STPGF - Steppe Gold secures $150 million to fully fund Phase 2 expansion at ATO Gold Mine

(NewsDirect)

Steppe Gold executive vice president AneelWaraich joined Steve Darling from Proactive to announce a significantdevelopment for the company.

SteppeGold has signed a binding term sheet, securing up to $150 million infinancing to fully fund the construction and completion of the Phase 2Expansion at the ATO Gold Mine. According to Waraich, the financingwill be provided in multiple stages, with an initial $50 million loandesignated for ordering equipment and long lead items. The paybackperiod for the financing will commence upon the completion of thePhase 2 Expansion, coinciding with the first concentrate productionand sales from Phase 2, which are expected to occur in 2025.

Steppe Gold anticipates generating totalgross revenue of $2.2 billion over the next 14 years, encompassingboth the current oxide phase and the Phase 2 Expansion. This financingagreement ensures the company's financial stability and positionsthem for continued growth and success in the gold mining industry.

Waraich highlighted the positive impact of the project, notingthat approximately 300 new jobs will be created during theconstruction and operation phases. Furthermore, Steppe Gold emphasizesthat the project has received full support from local communities andall stakeholders, fostering a collaborative and sustainable approach.The construction phase is already underway, with significant progressmade on the crushing circuit, which is currently 90% complete.

Contact Details

Proactive Canada

+1604-688-8158

na-editorial@proactiveinvestors.com

Copyright (c) 2023 TheNewswire - All rights reserved.