Steppe Gold President and CEO Announces Filing of Early Warning Report

Mr. Bataa Tumur-Ochir (“

Mr. Tumur-Ochir

”), the President and CEO of Steppe Gold Ltd. (the “

Corporation

”) announces that on January 27, 2022, the Corporation, Mr. Tumur-Ochir and the Development Bank of Mongolia (“

DBM

”) entered into a form of transfer (the “

Transfer Agreement

”). Pursuant to the Transfer Agreement, DBM agreed to transfer to Mr. Tumur-Ochir a convertible debenture of the Corporation (the “

Convertible Debenture

”) held by DBM with a principal amount of US$3,000,000 convertible into common shares of the Corporation (the “

Shares

”) at a price of US$0.68 per Share, with a maturity date of January 27, 2024.

Prior to entering into the Transfer Agreement, Mr. Tumur-Ochir held 6,003,859 Shares, representing approximately 8.70% of the issued and outstanding Shares on an undiluted basis. Assuming full conversion of the Convertible Debenture, Mr. Tumur-Ochir would hold an aggregate of 10,415,624 additional Shares, representing approximately 14.08% of the issued and outstanding Shares on a diluted basis.

The Convertible Debenture purchased by Mr. Tumur‐Ochir are held to further his commitment to the Corporation and may be exercised at his discretion. Mr. Tumur‐Ochir has no current intention to increase his beneficial ownership of, or control or direction over, securities of the Corporation. Potential purchases or disposition of securities of the Corporation will be reviewed on a continuing basis by Mr. Tumur‐Ochir, and holdings may be increased or decreased in the future.

This press release is being issued pursuant to the requirements of National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. For further information and to obtain a copy of the early warning report that will be filed under applicable Canadian securities laws in connection with the transactions hereunder, please see the Corporation’s profile on the SEDAR website www.sedar.com.

For further information, please contact:

Bataa Tumur-Ochir, CEO and PresidentSteppe Gold Ltd.Shangri-La office, Suite 1201, Olympic street19A, Sukhbaatar District 1,Ulaanbaatar 14241, MongoliaTel: [phone]