Steppe Gold : Investor Presentation - June 2025
STGO.TO
Published on 05/30/2025 at 09:24
Mongolia's Premier Precious Metals Company
TSX: STGO / OTCQX: STPGF / WKN: A2JMMP
BUILDING MONGOLIA'S NEW MID-TIER MINING COMPANY
Investor Presentation June 2025
DISCLAIMER
FORWARD-LOOKING INFORMATION
This presentation, together with any supplements and any other information that may be furnished to prospective investors by the Company, includes "forward-looking information" or "forward-looking statements" within the meaning of Canadian securities law. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that the Company anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Statements containing the words "expected", "will", "potential", "projected", "future", "plans", "opportunities", "commit" and in each case, their negative and words of similar meaning are intended to identify forward-looking information.
Certain statements in this presentation are considered to be forward-looking information, which include the expected gold production and other financial metrics of the Company and Boroo Gold LLC ("Boroo Gold"); the anticipated cash flow of the Company and Boroo Gold; the Company's operational position, potential, growth, success, commitments and strategy; the KPIs of the ATO Gold Mine; and other matters.
By their nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking information will not occur. These assumptions, risks and uncertainties include, among other things, required shareholder, regulatory and stock exchange approvals; approvals from applicable Mongolian authorities; exercise of any termination rights under the share exchange agreement by and among the Company and Boroo Gold dated April 11, 2024 (the "Share Exchange Agreement") or the share purchase agreements between one of the Company's wholly-owned subsidiaries and Boroo Pte Ltd. or one of its affiliates dated April 11, 2024 (the "Share Purchase Agreements"); meeting other conditions precedent to each of the Share Exchange Agreement and the Share Purchase Agreements; the time required to prepare and mail the shareholder meeting materials, including the information circular; material adverse effects on the business, properties and assets of the Company or Boroo Gold; discrepancies between actual and estimated production and test results, mineral reserves and resources and metallurgical recoveries; and such other risk factors detailed from time to time in the Company's public disclosure documents, including, without limitation, those risks identified in the Company's annual information form for the year ended December 31, 2023, which is available on SEDAR+ at www. sedarplus.ca. Readers are cautioned that the foregoing list and the risk factors in the preliminary prospectus are not exhaustive.
Although the Company has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. In addition, even if the outcome and financial effects of the plans and events described herein are consistent with the forward-looking information contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. There can be no assurance that the projected results can be realized or that actual results will not be materially higher or lower than those projected.
Forward-looking information contained in this presentation is based on the current estimates, assumptions, projections, beliefs and expectations of the Company, which the Company believes are reasonable as of the current date, and are subject to significant business, social, economic, political, regulatory, competitive and other risks, uncertainties, contingencies and other factors. Although the Company believes that the expectations reflected in the forward- looking statements and information are reasonable, there can be no assurance that such expectations will prove to be correct. Historical information contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. In this regard, certain financial information contained herein has been extracted from, or based upon, information available in the public domain and/ or provided by the Company. All forward-looking information in this presentation is expressly qualified in its entirety by this cautionary statement.
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ABOU T C OMP ANY
P RO V EN TRA CK RE C ORD OF GRO W TH
2016
Established in Mongolia
2017
Acquired ATO and UK projects
2018
C$25M IPO at the TSX
2019
Built Heap Leach Mine and Plant / ATO Phase I
2020
Commercial gold production at ATO Gold Mine
2021
Doubled resources and completed Phase II FS
2023
Secured US$150M financing for ATO Phase II Expansion
2024
Completed merger with Boroo Gold and increased annual production to 88koz Au
2025
Estimated production 70koz Au
2026/27
ATO Phase II Expansion; combined 140koz AuEq per annum
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A B O U T C O M P A N Y
Steppe Gold reported record production of 88,347 oz in 2024
TWO PRODUCING MINES RESERVES AND RESOURCES 2025 PRODUCTION GUIDELINES FINANCIAL METRICS
7 mining licences
ATO / Boroo Mine / Ulaanbulag
Proven and Probable
2.37Moz AuEq
ATO and BGC mines
70-75Koz Au
After-tax NPV (7.5%)
US$448.9M
Gold price assumption - US$2,300
Additional exploration projects under assessment
Measured and Indicated + I
3.35Moz AuEq
2024 AISC:
Q1 2025:
US$1,078/oz
US$991/oz
After-tax CF (2025-2038)
US$753.7M
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Disclaimer
Steppe Gold Ltd. published this content on May 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 30, 2025 at 13:22 UTC.