1. Mongolia Stocks

  2. •

    Basic Materials

  3. •

    Gold
Steppe Gold Ltd.

Steppe Gold Ltd.

STGO.TO
Steppe Gold Ltd.CA flagToronto Stock Exchange
1.41
CAD
+0.01
- -
356.49MMarket Cap
Steppe Gold Ltd.
STGO.TO
(Toronto Stock Exchange)

Recent

price

1.41

P/E

ratio

- -

div

yld

- -

ROIC.AI

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
- -
- -
- -
- -
1.04
0.28
0.89
0.92
0.94
1.01
1.09
Revenue per Share
- -
-0.28
-0.33
-0.12
-0.19
-0.26
0.23
0.39
0.32
0.13
0.18
Basic EPS, GAAP
- -
-0.29
-0.55
-0.33
0.38
-0.19
0.18
0.43
0.28
0.33
0.44
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
0.32
0.01
0.01
Dividend per Share
- -
0.09
0.06
-0.02
0.24
-0.09
0.12
0.72
0.59
0.57
0.65
Book Value per Share
- -
0.18
0.45
0.26
0.5
0.08
0.25
0.72
0.58
0.56
0.64
Tangible Book Value per Share
- -
20
37
42
56
86
70
144
189
253
253
Basic Weighted Avg Shares
- -
- -
- -
- -
58
24
62
132
178
254
275
Sales/Revenue/Turnover
- -
- -
- -
- -
7.71
-12.24
24.66
50.56
47.91
49.51
53.49
Operating Margin (%)
- -
- -
- -
- -
4
3
4
18
16
16
15
Depreciation Expense
- -
-6
-12
-5
-11
-23
16
56
61
33
45
Net Income, GAAP
- -
- -
- -
- -
- -
- -
10.39
22.03
23.47
52.11
46.31
Effective Tax Rate (%)
- -
- -
- -
- -
-18.38
-94.05
25.58
42.66
34.44
12.88
16.49
Profit Margin (%)
- -
-2
3
-12
11
-41
-6
-86
151
107
106
Working Capital
- -
4
- -
4
9
40
5
3
160
59
35
LT Debt
- -
4
17
11
28
7
17
103
110
143
161
Total Equity
- -
- -
- -
- -
- -
- -
23.43
45.39
25.32
19.98
27.22
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
45.01
63.14
29.02
13.97
18.61
Return on Capital (%)
- -
- -
-606.97
- -
- -
- -
- -
100.83
57.11
25.57
32.17
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
46
71
84
LT Borrowings
115
58
31
LT Finance Leases
3
- -
3
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
253
253
253
Market Capitalization
329
348
244

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
194
217
230
Cash, Cash Equivalents & STI
108
172
178
Accounts Receivable, Net
2
2
- -
Inventories
76
35
44
Total Current Liabilities
69
110
124
Payables & Accruals
18
25
25
ST Debt
46
71
84
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
121.19%
29.76%
Free Cash Flow
- -
14.86%
61.03%
Net Income, GAAP
- -
31.32%
-46.64%
Sales/Revenue/Turnover
- -
58%
42.66%
Total Cash Common Dividend
- -
- -
-96.87%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
47
47
37
46
178
2025
32
32
29
160
254
2026
53
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.15
0.1
0.07
- -
0.32
2025
0.03
0.04
0.03
- -
0.13
2026
0.08
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.15
0.31
- -
0.32
2025
- -
- -
- -
- -
0.01
2026
- -
- -
- -
- -
- -
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Business
Steppe Gold Ltd. (TSX: STGO) operates as a Mongolia-focused precious metals producer engaged in the acquisition, exploration, development, and operation of gold and silver projects. The company produces gold and silver through its flagship Altan Tsagaan Ovoo (ATO) Gold Mine, utilizing open-pit mining and heap leach processing; the Boroo Gold Mine, including the Ulaanbulag deposit, which employs similar methods to generate approximately 65,000-70,000 ounces of gold annually; and associated exploration properties such as Uudam Khundii and Mungu, targeting additional precious metal resources. Steppe Gold maintains its primary operations in Mongolia, serving institutional buyers including Mongolian banks at spot prices referenced to the London Metal Exchange, with a workforce exceeding 500 employees. Founded in 2016 and headquartered at Suite 1201, Shangri-La Office, 19A Olympic Street, Ulaanbaatar, Mongolia, the company derives nearly all revenue from gold sales, supplemented by silver byproducts. In August 2024, Steppe Gold completed the acquisition of Boroo Gold LLC from Boroo Singapore, establishing itself as Mongolia's largest primary gold producer with combined annual output exceeding 100,000 ounces from ATO and Boroo assets and a projected mine life beyond 2030; concurrently, it divested the non-core Tres Cruces oxide project in Peru for CAD$12 million in staged cash payments, sharpening focus on Mongolian operations and bolstering liquidity. The company advances Phase 2 expansion at ATO, featuring a $150 million finance facility with initial $50 million drawn to accelerate construction toward first production in early 2026, promising after-tax NPV of $422.6 million at current gold prices and 67% IRR. Q3 2025 results reflect robust cash flows amid elevated gold prices, with ongoing financing talks including potential streams from Triple Flag Precious Metals Corp. to support growth.