Steppe Gold Ltd STGO

MaterialsMetals & MiningMongolia

Last close 1.33 CAD on Nov 2, 2026, −29.6% year to date

Quant rating

Quant rating C Rank 75 of 154 in Materials

Growth C 70 of 154
Valuation A 1 of 154
Quality C 71 of 154
Revisions D 135 of 154
Momentum B 56 of 154

Wall Street consensus Average target 5.47 CAD +311.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	349	256	175	84.5	30.4	–
Revenue growth	36.2%	46.5%	107.0%	178.1%	−54.2%	39.4%
EPS (basic, normalized)	0.18	–	0.13	0.25	−0.41	–
EPS growth	–	–	−49.3%	–	–	–
Gross margin	54.4%	54.0%	53.6%	49.4%	40.1%	50.3%
Net margin	12.9%	34.4%	42.7%	25.6%	−94.1%	4.3%
ROE	25.9%	57.5%	93.2%	127.7%	−92.7%	42.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	180
Current ratio	1.69x
Long-term debt (mil)	44.0
Net debt (mil)	−34.9
Total equity (mil)	230
Net debt / equity	−0.15x
Net debt / EBITDA	−0.19x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	349	+36.2%	0.9x	184	+422.6%	1.6x	0.18	–	7.3x
2026	371	+6.4%	0.8x	272	+48.2%	1.1x	–	–	–
2027	398	+7.1%	0.8x	276	+1.5%	1.1x	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	371	0.0%	−10.8%	−18.8%	–	–	–	–
2027	398	0.0%	+18.5%	+18.5%	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
STGO Steppe Gold Ltd	337M	−0.19x	12.9%	1.48x	–	–	1.1x	1.1x
ANGPY Valterra Platinum Ltd	24.9B	–	13.3%	2.72x	–	–	–	–
HSLV Highlander Silver Corp	1.2B	–	–	2.11x	−134.8x	250.3x	27.3x	15.0x
MTA Metalla Royalty & Streaming Ltd.	985M	0.47x	−36.1%	2.73x	149.3x	49.8x	53.4x	26.4x
ASM Avino Silver & Gold Mines Ltd	1.0B	–	28.9%	2.63x	11.4x	7.1x	–	–
SM Sierra Madre Gold and Silver Ltd	316M	−1.68x	32.6%	3.09x	10.8x	5.8x	10.3x	4.3x
Mean		−0.46x	10.3%	2.46x	9.2x	78.2x	23.0x	11.7x
Median		−0.19x	13.3%	2.68x	11.1x	28.4x	18.8x	9.6x

Technical analysis

1M−15.8%
3M+9.9%
1Y−38.1%
3Y+90.0%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Steppe Gold Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	349	256	175	84.5	30.4	66.3
Cost of revenue	159	118	81.1	42.7	18.2	30.1
Gross profit	190	138	93.8	41.8	12.2	36.2
Selling, general & administrative expenses	16.1	13.3	3.4	17.6	11.6	11.7
Research & development	0.2	0.3	0.3	2.9	1.7	3.5
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	14.6	−3.1	0	−1.5	0	–
Other operating expenses	0	0	0	0	0	0
Operating income	159	128	90.2	22.7	−1.1	21.0
Net interest income (expense)	−13.3	−10.7	5.2	−10.7	−6.3	−25.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−51.8	−2.0	0.3	11.7	−21.7	−1.2
Net income before taxes	93.7	115	95.7	23.8	−29.0	−5.7
Provision for taxes	48.8	27.1	21.1	2.5	−0.3	−0.5
Minority interest	0	0	–	0.3	0.1	0.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	44.9	88.2	74.6	21.6	−28.6	−5.0
Extraordinary items	–	–	–	–	–	–
Net income	44.9	88.2	74.6	21.6	−28.6	−5.0
EBIT, normalized	173	125	90.2	21.3	−1.0	21.0
EBITDA, normalized	196	147	114	25.5	4.9	26.2
Basic EPS, normalized	0.18	–	0.13	0.25	−0.41	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Steppe Gold Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	236	207	19.7	3.9	5.1	25.6
Receivables	6.7	8.0	2.5	1.3	3.3	0.9
Total inventory	48.3	90.3	27.6	32.7	28.2	12.6
Prepaid expenses	6.3	4.3	3.9	2.1	4.1	3.4
Other current assets	0.6	0.4	0	0	0	0
Total current assets	298	310	53.8	40.1	40.7	42.5
Property, plant & equipment	190	189	66.1	53.3	45.5	48.2
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	2.6	2.8	208	2.1	2.4	2.4
Note receivable	0	2.7	0	–	–	–
Other long-term assets	1.1	1.3	0	3.0	96.2	16.4
Total assets	492	506	328	98.4	185	109
Liabilities
Accounts payable	11.2	16.4	2.1	13.8	7.7	4.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1.1	1.9	0.8	0.9	0.5	0.3
Short-term debt	14.5	38.7	109	7.9	14.7	7.4
Current portion of long-term debt	87.1	0.4	0	0.2	39.7	4.8
Other current liabilities	36.9	35.8	55.3	24.8	29.5	8.9
Total current liabilities	151	93.1	168	47.6	92.2	25.7
Long-term debt	80.7	231	3.7	6.5	49.9	11.9
Minority interest	−0.1	0	0	−0.7	−0.3	−0.3
Other liabilities	64.3	24.4	19.5	21.0	33.9	19.3
Total liabilities	296	348	191	74.4	176	56.6
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	76.1	79.7	4.0	75.5	69.9	70.0
Additional paid-in capital	–	–	–	26.5	14.8	12.8
Retained earnings (accumulated deficit)	122	80.9	133	−56.3	−65.7	−20.6
Treasury stock	–	–	–	–	–	–
Other equity	−2.1	−2.3	0	−21.8	−9.8	−9.3
Total equity	196	158	137	24.0	9.2	52.9
Total liabilities & shareholders' equity	492	506	328	98.4	185	109

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Steppe Gold Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	44.9	115	95.7	21.3	−28.6	−5.2
Depreciation, depletion & amortization	22.4	25.2	24.1	5.7	3.5	5.2
Deferred taxes	−3.0	−5.4	–	−1.7	−0.7	−0.5
Non-cash items	125	11.8	−2.0	−1.7	6.0	27.8
Changes in working capital	−32.1	−29.1	−22.4	1.7	10.9	−12.8
Cash from operations	157	118	95.4	25.4	−8.9	14.5
Investing activities
Capital expenditures	−40.8	−20.4	−13.6	−8.0	−3.7	−2.8
Other investing cash flows	5.8	3.1	−3.7	0	−1.2	−6.4
Cash from investing	−35.0	−17.2	−17.4	−8.0	−4.9	−9.2
Financing activities
Financing cash flow items	−0.5	−18.0	−15.7	81.1	−76.4	−17.7
Cash dividends paid	−2.6	−87.0	0	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−89.7	50.9	−45.2	−99.0	74.5	30.8
Cash from financing	−92.9	−54.1	−60.9	−17.9	−1.9	13.1
Foreign exchange effects	–	–	–	0.4	−0.1	−0.1
Net change in cash	29.0	46.3	17.1	−0.2	−15.7	18.4
Free cash flow	116	97.3	81.8	17.3	−12.6	11.8

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.