Ulaanbaatar, Mongolia--(Newsfile Corp. - June 5, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce that the chief executive officer of the Company (the "CEO"), Mr Bataa Tumur-Ochir will also assume the role of Chairman, effective immediately.

Mr Bataa Tumur-Ochir is a founding Director of Steppe Gold and he has led the Company as CEO since December 2019. He is also now the largest shareholder of the Company, on a partially diluted basis.

He has been instrumental in the management and growth of the Company since listing, guiding the ATO Gold Mine from a greenfield site on the Mongolian steppe to a modern and international standard gold mine in Mongolia today, now in its fourth year of production.

Mr Matthew Wood, retiring Chairman of the Company, will remain in the role of a Non-Executive Director and will continue to act as an advisor to the Board.

Mr Bataa Tumur-Ochir commented, "I am excited to take on the role of Chairman as we embark on an exciting period for Steppe Gold. Completion of financing for our Phase 2 Expansion is our top priority and advancing the dual listing on the Hong Kong Stock Exchange. We expect that these projects will be transformative for our Company. We are a proud Mongolian company and I want to thank all of our stakeholders and partners who have shown us great support in recent years. We want to be at the forefront of fulfilling the great promise of homegrown Mongolian mining companies on the world stage."

Mr Wood said, "It has been my honour and privilege to be the Chairman of Steppe Gold during an extremely challenging and rewarding phase in the Company's life. We entered production in April 2020, at the height of the pandemic and I am proud of our resilience, with continuous production during the last three years. Mr Bataa Tumur-Ochir has proven his commitment to building Steppe Gold into Mongolia's premier precious metals company, and he is now also our largest stakeholder. He has my full support as we look to expand in Mongolia."

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

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including, without limitation, statements with respect to the market position of the Company on a global scale, and continued production . Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information, including the factors disclosed under "Risk Factors" in the Company's annual information form for the year ended December 31, 2022. Such statements can be identified by the use of words such as "embark", "expect", "promise", "plan", "commitment", "continuous" and other similar terminology, or state that certain actions, events, or results "may", "can", "could", "would", "might", or "will" be taken, occur, or be achieved.

These statements reflect the Company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if the Company's expectations regarding future events, performance, or results change.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/168754