Steppe Gold (TSE:STGO)
TSX:STGO
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Steppe Gold
(TSX:STGO)
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Rating:65Neutral
Price Target:
C$1.50
▼(-21.47% Downside)
Action:ReiteratedDate:04/06/26
The score is driven primarily by strong recent financial performance—rapid revenue growth, healthy gross margins, and robust free cash flow—partly offset by historical volatility in earnings/cash flow and still-meaningful leverage. Technicals weigh on the score due to a broad downtrend (price below key moving averages and negative MACD), while valuation is moderately supportive with a ~11.6 P/E but no dividend yield.
Positive Factors
Free Cash Flow Generation
Steppe Gold generated strong operating cash (~114M) and free cash (~85M) in 2025, a durable source of internal funding. High-quality FCF supports sustaining and growth capex, debt reduction and optionality for exploration or returns, improving long-term financial flexibility.
Negative Factors
Cash Flow and Earnings Volatility
Historic swings in operating cash flow (weak in 2023 and negative in 2021) demonstrate low consistency across cycles. This variability undermines long-term planning, increases the chance of external financing in downturns, and raises execution risk for multi‑year projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Generation
Steppe Gold generated strong operating cash (~114M) and free cash (~85M) in 2025, a durable source of internal funding. High-quality FCF supports sustaining and growth capex, debt reduction and optionality for exploration or returns, improving long-term financial flexibility.
Read all positive factors
Steppe Gold (STGO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$359.01M
Dividend YieldN/A
Average Volume (3M)511.15K
Price to Earnings (P/E)10.6
Beta (1Y)2.08
Revenue Growth104.75%
EPS GrowthN/A
CountryCA
Employees275
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.06
Shares Outstanding252,827,200
10 Day Avg. Volume676,656
30 Day Avg. Volume511,149
Financial Highlights & Ratios
PEG Ratio-0.18
Price to Book (P/B)2.44
Price to Sales (P/S)1.37
P/FCF Ratio4.11
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)0.61
Revenue Forecast (FY)C$329.30M
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 makes money primarily by producing and selling gold and silver from its mining operations. Revenue is generated when mined ore is processed into saleable metal (or metal-bearing products) and sold to customers/offtakers at prevailing m...
Steppe Gold Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
62
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Mar 2025 | Mar 2024 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 254.13M | 178.13M | 54.24M | 62.37M | 24.05M |
| Gross Profit | 139.17M | 96.28M | 29.41M | 30.82M | 9.65M |
| EBITDA | 99.68M | 109.85M | 23.08M | 26.52M | 3.68M |
| Net Income | 32.73M | 61.35M | 56.34M | 15.96M | -22.68M |
Balance Sheet | |||||
| Total Assets | 358.38M | 352.14M | 98.29M | 72.66M | 146.28M |
| Cash, Cash Equivalents and Short-Term Investments | 172.08M | 144.18M | 6.01M | 2.88M | 4.07M |
| Total Debt | 129.47M | 187.15M | 36.05M | 9.52M | 81.50M |
| Total Liabilities | 215.55M | 242.08M | 50.29M | 55.44M | 139.26M |
| Stockholders Equity | 142.89M | 110.09M | 48.59M | 17.72M | 7.27M |
Cash Flow | |||||
| Free Cash Flow | 84.59M | 67.66M | 3.14M | 12.79M | -15.95M |
| Operating Cash Flow | 114.33M | 81.83M | 8.20M | 18.71M | -7.04M |
| Investing Cash Flow | -25.51M | -11.99M | -5.23M | -5.92M | -3.88M |
| Financing Cash Flow | -67.66M | -37.61M | 592.00K | -13.19M | -1.47M |
Steppe Gold Technical Analysis
Neutral
1.91
Price Trends
1.68
Negative
1.80
Negative
1.71
Negative
Market Momentum
-0.08
Negative
48.78
Neutral
78.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:STGO, the sentiment is Neutral. The current price of 1.91 is above the 20-day moving average (MA) of 1.32, above the 50-day MA of 1.68, and above the 200-day MA of 1.71, indicating a neutral trend. The MACD of -0.08 indicates Negative momentum. The RSI at 48.78 is Neutral, neither overbought nor oversold. The STOCH value of 78.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$337.45M | 3.75 | 31.06% | ― | 78.96% | 376.52% | |
65 Neutral | C$359.01M | 10.63 | 25.27% | ― | 104.75% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
48 Neutral | C$654.74M | -8.68 | -149.35% | ― | 119.95% | -79.81% | |
46 Neutral | C$651.95M | -11.34 | -76.97% | ― | ― | 0.31% | |
44 Neutral | C$461.75M | -36.79 | ― | ― | ― | 46.54% |
* Basic Materials Sector Average
TSE:STGO
Steppe Gold
1.42
0.72
102.86%
TSE:LGD
Liberty Gold
1.25
0.93
284.62%
TSE:MAI
Minera Alamos
6.06
2.66
78.24%
TSE:MMY
Monument Mining
0.98
0.59
151.29%
TSE:GGA
Goldgroup Mining
1.40
0.61
77.22%
TSE:FDR
Founders Metals
4.01
-0.60
-13.02%
Steppe Gold Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Steppe Gold Posts Record 2025 Revenue and Strengthens Balance Sheet Amid ATO Expansion Push
Positive
Apr 1, 2026
Steppe Gold reported record 2025 revenue of $254.1 million and strong operating metrics, with gold production of 76,059 ounces, adjusted EBITDA of $173.9 million and full-year net income of $32.8 million, underpinned by robust output and higher re...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Steppe Gold CFO Resigns as Miner Launches Financial Review
Negative
Feb 24, 2026
Steppe Gold Ltd. announced that Senior Vice President and Chief Financial Officer Jeremy South has resigned effective March 10, 2026, after playing a central role in the company’s transition from developer to multi-asset gold producer and in...
Business Operations and StrategyM&A Transactions
Steppe Gold Completes CAD$12 Million Tres Cruces Asset Sale
Positive
Feb 19, 2026
Steppe Gold Ltd. has received the final instalment of approximately CAD$3 million from the sale of its Aurifera Tres Cruces asset in Peru, completing an approximately CAD$12 million transaction agreed in August 2024. The payment, made by Minera Bo...
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...
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.