Steppe Gold Ltd.

Notable vs. Peers

• Financials score of 1/10 is weaker than the peer average of 6.5/10.
• Jurisdiction risk score of 4/10 is meaningfully riskier than the peer average of 7.8/10.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Special mining license MV-017111 (5,492.63 ha) for ATO was granted in 2017, per Steppe Gold's own country manager in a trade-press interview; exact day not found. (Acquired via a transaction with Centerra Gold Mongolia -- sourcing conflicts on whether the Jan 31, 2017 signing or a Sept 2017 close date corresponds to the license transfer itself.) · Source
2. Construction decision (FID)

   Reached — date not disclosed · Task #922: written as a real, undated MinerConstructionMilestone row (achievedDate intentionally null). Steppe Gold's Altan Tsagaan Ovoo (ATO) mine demonstrably reached a construction decision: the company's own news archive shows ATO development already underway by mid-2018 (development updates Jun/Sep/Oct/Dec 2018, each describing progress against already-committed project CAPEX), funded off a May 22, 2018 IPO (US$25M), with FIRST_PRODUCTION on file at 2020-04-23. Consolidating this miner's own constructionMilestone:CONSTRUCTION_DECISION MetricStatus research (Task #430 batch 7): no release explicitly frames the IPO or any other single event as 'the decision to build ATO,' and no separate dated board-approval release was found in the archive despite the search. Recorded as reached-but-undated rather than guessing which financing event was the real decision point.
3. Construction start

   Reached — date not disclosed · Heap leach pad Stage 1 earthworks were scheduled for late June 2018, with site construction confirmed underway by September-October 2018 per company development updates. Exact day not found. · Source
4. First pour / production

   Apr 2020 · First gold/silver sales commenced at ATO; commercial production was formally confirmed achieved for Q2 2020. This resolves a conflict left open in batch 3: a since-found April 2022 "Maiden Gold Pour" release does NOT describe true first production -- it describes a resumption after a 2021 reagent-supply halt caused by COVID-related China border closures, and should not be used as the first-production source. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached with a clean single-asset story, but only month/year precision was found in every source checked (no specific day): Steppe Gold's Altan Tsagaan Ovoo (ATO) gold-silver mine (Dornod, Mongolia) declared commercial production in April 2020 (first gold sales 2020-04-23), and remains Steppe's flagship, continuously-operating asset through a 2025 Phase 2 concentrate-production expansion. Rather than guess a specific day, achievedDate is left null (matching the Bellevue Gold precedent, batch4). This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.