Steppe Gold

Description

Steppe Gold Ltd. is a Mongolia-focused gold producer and developer operating the ATO, Boroo and Ulaanbulag mines. The investment case combines current production, established Boroo infrastructure, strong controlling-shareholder alignment and the potential ATO Phase 2 expansion.

Q2 2026 production was 22,465 oz gold, while 2026 guidance remains approximately 68,000 oz. Boroo and Ulaanbulag provide the core operating base through established mine infrastructure and a 5,000 tpd processing complex. ATO Phase 2 is being redesigned around approximately 3.3 Mtpa, with an amended EPC scope of US$238.2M and a revised feasibility study expected in H2 2026.

List of Projects:

Project 1: ATO Gold Mine
Dornod, Mongolia — Gold, silver, lead and zinc. 100%-owned operating mine. Phase 1 heap leach is approaching the end of its oxide mine life, while Phase 2 is designed around fresh and transition polymetallic ore and includes the Mungu deposit.

Project 2: Boroo Gold Mine
Selenge, Mongolia — Gold. 100%-owned producer with a 5,000 tpd mill, heap leach, CIL/gravity circuits and established operating infrastructure.

Project 3: Ulaanbulag Mine
Tuv, Mongolia — Gold. 100%-owned satellite producer sharing the Boroo fleet and processing complex.

Project 4: Bor Nuur
Selenge, Mongolia — Gold exploration. Exploration licence within the broader Boroo project area.

Project 5: Uudam Khundii
Bayankhongor, Mongolia — Gold and polymetallic exploration. 80%-owned 14,400 ha early-stage joint venture.

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