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Revenue Up by 7.1% to RMB28.78 Billion Adjusted non-HKFRS Profit Attributable to the Owners of the Parent Up by 16.4% to RMB2.99 Billion Sales of Innovative Products Accounts for 23.5% of Revenue
HONG KONG, Mar 31, 2023 - (ACN Newswire) - Sino Biopharmaceutical Limited ("Sino Biopharm" or the "Company", together with its subsidiaries, the "Group") (HKEX:1177), a leading innovation-driven pharmaceutical conglomerate in the PRC, has announced its audited financial results for the year ended 31 December 2022. Read more
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ULAANBAATAR, Mongolia, March 31, 2023 (GLOBE NEWSWIRE) -- Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (“ Steppe Gold ” or the “ Company ”) is pleased to announce its financial results for the year ended December 31, 2022.
HIGHLIGHTS
Year Ended December 31, 2022 Highlights (all figures in US$000’s unless stated otherwise and except for per unit amounts which are in US$)

• Revenue for the year ended December 31, 2022, was $62,366 (December 31, 2021 $24,050) on sales of 33,681 gold ounces (December 31, 2021: 12,899 gold ounces) and 38,740 silver ounces (December 31, 2021: 28,622 silver ounces) with average realized prices per ounce of $1,818 and $20 respectively (December 31, 2021: $1,837 and $24).
• Operating income from mine operations, before depreciation and depletion was $35,028 (December 31, 2021: $12,435).
• Adjusted EBITDA after stream payments was $11,927.
• Site all-in-sustaining-Cost (“AISC”) was $796 per ounce sold for the year ended December 31, 2022.
• As at December 31, 2022 cash amounted to $2,515 and total bank, other debt and payables were $18,385 for net debt of $15,870.
• During the year ended December 31, 2022, 958,289 tonnes of ore were mined and 922,051 tonnes of ore were stacked on the leach pad with an average gold grade of 1.82 g/t and an average silver grade of 12.06 g/t.
• The Company announced on February 21, 2023 the results of technical report of the 100% owned ATO Project in Mongolia comprising a further 1.5 years at the fresh rock expansion (the “Phase 2 Expansion”), for a 12 year aggregate mine life.
• The results reinforce the Company’s current Phase 2 Expansion plans with construction already underway, and existing permitting and infrastructure in place. The Phase 2 Expansion is scheduled to start with first concentrates in Q1 2025. The life of mine plan includes the ongoing oxide operations which have a further three years to run, for a total of 14 years of mine life, from January 1, 2023.
• The Company repaid $46,856 on the 2021 Gold 2 Loan from the cash deposit during 2022. The maturity date of the remaining loan balance of $2,838 has been extended to July 28, 2024.
• In January 2023, the Company reached an agreement for an additional $5,000 for allocation to working capital funded directly from the Trade and Development Bank of Mongolia. The loan maturity date is within 12 months.

Fourth Quarter Highlights (all figures in US$000’s unless stated otherwise and except for per unit amounts which are in US$)

• Revenue for the three months ended December 31, 2022, was $17,962 on sales of 10,172 gold ounces and 19,347 silver ounces with average realized prices per ounce of $1,686 and $17 respectively.
• Operating income from mine operations, before depreciation and depletion, was $9,608.
• Adjusted EBITDA after stream payments was $4,066.
• Site AISC was $804 per ounce sold for the quarter.
• During the three months ended December 31, 2022, 119,808 tonnes of ore were mined and 261,368 tonnes of ore were stacked on the leach pad with an average gold grade of 1.79 g/t and an average silver grade of 10.02 g/t.

Outlook
2022 was an active year for mining and stacking on the heap leach phase at the ATO gold mine. This has continued largely uninterrupted, in spite of strong headwinds from COVID-19 and the related supply chain problems. With the recent relaxation of the zero COVID restrictions in China, we have seen an improvement in parts of the China/Mongolia supply chain.
With over 2,824,108 tonnes stacked on the leach pad and a further 498,697 tonnes on the ROM pad at year end, we are pleased to report continued strong gold and silver inventory build-up.
The focus for 2023 will be to maximize oxide production from the substantial inventories on hand and aggressively move forward with the Phase 2 Expansion. Discussions are advancing on financing for Phase 2 Expansion in parallel with plans to pursue a dual listing of the Company’s common shares on the Main Board of the Stock Exchange of Hong Kong Limited.
On March 6, 2023, the Company entered into a binding letter of intent (the “Binding Agreement”) pursuant to which the Company, either directly or through a wholly-owned subsidiary, will acquire all of the issued and outstanding common shares of Anacortes Mining Corp. (“Anacortes”) by way of a court approved plan of arrangement under the Business Corporations Act (British Columbia), in an all-share transaction (the “Transaction”). Under the terms of the Binding Agreement, Anacortes shareholders will receive 0.4532 of a Steppe Gold common share for each Anacortes common share, which represents consideration of approximately C$0.48 per Anacortes common share and a premium of 36% based on the closing prices of the Anacortes common shares on the TSX-V and the Steppe Gold common shares on the TSX, each as of the close of trading on March 3, 2023. The Transaction is subject to, among other things, the execution of an arrangement agreement, the receipt of all necessary regulatory, stock exchange and court approvals, and obtaining shareholder approval of the Transaction at a meeting of the Anacortes shareholders, which is expected to be held in Q2 2023.
The Company’s consolidated financial results for the year ended December 31, 2022 have been filed on SEDAR. The full version of the condensed interim consolidated financial statements and associated management's discussion & analysis can be viewed on the Company's website at www.steppegold.com or under the Company's profile on SEDAR at www.sedar.com
Steppe Gold Ltd.
Steppe Gold is Mongolia’s premier precious metals company.
For Further information, please contact:
Bataa Tumur-Ochir, CEO and President
Jeremy South, Senior Vice President and Chief Financial Officer
Shangri-La office, Suite 1201, Olympic Street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914
Non-IFRS Performance Measures
EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as adjusted earnings before interest, taxes, depreciation and amortization. Further details of Non-IFRS Performance Measures noted above can be found in the Company’s management's discussion & analysis.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements or disclosures relating to the Company that are based on the expectations of its management as well as assumptions made by and information currently available to the Company which may constitute forward-looking statements or information (“forward-looking statements”) under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results, or developments that the Company anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words “continued”, “focus”, “scheduled”, “will” and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: trading of the Company's common shares and business, listing of common shares on the Hong Kong Stock Exchange, economic, and political conditions in Hong Kong and Mongolia, consummation and timing of the Transaction, the satisfaction of the conditions precedent to the Transaction, the strengths, characteristics and potential of the resulting company and discussion of future plans, projections, objectives, estimates and forecasts and the timing related thereto, including with respect to the ATO gold mine.
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of the Company including, without limitation: required shareholder and regulatory approvals, exercise of any termination rights under the Binding Agreement, meeting other conditions in the Binding Agreement, material adverse effects on the business, properties and assets of the Company, changes in business plans and strategies, market and capital finance conditions, risks inherent to any capital financing transactions, risks inherent to a possible Steppe Gold dual primary listing, changes in world commodity markets, currency fluctuations, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry.
The Company believes the material factors, expectations, and assumptions reflected in the forward-looking statements are reasonable at this time, but no assurance can be given that these factors, expectations, and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry, and certain other risks detailed from time to time in the Company’s public disclosure documents including, without limitation, those risks identified in this news release and in the Company’s annual information form dated March 31, 2023, copies of which are available on the Company’s SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless so required by applicable securities laws.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
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Almost 52,000 entries of stolen works of art, each with images and descriptions, are available in the Interpol Stolen Arts Database. In a global effort that spans oceans, continents, and borders, nations from all over the world send lists of stolen goods that are verified with police information. It comes as no surprise that both art theft and recovery are lucrative industries in the billion-dollar illicit market. Here are five instances where vanished pieces of art were rediscovered in odd situations.

10-Woman-Ochre:

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The $160 million painting Woman-Ochre by American-Dutch artist Willem de Kooning was stolen from the University of Arizona Museum of Art in late November 1985, leading to a 32-year search for the priceless work of art's location. Soon after the museum opened, a couple committed the heist, with the woman diverting a security officer before the officer could reach her upstairs station. The male separated the painting from its frame in the meantime. Before the guard realized Woman-Ochre had vanished, the couple made off with the priceless painting. Woman-Ochre remained missing until the passing of two experienced teachers because there were no cameras or fingerprints to help with the search. In 2017, Jerome and Rita Alter passed away in Cliff, a small town in New Mexico, and left their nephew in charge of handling their estate, which included a painting that hung behind their bedroom door. The deceased couple's artwork was immediately purchased for $2,000 by antiques dealer David Van Aucker, who also took control of the priceless painting. Customers in his Silver City shop recognized the artwork after it was hung there. Woman-Ochre now hangs on the same wall from where she was removed in 1985 after a procedure involving the FBI and a 22-year restoration. The Alter family is left to speculate as to whether Jerome Alter's short fiction about a woman and her daughter stealing a 120-carat jewel while a guard is preoccupied and hanging it behind a wall panel for the two criminals' hidden enjoyment is based more on reality than just his imagination.
Howard and Paula Ellman, art glass dealers in New York City,

9-Tiffany Glass:

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made a shocking discovery in May 2018. They discovered that some of the glass, including a Tiffany Favrile vase, had been stolen from them 37 years earlier after placing the winning bid on numerous pieces at a Pennsylvania auction. When four of the products the Ellmans had won through call-in bids were delivered by the shipping company they had engaged, the finding was made. Howard found their own shop labels on the bottom of the Tiffany pieces while he was unloading the goods; the pair always removed these labels once a piece was sold. Further research revealed that 16 more of the 40–50 Tiffany pieces the Ellmans had lost in the unsolved burglary had been sold at the same auction where they had bought their own stolen glass. It was ruled that the pair was entitled to the return or value of all 16 stolen Tiffany pieces thanks to the paperwork Paula had kept for nearly four decades; works whose value had significantly improved during their absent years.

8-Marble Bust:

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The nonprofit's goal of empowering the less fortunate, the affordable prices, or, less frequently, the discovery of actual treasure, are some of the reasons that devoted Goodwill customers may bring up. This was Laura Young's experience when she stumbled onto the find of a lifetime at an Austin Goodwill for $34.99 and now an antique dealer. The find, a 50-pound (22.7-kilogram) marble sculpture, turned out to be a first-century bust of Roman general Drusus Germanicus that went missing from the German museum Pompejanum during World War II. Young's attorney negotiated a deal that involved the San Antonio Museum of Art housing the piece until May 2023 after Young hired a lawyer to facilitate the repatriation of the 2,000-year-old bust to its original owners.

7-Palette:

At an estate sale in Sarasota, a Florida architect discovered a piece that had been stolen from Jon Corbino. The Van Wezel Performing Arts Hall owns numerous works by the same artist, including the painting Palette, which was named for the actual artist's palette it was painted on. It was the most well-known piece in the collection even if it wasn't the most expensive. At an Oak Ridge Boys concert in the early 1990s, the picture that was hanging in the hall's lobby of the lower gallery vanished. The weekend yard sale enthusiast and architect Eric Bower immediately recognized Corbino's sculpture. Bower, who had previously discovered the works of famous artists at garage sales, paid only $25 for the painting and then got in touch with the artist's daughter, who informed him that Palette was a stolen work. Even though he was offered a reward, Bower gave the performing arts center the stolen painting back. The painting's whereabouts are now known, but the culprit who took it is still a mystery. The son of the estate from which Palette was bought claimed that his mother had kept a number of works of art for an unidentified man who had never picked them up.

6-Walking Horses:

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Josef Thorak's bronze horses previously stood on either side of the stairs leading into Adolf Hitler's New Reich Chancellery in Berlin, Germany, measuring 16 feet tall and 33 feet long (4.8m x 10m). The massive sculpture vanished with the Soviet Union after World War II, only to reappear in Eberswalde in the 1950s in a site that had served as a Red Army barracks' sports field. They had been painted gold to cover bullet holes. With the fall of the Berlin Wall in 1989, the horses vanished once more, leading to rumors that the sculpture had been sold or the horses had been melted down. The horses were finally rediscovered in 2015 after an investigation was started when the sculpture was reportedly sold for $5.6 million on the illegal market. Then, the tale of the horses' trip came into focus. An article detailing the discovery of many bronze statues in Eberswalde, including Walking Horses, by an art expert was found by vintage car dealer Helmut Schumacher shortly before the Berlin Wall fell. The result was a highly intricate and intense smuggling operation, with the Red Army soldiers actually helping the traffickers.
Due to the horses’ sheer size, the sculpture had to be cut up in order to be smuggled to the Western side of Berlin, eventually ending up in possession of the man paying the bribes—a businessman by the name of Rainer Wolf. When Wolf’s property was searched in May 2015, investigators discovered not only Walking Horses but a number of other illicit Nazi artworks that were subsequently seized and turned over to the German government.

5-Tres Personajes:

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Elizabeth Gibson found the oil painting "Tres Personajes" by Rufino Tamayo in a pile of trash in Manhattan and decided to take it home, hanging it on her wall before doing some research and discovering a part of lost treasures on Antique Roadshow FYIs. The painting, which was acquired from Sotheby's auction house in 1977 for $55,000 as a gift for his wife, was regarded as a significant work from Tamayo's mature time. Ten years later, while being held in a Houston warehouse during a relocation, the painting—which was distinctive in that marble dust and sand were incorporated into the medium—was stolen. The painting was listed in several databases, and the original owners reported the disappearance to Houston and federal officials, but no leads were found. Having discovered the oil painting's worth, Gibson gave it back to the widowed original gift receiver and took a $15,000 reward. Gibson also got a share of the $1,049,000 sale price of the artwork when it was later sold through Sotheby's New York auction house twenty years after the theft in 2007.

4-Madonna and Child:

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The Royal Collection at Windsor Castle in Britain houses the majority of Giovanni Battista Salvi's artwork. Salvi was an Italian artist who was born in Sassoferrato, in the Marches, in 1609. It therefore came as no surprise that the museum staff was overjoyed when one of his drawings was given to the Washington County Museum of Fine Arts in 2021. John and Sylvie O'Brien had acquired the rare car. 1650 Baroque piece in 1970 from an unidentified French collector. The drawing was donated to the museum by the couple 51 years later, despite the fact that it had been reported stolen since 1965. Although no one is certain of the precise date the Sassoferatto was taken, it was confirmed to be the priceless drawing by Washington County Museum of Fine Art staff after it was found torn from its base by a student conducting research at the Graphische Sammlung. In August 2022, it was scheduled to be delivered to the appropriate museum.

3-Poppy Field at Vetheuil and Blooming

Chestnut Branches:

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The works of two of the most well-known impressionist painters in the world, Claude Monet and Vincent van Gogh, regularly fetch millions of dollars at auction. In an effort to make money on the underground market, they also tempt thieves. Three armed, mask-wearing thieves stole a $163.2 million haul from the E.G. Buehrle Collection, a private museum of impressionist and neo-impressionist art, on February 10, 2008. The robbers also took Paul Cezanne's Boy in a Red Waistcoat, Ludovic Lepic by Edgar Degas, Monet's Poppy Field at Vetheuil, and van Gogh's Flowering Chestnut Branches. Authorities suspect the burglars merely took the first four works of art they came to, rather than being intentionally targeted. In an unexpected turn of events, both the Monet and van Gogh were found only a few days later in an abandoned car in front of a mental hospital just a few feet from the Zurich museum, still shielded by the museum glass they were displayed beneath. Finally, all four paintings were rediscovered, and while there is no information about the Degas paintings' recovery in 2009, Boy in a Red Waistcoat was discovered in a black van's roof upholstery in Belgrade, Serbia, in 2012.

2-Third Imperial Easter Egg:

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The killings of the Russian Imperial Family stunned the world in July 1918. The Fabergé Easter eggs, among the family's most expensive valuables, were removed from the Romanov residences by the Bolsheviks and stored in the Kremlin Armory after their terrible demise. The family commissioned the eggs between 1885 and 1916, and they were regarded as both the pinnacle of Fabergé's artistic career and one of the last significant art commissions. Before Joseph Stalin came to power and decided the priceless eggs might be sold to the West, they remained sealed in their storage crates. Eight of the original 50 Imperial Easter Eggs are still missing today, despite the fact that some of the eggs were sold and others were buried by Kremlin curators. One of them, the third Imperial egg, made in 1887 and thought to be lost since 1922, was found in 2004 at a flea market booth in the Midwest by a scrap metal dealer. The yellow-gold Romanov treasure languished in the dealer's cabinet for almost ten years until research made him believe his flea market acquisition might indeed be one of the missing Imperial Eggs, even though he had paid more for it than the egg was worth as scrap. The Easter egg was sold to a private collector for an amount estimated to be over $33 million when the origin of the golden bauble was established.

1-Alleged Imperial Easter Egg:

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Another of the lost Imperial Easter Eggs is presently undergoing identification. Western nations slapped sanctions on Russian oligarchs when Moscow invaded Ukraine in February 2022. What is thought to be one of the seven missing Imperial eggs was discovered aboard a 348-foot (106-meter) superyacht that was apprehended in Fiji. Once Suleiman Kasimov's $300 million ship docked in San Diego in June 2022, Lisa Monaco, U.S. deputy attorney general, made the discovery public. Once verified, there will only be six Imperial Fabergé eggs missing.