Steppe Gold Announces a Plan to List on the Mongolian Stock Exchange

Steppe Gold Ltd. (TSX: STGO) ("Steppe Gold" or the "Company") is extremely pleased to announce its plans for a secondary listing of its common shares on the Mongolian Stock Exchange ("MSE").

The Company has retained Ard Securities as its lead advisor and underwriter in connection with the proposed listing. It plans to complete the listing in conjunction with a placement of shares to Mongolian investors, subject to regulatory approvals, on or before April 2021.

Bataa Tumur-Ochir, Steppe Gold, President and CEO, commented, "Steppe Gold quickly positioned itself as Mongolia's leading gold producer and we are excited to attract more Mongolian retail investors and institutions in the growth of our exciting and growing portfolio of precious metal assets. Steppe Gold already has over 20% of its shares owned by Mongolian investors and, with this move, we are reaffirming our commitment to enable more Mongolians to share in the success of Steppe Gold. Steppe Gold has built a strong reputation for community engagement and support, job creation and responsible mining already, and this proposed listing is aligned with our goal to create a national champion in precious metals, and an important contributor to Mongolia's economic success. Ard Securities is Mongolia's leading brokerage and financial advisory company, and we are looking forward to working with them on our secondary listing."

Amarbayasgalan Enhsayhan, Executive Chairman of Ard Securities and Head of Investment Banking at its parent, Ard Financial Group, noted, "We are delighted to be working with Steppe Gold on the dual listing of its shares on the MSE. We are witnessing an increased interest from Mongolia's growing retail investor base and they are excited to participate in the success of a home-grown mining company with a demonstrated success story. Mongolia is a proud mining country and Steppe Gold has quickly established itself as a great example of responsible mining and job generation in this high growth sector. We want to make this deal a case study for listing in this tough environment."

Proceeds of this placement will be used for Phase 2 expansion at the Company's ATO Gold Mine.

About Ard Securities:

Ard Securities is a fully licensed Mongolian investment advisory firm that offers brokerage and financial advisory services. Ard Securities has led the market with 40 percent secondary trading volume on MSE in the past two years. Its parent, Ard Financial Group leads the Investor Nation initiative which aims to increase access to capital markets to ordinary Mongolians.

In 2020, Ard Securities has successfully underwritten and closed the funding for the country's first ever closed-end fund on MSE, National Privatization Fund, bringing the total listed companies managed by the Group to 5: Ard Financial Group JSC, Ard Insurance JSC, Ard Credit NBFI JSC, Mongol Post JSC, National Privatization Fund.

Ard Securities LLC
Website: www.ardsecurities.com
Email: info@ardsecurities.com
Tel: +976 77078181

Steppe Gold Limited

Steppe Gold is Mongolia's premier precious metals company.

For Further information, please contact:

Bataa Tumur-Ochir, President and CEO
Shangri-La office, Suite 1201, Olympic street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914

Cautionary Note Regarding Forward-Looking Statements:

The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include, among other things, statements regarding the trading of the Common Shares and business, economic, and political conditions in Mongolia. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

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

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