Steppe Gold Ltd.
Steppe Gold operates two producing gold mines in Mongolia -- Altan Tsagaan Ovoo (ATO) and Boroo/Ulaanbulag -- with a real but minor silver byproduct credit (8,251 oz silver vs 11,719 oz gold in Q1 2026). A separate revised Feasibility Study on an ATO Phase 2 expansion is expected in H2 2026, distinct from the company's current production-stage status on its existing operations.
Notable vs. Peers
- Financials score of 1/10 is weaker than the peer average of 6.6/10.
- Jurisdiction risk score of 4/10 is meaningfully riskier than the peer average of 7.8/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Reached — date not disclosed · Source
- Reached — date not disclosed
- Reached — date not disclosed · Source
- Apr 2020 · Source
- Reached — date not disclosed · 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.
Not yet determined: tailings facility, grid power.
Jurisdiction (40%)4/10
The Fraser Institute ranks Mongolia 9th-worst of 68 surveyed mining jurisdictions in its Investment Attractiveness Index.
Infrastructure (40%)7.9/10
A confirmed mill and confirmed road access at Altan Tsagaan Ovoo and Boroo/Ulaanbulag Gold Mines, Mongolia; grid power and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
Boroo Pte. Ltd. holds 56.88% (reported 31 Mar 2026) See holders
Already majority-controlled, so a sale is its controlling holder's decision; the toehold-then-takeout pattern this input measures doesn't apply.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:4/10
Mongolia: jurisdiction score 4/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
EV/NPV of 0.80x sits in the 7th percentile among 15 production-stage gold peers ranked on EV/NPV -- and its jurisdiction score of 4/10 is low enough to plausibly explain much of that discount: a known, identifiable risk the market may be pricing correctly today. This is the headline Risk/Reward Asymmetry pattern this screen looks for -- a specific risk (e.g. a permitting dispute or comparable jurisdiction issue) that, if it resolves favorably, could re-rate the stock sharply. A mechanical screen only: this does not by itself confirm there IS a resolvable catalyst, or that it resolves favorably -- see this company's own profile page for any completed, cited research into why it trades at a discount, where that research exists.
No researched, cited finding on file yet for what specifically makes this company cheap vs. its peers. Flagged by the mechanical screen above; a real research pass hasn't reached this company yet.
A relative screen, not a probability and not a reason to buy. This flags companies trading unusually cheap on EV/NPV (market cap plus debt minus cash, per dollar of attributable study NPV) vs. peers of the same lifecycle stage and commodity, for a real, identifiable reason (a jurisdiction risk, a specific dispute, an incident, a financing gap) that may or may not ever resolve favorably. "Unexplained" candidates carry no identified driver at all -- a more speculative bucket than a named catalyst. The year chip is the study behind the NPV; amber means it is more than 5 years old (still the study on file, so it stays in this screen).
Your Rankings
Management Team
Director and CEO of Steppe Gold Ltd., appointed CEO December 17, 2025 after being a board member since August 2024. Leads in-country operations; prior senior roles in banking and legal departments, and CEO of Boroo Gold LLC since 2021. Holds degrees in law, finance and accounting.
Interim Chief Financial Officer of Steppe Gold Ltd., serving as Financial Controller since 2018 with over 15 years of mining industry finance experience; previously at Deloitte. BSc (Hons) Applied Accounting, Oxford Brookes University; ACCA Advanced Diploma.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Boroo Singapore, the Mongolian mining group that sold Boroo Gold to Steppe in 2024, holds approximately 55.9% of the company -- received as share consideration for that asset sale rather than bought for cash. That makes it a legacy control block, not a fresh cash vote of confidence, and no specialist fund or insider buying was found beyond it.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Steppe Gold operates two 100%-owned gold mining operations in Mongolia: the Altan Tsagaan Ovoo (ATO) mine and the Boroo Gold Complex, which includes the Ulaanbulag deposit. Measured and indicated resources total 2,273,000 oz of gold (ATO 1,255,000 oz as at 27 July 2022, Boroo 805,000 oz and Ulaanbulag 213,000 oz as of 1 January 2024) plus 193,000 oz inferred. The company's September 2025 investor presentation shows an after-tax NPV7.5% of US$448.9M at US$2,300/oz gold for the combined operations' 2025-2038 cash flows, with ATO's mine life extended to 14 years. Production was 22,465 oz of gold in Q2 2026 and 34,183 oz in the first half, against 2026 guidance of about 68,000 oz, and all-in sustaining cost was US$1,668/oz in Q1 2026. A revised feasibility study for an ATO Phase 2 expansion is expected in the second half of 2026.