STGO:CC - Steppe Gold Eyes Phase 2 Operations at ATO Gold Mine by 2025 Exec Says

2023-11-07 16:30:00 ET

Steppe Gold (TSX:STGO) announced a major drawdown of US$9.6 million from a US$150 million financing package in October to accelerate the construction and development of Phase 2 of its producing ATO gold mine in Mongolia.

Steppe Gold Director and Executive VP Aneel Waraich considers it a big win and a significant endorsement for the company’s operating team in the country.

“(In) early summer, we put out a US$150 million financing announcement, which allows us to be fully funded for our Phase 2 expansion,” Waraich said. "We now reconfirmed by confirming we’ve drawn down on the first US$10 million of it. It shows how real that package is, and I think that may be what investors are looking for."

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