Steppe Gold announces 40 million dollars drawdown for Phase 2 expansion at ATO Gold Mine

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Steppe Gold Chief Financial Officer Jeremy South joined Steve Darling from Proactive to announce a significant financing milestone for the Phase 2 Expansion at the ATO Gold Mine, which is 100% owned by the company. This milestone aligns with further progress on the turnkey engineering, procurement, and construction contract, as well as the second project finance drawdown of $40.4 million.

South explained to Proactive that Steppe Gold has successfully reached the next financing milestone by making its second payment of US$37 million towards the Phase 2 Expansion. This payment will cover the procurement of major long lead items, mobilization costs, early construction works, and foundational work. The purchased items include flotation cells, grinding mills, cluster cyclones, thickener units, filters, and pumping systems.

He emphasized that the Phase 2 Expansion of the ATO Gold Mine is proceeding according to projected timelines and budgets, with commissioning planned for Q1 2026. Importantly, the $150 million Phase 2 Expansion is fully funded by the project finance package made available to the company and its affiliates by TDB Capital and the Trade and Development Bank of Mongolia.

This financing milestone underscores Steppe Gold’s commitment to advancing the Phase 2 Expansion of the ATO Gold Mine efficiently and effectively. With a fully funded project and progress on procurement and construction, the company remains on track to achieve its expansion goals and enhance its production capacity in the coming years.

In summary, Steppe Gold’s successful financing milestone for the Phase 2 Expansion reflects its strong financial position and strategic approach to project development. By securing project financing and advancing procurement activities, the company is poised to unlock further value and solidify its position as a leading gold producer in Mongolia.

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Proactive North America

Proactive North America

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