Steppe Gold Announces Q1 2024 Financial Results
Steppe Gold Announces Q1 2024 Financial Results
Ulaanbaatar, Mongolia--(Newsfile Corp. - May 15, 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 March 31, 2024.
蒙古國烏蘭巴托-(Newsfile Corp. -2024年5月15日)-Steppe Gold Ltd. (tsx: STGO) (OTCQX: STPGF)(FSE: 2J9)("Steppe Gold"或"公司非常高興地公佈了2024年3月31日季度財務報告。
HIGHLIGHTS
亮點
First Quarter Highlights
第一季度要點
(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 months ended March 31, 2024 amounted to $7,971 on sales of 3,723 gold ounces and 19,506 silver ounces, respectively.
Average realized prices for the three months ended March 31, 2024 were $2,043 per gold ounce and $19 per silver ounce, respectively.
Operating profit from mine operations before depreciation and depletion for the three months ended March 31, 2024 was $4,324.
Adjusted EBITDA after payments made pursuant to the metals purchase and sale agreement (the "Stream Agreement") with Triple Flag Finance Bermuda Ltd. for the three months ended March 31, 2024 was negative $309.
Site All in Sustaining Cost ("AISC") was $945 per ounce sold for the quarter ended March 31, 2024. AISC was $1,522 per ounce sold for the three months ended March 31, 2024.
During the three months ended March 31, 2024, 133,090 tonnes of ore were mined and 145,479 tonnes of ore were stacked on the leach pad, with an average gold grade of 0.56 g/t.
As at March 31, 2024, the cash balance was $6,740 (including $87 recorded in assets classified as held for sale); total bank debt, payables and other debts (including liabilities of $81 recorded in assets classified as held for sale, excluding convertible debentures, Stream Agreement, lease liabilities, tax payables and asset retirement obligations) was $70,216 with net debt of $63,476.
On January 9, 2024, the Company announced that it had 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 gold prepay agreement ("A&R Prepay Agreement") 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 the 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 (the "Share Exchange Agreement") agreement pursuant to which it will 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 announced that it had entered into separate definitive share purchase agreements (the "Share Purchase Agreements"), pursuant to which the Company will sell the Tres Cruces Oxide Project to Boroo Singapore for approximately CAD$12 million in cash (the "Tres Cruces Transaction", and, together with the Boroo Gold Transaction, the "Proposed Transaction"), payable over the next 18 months beginning as of the Closing Date (as defined in the Share Purchase Agreements).
2024年3月31日結束的三個月裏,銷售3723盎司黃金和19506盎司白銀,收入總額爲7971美元。
2024年3月31日結束的三個月裏,金價和銀價的平均實現價格分別爲每盎司2043美元和19美元。
2024年3月31日結束的三個月裏,不計提折舊和計提減值前的礦山營業利潤爲4324美元。
在根據貴金屬採購和銷售協議("Stream Agreement")付款後,2024年3月31日結束的三個月內,調整後的息稅前利潤爲負309美元。貴金屬採購和銷售協議("Stream Agreement")與Triple Flag Finance Bermuda Ltd根據合同達成的協議。2024年3月31日結束的三個月內,結算後的息稅折舊及攤銷前利潤爲負309美元。
全部持續成本("Site All in Sustaining Cost")爲2024年3月31日本季度售出的每盎司945美元,全部組成成本("AISC")爲2024年3月31日結束的三個月內每盎司售價的$1,522。全成本維持費全部持續成本("Site All in Sustaining Cost")爲2024年3月31日本季度售出的每盎司945美元,全部組成成本("AISC")爲2024年3月31日結束的三個月內每盎司售價的$1,522。
2024年3月31日結束的三個月內,開採銅礦石133,090噸,堆置在浸出墊上的金礦石達145,479噸,平均金品位爲0.56克/噸。
截至2024年3月31日,現金餘額爲6740美元(其中資產分類爲待售的87美元);銀行債務、應付款項和其他債務總額(其中資產分類爲待售的負債81美元,不包括可轉換債券、Stream Agreement、租賃負債、稅收應付款和養老金義務)爲70216美元,淨債務爲63476美元。
2024年1月9日,公司宣佈已與Hexagon Build Engineering LLC簽訂了第二階段擴建工程的總包工程、採購和施工合同。
第二階段擴建工程計劃按照預定的時間表和預算進行,計劃於2026年第一季度投入使用。
2024年3月15日,公司簽署了一份修訂後的黃金預付款協議("A&R Prepay Agreement"),額外獲得了5000美元的預付款,還款期爲五個月,從2024年8月15日開始,每個月提供530盎司金的五次平等交付,總共交付2650盎司黃金給Triple Flag International Ltd.修訂後的黃金預付款協議("A&R Prepay Agreement")修訂後的黃金預付款協議("A&R Prepay Agreement")
於2024年3月26日,向EPC承包商支付了3.7萬美元的里程碑付款,用於資助主要長製品採購、動員成本、早期建設和基礎工作的第二階段擴建項目(如下所定義)。主要的長製品包括浮選池、磨機、聚集旋風器、濃聚機組、過濾器和泵送系統。
於2024年4月11日,公司宣佈已簽署股票交換協議(“交易”),根據該交易,公司將收購Boroo Gold LLC的所有已發行和流通普通股,該公司是Boroo Pte Ltd(“Boroo Singapore”)的一個間接全資子公司。此外,2024年4月11日,公司宣佈已分別簽署了明確的股票購買協議(“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氧化物項目出售給Boroo Singapore(“Tres Cruces交易”),該協議可在18個月內完成,起始日爲交易結束日期(如股票購買協議所定義)。股份交換協議計劃收購Boroo Gold是公司邁向多資產蒙古礦業集團的整體性進程,並,令人振奮的是,預計會立即提供強大的現金流以支持增長計劃,再加上最近的黃金價格上漲,收購Boroo Gold將是一個轉型性舉措。預計該交易將於2024年第三季度完成,交易進行中,公司將立即得到現金流。該交易受慣例性成交條件的管轄,包括獲得公司股東2024年6月末的年度普通和特別股東大會批准,以及多個監管機構的審批,包括蒙古和多倫多證券交易所的審批。目前,公司的近期重點是在ATO Phase 1最大限度地發揮生產和現金流,並按計劃進行第二階段擴建工作,其中建設活動正在繼續進行,計劃在2026年第一季度投產,並努力完成收購Boroo Gold的交易和計劃,爲公司的運營成功整合Boroo Gold。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。公司截至2024年3月31日的簡明中期合併財務業績已在SEDAR+上發佈。完整版的簡明中期合併財務報表和相關的管理層討論和分析可以在公司網站上查看或在SEDAR+上查看公司資料(profile),毫不例外。").
投資者關係: Elisa Tagarvaa elisa@steppegold.com 香格里拉辦公室, 奧林匹克街1201號非IFRS績效指標 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。 股份交易協議Tres Cruces交易以上兩項交易合稱"交易"建議交易 股權交易
Outlook
展望
The Proposed Transaction to acquire Boroo Gold is a transformational step for the Company. With an expected closing in the third quarter of 2024, the Proposed Transaction is expected to accelerate 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. The Proposed Transaction is subject to customary closing conditions, including receipt of approval by the Company's shareholders at the annual general and special meeting of shareholders expected to be held at the end of June 2024, and certain regulatory approvals, including the approvals of the Toronto Stock Exchange and applicable Mongolian authorities.
收購Boroo Gold的計劃是公司的一項轉型性舉措。預計該交易將於2024年第三季度完成,加速公司成爲一個聚焦蒙古的多資產礦業集團,並且重點是預計收購將立即提供強勁的現金流以支持增長計劃,並且受到最近的強勁金價格的進一步提高。該交易受慣例性成交條件的管轄,包括獲得公司股東2024年6月末的年度普通和特別股東大會批准,以及多個監管機構的審批,包括蒙古和多倫多證券交易所的審批。
The near term focus for the Company is on maximising production and cash flows at ATO Phase 1, executing on a successful completion of the Phase 2 Expansion, where construction activity continues, with a planned commissioning in Q1 2026, and on working towards closing the Proposed Transaction and planning for the successful integration of Boroo Gold into the Company's operations.
公司的近期重點是在ATO Phase 1最大限度地發揮生產和現金流,並按計劃在2026年第一季度投產第二階段擴建工作,其中建設活動正在繼續進行,並且努力完成收購Boroo Gold的計劃,以爲公司的運營成功整合Boroo Gold。
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 March 31, 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2024年3月31日止本集團的摘要財務業績已在SEDAR+上發佈。完整版本的摘要財務報表和相關的管理層討論和分析可在公司網站上查看或在SEDAR+上查看公司資料(profile)。
Steppe Gold Ltd.
Steppe Gold有限公司
Steppe Gold is Mongolia's premier precious metals company.
Steppe Gold是蒙古的貴金屬公司。
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 three months ended March 31, 2024.
管理層認爲這些非IFRS度量提供有用的信息,幫助投資者衡量公司的財務表現,原因如下。這些度量標準沒有IFRS規定的標準化含義,因此它們可能與其他公開交易公司提供的相似標題的度量標準不可比較,不應被解釋爲IFRS所確定的其他財務指標的替代品。公司認爲這些度量標準與按照IFRS確定的度量標準一起,爲投資者提供了更好地評估公司潛在表現的能力。包括這些度量標準是爲了提供附加信息,不應被用作按照IFRS準備的績效度量標準的替代品。這些度量標準不一定是標準的,因此可能無法與其他發行人相比較。上述非IFRS度量標準的進一步詳情可以在公司的管理討論與分析中找到,截至2024年3月31日。
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", "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 A&R Prepay Agreement; consummation and timing of the Proposed Transaction; the satisfaction of the conditions precedent to the Proposed Transaction; 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.
本新聞稿包含某些與公司相關的聲明或披露,這些聲明或披露基於公司管理層的期望以及公司當前可獲取信息所作出的假設,可能構成適用證券法下的前瞻性聲明或信息(“前瞻性聲明”)。所有此類聲明和披露,除了歷史事實之外,涉及到公司預期或期望在全球或某個地區的未來(全部或部分)發生的活動、事件、結果或發展,應被視爲前瞻性聲明。在某些情況下,前瞻性聲明可以通過使用“繼續”、“專注”、“預定”、“將”、“預計”、“計劃”等表達方式進行識別。特別是,本新聞稿包含以下前瞻性聲明:Boroo Gold Transaction的預期收益,對Steppe Gold股東的價值創造潛力,根據A&R預付協議的付款情況,擬議交易的完成和時間表,擬議交易的滿足先決條件,所得公司的優點、特點和潛力以及將來計劃、預測、目標、估計和預測等相關討論及其時間,包括第2階段擴建和ATO黃金礦的相關內容。
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of the Company including, without limitation: required shareholder, regulatory and stock exchange approvals; approvals from applicable Mongolian authorities; exercise of any termination rights under the Share Exchange Agreement or the Share Purchase Agreements; meeting other conditions precedent to each of the Share Exchange Agreement and the Share Purchase Agreements 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; 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 .
本新聞稿中所含的前瞻性聲明反映了公司的若干重要因素和期望以及假設,包括但不限於:股東、監管和證券交易所批准;適用蒙古當局的批准;根據股份交換協議或股份購買協議行使任何終止權利;每個股份交換協議和股份購買協議的其他先決條件;公司業務、財產和資產的重大不利影響;業務計劃和策略的變化;市場和資本金融條件;任何資本融資交易固有的風險;世界商品市場的變化;匯率波動;與採礦業有關的材料成本和供應;政府變革和影響採礦業的規定的變化;以及Steppe Gold的公開披露文件中,包括但不限於Steppe Gold的2023年年度信息表格中詳細列出的其他風險因素,可在SEDAR+上找到。(注:SEDAR爲加拿大證券監管機構系統,提供證券信息資料。)
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。