U.S. Markets closed

Steppe Gold Announces Equity Financing

Newsfile Corp.

Ulaanbaatar, Mongolia--(Newsfile Corp. - December 19, 2019) - Steppe Gold Ltd. (TSX: STGO) ("Steppe Gold" or the "Company") is pleased to announce that it plans to complete a private placement offering of approximately 2,222,222 common shares of the Company (the "Common Shares") at a price of C$0.90 per Common Share (the "Issue Price") for aggregate gross proceeds of C$2,000,000 (approximately US$1.53m) (the "Offering").

The gross proceeds from the Offering will be used for further exploration and development of the Company's mineral properties in Mongolia, and for working capital and general corporate purposes.

Matthew Wood, Executive Chairman commented, "We are pleased to welcome this new investment at this exciting time as the Company transitions from developer to producer. These additional funds will afford us financial flexibility over the winter months, prior to our initial gold sales"

The Offering is expected to close on or about December 23, 2019 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

The Common Shares to be issued under the Offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the Offering.

Steppe Gold Limited

Steppe Gold is Mongolia's premier precious metals company and is projected to produce 60,000 ounces of gold from its ATO Gold Mine in 2020. The Company is also completing a feasibility study into the expansion of the ATO Mine to approximately 150,000 ounces of gold per annum.

CONTACT:

Matthew Wood, Executive Chairman
Shangri-La office, Suite 1201, Olympic street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia

Tel: +976 7732 1914

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50944