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Steppe Gold (STGO) investor relations material
Steppe Gold Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Produced 22,465 ounces of gold and sold 13,724 ounces in Q2 2026, up from 13,000 ounces produced in Q2 2025.
Revenue rose to $61,848 in Q2 2026 from $32,327 in Q2 2025, driven by higher realized gold prices.
Net loss attributable to shareholders was $175 in Q2 2026, compared to a net profit of $8,998 in Q2 2025.
Adjusted EBITDA increased to $46,626 in Q2 2026 from $18,074 in Q2 2025.
Completed settlement with Triple Flag, resolving all outstanding stream and loan disputes.
Financial highlights
Average realized gold price was $4,493/oz in Q2 2026, up from $2,142/oz in Q2 2025.
Cost of sales was $18,139 in Q2 2026, up from $16,315 in Q2 2025.
Cash cost per ounce sold was $1,164 and AISC was $1,716 in Q2 2026, both higher year-over-year.
Cash position at June 30, 2026 was $19,889, with working capital of $86,490.
Outlook and guidance
Maintains 2026 production guidance of approximately 68,000 ounces of gold.
Revised feasibility study for ATO Phase 2 expected in H2 2026.
Further advancement of ATO Phase 2 subject to feasibility, financing, permitting, and risk assessment.
Capital commitments will be closely managed to preserve liquidity.
- Q2 revenue reached $10.4M, with Boroo Gold acquisition set to boost future cash flow.STGO
Q2 2024 - Q3 2024 delivered strong revenue and earnings, supported by Boroo Gold and favorable gold prices.STGO
Q3 2024 - Record gold output and strong prices drove revenue growth and improved financial position.STGO
Q4 2024 - Q1 2025 delivered strong revenue, low costs, and a positive outlook for gold production and cash flow.STGO
Q1 2025 - Q2 2025 delivered robust revenue and cash flow, with future gold sales at spot prices post-contract.STGO
Q2 2025 - Strong Q3 revenue and cash flow, with Boroo mine and gold prices driving performance.STGO
Q3 2025 - Record revenue and strong gold output, with ATO Phase 2 expansion facing key development risks.STGO
Q4 2025 - Revenue and EBITDA surged on higher gold prices, despite lower gold production and sales.STGO
Q1 2026
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