Mr. Jeremy South reports

STEPPE GOLD PROVIDES Q4 PRODUCTION UPDATE CHANGE OF AUDITOR

Steppe Gold Ltd. has released upgraded production guidance for the fourth quarter of 2025.

Following the major fleet upgrades in 2025, continuing maintenance work and recovery of downtime experienced in the third quarter, the Boroo gold mine was able to accelerate processing of higher-grade ores. Accordingly, the company expects overall fourth quarter production to exceed 23,000 ounces, up from prior guidance of 15,000 ounces.

With processing of finished goods from Sept. 30, 2025, completed in October, projected sales for the quarter are expected to be over 30,000 ounces. As a result, full-year production for the company and its subsidiaries is expected to reach 70,000 ounces.

The company is also announcing that effective Dec. 8, 2025, Kingston Ross Pasnak LLP (the former auditor) has resigned as the auditor of the company and Emmerich Cordova y Asociados S Civil de RL, a member firm of KPMG International, has been appointed as the successor auditor. The change in auditor was made to align with the current audit relationship of the group and related entities, ensuring consistency and transparency across the group.

There were no modified opinions, or reportable events (as such term is defined in National Instrument 51-102, Continuous Disclosure Obligations) in connection with the audits for the relevant period (as such term is defined in NI 51-102).

The change of the auditor and the recommendation to appoint the successor auditor was approved by the audit committee and the board of directors of the company.

In accordance with NI 51-102, the notice of change of auditor, together with the required letters from the former auditor and the successor auditor, have been reviewed by the board and filed on SEDAR+.

Steppe Gold is Mongolia's premier precious metals company.

We seek Safe Harbor.