Steppe Gold
Steppe Gold is a Mongolia-focused precious metals producer operating three active gold mines — ATO, Boroo & Ulaanbulag — and the Uudam Khundii exploration project, selling gold and silver at spot to refiners and commodity markets under a Triple Flag streaming agreement.
- Company typePublic
- Founded2017
- HeadquartersUlaanbaatar, Mongolia
- Headcount51–100
- GTM typeB2B
- OfferingHardware or Manufacturing
What Steppe Gold does
Steppe Gold is a Mongolia-focused precious metals producer operating three active gold mines in-country: the flagship Altan Tsagaan Ovoo (ATO) mine, the Boroo & Ulaanbulag mines acquired in August 2024, and the Uudam Khundii exploration project. The company was founded in 2016/2017, is headquartered in Ulaanbaatar with a corporate presence in Toronto, and has been listed on the Toronto Stock Exchange (TSX: STGO) since May 2018. ATO Phase 1 uses heap leaching and an on-site ADR (Adsorption, Desorption, Recovery) plant with six 5-ton carbon columns, electro-winning cells, and a 300-tonne-per-hour crushing circuit to extract gold and silver from oxide ore, achieving 95% water reuse and a site AISC of $1,215/oz for FY 2025. ATO Phase 2, a $238.2 million EPC project with Hexagon Build Engineering, will add a 150,000 oz/year CIL/fresh rock operation with a flotation concentrator for sulfide ores.
The company generates revenue by selling gold and silver production directly into commodity markets at spot prices, with a streaming arrangement with Triple Flag Precious Metals (revised June 2026) covering 34,770 ounces of fixed gold deliveries over 10 years starting Q3 2026 plus a 1.5% production royalty. FY 2025 revenue reached a record $254.13 million on 76,059 ounces of gold production and 173.9M in adjusted EBITDA; 2026 guidance is approximately 68,000 ounces. The customer base consists of refiners, commodity traders, and bullion banks for physical metal, and the institutional/retail shareholder base accessed via TSX, OTCQX, and FSE listings.
Steppe Gold's go-to-market is asset-operations-led: it develops, expands, and operates mines in a single jurisdiction (Mongolia) and is exiting non-core geographies — the Tres Cruces Oxide Project in Peru was divested for CAD $12 million with final payment in February 2026. The company is in a capital-intensive growth phase, with new leadership (CEO Tserenbadam Dugeree and Chairman Dulguun Erdenebaatar appointed December 2025; Interim CFO Ariuntsetseg Batsaikhan following Jeremy South's March 2026 departure) overseeing the ATO Phase 2 buildout financed through a combination of TDB Capital debt and Triple Flag streaming proceeds.
Steppe Gold firmographics
Firmographics- Name
- Steppe Gold
- Legal name
- Steppe Gold Limited
- Website
- https://steppegold.com
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Steppe Gold is a Mongolia-focused precious metals producer operating three active gold mines — ATO, Boroo & Ulaanbulag — and the Uudam Khundii exploration project, selling gold and silver at spot to refiners and commodity markets under a Triple Flag streaming agreement.
- Ownership category
- akta.pro rank
Steppe Gold industry classification
Industry- Product category
- Gold Mining
- NAICS
- Gold Ore and Silver Ore Mining (212220), Gold Ore and Silver Ore Mining (21222)
- SIC
- Gold And Silver Ores (1040)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
- akta.pro secondary industry
- Silver Mining (IMAKAEAB)
Keywords
Where Steppe Gold is headquartered
LocationHeadquarters
- HQ city
- Ulaanbaatar
- HQ country
- Mongolia
- HQ region
- Asia
Offices3 records
Markets served
Steppe Gold business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Personnel, Infrastructure, Supply Chain, Others
Revenue model
- Gold Production Sales: Primary revenue from selling gold produced at ATO, Boroo, and Ulaanbulag mines. Gold sales volumes: 75,927 ounces sold in 2025, 10,502 ounces in Q1 2026. Realized gold price averaging $5,064/oz in Q1 2026. Revenue model involves direct commodity sales with Triple Flag streaming agreements providing fixed deliveries of 34,770 ounces over ten years starting Q3 2026.
- Silver Production Sales: Secondary revenue from silver by-product production. Silver production totaled 8,251 ounces in Q1 2026, with 2,237 ounces sold. Silver credits contribute to overall revenue alongside gold production.
- Asset Disposal: One-time proceeds from sale of Tres Cruces Oxide Project in Peru for CAD $12 million, completed February 2026. Enables portfolio restructuring and exit from non-core assets.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Spot gold sales with market-based pricing |
Go-to-market motion2 records
Distribution channels1 record
Marketing channels4 records
Steppe Gold product offering
Product offeringCore offering
Steppe Gold is a Mongolia-focused precious metals producer that mines, extracts, and sells gold and silver from three active mines in Mongolia. The company uses heap leach processing with an on-site ADR plant to produce gold and silver bars, and is expanding production capacity through the ATO Phase 2 CIL/fresh rock operation. It sells physical gold and silver production directly to commodity markets and through streaming agreements with refiners and offtake partners.
Product overview
Steppe Gold is a Mongolia-focused precious metals company operating as a producer with a portfolio of gold mining assets. The company operates three active mines in Mongolia: the Altan Tsagaan Ovoo (ATO) Mine (with Phase 2 expansion underway), and the Boroo & Ulaanbulag mines acquired in 2024. Additionally, the company holds the Uudam Khundii gold exploration project. The company previously held the Tres Cruces Oxide Project in Peru, which was divested in 2024. Steppe Gold sells gold and silver produced from its operations, with 2025 production of 76,059 ounces and a production target of over 150,000 ounces by 2026 following the ATO Phase 2 expansion.
Differentiator
Problem solved
Functional benefit
Products and services
- Altan Tsagaan Ovoo (ATO) Mine Steppe Gold's flagship gold project in Mongolia, located 32 km from Tsagaan-Ovoo soum in Dornod Province, featuring a heap leach operation that produces gold and silver bars on-site via an ADR plant. Phase 1 oxide operations are nearing end of mine life, with Phase 2 expansion under development.
- Boroo & Ulaanbulag Mine Gold mines acquired through the Boroo Gold acquisition in 2024, contributing significantly to the company's 2025 gold production of 76,059 ounces and strengthening Steppe Gold's position as Mongolia's leading gold producer.
- Uudam Khundii (UK) Exploration Project
Quantifiable outcome
- Record revenue of $254.13 million in FY 2025, up from prior periods
- +3 more outcomes
Companies that use Steppe Gold
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
Steppe Gold technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Steppe Gold partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and key.
- Boroo Singapore Pte Ltd.coreAcquired Boroo Gold LLC through share exchange agreement. Buyer of Tres Cruces Oxide Project in Peru for CAD $12 million. Serves as guarantor for installment payments on Tres Cruces sale. Strategic partnership resulting in Steppe Gold becoming Mongolia's leading gold producer.
- WSP Canada Inc.keyEngineering design partner for ATO Phase 2 expansion. Leading engineering and professional services firm providing process design, plant layout optimization, detailed engineering, and procurement support. 15-month detailed engineering design timeline starting July 2024.
- Hexagon Build Engineering LLCcoreEPC contractor for ATO Phase 2 expansion. Amended engineering, procurement and construction agreement increasing contract value to $238.2 million. Scope includes tailings management, power transmission, water supply, and supporting facilities for Phase 2 development.
Scale indicators8 records
Recent moves8 records
Expansion highlights5 records
Steppe Gold competitors and assessment
Company assessmentDirect peers
- Alamos Gold: TSX-listed intermediate gold producer with producing mines and a development pipeline. Comparable to Steppe Gold as a publicly listed gold producer focused on low-cost production and growth projects.
- Centerra Gold: TSX-listed mid-tier gold producer with operations across multiple jurisdictions. Closely comparable to Steppe Gold as a public gold producer of similar scale pursuing growth from a multi-asset portfolio.
- Endeavour Mining: TSX-listed intermediate gold producer with a multi-asset West African portfolio. Comparable as a publicly listed gold producer of similar scale pursuing production growth from a multi-asset platform.
- Equinox Gold: TSX-listed multi-asset gold producer with producing mines and development projects. Comparable to Steppe Gold in business model, scale, and growth-via-expansion strategy.
- B2Gold: TSX-listed intermediate gold producer operating multiple mines globally. Comparable as a publicly listed gold producer of similar scale, with producing assets and a development pipeline targeting production growth.
- IAMGOLD: TSX-listed intermediate gold producer with a multi-asset portfolio. Comparable to Steppe Gold as a publicly listed gold producer of similar size pursuing production growth through development projects.
- Eldorado Gold: TSX-listed mid-cap gold producer operating multiple mines internationally. Comparable as a publicly listed gold producer of similar scale, with a portfolio of producing assets and active growth projects.
- Hecla Mining: Precious metals producer with significant silver and gold output, publicly listed in the US. Comparable to Steppe Gold as a precious-metals producer deriving revenue from both gold and silver by-product streams.
Broad incumbents
- Pan American Silver: Large-cap silver and gold producer with diversified assets across the Americas. Comparable as a publicly listed precious-metals producer generating revenue from both gold and silver, though materially larger and more diversified than Steppe Gold.
Regional players
- Kincora Copper: Exploration-stage miner focused on copper-gold projects in Mongolia. Comparable to Steppe Gold as a Mongolia-focused mining company, though at an earlier exploration stage without producing assets.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Steppe Gold social profiles
Digital presenceSteppe Gold compliance and trust
Trust signalCompliance1 record
Steppe Gold financial estimates
Financial estimateRevenue estimate
Valuation estimate
Steppe Gold leadership team
Management profileNumber of profiles
Profiles7 records
Steppe Gold subsidiaries and ownership
Company hierarchySubsidiaries3 records
Steppe Gold funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Steppe Gold M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Steppe Gold
What does Steppe Gold do?
Steppe Gold is a Mongolia-focused precious metals producer that mines, extracts, and sells gold and silver from three active mines in Mongolia. The company uses heap leach processing with an on-site ADR plant to produce gold and silver bars, and is expanding production capacity through the ATO Phase 2 CIL/fresh rock operation. It sells physical gold and silver production directly to commodity markets and through streaming agreements with refiners and offtake partners.
Is Steppe Gold a public or private company?
Steppe Gold is a public company. It is classified as public and is currently operating.
When was Steppe Gold founded?
Steppe Gold was founded in 2017. It employs 51 to 100 people.
Where is Steppe Gold based?
Steppe Gold is headquartered in Ulaanbaatar, Mongolia, in the Asia region.
How does Steppe Gold make money?
Three revenue lines are on record. Gold Production Sales are the primary driver. The others are silver Production Sales and asset Disposal.
Who are Steppe Gold's main competitors?
Direct peers on record are Alamos Gold, Centerra Gold, Endeavour Mining, Equinox Gold, B2Gold, IAMGOLD, Eldorado Gold and Hecla Mining. Pan American Silver is listed as a broad incumbent. Kincora Copper is listed as a regional player.
Does Steppe Gold have an API?
No public API is recorded for Steppe Gold.
What industry is Steppe Gold in?
Steppe Gold's product category is Gold Mining. Its primary akta.pro industry code is IMAKAEAA, Gold Mining, with a secondary code of IMAKAEAB, Silver Mining. Its NAICS code is 212220 and its SIC code is 1040.