Steppe GOLD Announces Results of Annual General and Special Meeting of Shareholders

STEPPE GOLD ANNOUNCES RESULTS OF ANNUAL GENERAL AND

SPECIAL MEETING OF SHAREHOLDERS

Ulaanbaatar, Mongolia – July 4, 2022 – Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF)

(“Steppe Gold” or the “Company”) is pleased to report the results of its 2022 Annual General and

Special Meeting of Shareholders held on June 30, 2022 in Ulaanbaatar, Mongolia. A total of

35,544,144 common shares were voted at the meeting representing 51.10% of the votes attached to

all outstanding shares.

Election of Directors

Detailed results from the election of directors are set out below:

Nominee Votes For % For Votes Withheld % Withheld

Batjargal Zamba 24,708,816 85.09% 4,331,000 14.91%

Jargalan Sereenen 24,708,816 85.09% 4,331,000 14.91%

Patrick Michaels 29,033,401 99.98% 6,415 0.02%

Bataa Tumur-Ochir 24,709,116 85.09% 4,330,700 14.91%

Aneel Waraich 24,708,116 85.09% 4,331,700 14.92%

Matthew Wood 20,937,333 72.1% 8,102,483 27.90%

Steve Haggarty 21,023,383 72.4% 8,016,433 27.61%

Complete voting results are available on SEDAR at www.sedar.com.

Appointment of Auditors

Kingston Ross Pasnak LLP was appointed to serve as the independent auditors of the Company for

the ensuing year.

Long-Term Incentive Plan

The Company’s Long-Term Incentive Plan was approved and adopted.

Steppe Gold Limited.

Steppe Gold (TSX: STGO, OTCQX: STPGF) is Mongolia’s premier precious metals company.

For more information, please contact:

Bataa Tumur-Ochir, CEO and President

Shangri-La office, Suite 1201, Olympic Street

19A, Sukhbaatar District 1,

Ulaanbaatar 14241, Mongolia

Website: www.steppegold.com

Email: [email protected]

Tel: +976 7732 1914

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" which involve

known and unknown risks, uncertainties and other factors that may cause actual results to be

materially different from any future results, performance or achievements expressed or implied by

such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will",

"believes", "seeks", "estimates", "should", "may", "could", and variations of such words and

similar expressions are intended to identify such forward-looking statements. These statements are

based on management's current expectations and beliefs and actual events or results may differ

materially. There are many factors that could cause such actual events or results expressed or

implied by such forward-looking statements to differ materially from any future results expressed

or implied by such statements. Forward-looking statements are based on current expectations and

Steppe Gold assumes no obligation to update such information to reflect later events or

developments, except as required by law.