In September, 2020 – Steppe Gold announced that it has secured an initial tranche of project financing for its Expansion Project at the ATO Gold Mine with the intention of increasing gold production to 150,000 oz equivalent per annum.

The Gold-2 Program financing, facilitated through the Central Bank of Mongolia, was provided by the Trade and Development Bank of Mongolia (“TDB”) in the initial amount of MNT 30 billion, approximately US$10.5m).

About the “Gold-2 Program“ The “Gold-2 Program” was approved by the Government of Mongolia in 2017. The purpose of the “Gold-2 Program” is to ensure the sustainable development of the gold sector in the short-term to long-term, increase exploration efforts, maintain legal stability and promote environmentally responsible mining. A number of government agencies including the Ministry of Mining and Heavy Industry, Ministry of Finance, Ministry of Environment and Tourism and Central Bank of Mongolia, commercial banks and the private sector are cooperating as part of the program.