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Steppe Gold Eyes Phase 2 Operations at ATO Gold Mine by 2025, Exec Says

Steppe Gold (TSX:STGO) announced a major drawdown of US$9.6 million from a US$150 million financing package in October to accelerate the construction and development of Phase 2 of its producing ATO gold mine in Mongolia.

Steppe Gold Director and Executive VP Aneel Waraich considers it a big win and a significant endorsement for the company’s operating team in the country.

“(In) early summer, we put out a US$150 million financing announcement, which allows us to be fully funded for our Phase 2 expansion,” Waraich said. ‘We now reconfirmed by confirming we’ve drawn down on the first US$10 million of it. It shows how real that package is, and I think that may be what investors are looking for.’

Part of the funding was provided by the Trade and Development Bank of Mongolia through an initial US$50 million loan approved for equipment and long lead items. The payback period starts upon completion of the Phase 2 expansion, which is targeted for late 2025.

“What Phase 2 looks like today is a 12 year mine life at over 100,000 ounces per annum on a gold equivalent basis,’ he said. ‘So that’s the real prize, the real production and cash machine for the company.”

Phase 1 heap leach operations currently produce approximately 30,000 ounces gold equivalent per year. Steppe Gold earlier announced it had passed the milestone of 100,000 ounces of gold produced at the ATO mine.

Watch the full interview with Steppe Gold Director and Executive Vice President Aneel Waraich above.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Steppe Gold and seek advice from a qualified investment advisor.

This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.

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