Steppe Gold – Funding Package In Place For Phase 2 Production Expansion And Review Of Q2 Operations

Aneel Waraich, Executive Vice President and Director of Steppe Gold Ltd (TSX: STGO) (OTCQX: STPGF), joins us to outline the key company milestone with debt funding package now in place for the Phase 2 expansion, and to review the Q2 operations update at the producing (AT0) Altan Tsagaan Ovoo Mine in Mongolia.


Aneel highlighted that the funding risk for the next big development and production growth initiative is now secured to continue forward with the Phase 2 sulfide production expansion.  The Phase 2 sulfide production is projected to bring on  ~103,000 ounces of gold production per annum, for a total of 12-14 years at AISC of US ~$850-$900.   For the balance of 2023, the Company is currently in Phase 1 oxide production, and is targeting 25,000-30,000 ounces of production from the heap leach operations. We discussed that Q2 numbers were a bit lower than anticipated due to weather-related issues with snow still being on the leach pads through May, but they did produce 40,000 ounces from March of 2022 through March of 2023, prior to the seasonal weather period, and expect higher output in Q3 and Q4.


Next we discussed the potential, through exploration, to expand both the Phase 1 and Phase 2 mine life.  Currently the exploration team is targeting drilling for more nearby potential oxide mineralization, which could also extend the Phase 1 mine life an additional 1-4 years, so it would run in tandem with the commissioning of Phase 2.   There is also still the potential to keep expanding the Phase 2 mine life, because some recent drill holes have already reported mineralization outside of the current mine plan, and there has been success drilling further at depth under known mineralization that is not yet factored into their reserves or current mine plan. 


Wrapping up, we pivoted over to the recent acquisition of Anacortes Mining and their Tres Cruces’ Gold Project in Peru; which already has defined about 2.4 million ounces of gold and robust PEA economics.   Over the next 18-24 months, the exploration team will do some desktop work to compile the historic data from prior operators, and then will be in position to organically fund the further exploration and derisking work needed to move this Project into the development pipeline.  


If you have any questions for Aneel about Steppe Gold, then please email me @


  • In full disclosure, Shad is a shareholder of Steppe Gold.