Steppe GOLD Completes Equity Financing

STEPPE GOLD COMPLETES EQUITY FINANCING

Ulaanbaatar, Mongolia, January 30, 2020. Steppe Gold Ltd. (TSX:STGO) ("Steppe Gold" or the "Company")

is pleased to announce that it has completed the final tranche of it previously announced non -brokered

private placement. Under the offering the Company issued an aggregate of 2,612,222 common shares at

a price of C$0.90 per share for aggregate gross proceeds of $2,351,000.

The common shares issued under the o ffering will be subject to a hold period in Canada expiring four

months and one day from the closing date of the offering.

About Steppe Gold

Steppe Gold is Mongolia’s premier precious metals company and is projected to produce 60,000 ounces of

gold from its ATO Gold Mine in 2020. The Company is also completing a feasibility study into the expansion

of the ATO Mine to approximately 150,000 ounces of gold per annum.

Steppe Gold has been selected as "The Company of the Year" by the Ministry of Mining and Heavy

Industries of Mongolia and "The Investment of the Year" by the Mineral and Petroleum Authority of

Mongolia in 2019, respectively.

For Further information, please contact:

Matthew Wood, Executive Chairman

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 unk nown 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, resul ts 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 otherw ise, except as required by applicable

law.