Steppe Gold Ltd. Announces Private Placement

Ulaanbaatar, Mongolia--(Newsfile Corp. - April 6, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) ("Steppe Gold" or the "Company"), is pleased to announce a non-brokered private placement of approximately $9,000,000 (the "Private Placement"), through the sale of common shares of the Company (the "Common Shares") at a price of $1.10 per Common Share.

The proceeds of the Private Placement will be used to accelerate the Phase 2 Expansion currently underway, to fund ongoing exploration as well as to support the announced plans to pursue a dual listing on the Hong Kong Stock Exchange.

The Private Placement is anticipated to close on or about May 2, 2023, or such later date as the Company may determine. The closing is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the Toronto Stock Exchange (TSX). The securities issued in connection with the Private Placement will be subject to a hold period of four months plus a day from the date of issuance pursuant to applicable securities laws.

About Steppe Gold Ltd.

Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) is Mongolia's premier precious metals company.

For more information, please contact:

Bataa Tumur-Ochir, CEO and President

Shangri-La office, Suite 1201, Olympic Street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia

Website: www.steppegold.com
Email: investors@steppegold.com
Tel: +976 7732 1914

Forward-looking and other cautionary 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 Private Placement; the use of proceeds from the Private Placement and closing of the Private Placement. 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 Company obtaining the approval of the Private Placement from the Toronto Stock Exchange and the other 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 "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict", 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

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