Steppe Gold Clarifies Disclosure

Steppe Gold Clarifies Disclosure

Ulaanbaatar, Mongolia – July 4, 2022 – Steppe Gold Ltd. (TSX: STGO) (“Steppe Gold” or the

“Company”) announces that, as a result of a review by Staff of the Ontario Securities Commission,

the Company is issuing the following news release to clarify the disclosure regarding the

certificates and applicable consents of qualified persons related to each of David Morgan, Dan V.

Michaelsen and Ochirkhuyag Baatar in connection with the NI 43- 101 Technical Report –

Feasibility Study for the Altan Tsagaan Ovoo (ATO) Phase 2 Expansion Project, Mongolia with

an effective date of October 27, 2021, and issued on November 30, 2021 (the “Technical Report”).

As a result, t he Company has filed: (i) amended certificates for David Morgan and Dan V.

Michaelsen to clarify their responsibility in connection with preparing certain portions of the

Technical Report; and (ii) certificate and consent of qualified person for Ochirkhuyag Baatar.

Further, certain media article links have been removed from the Company’s corporate website to

comply with National Instrument 43-101 – Standards of Disclosure of Mineral Projects.

Steppe Gold Ltd.

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

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy

or accuracy of this news release.