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If you are interested in the precious metals sector, then there are many companies that you could follow, and one of those is Steppe Gold Ltd. (TSX:STGO) (OTCQX:STPGF). The company was in focus on August 14 after it announced its financial results for the second fiscal quarter that ended on June 30, 2023.

The company recorded revenues of $14,272 and $23,797 on gold sales in the three- and six-month periods, respectively. In the quarter, the company sold 6880 ounces, while in the half-year period, it sold 11,888 ounces. In the same periods, silver sales stood at 29188 ounces and 29,850 ounces, respectively. Steppe Gold generated operating income before depletion and depreciation of $8770 and $14,794 in the three- and six-month periods, respectively.

The adjusted EBITDA following stream payments was $2775 and $4916 in the two specific periods. The all-in sustaining costs for the site were $722 per ounce sold and $718 per ounce sold for the three- and six-month periods, respectively. The overall all-in sustaining costs per ounce sold for the periods were $1081 and $1089.

Over the course of the half-year period, Steppe Gold managed to mine 219,863 tons of ore. At the end of the period, the cash balance with the company was $5705, while total bank and other debt added up to $16,670. Net debt, inclusive of payables as well as other liabilities, was $10,965.

During the quarter, Steppe Gold also completed a private placement of as many as 11,000,000 shares, which resulted in a capital raise of $9020. On June 28, 2023, the company concluded the acquisition of Anacortes Mining Corp. Steppe Gold issued 19473948 shares to Anacortes shareholders as part of the transaction, and additionally, the advisors for the transaction were issued 924654 shares.