Steppe Gold Announces Operations Update for April

Ulaanbaatar, Mongolia--(Newsfile Corp. - May 4, 2022) - Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is extremely pleased to provide an operations update for April 2022.

Steppe Gold continues its ramp up of production following the recent restart in March and can report that gold production in 2 pours in April totalled approximately 3,350 oz (March 2022, 1,532 oz).

Reagent shipments continued uninterrupted in April and the process of restocking the reagent storage facility is ongoing.

Mining and stacking activities are on plan for the month with Cell 4 stacking nearly complete. The final cell, #5, of the first lift, will be complete by late summer, after which stacking of the second lift will commence. The new crushing unit will be operational in the summer, allowing acceleration of stacking activities.

Mining activities continued at planned rates with hauling of high-grade blast material at ATO 1 and ATO 4.

The Company can report recent site visits by qualified persons and consultants as optimization work on the Phase 2 Expansion continues, to include further drill work and modelling of mining scenarios.

President and CEO of Steppe Gold, Bataa Tumur-Ochir commented, "We are very pleased to report continued ramp up of production at the ATO Gold Mine. All activities at site are running well and we look forward to a successful year of gold and silver production, and regular updates on our very exciting Phase 2 Expansion."

Special Message from our CEO:

The Steppe Gold team recently celebrated the 4^th anniversary of our IPO on the TSX. In the special message, our CEO, Bataa Tumur-Ochir, congratulates the Steppe team and expresses sincere gratitude to our partners and shareholders for their support.

Tune into this video, as our CEO also shares highlights on what Steppe has been able to accomplish since the successful IPO 4 years ago: https://bit.ly/3kFxrb6

This Week:

Our CEO and EVP are excited to meet with Steppe shareholders, potential investors and mining industry peers, in-person at Mines & Money London this week. We will be at meeting stand #B14, if you'd like to drop by. To register: https://bit.ly/3KDr4PN

And here's our CEO's interview, live from the conference: https://bit.ly/3LFQmya

Steppe Gold at Mines and Money London this week 

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Steppe Gold Limited
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:

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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