Steppe Gold Ltd. generated $61,848,000 in revenue for the second quarter ended June 30, 2026, nearly doubling the $32,327,000 reported in the same period of 2025 on the back of significantly higher realised gold prices.

The precious metals producer produced 22,465 ounces of gold during the quarter and sold 13,724 ounces, compared to 13,000 ounces produced and 15,058 ounces sold a year earlier. Steppe Gold retained 9,958 ounces of finished gold inventory at the end of June. The average realised gold price reached $4,493 per ounce for the quarter, compared to $2,142 per ounce a year earlier, when sales were constrained by a forward sales contract fixed at $2,000 per ounce. Revenue for the first six months of 2026 totalled $115,028,000, up from $64,695,000 in the first half of 2025.

Net loss attributable to shareholders narrowed to $175,000 for the second quarter, compared to a net profit of $8,998,000 in the prior-year period. Adjusted EBITDA rose to $46,626,000 from $18,074,000. Cost of sales was $18,139,000, while cash costs landed at $1,164 per ounce sold with total all-in sustaining costs at $1,716 per ounce sold.

During the quarter, Steppe Gold resolved long-running legal disputes. On June 12, 2026, the company announced a settlement agreement with Triple Flag Precious Metals Corp. resolving outstanding litigation, arbitration proceedings, and disputes relating to its stream agreement and gold prepay agreement. The parties entered into an amended stream agreement requiring fixed deliveries of 34,770 ounces of gold through 2036, followed by a 1.5% tail stream capped at 500 ounces per quarter.

“During the quarter, we also completed the Triple Flag settlement, resolving the related arbitration and litigation and establishing a revised long-term stream arrangement.”

— Tserenbadam Dugeree, Chief Executive Officer

The company fully repaid its $14,300,000 BORO bond and the TDB Gold II loan during the first half of the year. Subsequent to the quarter end, Steppe Gold amended its ATO Phase 2 loan agreement with TDB to restructure the remaining $49,600,000 principal into five instalments, starting with $9,600,000 on March 9, 2028, and four subsequent payments of $10,000,000 concluding in August 2028.

Steppe Gold maintained its full-year 2026 production guidance of approximately 68,000 ounces of gold. Operations at the Altan Tsagaan Ovoo site mined 1,405,575 tonnes of ore and processed 945,812 tonnes during the second quarter, benefiting from an increased average mill grade of 1.55 g/t and an improved mill recovery rate of 79%.

Work continued on the ATO Phase 2 Expansion Project, backed by an amended engineering, procurement and construction scope valued at approximately $238,230,000. Capital advances during the period included $21,350,000 under the EPC contract and $17,190,000 for mining equipment. The company also secured required land permitting approval, with overhead power transmission line construction and water exploration underway.

“ATO Phase 2 remains an important potential growth opportunity, however, the project continues to carry execution, permitting, cost and schedule risks.”

— Tserenbadam Dugeree, Chief Executive Officer

The revised feasibility study for the expansion project is expected to be completed in the second half of 2026. As of June 30, 2026, the group reported cash of $19,889,000 and working capital of $86,490,000, which includes $107,119,000 in bond investments maturing on December 31, 2026, bringing financial reserves to $127,008,000.

Read the full announcement: Steppe Gold Announces Q2 2026 Financial Results