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Steppe Gold
(TSX:STGO)
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Rating:69Neutral
Price Target:
C$2.00
▲(9.89% Upside)
Action:Reiterated
Date:08/18/26
The score is primarily supported by solid profitability and strong operating/free cash flow, tempered by higher leverage and a volatile historical earnings/cash-flow profile. Technicals add a positive trend signal with price above major moving averages, but overbought readings (RSI ~69.9, Stoch ~91.4) reduce the technical score. Valuation is supportive with a low P/E (~8.83), while dividend support is not available due to missing yield data.
Positive Factors
Strong Operating Profitability
TTM gross margin of about 62% and EBIT margin of about 43% indicate the operation converts revenue into substantial operating profit. Such profitability provides a durable buffer for operating costs and can help fund asset development, expansion, and obligations from internally generated earnings.
Negative Factors
Meaningful Leverage
TTM debt is slightly above equity, with debt-to-equity around 1.08 versus about 0.91 in 2025. Higher leverage raises financing and refinancing exposure, reduces flexibility to fund mine development internally, and is more consequential when earnings and cash flows have historically moved sharply.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Operating Profitability
TTM gross margin of about 62% and EBIT margin of about 43% indicate the operation converts revenue into substantial operating profit. Such profitability provides a durable buffer for operating costs and can help fund asset development, expansion, and obligations from internally generated earnings.
Read all positive factors
Steppe Gold (STGO) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$467.73M
Dividend YieldN/A
Average Volume (3M)327.19K
Price to Earnings (P/E)9.6
Beta (1Y)2.50
Revenue Growth104.20%
EPS Growth-43.82%
CountryCA
Employees783
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)0.14
Shares Outstanding252,827,200
10 Day Avg. Volume328,647
30 Day Avg. Volume327,192
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)0.57
Revenue Forecast (FY)C$299.90M
Steppe Gold Business Overview & Revenue Model
Company Description
Operating within Mongolia, Steppe Gold Ltd. focuses on the acquisition, exploration, development, and production of precious metals. The company's principal endeavors include the Altan Tsagaan Ovoo (ATO) gold and silver project, which holds a sing...
How the Company Makes Money
Steppe Gold makes money primarily by producing and selling precious metals (principally gold, and potentially other payable metals depending on the ore and processing route) from its mining operations in Mongolia. Revenue is generated when mined o...
Steppe Gold Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
60
Neutral
Cash Flow
67
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 302.00M | 254.13M | 178.13M | 54.24M | 62.37M | 24.05M |
| Gross Profit | 186.64M | 139.17M | 96.28M | 29.41M | 30.82M | 9.65M |
| EBITDA | 146.18M | 99.68M | 109.85M | 23.08M | 26.52M | 3.68M |
| Net Income | 35.85M | 32.73M | 61.35M | 56.34M | 15.96M | -22.68M |
Balance Sheet | ||||||
| Total Assets | 382.78M | 358.38M | 352.14M | 98.29M | 72.66M | 146.28M |
| Cash, Cash Equivalents and Short-Term Investments | 126.80M | 172.08M | 144.18M | 6.01M | 2.88M | 4.07M |
| Total Debt | 174.42M | 129.47M | 187.15M | 36.05M | 9.52M | 81.50M |
| Total Liabilities | 221.03M | 215.55M | 242.08M | 50.29M | 55.44M | 139.26M |
| Stockholders Equity | 161.84M | 142.89M | 110.09M | 48.59M | 17.72M | 7.27M |
Cash Flow | ||||||
| Free Cash Flow | 91.49M | 84.59M | 67.66M | 3.14M | 12.79M | -15.95M |
| Operating Cash Flow | 143.50M | 114.33M | 81.83M | 8.20M | 18.71M | -7.04M |
| Investing Cash Flow | -65.31M | -25.95M | -11.99M | -5.23M | -5.92M | -3.88M |
| Financing Cash Flow | -63.79M | -68.43M | -37.61M | 592.00K | -13.19M | -1.47M |
Steppe Gold Technical Analysis
Positive
1.82
Price Trends
1.47
Positive
1.40
Positive
1.59
Positive
Market Momentum
0.11
Positive
64.34
Neutral
54.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:STGO, the sentiment is Positive. The current price of 1.82 is above the 20-day moving average (MA) of 1.75, above the 50-day MA of 1.47, and above the 200-day MA of 1.59, indicating a bullish trend. The MACD of 0.11 indicates Positive momentum. The RSI at 64.34 is Neutral, neither overbought nor oversold. The STOCH value of 54.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | C$360.07M | 3.45 | 41.33% | 1.60% | 115.36% | 209.46% | |
69 Neutral | C$467.73M | 9.63 | 23.94% | ― | 104.20% | -43.82% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
51 Neutral | C$718.13M | -301.69 | 4.79% | ― | 1140.10% | 79.14% | |
51 Neutral | C$690.15M | -55.93 | -8.30% | ― | ― | -51.78% | |
50 Neutral | C$1.02B | 41.72 | 37.94% | ― | ― | ― |
* Basic Materials Sector Average
TSE:STGO
Steppe Gold
1.85
0.00
0.00%
TSE:LGD
Liberty Gold
1.87
1.27
211.67%
TSE:MAI
Minera Alamos
6.53
2.93
81.39%
TSE:MMY
Monument Mining
1.04
0.44
73.33%
TSE:FDR
Founders Metals
5.94
1.55
35.31%
Steppe Gold Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Steppe Gold Boosts Revenue, Reshapes Debt as ATO Expansion Advances
Positive
Aug 14, 2026
Steppe Gold reported a sharp rise in second-quarter 2026 revenue to $61.8 million, driven by higher realized gold prices and increased production, although it posted a small net loss of $0.2 million for the period. For the first half of 2026, the ...
Executive/Board Changes
Steppe Gold Announces Passing of Audit Committee Chair Dr. Zamba Batjargal
Negative
Aug 10, 2026
Steppe Gold Ltd. has announced the passing of Dr. Zamba Batjargal, Chair of the Audit Committee and an independent director since 2017, marking the loss of a key figure in its governance structure. A former Mongolian environment minister, diplomat...
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.