Steppe Gold (TSE:STGO)
TSX:STGO
Top Page
Steppe Gold
(TSX:STGO)
Select Model
Select Model
Rating:66Neutral
Price Target:
C$2.50
▲(30.89% Upside)
Action:DowngradedDate:01/04/26
The score is led by strong reported margins and an attractively low P/E, but is held back by materially weaker TTM cash conversion/free cash flow and meaningful (though improving) leverage. Technical signals are broadly neutral and do not materially improve the outlook.
Positive Factors
High Profitability
Sustained high gross and net margins indicate the ATO operation converts ore to profitable metal at relatively low unit cost. Durable margins provide a buffer through commodity cycles, supporting internal funding for sustaining capex and improving return metrics over time.
Negative Factors
Weak Cash Conversion
Sharp decline in free cash flow and poor cash conversion of reported earnings signal structural pressures on liquidity from working capital, capex or timing issues. Persistently weak cash generation reduces ability to organically fund growth, service debt, or return capital without external financing.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained high gross and net margins indicate the ATO operation converts ore to profitable metal at relatively low unit cost. Durable margins provide a buffer through commodity cycles, supporting internal funding for sustaining capex and improving return metrics over time.
Read all positive factors
Steppe Gold (STGO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$310.98M
Dividend YieldN/A
Average Volume (3M)511.15K
Price to Earnings (P/E)11.6
Beta (1Y)2.03
Revenue Growth104.75%
EPS GrowthN/A
CountryCA
Employees275
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.04
Shares Outstanding252,827,200
10 Day Avg. Volume676,656
30 Day Avg. Volume511,149
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.73
Price to Sales (P/S)0.45
P/FCF Ratio1.19
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.43
Revenue Forecast (FY)C$214.50M
Steppe Gold Business Overview & Revenue Model
Company Description
Steppe Gold Ltd. acquires, explores for, develops, and operates precious metals in Mongolia. Its principal projects are the Altan Tsagaan Ovoo gold and silver project comprising one mining license covering an area of approximately 5,492.63 hectare...
How the Company Makes Money
Steppe Gold generates revenue primarily through the extraction and sale of gold. The company operates a gold mine where it processes ore to produce gold doré bars, which are then sold to refineries and bullion dealers. Key revenue streams include ...
Steppe Gold Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
61
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Dec 2022 | Mar 2022 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 140.31M | 178.13M | 54.24M | 62.37M | 24.05M | 52.10M |
| Gross Profit | 69.79M | 96.28M | 29.41M | 30.82M | 9.65M | 28.45M |
| EBITDA | 80.04M | 109.85M | 23.08M | 26.52M | 3.68M | 9.05M |
| Net Income | 41.08M | 61.35M | 56.34M | 15.96M | -22.68M | -4.05M |
Balance Sheet | ||||||
| Total Assets | 342.71M | 352.14M | 98.29M | 72.66M | 146.28M | 86.01M |
| Cash, Cash Equivalents and Short-Term Investments | 107.69M | 144.18M | 6.01M | 2.88M | 4.07M | 20.12M |
| Total Debt | 164.47M | 187.15M | 36.05M | 9.52M | 81.50M | 13.14M |
| Total Liabilities | 210.05M | 242.08M | 50.29M | 55.44M | 139.26M | 44.69M |
| Stockholders Equity | 132.74M | 110.09M | 48.59M | 17.72M | 7.27M | 41.53M |
Cash Flow | ||||||
| Free Cash Flow | 13.88M | 67.66M | 3.14M | 12.79M | -15.95M | 9.24M |
| Operating Cash Flow | 35.90M | 81.83M | 8.20M | 18.71M | -7.04M | 11.41M |
| Investing Cash Flow | -16.33M | -11.99M | -5.23M | -5.92M | -3.88M | -7.21M |
| Financing Cash Flow | -17.59M | -37.61M | 592.00K | -13.19M | -1.47M | 10.28M |
Steppe Gold Technical Analysis
Negative
1.91
Price Trends
1.78
Negative
1.86
Negative
1.71
Negative
Market Momentum
-0.17
Negative
32.53
Neutral
37.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:STGO, the sentiment is Negative. The current price of 1.91 is above the 20-day moving average (MA) of 1.41, above the 50-day MA of 1.78, and above the 200-day MA of 1.71, indicating a bearish trend. The MACD of -0.17 indicates Negative momentum. The RSI at 32.53 is Neutral, neither overbought nor oversold. The STOCH value of 37.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:STGO.
Steppe Gold Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | C$301.11M | 3.75 | 31.06% | ― | 78.96% | 376.52% | |
66 Neutral | C$310.98M | 11.63 | 33.87% | ― | 104.75% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | C$608.29M | -8.68 | -149.35% | ― | 119.95% | -79.81% | |
46 Neutral | C$568.50M | -11.34 | -76.97% | ― | ― | 0.31% | |
44 Neutral | C$444.48M | -36.79 | ― | ― | ― | 46.54% |
* Basic Materials Sector Average
TSE:STGO
Steppe Gold
1.23
0.49
66.22%
TSE:LGD
Liberty Gold
1.09
0.75
220.59%
TSE:MAI
Minera Alamos
5.63
2.18
63.19%
TSE:MMY
Monument Mining
0.87
0.43
96.83%
TSE:GGA
Goldgroup Mining
1.27
0.63
98.44%
TSE:FDR
Founders Metals
3.86
-1.93
-33.33%
Steppe Gold Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Steppe Gold Beats Q4 Output Guidance, Extends Intercompany Debt and Secures Royalty Option
Positive
Jan 22, 2026
Steppe Gold reported a strong operational performance in the fourth quarter of 2025, producing 29,280 ounces of gold, above its revised guidance of 23,000 ounces, and achieving unaudited gold sales of 37,357 ounces for the quarter, bringing full-y...
Business Operations and StrategyExecutive/Board Changes
Steppe Gold Strengthens Leadership Amid Growth Initiatives
Positive
Dec 17, 2025
Steppe Gold has announced a significant leadership transition, with Mr. Bataa Tumur-Ochir stepping down as Chairman and CEO, replaced by Dulguun Erdenebaatar as Chairman and Tserenbadam Dugeree as CEO. These appointments are aimed at driving susta...
Business Operations and StrategyFinancial Disclosures
Steppe Gold Boosts Q4 Production Outlook and Changes Auditor
Positive
Dec 9, 2025
Steppe Gold has upgraded its production guidance for the fourth quarter of 2025, expecting to exceed 23,000 ounces, a significant increase from the prior guidance of 15,000 ounces. The company has also changed its auditor to Emmerich, Córdova...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Steppe Gold Reports Strong Q3 2025 Financial Results and Plans for Expansion
Positive
Nov 14, 2025
Steppe Gold Ltd. reported strong financial results for Q3 2025, with total Group revenue of $27.3 million from gold and silver sales, and additional revenue from processing third-party ore. The company anticipates robust cash flow in Q4 2025, driv...
Business Operations and StrategyRegulatory Filings and Compliance
Steppe Gold Releases 2024 ESG Report, Emphasizing Sustainability and Growth
Positive
Nov 4, 2025
Steppe Gold Ltd. has released its 2024 ESG Report, highlighting its commitment to sustainability and transparency following the acquisition of Boroo Gold LLC. The report aligns with GRI and SASB frameworks, covering health and safety, environmenta...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.