Steppe Gold Announces Second Quarter Operations Update

Ulaanbaatar, Mongolia--(Newsfile Corp. - June 27, 2022) - Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to provide a further operations update.

With one more pour to come on June 30, gold production for the month is expected to be around 3,200 oz, bringing total production for the second quarter to approximately 10,400 oz. The Mongolian government is currently paying a 5% premium for gold and this will ensure an above-market achieved gold price in the quarter and strong operating cash flow for the quarter.

The Company is also pleased to confirm new supplies of key reagents and consumables allowing us to build stockpiles at site. This in turn allows us to be more aggressive on leaching strategy, with more cells under active leach, allowing for acceleration of monthly production rates through the balance of 2022. Steppe Gold expects a significant uptick in the production rate in the third quarter with internal guidance around 15,000 oz for the quarter.

At an estimated 70% recovery, total inventory at May 31 on the leach pad, ROM pad and pit floor was approximately 80,000 ounces of recoverable gold.

Mining and stacking activities were on plan for June with stacking on Cell 5 continuing and mining well above planned rates. Blasting at ATO 2 has commenced.

Steppe Gold has set up an exploration camp at the Uudam Khundii (UK) project located in the highly prospective Bayankhongor gold belt in Western Mongolia with first drilling programmes underway.

President and CEO of Steppe Gold, Bataa Tumur-Ochir commented, "We are very pleased to report a strong quarter of production at the ATO Gold Mine as we restarted full operations. All activities at site are operating well and reagent and consumable stockpiles are building. Together with a strong inventory of ore we are optimistic of accelerating our production rate in the second half of 2022. Exploration drilling at the Uudam Khundii project is underway shortly and we are excited to see the results from this highly prospective deposit."

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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