Steppe Gold Announces Q2 2026 Financial Results

Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce its financial results for the three and six months ended June 30, 2026. HIGHLIGHTS Second quarter ended June 30, 2026 (All amounts are in US dollars, expressed in thousands, unless otherwise indicated, except per unit amounts.) Production and Sales: For the three months ended June 30, 2026, the Company produced 22,465 ounces of gold and sold 13,724 ounces, compared to 13,000 ounces produced and 15,058 ounces sold in the same period in 2025. For the six months ended June 30, 2026, the Company produced 34,183 ounces of gold and sold 24,227 ounces, compared to 32,861 ounces produced and 30,669 ounces sold in the corresponding period in 2025. The Company retained 9,958 ounces of finished gold inventory at June 30, 2026 as part of its inventory management strategy. Revenue: Revenue increased to $61,848 for the second quarter of 2026, compared to $32,327 in the same period in 2025, primarily reflecting higher realised gold prices. For the six months ended June 30, 2026, revenue was $115,028, compared to $64,695 in the corresponding period in 2025. Pricing: The average realised gold price was $4,493 per ounce in the second quarter of 2026, compared to $2,142 per ounce in the same period in 2025. The 2025 comparative reflects gold sales under a forward sales contract at a fixed price of $2,000 per ounce. Profitability: Net loss attributable to shareholders of the Company was $175 for the second quarter of 2026, compared to net profit attributable to shareholders of $8,998 in the same period in 2025. For the six months ended June 30, 2026, net profit attributable to shareholders was $19,039, compared to $15,610 in the corresponding period in 2025. Adjusted EBITDA was $46,626 for the second quarter of 2026, compared to $18,074 in the same period in 2025, and $85,171 for the six months ended June 30, 2026, compared to $36,559 in the corresponding period in 2025. Costs: Cost of sales was $18,139 for the second quarter of 2026, compared to $16,315 in the same period in 2025, and $32,621 for the six months ended June 30, 2026, compared to $31,160 in the corresponding period in 2025. Cash cost was $1,164 per ounce sold and total AISC was $1,716 per ounce sold in the second quarter of 2026, compared to $888 per ounce and $1,468 per ounce, respectively, in the same period in 2025. For the six months ended June 30, 2026, cash cost was $1,168 per ounce sold and total AISC was $1,924 per ounce sold, compared to $792 per ounce and $1,225 per ounce, respectively, in the corresponding period in 2025. Inventory: Total inventories increased to $55,687 at June 30, 2026 from $35,202 at December 31, 2025, primarily reflecting the build-up of finished gold inventory and continued capitalized stripping activities. Financial Position and Liquidity: As at June 30, 2026, the Group reported cash of $19,889 and working capital of $86,490, including bond investments of $107,119 maturing on December 31, 2026. Triple Flag Settlement: On June 11, 2026, the Company completed a settlement with Triple Flag International Ltd. ("Triple Flag"), resolving the outstanding obligations, arbitration and litigation relating to the previous stream arrangement and Gold Prepay Loan. The parties entered into an amended and restated stream agreement providing for fixed deliveries totaling 34,770 ounces of gold through 2036, followed by a 1.5% production-based tail stream capped at 500 ounces per quarter. Subsequent to June 30, 2026, on August 14, 2026, the Company satisfied its first scheduled delivery obligation under the A&R Stream Agreement by purchasing and delivering metal credits equivalent to 1,250 ounces of gold for cash, in accordance with the contractual delivery terms. Debt Management: During the six months ended June 30, 2026, the Company fully repaid the $14,300 BORO bond and the TDB Gold II loan.