metals markets rebounded well in July following a healthy consolidation period in May and June.
• M&A continued to be light in July, primarily due to the new uncertainty regarding interest rates following strong economic data and the BoC and the Fed raising rates.
• Safe-haven assets like gold and silver continue to look highly attractive with mining equities trading close to trough multiples, creating buying opportunities for when investment dollars flow ba
Companies: TXG ETU OMG ARTG DPM EDG FIL PRB STGO TM TXG TXG OR
This note replaces and corrects figures in our note on Steppe published 17th July 2023, which contained presentational errors in the Financial Statement Summary on page 3.Steppe Gold (“Steppe”) has announced that it has agreed a binding term sheet for up to US$150m to fund the development of the Phase 2 Expansion of the ATO Gold Mine in Mongolia. This will extend the life of the mine by 12 years to 2036 with average annual production of 103koz on a gold equivalent basis with a total of 1.237Moz
Steppe Gold (“Steppe”) has announced that the shareholders of Anacortes Mining (“Anacortes”) have approved the proposed acquisition by Steppe for ~US$14m in shares. Anacortes owned the 2.4Moz Tres Cruces project located in northern Peru and a 2022 PEA evaluated a 68kozpa heap leach recovering 481koz over a seven-year life with capex of US$125.2m and NPV of US$165.9m at US$1,700/oz gold. There are technical synergies given Steppe’s track record of successfully permitting and developing a low-cost
Steppe Gold has announced Q1 financial results, with gold production of 7.0koz and 19.9koz of silver from the Company’s ATO heap leach operation in Mongolia, and an AISC for the period of US$679/oz. During the period, 87.3kt of ore was mined and 195kt of ore stacked on the heap at an average grade of 0.94g/t gold and 5.81g/t silver. We note operations are seasonal and should ramp up as the weather improves. In addition, a new crusher is in the process of being commissioned that should increase c
Steppe Gold (“Steppe”; TSX:STGO) has entered a binding letter of intent (“LOI”) to acquire Anacortes Mining Corp (“Anacortes”; TSXV:XYZ), owner of the Tres Cruces project in Peru; one of the highest-grade undeveloped oxide gold deposits in the world. The transaction will be an all-share plan of arrangement, subject to shareholder approvals, valuing Anacortes at C$20m on an undiluted equity basis vs an NPV5% of C$166m from oxide and transitional ore, as per a 2022 Preliminary Economic Assessment
Steppe Gold (“Steppe”) has released a Q3’22 operations update with 13.3koz of gold poured from its ATO mine in Mongolia. With 25.2koz produced year-to-date, an estimated ~71koz of recoverable gold within stacked and stockpiled ore, and more oxide Reserves still to be mined, the results continue to suggest Steppe is on track to meet or exceed the 100koz of oxide gold output estimated in the Nov’21 Feasibility Study. A new mine plan is anticipated shortly to refresh reserves and confirm mine life
Steppe Gold (“Steppe”) has announced positive updates for key initiatives ahead of its Phase 2 sulphide expansion. Approval has been received from government agencies for grid power access at ATO, driving an estimated >US$100/oz cash cost reduction vs. the published Feasibility Study (‘FS’) numbers and bringing significant benefit to local communities. The new 1,000t/hr crusher installation is also near completion which will increase current capacity by up to four times to support the 2.2Mtpa Ph
We recently visited Steppe Gold’s (“Steppe”) ATO operation in Mongolia. The visit left us impressed at Mongolia’s development, driven by the mining industry, and the scale of the opportunity on offer from which Steppe has harnessed its early mover advantage. The visit underpinned our conviction that Steppe is poised for significant cash flow generation from its oxide operation, having resumed steady state leaching, and the next leg of growth is well underway for the Phase 2 sulphide expansion. I
Steppe Gold (“Steppe”, “STGO”) announced yesterday that it has poured first gold at its ATO project in Mongolia after last month’s resumption of full gold production from its oxide heap leach operations. 1,532 oz of gold was poured, generating US$2.93m in gross revenues, marking another significant milestone for the project, having encountered Covid-related issues in securing reagent imports since November 2020. Importantly, Steppe has been able to grow its reagent stockpiles at ATO, boosting op
Steppe Gold (“Steppe”, “STGO”) has announced the resumption of full gold production from its oxide heap leach operations at the ATO project in Mongolia, having encountered Covid-related issues in securing reagent imports since November 2020. We view the restart of production as a major catalyst for the stock, reducing the residual uncertainty over the funding of ATO’s Phase 2 sulphide expansion which will continue to progress over the coming months. Based on current spot gold (~US$1,940/oz) we e
Research Tree provides access to ongoing research coverage, media content and regulatory news on Steppe Gold Ltd..
We currently have 101 research reports from 5
Companies: Sylvania Platinum Ltd.
Sound is a transition energy company with strong ESG credentials and a clear route to first gas production and revenues in 2024 through its low-cost phased development in Morocco, with significant resource upside to develop.
Companies: Sound Energy plc
• YE23 1P and 2P reserves are estimated at 29.9 mmbbl and 37.9 mmbbl respectively. This represents a reserve replacement ratio of 219%.
• The reserves addition is much greater than we expected. Valeura has booked 7 mmbbl at Wassana (we expected only 5 mmbbl) and has replaced 112-147% of the 2023 production at each of the other fields.
• While the YE23 Brent prices assumptions for 2024-2026 are now only ~US$78-80/bbl (US$81-82/bbl at YE22 for the same periods), the after tax NPV10 of the 1P rese
Companies: Valeura Energy Inc.
• The CN-5 well encountered 45 feet of Ubaque pay to base of sand with 25% porosity and 5 Darcy permeability. The well targeted the Carrizales Noroeste prospect, west of the Carrizales Norte known pool boundary.
• The boundary fault was not encountered in the Ubaque, which suggests that the Ubaque at Carrizales Norte and Carrizales Noroeste consists of a continuous larger pool that extends to the West.
• CN-5 confirms that there is a stratigraphic component to the trapping mechanism in the Uba
Companies: Arrow Exploration Corp.
Companies: AUQ BEM ORR SOLG AAL KEFI PXC POLY
Companies: SolGold Plc
Arrow has announced the successful results of its CN-4 and CN-5 wells, resulting in a new producer in CN-4 and a new discovery in the Carrizales Noroeste prospect in CN-5.
Companies: Plexus Holdings (POS:LON)Bank of Georgia Group Plc (BGEO:LON)
Petards supplies advanced security and surveillance systems to the Rail, Defence and Traffic Technology markets. This morning, the group has announced an order valued at £0.35m in their QRO Solutions business, which provides ANPR solutions for a range of customers including a number of UK police forces. The order is expected to be delivered during 2024, with the customer representing one of the UK's largest police forces and a new customer to the business. QRO will deliver their proprietary Q-Bo
Companies: Phoenix Copper Ltd. (United Kingdom)
Empyrean Energy, Baron Oil, Diversified Energy, Tethys Oil, Plexus Holdings, EnQuest, Ithaca Energy, PetroTal, Jadestone Energy, Star Energy, Union Jack Oil, Synergia Energy, Eni SpA, Occidental Petroleum Source: FactSet, weekly change 12/02/24-16/02/24 Oil closed at its highest settling price this year as increasing tensions in the Middle East outweighed hotter-than-expected US inflation data that’s damping the prospect of interest rate cuts. West Texas Intermediate rose above $79 a barrel afte
Companies: BOIL EME POS TETY TETY
Pan African Resources’ (PAF’s) H124 results were released on 14 February, with earnings (and headline earnings) within 1.5% of our forecast and normalised headline earnings within 1.2% of our forecast (see Exhibit 4). While only one asset (BTRP) achieved record adjusted EBITDA, PAF’s three other main assets all recorded adjusted EBITDA numbers that were close to record levels in rand terms to result in a record adjusted EBITDA outcome for the group as a whole of ZAR1,512.6m – 20.2% above H222 an
Companies: Pan African Resources PLC
Last week we attended a site visit with Serica Energy in Scotland. We toured facilities near Edinburgh into which liquids from the company’s Bruce, Keith, Rhum, Erskine and Columbus assets are received via the Forties pipeline system, processed, and then re-exported to market.
Companies: Serica Energy PLC
Petra Diamonds (LSE: PDL) has just released its interim financial results for six months ending 31 December 2023. The company has already published its operational and debt figures for the period, and therefore the key focus is on costs, profits and future guidance.
Generally the figures have come in well ahead of our forecast in percentage terms (see Fig 1) a reflection of the increasing efforts management is bringing to bear on the cost base. They are battling an average group diamond price
Companies: Petra Diamonds Limited
Companies: ALB S32 ALL SLP OMI ALB BEM AAZ SOLG XTR BMN GMET