Mr. Tserenbadam Dugeree reports

STEPPE GOLD AMENDS EPC AGREEMENT FOR ATO PHASE 2 PROJECT

Steppe Gold LLC (Steppe Mongolia), Steppe Gold Ltd.'s wholly owned subsidiary, has entered into an amendment to its engineering, procurement and construction (EPC) agreement with Hexagon Build Engineering LLC for phase 2 at the ATO mine, increasing the contract value from $148.8-million (U.S.) to approximately $238.2-million (U.S.).

Following a review of the EPC agreement and the project's development plan, the company's management determined that certain additional infrastructure and supporting facilities are required for phase 2 development and were therefore added to the scope of work under the EPC agreement. These additions include a tailings management facility, power transmission and water supply infrastructure, concentrate transportation roads, and the construction of warehousing, maintenance shop and camp facilities. These items are necessary for the project but were not fully contemplated in the EPC agreement in terms of responsibility or method of execution.

Financing

The company intends to pursue debt financing in connection with the revised project scope of the project. Financing arrangements have not yet been determined or finalized, and there can be no assurance that the company will be able to obtain the required financing on acceptable terms or at all. Accordingly, there can be no assurance that the project will proceed as currently contemplated.

Outlook

The revised feasibility study is expected to be completed in the second half of 2026 and to reflect the company's decision to increase the project's planned annual throughput capacity. The timing of further project development remains subject to, among other things, completion of the revised feasibility study, securing the required financing, receipt of all necessary permits and approvals, and continuing project execution planning. As the project advances, additional works, infrastructure requirements or scope modifications may be identified through engineering, permitting and optimization activities, which could affect the project's capital costs, development schedule and overall execution strategy.

About the ATO mine

The ATO mine is a multistage precious metals project, located in Dornod province, Mongolia. The project is owned and operated by Steppe Mongolia, a wholly owned subsidiary of Steppe Gold.

About Steppe Gold Ltd.

Steppe Gold is Mongolia's premier precious metals company.

We seek Safe Harbor.