Steppe Gold Announces Maiden Gold Pour and Sale as Ramp-Up and Inventory Build-Up Continues

Ulaanbaatar, Mongolia--(Newsfile Corp. - April 6, 2022) - Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is extremely pleased to provide an operations update.

Following the March 1 announcement regarding the resumption of production, Steppe Gold has completed its first gold pour and the subsequent sale was concluded in late March. The gold pour was 1,532 ounces of gold with gross proceeds of US$2.93m.

Going forward, Steppe looks forward to regularly updating the market on ramp-up, production and cash flow, as it expects to conclude gold pours and sales twice per month.

Inventory build-up for key reagents continues with three additional shipments now received over the last month.

The Steppe Gold executive team is committed to mitigating future supply chain risk potentials by continuing to build a stockpile of key reagents and chemicals. The reagent storage centre was recently expanded to allow up to 220t of supply, with the goal of retaining 4-6 months of supply on site at all times.

The Company continues to work on the Phase 2 Expansion debt package and expects to share further updates by the summer. With tranche 1 of the BOM $60m debt package now available, the Company is working actively on the new crusher construction, camp expansion and earth-works.

The Steppe team also plans to update the market in the coming weeks on drilling results at ATO from last year and on the expected commencement of drilling and programs associated with the very exciting Uudam Khundi ("UK") licence in Bayanghankor province.

The Company continues crushing and stacking operations and has recommenced mining with operations in all active pits. Steppe plans to produce over 100,000 ounces of gold from the oxide zones in 2022 and 2023.

President and CEO of Steppe Gold, Bataa Tumur-Ochir commented, "We are very pleased to be back in production and to conclude our first gold pour and sale for the year. With an estimated 80,000 ounces of gold in inventory, ramp-up of production continues and we look forward to a very active year of production and strong cash flow, as well as expansion and exploration on both of our licenses."

Shareholder Summit Today:

To learn more about this operational update and upcoming Steppe Gold catalysts, please join our executive team for a shareholder summit at 1:30 pm EST, by registering here: https://my.6ix.com/qC17WkzV

Steppe Gold Limited

Steppe Gold is Mongolia's premier precious metals company.

For Further information, please contact:

Bataa Tumur-Ochir, CEO and President

Shangri-La office, Suite 1201, Olympic Street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914

Cautionary Note Regarding Forward-Looking Statements:

The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: 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. Forward-looking statements in this release include, among other things, statements regarding the trading of the Common Shares and business, economic, and political conditions in Mongolia. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

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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