Steppe Gold Announces Q2 2024 Financial Results Board Appointment and 2024 Production Guidance
Steppe Gold Announces Q2 2024 Financial Results Board Appointment and 2024 Production Guidance
Ulaanbaatar, Mongolia--(Newsfile Corp. - August 14, 2024) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce its financial results for the quarter ended June 30, 2024.
蒙古國烏蘭巴托-(Newsfile Corp. - 2024年8月14日)- Steppe Gold Ltd.(TSX:STGO)(OTCQX:STPGF)(FSE:2J9)(以下簡稱Steppe Gold或公司)很高興地宣佈其截至2024年6月30日的財務業績。
The second quarter results shown below do not reflect the impact of the acquisition of Boroo Gold which was completed on August 1, 2024. The impact of the Boroo Gold acquisition and the sale of the Tres Cruces Project will be reflected in the third quarter results.
以下是第二季度的業績結果,不包括已於2024年8月1日完成的Boroo Gold收購的影響。 Boroo Gold的收購和Tres Cruces項目的出售的影響將反映在第三季度的業績中。
HIGHLIGHTS
亮點
Second Quarter Highlights
二季度亮點
(all figures in US$000's unless stated otherwise, except per unit figures which are in US$)
(除非另有說明,否則所有數字均以US$000爲單位,每單位數字均以US$爲單位)
Revenue for the three and six months ended June 30, 2024 amounted to $10,392 and $18,363 on sales of 4,040 and 7,763 gold ounces, and 36,672 and 56,178 silver ounces, respectively.
Average realized prices for the three and six months ended June 30, 2024, were $2,318 and $2,191 per gold ounce and $26 and $24 per silver ounce, respectively.
Combined gold production for the second half of 2024 is expected to be between 30,000 to 35,000 oz.
Operating income from mine operations before depreciation and depletion for the three and six months ended June 30, 2024, were $6,167 and $10,490, respectively.
Adjusted EBITDA after stream payments for the three and six months ended June 30, 2024 were $2,337 and $2,027.
Site All in Sustaining Costs were $856 and $899 per ounce sold for the three and six months ended June 30, 2024.
All in Sustaining Cost was $1,124 and $1,315 per ounce sold for the three and six months ended June 30, 2024.
During the six months ended June 30, 2024, 337,236 tonnes of ore were mined and 223,738 tonnes of ore were stacked on the leach pad, with an average gold grade of 0.72 g/t and an average silver grade of 4.28 g/t.
As at June 30, 2024, the cash balance was $3,207 (including $30 recorded in assets classified as held for sale); total bank debt, payables and other debts (including liabilities of $87 recorded in assets classified as held for sale, excluding convertible debentures, Stream Agreement, lease liabilities, tax payables and asset retirement obligations was $70,070 with net debt of $66,863.
On January 9, 2024 the Company entered into a turnkey engineering, procurement and construction contract with Hexagon Build Engineering LLC for the Phase 2 Expansion.
The Phase 2 Expansion is proceeding according to the projected timelines and budgets, with commissioning planned for the first quarter of 2026.
On March 15, 2024, the Company entered into an amended and restated Triple Flag Gold Prepay loan for an additional advance of $5,000 with a repayment term over five months, commencing on August 15, 2024, in five equal monthly deliveries of 530 ounces of gold for a total of 2,650 ounces delivered to Triple Flag International Ltd.
On March 26, 2024, a milestone payment of $37,000 was made to the EPC contractor in relation to the Phase 2 Expansion (as defined below) to fund procurement of major long lead items, mobilization costs, early construction works and foundational work. The major long lead items include flotations cells, grinding mills, cluster cyclones, thickener units, filters and pumping systems.
On April 11, 2024, the Company announced that it had entered into a share exchange agreement pursuant to which it would acquire all of the issued and outstanding common shares of Boroo Gold LLC from an indirect, wholly owned subsidiary of Boroo Pte Ltd. ("Boroo Singapore") in an all-share transaction (the "Boroo Gold Transaction").
Additionally, on April 11, 2024, the Company entered into share purchase agreements, as amended and restated on July 30, 2024 (the "A&R Share Purchase Agreements"), pursuant to which it would sell the Tres Cruces Project to Boroo Singapore (the "Tres Cruces Transaction" and together with the Boroo Gold Transaction, the "Transaction") for approximately CAD$12 million in cash, payable over the next 18 months beginning as of the Closing Date (as defined in the A&R Share Purchase Agreements).
On May 13, 2024, the Company filed meeting materials in respect of the proposed transaction with Boroo Gold, where shareholders would, among other matters, vote on Steppe acquiring Boroo Gold in exchange for common shares in the capital of the Company, resulting in Boroo Singapore holding approximately 55.9% of Steppe, and Boroo Singapore acquiring the Tres Cruces Project for approximately CAD$12 million.
On June 24, 2024, the shareholders of the Company approved the acquisition of Boroo Gold pursuant to the share exchange agreement dated April 11, 2024 (the "Share Exchange Agreement") and the sale of the Tres Cruces Oxide Project to Boroo Singapore, pursuant to the A&R Share Purchase Agreements.
On August 1, 2024 the Company successfully completed the Transaction between the Company and Boroo Singapore and its affiliates. Pursuant to the Boroo Gold Transaction, Boroo Singapore was issued 143,796,574 common shares of the Company at a deemed issue price of $0.59 per common share. Prior to the Boroo Gold Transaction, Boroo Singapore did not hold any securities of the Company and upon completion of the Boroo Gold Transaction, Boroo Singapore holds approximately 55.9% of the common shares of the Company. Pursuant to the Tres Cruces Transaction, the Company sold the Tres Cruces Project to Boroo Singapore for CAD$11.7 million in cash, payable in four instalments in 18 months from August 1, 2024.
截至2024年6月30日的三個月和六個月的收入分別爲10,392美元和18,363美元,銷售黃金4,040盎司和7,763盎司,白銀36,672盎司和56,178盎司。
截至2024年6月30日的三個月和六個月的實現平均價分別爲2,318美元和2,191美元每盎司黃金和26美元和24美元每盎司白銀。
2024年下半年的總黃金產量預計在30,000至35,000盎司之間。
2024年6月30日的礦山運營的操作性收入,在折舊和減值前分別爲6,167美元和10,490美元。
2024年6月30日的調整後的流放款後EBITDA爲2,337美元和2,027美元。
All in Sustaining Costs是2024年6月30日結束的三個月和六個月分別爲每盎司銷售的856美元和899美元。
2024年6月30日結束的三個月和六個月的All in Sustaining Cost分別爲每盎司銷售的1,124美元和1,315美元。
在2024年6月30日結束的六個月中,採挖了337,236噸礦石,堆疊在浸出墊上的礦石有223,738噸,平均黃金品位爲0.72g/t,平均銀品位爲4.28g/t。
截至2024年6月30日,現金餘額爲3,207美元(包括作爲待售資產分類的30美元);總銀行債務、應付款項和其他債務(包括作爲待售資產分類的87美元的負債、可轉換債券、流動協議、租賃負債、稅務應付款和退休義務除外)爲70,070美元,淨債務爲66,863美元。
2024年1月9日,公司與Hexagon Build Engineering LLC簽署了Phase 2 Expansion的交鑰匙工程、採購和施工合同。
Phase 2 Expansion正在按照預期的時間表和預算進行,並計劃在2026年第一季度投入使用。
2024年3月15日,公司與Triple Flag Gold簽署了修訂後的貸款協議,額外提供5,000美元的預付款,並在期限內還款,期限爲5個月,從2024年8月15日開始,以五個月均等交付530盎司黃金的方式,總計交付2,650盎司的黃金給Triple Flag International Ltd.。
2024年3月26日,在控制項目的突破上實現了37,000美元的里程碑付款,以籌集主要的長期訂貨、動員成本、早期施工工程和基礎工作資金。主要的長期訂貨包括浮選槽、磨礦機、集群旋風、厚度計、過濾器和泵送系統。
2024年4月11日,公司宣佈已簽署股票交換協議,根據該協議將收購Boroo Gold LLC發行和流通的股票,股票來自Boroo Pte Ltd的間接全資子公司(以下簡稱Boroo Singapore)進行的全部股份交易,涉及的資產總額共計1200萬加元,現金出售可自Closing Date起在18個月內支付。
此外,2024年4月11日,公司簽署了股票購買協議,並於7月30日修訂(以下簡稱A&R股票購買協議)根據該協議,公司將以約1200萬加元的現金將Tres Cruces項目出售給Boroo Singapore(簡稱Tres Cruces 交易),該付款從Closing Date起18個月內每月分期支付。
2024年5月13日,公司已經提交了關於收購Boroo Gold交易的會議材料,公司股東將就Steppe收購Boroo Gold以換取發行於公司首都的普通股票等事宜進行表決,結果Boroo Singapore將持有Steppe約55.9%的股份,並以約1,200萬加元的價格收購Tres Cruces項目。
2024年6月24日,公司股東批准了股票交換協議,即2024年4月11日簽署的收購Boroo Gold條款和出售Tres Cruces Oxide Project的條款,並簽署了AR&R Share Purchase Agreements。
2024年8月1日,公司成功完成了公司和Boroo Singapore及其關聯方之間的交易。根據Boroo Gold交易,Boroo Singapore以每股0.59美元的發行價格獲發公司普通股143,796,574股。在Boroo Gold交易之前,Boroo Singapore沒有持有公司任何證券,完成Boroo Gold交易後,Boroo Singapore將持有公司約55.9%的普通股。根據Tres Cruces交易,公司以1,170萬加元的現金將Tres Cruces項目出售給Boroo Singapore,從2024年8月1日開始的18個月內分四期支付。
Outlook
展望
The acquisition of Boroo Gold is a transformational step for the Company. It accelerates the path to a multi-asset Mongolia-focused mining group and, importantly, is projected to immediately provide strong cash flow to support growth plans, further improved with the recent strong gold prices.
收購Boroo Gold對公司來說是一項具有變革性的舉措。它加速了公司成爲面向蒙古的多資產採礦集團的道路,並且重要的是,預計會立即提供強大的現金流來支持增長計劃,由於近期黃金價格強勁,進一步提高了現金流。
The near-term focus for the Company is on maximizing production and cash flows at both producing mines and, executing on a successful completion of the Phase 2 Expansion, where construction activity continues,
公司近期的重點是在兩個生產礦山上最大化生產和現金流,以及執行第2階段擴展的成功完成,施工活動仍在繼續。
With the projected additional operating cash flow accruing from the Boroo Gold Transaction, the Company expects to be well-placed to increase exploration activities at both production centres with the aim of extending resources, reserves and production. The Company will also consider opportunistic acquisitions in Mongolia.
隨着預計從Boroo Gold交易中獲得的額外經營現金流,公司預計將有足夠的經濟實力,以增加在兩個生產中心的勘探活動,以擴展資源、儲量和產量。公司還將考慮在蒙古進行機會性收購。
The Company's condensed interim consolidated financial results for the quarter ended June 30, 2024 have been filed on SEDAR+. The full version of the condensed interim consolidated financial statements and associated management's discussion & analysis can be viewed on the Company's website at or under the Company's profile on SEDAR+ at .
公司截至2024年6月30日的簡明中期綜合財務結果已在SEDAR+上提交。簡明中期綜合財務報表和相關的管理討論和分析的完整版本可在公司網站上查看或在SEDAR+的公司檔案中查看。
Board Changes
董事會變更
As a result of the Boroo Gold Transaction, and subject to stock exchange approval, Dulguun Erdenebaatar has been appointed to the board of Steppe Gold pursuant to the Share Exchange Agreement.
根據股份交換協議,由於Boroo Gold交易的結果,若在股票交易所得到批准,Dulguun Erdenebaatar已被任命爲Steppe Gold的董事會成員。
Steppe Gold Ltd.
Steppe Gold有限公司
Steppe Gold is Mongolia's premier precious metals company.
Steppe Gold是蒙古首屈一指的貴金屬公司。
For Further information, please contact:
更多信息,請聯繫:
Bataa Tumur-Ochir, Chairman and CEO
Bataa Tumur-Ochir,主席兼首席執行官
Jeremy South, Senior Vice President and Chief Financial Officer
Jeremy South,高級副總裁兼首席財務官
Elisa Tagarvaa, Investor Relations elisa@steppegold.com
Elisa Tagarvaa, 投資者關係 elisa@steppegold.com 香格里拉辦公室, 奧林匹克街1201號
Shangri-La office, Suite 1201, Olympic Street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914
香格里拉辦公室, 奧林匹克街1201號
1號蘇赫巴特爾區,蒙古國烏蘭巴托14241
Ulaanbaatar 14241,蒙古國
電話:+976 7732 1914
Non-IFRS Performance Measures
非IFRS績效指標
The Company uses the following non-IFRS measures: Adjusted EBITDA, EBITDA and AISC. EBITDA is earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as adjusted earnings before interest, taxes, depreciation and amortization. AISC is calculated using cash costs in addition to general and administration, asset retirement costs, and sustaining capital, less certain non-recurring costs (notably exploration costs at the Mungu deposit) to provide an overall company outlook on the total cost required to sell an ounce of gold.
公司使用以下非IFRS指標:調整後的EBITDA、EBITDA和AISC。EBITDA是利潤之前的利潤、稅收、折舊和攤銷。調整後的EBITDA是調整後的利潤前利潤和稅收、折舊和攤銷。AISC是根據現金成本計算的指標,除了管理費用、固定資產清退成本和持續性資本,還減去某些非經常性成本(特別是Mungu存款的開採成本),以提供出售一盎司黃金所需的總成本公司展望。
Management believes that these non-IFRS measures provide useful information to investors in measuring the financial performance of the Company for the reasons outlined below. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other publicly traded companies and should not be construed as an alternative to other financial measures determined in accordance with IFRS. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. The inclusion of these measures is meant to provide additional information and should not be used as a substitute for performance measures prepared in accordance with IFRS. These measures are not necessarily standard and therefore may not be comparable to other issuers. Further details of non-IFRS measures noted above can be found in the Company's management's discussion & analysis for the six months ended June 30, 2024.
管理層認爲,這些非IFRS措施爲投資者提供了有關公司財務業績的有用信息,原因如下所述。這些措施沒有IFRS規定的標準含義,因此可能無法與其他上市公司提出的同名措施相比較,並且不應被解釋爲IFRS規定的其他財務措施的替代物。公司認爲這些措施連同符合IFRS的措施一起,爲投資者提供了評估公司底層業績的更好能力。包含這些措施旨在提供其他信息,不應用作按照IFRS編制的績效措施的替代品。這些措施不一定是標準的,因此可能與其他發行人不可比較。上述非IFRS措施的更多細節可以在公司2024年6月30日管理討論和分析中找到。
Cautionary Note Regarding Forward-Looking Statements
關於前瞻性聲明的謹慎說明
This news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information ("forward-looking statements") under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results, or developments that the Company anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words "continued", "focus", "scheduled", "will", "projected", "opportunity", "expected", "planned" and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the anticipated benefits of the Boroo Gold Transaction; the potential for value creation to Steppe Gold's shareholders; payments to be made under the amended and restated gold prepay agreement; the strengths, characteristics and potential of the resulting company and discussion of future plans, projections, objectives, estimates and forecasts and the timing related thereto, including with respect to the Phase 2 Expansion and the ATO gold mine; and the consideration of opportunistic acquisitions in Mongolia.
本新聞稿包含公司基於管理層的預期以及公司目前可得到的信息和假設所作出的一些與公司有關的陳述或披露,這些可能構成基於適用證券法律的前瞻性陳述或信息(「前瞻性陳述」)。應視爲前瞻性陳述的所有上述陳述和披露,除了那些歷史事實,都應被視爲涉及公司在未來(全部或部分地)預期或期望可能會發生的活動、事件、結果或發展情況。在某些情況下,前瞻性陳述可以通過使用「持續」、「專注」、「安排」、「將要」、「預期的」、「計劃」等類似表達方式加以識別。特別的,但並不限於此,本新聞稿包含與以下事宜有關的前瞻性陳述:Boroo Gold交易的預期收益,爲Steppe Gold的股東創造價值的潛力;根據修訂後的金前付協議進行的支付;產生的公司的優勢、特點和潛力以及有關未來計劃、預測、目標、估計和預測的討論以及相關時間表,包括有關第2階段擴建和ATO金礦的討論;以及考慮在蒙古進行機會主義收購。
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of the Company including, without limitation: management team and board of directors of Steppe Gold; material adverse effects on the business, properties and assets of the Company; changes in business plans and strategies; market and capital finance conditions; risks inherent to any capital financing transactions; changes in world commodity markets; currency fluctuations; costs and supply of materials relevant to the mining industry; change in government and changes to regulations affecting the mining industry; 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 Steppe Gold's public disclosure documents, including, without limitation, those risks identified in Steppe Gold's annual information form for the year ended December 31, 2023, which is available on SEDAR+ at .
本新聞稿中的前瞻性陳述反映了公司的數個根本因素、期望和假設,包括但不限於:Steppe Gold的管理團隊和董事會;公司業務、資產和財產的重大不利影響;業務計劃和策略的變化;市場和資本金融條件;進行任何資本融資交易固有的風險;全球商品市場的變化;匯率波動;與採礦業相關的材料成本和供應;政府變化和影響採礦業的法規的變化;實際產量和測試結果,礦物儲量和資源以及冶金回收方面的差異;以及諸如此類的其他風險因素,需要定期詳細披露於Steppe Gold的公開披露文件中,包括但不限於Steppe Gold在2023年12月31日年度信息表中識別的風險,可在SEDAR+上找到。
Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by such forward-looking statements. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Steppe Gold assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Steppe Gold updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.
前瞻性聲明是根據當時可獲取的信息或管理層在那個時候的誠信信仰,針對未來事件作出的,他們受制於可能導致實際表現或結果與所述或暗示的前瞻性聲明有所不同的風險和不確定性。前瞻性聲明僅在發表時有效。除非適用法律規定,Steppe Gold不承擔更新或公佈任何變更的前瞻性聲明結果的義務,包括實際結果、未來事件或發展、假設的變更或影響前瞻性聲明的其他因素的變更。如果Steppe Gold更新任何一個或多個前瞻性聲明,則不應推斷出該公司將對這些或其他前瞻性聲明進行其他更新。本新聞稿中包含的所有前瞻性聲明均應受到此警示性聲明的明確限制。
譯文內容由第三人軟體翻譯。