Mr. Dulguun Erdenebaatar reports

STEPPE GOLD ANNOUNCES LEADERSHIP TRANSITION

Bataa Tumur-Ochir has resigned from his roles as chairman of the board of directors and chief executive officer of Steppe Gold Ltd., effective immediately.

Dulguun Erdenebaatar has been appointed Chairman of the Board, and Tserenbadam Dugeree has been appointed CEO.

Mr. Erdenebaatar is the CEO of Boroo Pte. Ltd. and has led the group in its recent growth phase. The board believes Mr. Erdenebaatar's extensive leadership experience and deep understanding of Mongolia's mining and regulatory environment will strengthen the company's governance and long-term strategic execution. His appointment will support Steppe Gold's focus on sustainable growth, disciplined capital allocation and enhanced shareholder value.

Mr. Dugeree already leads the in-country operations team at Steppe Gold. He brings a proven record in Mongolia, showing strategic leadership and operational excellence in his prior roles. He has deep experience scaling mining groups, building high-performing teams and forging strong partnerships.

Steppe Gold views this leadership transition as an opportunity to build on Steppe Gold's strong foundation and accelerate its next phase of growth.

Given that the new chairman represents the company's major shareholder, Boroo, the board intends to appoint an independent lead director to assume the duties of the chairman as and when required to address any actual or potential conflicts of interest. This appointment will also provide independent oversight and reinforce the company's commitment to strong governance standards.

Mr. Tumur-Ochir has advised the board that his decision was made after careful consideration and is not the result of any disagreement with the board, management or shareholders of the company. He will remain a significant long-term shareholder of Steppe Gold and has expressed his continued support for the company's strategy and future success.

The company would like to express its sincere gratitude to Mr. Tumur-Ochir for his leadership and contributions to Steppe Gold. Under his tenure, Steppe Gold evolved from an early-stage development company into a publicly listed gold producer with a strong asset base in Mongolia and a clear long-term growth profile. Mr. Tumur-Ochir played a central role in shaping the company's strategic direction, strengthening its institutional presence and advancing its operations.

About Steppe Gold Ltd.

Steppe Gold is Mongolia's premier precious metals company.

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