Steppe Gold (2J9) Stock Overview

Engages in operating, developing, exploring, and acquiring precious metal projects in Mongolia and Peru. More details

2J9 fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	2/6
Past Performance	2/6
Financial Health	5/6
Dividends	0/6

Rewards

Price-To-Earnings ratio (9.6x) is below the German market (17.9x)

Revenue is forecast to grow 52.25% per year

Risk Analysis

Volatile share price over the past 3 months compared to the German market

2J9 Community Fair Values

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Steppe Gold Ltd. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Steppe Gold
Historical stock prices
Current Share Price	CA$1.38
52 Week High	CA$1.42
52 Week Low	CA$0.37
Beta	0
1 Month Change	21.15%
3 Month Change	92.58%
1 Year Change	169.61%
3 Year Change	n/a
5 Year Change	n/a
Change since IPO	229.74%

Recent updates

Shareholder Returns

	2J9	DE Metals and Mining	DE Market
7D	4.2%	0.05%	-1.4%
1Y	169.6%	104.5%	12.6%

Return vs Industry: 2J9 exceeded the German Metals and Mining industry which returned 104.6% over the past year.

Return vs Market: 2J9 exceeded the German Market which returned 12.6% over the past year.

Price Volatility

Is 2J9's price volatile compared to industry and market?
2J9 volatility
2J9 Average Weekly Movement	10.5%
Metals and Mining Industry Average Movement	10.5%
Market Average Movement	5.0%
10% most volatile stocks in DE Market	12.4%
10% least volatile stocks in DE Market	2.4%

Stable Share Price: 2J9's share price has been volatile over the past 3 months compared to the German market.

Volatility Over Time: 2J9's weekly volatility (10%) has been stable over the past year, but is still higher than 75% of German stocks.

About the Company

Founded	Employees	CEO	Website
n/a	536	Bataa Tumur-Ochir	steppegold.com

Steppe Gold Ltd. engages in operating, developing, exploring, and acquiring precious metal projects in Mongolia and Peru. Its flagship project is the 100% owned Altan Tsagaan Ovoo property covering an area of approximately 5,492 hectares located in Ulaanbaatar, Mongolia. The company is based in Toronto, Canada.

Steppe Gold Ltd. Fundamentals Summary

How do Steppe Gold's earnings and revenue compare to its market cap?
2J9 fundamental statistics
Market cap	€336.21m
Earnings (TTM)	€35.14m
Revenue (TTM)	€128.60m

9.6x

P/E Ratio

2.6x

P/S Ratio

Is 2J9 overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
2J9 income statement (TTM)
Revenue	US$148.25m
Cost of Revenue	US$77.34m
Gross Profit	US$70.91m
Other Expenses	US$30.40m
Earnings	US$40.51m

Last Reported Earnings

Jun 30, 2025

Next Earnings Date

n/a

Earnings per share (EPS)	0.16
Gross Margin	47.83%
Net Profit Margin	27.33%
Debt/Equity Ratio	123.4%

How did 2J9 perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/11/02 16:09
End of Day Share Price	2025/10/31 00:00
Earnings	2025/06/30
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Steppe Gold Ltd. is covered by 1 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Jonathan Guy	Hannam & Partners (Advisory) LLP

Steppe Gold Ltd.DB:2J9 Stock Report