Disclaimer

This material is provided for informational and educational purposes only and should not be considered financial, investment, legal, tax, or other professional advice. The views expressed are based on publicly available information, company filings, technical reports, news releases, and personal analysis at the time of writing, and they may change without notice. While every effort has been made to present accurate and reasonable information, no representation or warranty is made regarding completeness, accuracy, or reliability.

Mining and resource investments are highly speculative and involve substantial risks, including but not limited to commodity price volatility, operating risk, mine life risk, permitting risk, financing risk, dilution, grade reconciliation risk, metallurgical risk, cost inflation, debt risk, legal disputes, streaming agreement risk, country risk, and changes in market conditions. Past performance is not indicative of future results.

Any discussion of valuation, upside potential, project economics, management quality, future catalysts, or possible share-price outcomes reflects opinion rather than certainty. Readers should conduct their own due diligence and consult a licensed financial advisor or other qualified professional before making any investment decisions.

Steppe Gold Ltd. TSX: STGO / OTCQX: STPGF / FSE: 2J9

Introduction

Steppe Gold Ltd. is a Mongolia-focused precious metals producer. The company operates three open-pit gold mines in Mongolia: Altan Tsagaan Ovoo, better known as ATO, Boroo, and Ulaanbulag. Steppe Gold describes itself as Mongolia’s premier precious metals company, and after completing the Boroo Gold transaction in 2024, the company became a much larger gold producer than the original Steppe Gold story. The company now has producing assets, development optionality, and a clear growth plan built around ATO Phase 2.

The bull case is simple: Steppe Gold is already producing gold, already generating revenue, and already has infrastructure in Mongolia. This is not a pure exploration company waiting years for a first pour. The company has real mines, real cash flow, and a larger growth runway if ATO Phase 2 is executed successfully.

The main investment question is whether Steppe Gold can move from being a mid-sized Mongolian producer into a stronger multi-asset gold company with higher production, better margins, and a cleaner balance sheet. The company’s near-term production base comes mainly from Boroo and Ulaanbulag, while the major growth driver is ATO Phase 2.

The strongest upside comes from four things: the producing Boroo/Ulaanbulag platform, the ATO Phase 2 expansion, the large reserve/resource base across the Mongolian portfolio, and the possibility that higher gold prices allow Steppe Gold to strengthen its balance sheet while funding growth internally.

The main risks are also clear: Mongolia is not a Tier 1 jurisdiction, ATO Phase 2 has been delayed, the company has streaming/arbitration and financing issues to manage, and current production depends heavily on maintaining steady operations at Boroo and Ulaanbulag.

Projects / Location / MRE / Grades

Project 1: Boroo and Ulaanbulag Mines, Mongolia (Current Production Base)

The Boroo and Ulaanbulag operations are the current backbone of Steppe Gold. These assets were added through the Boroo Gold transaction, which closed in August 2024. Boroo and Ulaanbulag are located in Mongolia and are open-pit gold operations supported by existing infrastructure, including processing facilities, mining fleet, and a CIL plant. Steppe Gold says the Boroo operation has been producing since 2003 and reached commercial production in March 2004.

This matters because Boroo is not a greenfield development project. It is an operating mine with a long production history, installed processing capacity, and existing infrastructure. For a junior mining company, that is a major advantage. Most juniors need to raise hundreds of millions of dollars before they even know if their mine plan works. Steppe Gold already has an operating platform.

The Boroo and Ulaanbulag mines have a combined land package of around 6,594 hectares. The company says Boroo and Ulaanbulag contain reserves expected to support operations through 2031. Ulaanbulag is located about 19 km southeast of the Boroo mine complex and shares key infrastructure with Boroo.

Grade Feel

Boroo and Ulaanbulag are not ultra-high-grade assets, but they are real producing open-pit gold mines with established processing infrastructure. In Q1 2026, Steppe reported 457,291 tonnes of ore mined and 319,614 tonnes milled at an average gold grade of 1.17 g/t Au. That is a moderate-grade open-pit gold operation, not a high-grade underground-style story.

The key strength is not spectacular grade. The key strength is infrastructure, production history, and cash-flow support. Boroo gives Steppe Gold a producing base while ATO Phase 2 is being advanced.

Project 2: ATO Gold Mine, Mongolia (Main Growth Asset)

ATO is Steppe Gold’s original flagship asset. It is located in Dornod Province, eastern Mongolia, approximately 660 km east of Ulaanbaatar. ATO is a traditional open-pit, truck-and-shovel, heap-leach operation. Production started in 2020, initially focused on the near-surface oxide ore under Phase 1.

The current ATO Phase 1 oxide operation is largely depleted, with residual leaching ongoing. Steppe Gold has said cash flow from ATO has been prioritized toward essential operating costs and maintaining operations. This means ATO Phase 1 is no longer the main engine. The real story is ATO Phase 2.

ATO Phase 2 is designed to transition the mine from the oxide heap-leach phase into fresh-rock processing. Boroo’s website says ATO Phase 2 targets average annual production of about 90,000 ounces gold equivalent by moving into fresh-rock ore processing. The company’s September 2025 presentation also showed ATO Phase 2 as a 2027 growth item with around 90koz AuEq per annum.

This is the most important growth catalyst for Steppe Gold. If ATO Phase 2 works, Steppe Gold could move from a roughly 68,000–75,000 ounce annual producer into a much larger producer. If ATO Phase 2 is delayed, overbudget, or underperforms, then the company remains more dependent on Boroo and Ulaanbulag.

ATO Reserves and Resources

Category	Tonnes	Grade	Contained Metal	Source / Notes
Proven & Probable reserves	29.1Mt	1.13 g/t Au and 12.43 g/t Ag	~1.1Moz Au, 11.7Moz Ag, ~1.676Moz AuEq	Reserve estimate dated August 27, 2022
Measured & Indicated resources, inclusive of reserves	38.0Mt	1.03 g/t Au and 15.58 g/t Ag	~1.3Moz Au and 19.0Moz Ag	Meaningful resource base for Phase 2 planning
Inferred resources	5.4Mt	0.62 g/t Au and 15.39 g/t Ag	Not stated in draft	Additional optionality requiring further confidence work

This is a meaningful resource base. The grade is not extremely high, but it is workable for an open-pit operation if capex, metallurgy, recoveries, and operating costs stay controlled.

ATO Phase 2 Economics

Metric	Value / Comment
Expansion capital estimate	US$128.5M for Phase 2 processing plant and tailings dam
Average LOM operating cost	US$26.81/t processed, split between mining, processing, and G&A
Combined ATO and BGC reserves	2.37Moz AuEq Proven and Probable reserves
Combined M&I + inferred resources	3.35Moz AuEq
2024 AISC	US$1,078/oz
H1 2025 site AISC	US$1,088/oz
After-tax NPV	US$448.9M at US$2,300/oz gold
Current status	Revised feasibility study expected in H2 2026; timing depends on feasibility, permits, land access, and execution planning

The 2023 updated life-of-mine plan showed total estimated ATO Phase 2 expansion capital of US$128.5 million, mainly for the Phase 2 processing plant and tailings dam. The same update showed average LOM operating costs of about US$26.81 per tonne processed, split between mining, processing, and general administration.

Steppe Gold’s September 2025 presentation showed combined ATO and BGC mine metrics with 2.37Moz AuEq Proven and Probable reserves, 3.35Moz AuEq measured, indicated, and inferred resources, 2024 AISC of US$1,078/oz, H1 2025 site AISC of US$1,088/oz, and after-tax NPV of US$448.9M at a US$2,300 gold price assumption.

However, the key detail is that the company is now working on a revised feasibility study. In Q1 2026, Steppe said the revised feasibility study is expected to be completed in the second half of 2026, and timing for development still depends on feasibility completion, permits, land access, and execution planning.

That means older economics are useful, but they should not be treated as final. ATO Phase 2 is still a moving target.

Project 3: Uudam Khundii (Exploration Optionality)

Steppe Gold also owns the Uudam Khundii, or UK, exploration project in Bayankhongor Province, Mongolia. The company describes it as an 80/20 joint venture with the local government covering around 14,400 hectares in a prospective gold district.

This is not the main valuation driver today. The main story is production at Boroo/Ulaanbulag and the ATO Phase 2 expansion. However, UK adds optionality. If Steppe Gold can generate cash flow from producing mines and fund exploration internally, UK could become a future pipeline asset.

For now, we would treat UK as optional upside, not the base case.

Production / Operations

Metric	Q1 2026	Q1 2025 / Comment
Gold produced	11,719 oz	19,860 oz in Q1 2025
Gold sold	10,502 oz	15,611 oz in Q1 2025
Revenue	US$53.18M	US$32.37M in Q1 2025
Average realized gold price	US$5,064/oz	US$2,000/oz in Q1 2025
Site AISC	US$1,438/oz	US$844/oz in Q1 2025
Total AISC	US$1,668/oz	US$991/oz in Q1 2025
FY2026 production guidance	~68,000 oz gold	The next step-change depends on ATO Phase 2

Steppe Gold produced 11,719 ounces of gold and sold 10,502 ounces of gold in Q1 2026. This was lower than Q1 2025, when the company produced 19,860 ounces and sold 15,611 ounces. The decrease was mainly due to planned lower production according to the mine plan and reserve schedule, plus unplanned plant maintenance during the quarter.

Revenue was much stronger despite lower gold sales volume. Q1 2026 revenue was US$53.18 million, compared with US$32.37 million in Q1 2025, mainly due to higher realized gold prices. The average realized gold price in Q1 2026 was US$5,064/oz, compared with US$2,000/oz in Q1 2025, when the company was still affected by a fixed-price forward sales agreement.

Costs rose in Q1 2026. Site AISC was US$1,438/oz and total AISC was US$1,668/oz, compared with site AISC of US$844/oz and total AISC of US$991/oz in Q1 2025. The increase was mainly because fewer ounces were sold, maintenance downtime affected throughput, and stripping activity increased.

For full-year 2026, Steppe Gold’s production guidance is approximately 68,000 ounces of gold. That makes Steppe Gold a real producer, but not yet a large producer. The next step-change depends on ATO Phase 2.

Share Structure / Ownership / Insiders

Capital Structure

Capital Structure Metric	Value
Basic common shares outstanding	252,827,187
Diluted weighted average shares, Q1 2026	257,238,952
Convertible debenture conversion shares	4,411,765
Recent TSX price range used in draft	C$1.27-C$1.40

As of March 31, 2026, Steppe Gold had 252,827,187 basic common shares outstanding. The diluted weighted average share count for Q1 2026 was 257,238,952 shares, reflecting the convertible debenture impact. The 2025 audited financial statements also show 252,827,187 shares outstanding at December 31, 2025, with the convertible debenture convertible into 4,411,765 common shares.

Using a recent quoted TSX price of around C$1.27–C$1.40, the rough fully diluted market capitalization is approximately:

Share price used	Fully diluted shares	FD market cap CAD	Approx FD market cap USD
C$1.27	257,238,952	C$326.7M	~US$235M
C$1.40	257,238,952	C$360.1M	~US$259M

This is not an expensive headline valuation for a producing gold company with multiple operating mines, but investors must adjust for debt, streaming obligations, legal disputes, Mongolia risk, and ATO Phase 2 execution risk.

Share Structure Feel

The share count is not tiny, but it is still reasonable for a producing gold company. The key positive is that Steppe Gold is not just issuing shares for an exploration dream. The dilution from the Boroo transaction turned Steppe into a much larger operating company.

The negative is that Steppe Gold is controlled by a major shareholder group, and the company still has financing complexity. Share structure discipline is acceptable, but the real question is whether management can turn the current asset base into higher free cash flow per share.

Ownership / Insider Alignment

Ownership / Governance Item	Comment
Boroo Singapore ownership	Approximately 55.9% after the Boroo Gold transaction
Strategic alignment	Strong, because the major shareholder is deeply invested in the company’s success
Governance risk	Minority shareholders must monitor related-party alignment, board independence, and capital allocation
Overall feel	Ownership alignment is strong, but governance oversight matters

The Boroo Gold transaction made Boroo Singapore the majority shareholder of Steppe Gold. Public filings indicate Boroo Singapore acquired approximately 55.9% of Steppe Gold after the transaction. Boroo Singapore is connected to the major shareholder group, and Dulguun Erdenebaatar, Steppe’s Chairman, is also CEO of Boroo Pte Ltd.

This creates strong strategic alignment, but also governance risk. The positive is that a major shareholder is deeply invested in the company’s success. The negative is that minority shareholders must monitor related-party alignment, board independence, and whether capital allocation benefits all shareholders equally.

Overall, ownership alignment is strong, but governance oversight matters.

People / Management

Person	Role	Why It Matters
Tserenbadam Dugeree	Director and CEO	Relevant operating and local execution experience across mining, finance, legal and Mongolian subsidiaries
Dulguun Erdenebaatar	Chairman of the Board	Represents the major shareholder and brings Mongolian mining, regulatory, M&A and operational experience
Ariuntsetseg Batsaikhan	Interim CFO	Internal finance continuity with mining finance, reporting, controls and Big 4 experience
Bataa Tumur-Ochir	Former Chairman and CEO / significant shareholder	Built the original Steppe story into a public Mongolian gold producer; remains an important long-term shareholder

Tserenbadam Dugeree

Director and CEO

Tserenbadam Dugeree was appointed CEO of Steppe Gold on December 17, 2025. He had already been leading the in-country operations team and continues as CEO of the group’s local subsidiaries. The company says he has experience in mining, banking, finance, and legal sectors, including senior finance roles, leadership at Erdenet Mining Corporation, and CEO of Boroo Gold LLC since 2021.

Management feel: Dugeree looks highly relevant for Steppe Gold’s current stage because the company is now an operating and execution story. This is less about discovery promotion and more about mining operations, debt management, permitting, local execution, and cost control.

Dulguun Erdenebaatar

Chairman of the Board

Dulguun Erdenebaatar was appointed Chairman on December 17, 2025. He is also CEO of Boroo Pte Ltd. Steppe Gold says he has extensive leadership experience and deep understanding of Mongolia’s mining and regulatory environment, with experience in mining-sector M&A, project development, and operational efficiency. (TMX Newsfile)

Management feel: Erdenebaatar is important because he represents the major shareholder and brings deal-making and Mongolian mining experience. That is positive for execution and local relationships, but it also means governance and minority-shareholder alignment must be watched closely.

Ariuntsetseg Batsaikhan

Interim CFO

Ariuntsetseg Batsaikhan is Steppe Gold’s Interim CFO. She has served as Financial Controller since 2018 and has more than 15 years of finance experience in mining. She also has Big 4 experience at Deloitte and expertise in financial reporting, internal controls, MD&A, and regulatory filings. (Steppe Gold Limited)

Management feel: Useful internal continuity, especially after the CFO transition. However, the CFO role is important because Steppe Gold has debt, liquidity management, streaming-related issues, and expansion capital needs.

Bataa Tumur-Ochir

Former Chairman and CEO / Significant Long-Term Shareholder

Bataa Tumur-Ochir resigned as Chairman and CEO in December 2025. The company stated that his resignation was not due to disagreement with the board, management, or shareholders, and that he remains a significant long-term shareholder. Under his tenure, Steppe Gold evolved from an early-stage development company into a public gold producer in Mongolia.

Management feel: Bataa was central to the original Steppe Gold story. His departure is a meaningful change. The current team must now prove that the new Boroo-led structure can deliver better operating results and capital discipline.

Risks / Catalysts / Timeline

Key Risks

Key Risk	Why It Matters
Mongolia jurisdiction risk	Mongolia is mining-friendly in many ways, but it is not Canada, Australia, or the United States. Permitting, land access, regulation, politics, taxation, and local relationships matter.
ATO Phase 2 delay risk	ATO Phase 2 has been pushed out from earlier expectations. The company now expects the revised feasibility study in H2 2026, and full execution depends on permits, land access, and final planning.
ATO Phase 1 depletion risk	ATO Phase 1 oxide production is largely depleted, with residual leaching ongoing. This reduces near-term contribution from ATO until Phase 2 is built.
Cost risk	Q1 2026 total AISC was US$1,668/oz, higher than Q1 2025 because of lower gold sales, maintenance downtime, and stripping activity. Cost control needs to improve for the re-rating story to strengthen.
Balance sheet and debt risk	Steppe Gold has improved liquidity, but the company still needs to manage bank loan obligations, supplier liabilities, and project financing needs. In Q1 2026, the company reported working capital of US$105.7M including US$105.3M of bond investments maturing December 31, 2026.
Legal and streaming agreement risk	The company disclosed ongoing arbitration related to a streaming arrangement and legal proceedings linked to a gold prepay loan facility. These matters may affect future cash flow timing and liquidity.
Major shareholder governance risk	The major shareholder has strong influence. This can be good for alignment and long-term strategy, but minority investors need to watch governance carefully.
Commodity price risk	Steppe Gold benefits heavily from high gold prices. Q1 2026 revenue rose despite lower sales volume because realized gold prices were much higher. If gold prices fall, margins and cash generation could weaken quickly.

Catalysts

Timeline	Catalyst
2026	Full-year production guidance of around 68,000 ounces of gold.
2026	Continued Boroo and Ulaanbulag production.
2026	ATO Phase 2 engineering, permitting, and infrastructure planning.
2026	Revised ATO Phase 2 feasibility study expected in H2 2026.
2026	Potential progress on supplier liabilities, bank loan arrangements, streaming arbitration, and gold prepay litigation.
2026	Possible improvement in throughput and recoveries after Q1 maintenance issues.
2027	Potential ATO Phase 2 development decision and project execution progress.
2027	Possible transition toward higher production run-rate if Phase 2 advances successfully.
2027	Market may begin valuing Steppe Gold as a larger Mongolian gold producer rather than a smaller single-country producer.
2028 onward	ATO Phase 2 production ramp-up potential.
2028 onward	Boroo/Ulaanbulag cash-flow support.
2028 onward	Potential organic exploration and acquisition growth.
2028 onward	Possible re-rating if the company demonstrates stable production, improving AISC, and lower financing/legal risk.

Expected Timeline to Full Production

Year / Period	Expected Progress Toward Production
2026	This is the reset and execution year. Steppe Gold needs to deliver around 68,000 ounces of production, maintain stable operations at Boroo and Ulaanbulag, complete the revised ATO Phase 2 feasibility study, and manage liquidity carefully. The company has already said permitting and land access remain key prerequisites for full Phase 2 execution.
2027	This is likely the key year for ATO Phase 2 progress. Earlier company material showed ATO Phase 2 as a 2027 growth item targeting around 90,000 ounces gold equivalent per year. If the revised feasibility study is strong and funding/permitting are solved, 2027 could become the major re-rating year.
2028 onward	If ATO Phase 2 ramps successfully, Steppe Gold could become a much larger producer with Boroo, Ulaanbulag, and ATO all contributing. If Phase 2 disappoints, the company remains more dependent on the existing Boroo/Ulaanbulag production base.

Valuation Summary

Assumptions

Assumption	Value
Fully diluted shares	257,238,952
Current producer case	68,000 oz/year
Current case AISC	US$1,600/oz
ATO Phase 2 growth case	158,000 oz/year
Growth case AISC	US$1,400/oz
FCF capture	70% of margin
Multiples	10x, 15x, 20x FCF

1. Current Producer Case – 68koz/year

At US$6,000/oz Gold

Item	Value
Gold price	US$6,000/oz
AISC	US$1,600/oz
Pre-tax margin	US$4,400/oz
FCF per oz, 70% capture	US$3,080/oz
Estimated annual FCF	US$209.4M

FCF Multiple	Market Cap Value	Value Per Share
10x FCF	US$2.09B	US$8.14/share
15x FCF	US$3.14B	US$12.21/share
20x FCF	US$4.19B	US$16.28/share

At US$7,000/oz Gold

Item	Value
Gold price	US$7,000/oz
AISC	US$1,600/oz
Pre-tax margin	US$5,400/oz
FCF per oz, 70% capture	US$3,780/oz
Estimated annual FCF	US$257.0M

FCF Multiple	Market Cap Value	Value Per Share
10x FCF	US$2.57B	US$9.99/share
15x FCF	US$3.86B	US$14.99/share
20x FCF	US$5.14B	US$19.98/share

2. ATO Phase 2 Growth Case – 158koz/year

At US$6,000/oz Gold

Item	Value
Gold price	US$6,000/oz
AISC	US$1,400/oz
Pre-tax margin	US$4,600/oz
FCF per oz, 70% capture	US$3,220/oz
Estimated annual FCF	US$508.8M

FCF Multiple	Market Cap Value	Value Per Share
10x FCF	US$5.09B	US$19.78/share
15x FCF	US$7.63B	US$29.67/share
20x FCF	US$10.18B	US$39.56/share

At US$7,000/oz Gold

Item	Value
Gold price	US$7,000/oz
AISC	US$1,400/oz
Pre-tax margin	US$5,600/oz
FCF per oz, 70% capture	US$3,920/oz
Estimated annual FCF	US$619.4M

FCF Multiple	Market Cap Value	Value Per Share
10x FCF	US$6.19B	US$24.08/share
15x FCF	US$9.29B	US$36.12/share
20x FCF	US$12.39B	US$48.15/share

Summary Table

Scenario	Gold Price	Est. Annual FCF	10x FCF/share	15x FCF/share	20x FCF/share
Current Producer Case	US$6,000/oz	US$209.4M	US$8.14	US$12.21	US$16.28
Current Producer Case	US$7,000/oz	US$257.0M	US$9.99	US$14.99	US$19.98
ATO Phase 2 Growth Case	US$6,000/oz	US$508.8M	US$19.78	US$29.67	US$39.56
ATO Phase 2 Growth Case	US$7,000/oz	US$619.4M	US$24.08	US$36.12	US$48.15

Valuation Feel

At US$6,000–US$7,000 gold, Steppe Gold becomes extremely leveraged to gold price. Even the current 68koz producer case produces huge theoretical FCF because the margin expands dramatically.

But the more powerful upside is the ATO Phase 2 case. If Steppe reaches around 158koz/year, then at US$6,000 gold the model gives around US$508.8M annual FCF, and at US$7,000 gold it gives around US$619.4M annual FCF.

The important warning: this is a high-gold-price FCF sensitivity model, not a guaranteed target price. It does not deduct debt, streaming obligations, legal/arbitration risk, future capex, taxes beyond the simple 70% capture assumption, dilution, or Mongolia/governance discount. So we would treat the 10x FCF case as the more realistic high-gold bull case, while 15x–20x FCF would require cleaner execution, strong market sentiment, and confidence that ATO Phase 2 is fully funded and running well.

Summary & Quick Scorecard

Category	Points	Overall
Company Overview	Stock ticker: Steppe Gold Ltd. TSX: STGO / OTCQX: STPGF Main metal: Gold Project phase: Producer + expansion developer Main country: Mongolia	–
1. Management	Previous successful project, discovery, mine build, or company sale: Yes Exploration to production: Yes Big mining company experience: No Strong capital markets track record: No	✅ Good
2. Projects	High grades: Moderate MRE / reserve size: Yes Optionality: Yes	✅ Good
3. Cost Structure	Low AISC: Yes Low capex / Existing infrastructure: Yes	✅ Strong
4. Share Structure Discipline	Fully diluted shares: 257,238,952 Fully diluted market cap USD: Approximately US$235M-US$259M	✅ Strong
5. Insider / Ownership	Major shareholder alignment: Strong Minority shareholder governance risk: Moderate to high Boroo-linked shareholder influence: Very significant, insider aligned at 55%	✅ Strong
6. Location	Mongolia is a real mining country with local mining capability, but it is not a Tier 1 jurisdiction like Canada, Australia, or the United States. Location tier: Tier 2 / Tier 3 depending on investor risk tolerance	✅ Good

⭐ RT Rating, Commentary

Steppe Gold is on our watchlist.

We would rate this as 5 out of 5 stars.

Steppe Gold is not a pure exploration story. This company already produces gold, already has infrastructure, and already has a meaningful growth pathway through ATO Phase 2. That makes it more advanced than many junior mining names.

The best part of the story is simple: Steppe Gold has producing mines today and a growth project that could potentially lift the company into a much larger production category. If ATO Phase 2 works, and if gold prices remain strong, the stock could have meaningful upside from current valuation levels.

But the risks are real. Mongolia is not a Tier 1 location, ATO Phase 2 has execution uncertainty, costs increased in Q1 2026, and the company still needs to manage streaming, legal, debt, and governance issues.

Steppe Gold is a strong speculative producer with real upside, but it needs cleaner execution before it deserves a top-tier rating. The perfect outcome is this: Boroo and Ulaanbulag keep producing steady cash flow, ATO Phase 2 gets finalized with a strong updated feasibility study, financing risk drops, and the company grows toward a 150koz+ annual production profile. If that happens, Steppe Gold could re-rate meaningfully.

The risk case is this: ATO Phase 2 keeps getting delayed, costs remain high, legal and streaming issues drag on, and the market keeps applying a Mongolia/governance discount. So the story is attractive, but it is not low-risk. This is a producer-growth turnaround, not a simple safe gold stock.

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