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We will double our production - Steppe Gold's Aneel Waraich on miner's next steps

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(Kitco News) - Steppe Gold (TSX: STGO) has a lot of room to grow, said Aneel Waraich, executive vice president and director.

Waraich spoke to Kitco in mid-May.

Steppe Gold describes itself as Mongolia’s premier precious metals company.

Steppe commenced production in 2020 from the ATO Gold Mine, Phase 1 oxide zone, comprising 160k oz Au. The company recently updated its ATO Phase 2 expansion project to approximately 103,000 ounces of gold per annum, with a 12 year mine life, for a total of 14 years to 2036 at all-in-sustaining cost of $850.

"So we will essentially more than double our production profile from 2023 to 2025," said Waraich. "In 2025 onwards will produce over 100,000 ounces per year at an industry-leading cost of $850 to $900 all in cost."

"That's more than our market a lot of growth opportunity. We think that the 12-year mine life will significantly grow as we continue to drill these deposits."

Waraich said the company has a strong social licence to operate and strong with support from Mongolian investors. The company operates in Asia, a vital region for gold investors. The company notes that about 40% of shareholders are now based in Asia. Steppe is pursuing a dual primary listing in 2023 on the Main Board of the Hong Kong Exchange.

With funding from operations, Steppe sees room to grow. Steppe partnered with state-owned Erdenes Alt Resource LLC announced to develop the highly prospective Khurentsav gold project that adjoins the Steppe Gold Uudam Khundii gold project. The company also acquired Anacortes Mining in 2023, which gives the company operations in both Peru and Mongolia. The new combined company will have a potential development profile of over 200,000 ounces and a resource base of over 4.5 million gold equivalent ounces.

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