ULAANBAATAR, Mongolia, June 09, 2021– Steppe Gold Ltd. (TSX: STGO) (“Steppe Gold” or the “Company”) announces that as a result of a review by staff of the Ontario Securities Commission, the Company has filed an amended and restated technical report for its Altan Tsagaan Ovoo Project entitled, “Altan Tsagaan Ovoo Project (ATO), 2021 Mineral Resources Technical Report (Amended NI 43-101)” (the “Amended Report”) and is issuing the following news release regarding its disclosure on the Altan Tsagaan Ovoo Project. The Amended Report addresses comments raised by the Ontario Securities Commission to include certain disclosure for advanced projects.

The Amended Report dated effective March 30, 2021 and amended as of June 9, 2021, was prepared in compliance with National Instrument 43-101 – Standards for Disclosure of Mineral Projects. The Amended Report is available under the Company’s profile on SEDAR at www.sedar.com and here, on the Company’s website at www.steppegold.com.

Steppe Gold Ltd.

Steppe Gold is Mongolia’s premier precious metals company.

For Further Information, please contact:

Bataa Tumur‐Ochir, CEO and President

Shangri‐La office, Suite 1201, Olympic street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.