In Q3-2023, production from Steppe’s flagship ATO gold mine in Mongolia was up 18% QoQ, surpassing our foreast by 7%. Revenue was up 10% QoQ, and EPS (adjusted) was up 33% QoQ. Revenue and EPS exceeded our estimates by 10% and 29%, respectively. 

STGO has started drawing funds from a $150M financing, from the Trade and Development Bank of Mongolia, for phase two expansion. The company is on track to increase its production from the current 25-30 Koz/year, to 100+ Koz by late 2025.