Mr. Bataa Tumur-Ochir reports

STEPPE GOLD PROVIDES CORPORATE UPDATE

Steppe Gold Ltd. has provided a production update on its two producing gold mines in Mongolia.

Steppe Gold closed the acquisition of Boroo Gold LLC on Aug. 1, 2024, and the integration process is progressing smoothly.

The company is pleased to report that combined production from the two operating mines totalled 17,773 ounces of gold in the third quarter of 2024.

Additionally, the company reiterates production guidance for the second half of 2024, estimated to be 33,360 ounces, in line with and toward the higher end of its previously announced guidance range of 30,000 ounces to 35,000 ounces (see news release dated Aug. 14, 2024). Current guidance for the full year of 2025 is 80,000 ounces of gold.

Integration teams are gaining momentum across all operations, identifying significant cost savings through bulk purchasing, optimizing operations through sharing of best practices, better terms on consumables and equipment purchases, and securing long-lead items for the Ato phase 2 expansion.

The combined operations teams bring a complementary skill set across key areas, consistently driving optimization and introducing new initiatives to enhance operational performance.

Both Steppe Gold and Boroo Gold have a long-standing reputation for environmental stewardship in Mongolia. The companies' integrated team is committed to further strengthening the ESG (environmental, social and governance) blueprint for Steppe Gold.

With positive operating cash flow and a substantially increased reserve base, Steppe Gold's exploration team is focused on optimizing exploration and resource expansion opportunities near its existing mines and creating promising potential for future discoveries.

The company is planning a restart of exploration work at its Uudam Khundii site and is considering some highly prospective projects in western Mongolia.

As Mongolia's largest primary gold producer, Steppe Gold is also evaluating additional M&A (merger and acquisition) opportunities.

The company looks forward to providing further updates on production and cost improvements in due course.

About Steppe Gold Ltd.

Steppe Gold is Mongolia's premier precious metal company.

We seek Safe Harbor.