Steppe Gold Limited provided an update on the Phase 2 expansion. Phase 2 Expansion Updates: Steppe Gold draws down $9.6 million from a USD 150 million financing package in October to accelerate the construction and development of Phase 2 Expansion. EPC arrangements are in the final stages, partnering with leading international engineering firms and construction teams in Mongolia.

EPC arrangements and selected parties will be announced shortly, with long lead items to be ordered this November. Engineering drawings and permits completed to connect to the state power grid for plus 10Mw. It is estimated to save $100 per oz in operating costs, lowering estimated AISC $900 per oz to $800 per oz.

The Company is exploring the option of a 100% renewable energy in the camp expansion already underway. Following the announcement of $150 million Phase 2 Expansion financing in July, the Company is now pleased to announce that initial drawdowns have commenced, with major work streams now starting across the expansion project. Funds are being drawn from the first tranche of $50 million provided by the Trade and Development Bank of Mongolia with an initial drawdown of approximately $10 million.