Steppe Gold Files Technical Report for ATO Gold Project

ULAANBAATAR, Nov. 30, 2021 - Steppe Gold Ltd. (TSX: STGO) ("Steppe Gold" or the "Company") today announces the filing of a technical report (the "Technical Report") on its 100% owned Altan Tsagaan Ovoo Project located in Mongolia regarding the Phase 2 Expansion Project.

The Technical Report titled "NI 43-101 Technical Report - Feasibility Study for the Altan Tsagaan Ovoo (ATO) Phase 2 Expansion Project Mongolia" has been prepared by DRA Global Limited (DRA). The Technical Report is available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.steppegold.com.

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 Statements Regarding Forward‐looking Information

This news release contains "forward‐looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward‐looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward‐looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward‐looking statements. Forward‐looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward‐looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward‐looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward‐looking statements.