STPGF - Steppe Gold accelerating construction on Phase 2 expansion at ATO Gold Mine

(NewsDirect)

Aneel Waraich, the Executive VicePresident of Steppe Gold, shared important news with Steve Darlingfrom Proactive regarding the company's latest developments. SteppeGold has drawn down $9.6 million from its $150 million financingpackage, which was secured in October. This capital injection isintended to accelerate the construction and development of Phase 2Expansion at the ATO Gold Mine in Mongolia.

The company is currently in the finalstages of partnering with international engineering firms andconstruction teams in Mongolia to facilitate the expansion. The Phase2 expansion is expected to be completed by the end of 2025, withcommercial production commencing in 2026.

This expansion is projected to increase production threefold,reaching over 100,000 ounces per annum for 12 years. Over the courseof this period, Steppe Gold aims to produce over 1.2 million ounces ofgold equivalent on a recovered basis.

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