Ulaanbaatar, Mongolia--(Newsfile Corp. - June 14, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce that, subject to regulatory approval, Byambatseren Tsogbadrakh will assume the role of President. Mr Bataa Tumur-Ochir will resign as President of the Company and will remain as Chairman and Chief Executive Officer of the Company.

Ms Byambatseren Tsogbadrakh is a founding member of the Steppe Gold team and she has held progressively senior positions in the Company over recent years.

Mr Bataa Tumur-Ochir, Chairman and Chief Executive Officer commented, "I am excited to welcome Byambatseren to the management team in the role of President. With our Phase 2 Expansion progressing, we are growing our team across the Company. I am most proud that we continue to progress Mongolian nationals through the ranks of the Company and build our home grown talent base."

Steppe Gold Ltd.

Steppe Gold is Mongolia's premier precious metals company.

For Further information, please contact:
Bataa Tumur-Ochir, CEO and Chairman

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. 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, such as obtaining regulatory approval for the appointment of a new president, as well as those 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.

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