Steppe Gold (STGO) Q2 2026 earnings summary

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.