Steppe Gold Discovers Multiple High Grade Zinc Zones Below ATO Gold Deposits

Ulaanbaatar, April 25, 2022 - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is extremely pleased to announce the following exploration drilling update at its 100%-owned Altan Tsagaan Ovoo ("ATO") project.

While we continue to ramp up production of gold and silver from the oxide ores at ATO, the Company maintained exploration activity in late 2021, focused on extensional and step-out targets. Results are now available, and this underscores the long held view that the ATO project has strong long term potential and remains open to support further drilling targets.

HIGHLIGHTS:

• Exceptional high-grade zinc continues to be discovered beneath the ATO Gold Deposits
• Follow up drilling to commence with up to three drilling rigs utilized
• Better results include:
  • 20.95m at 10.56% Zinc and 3.13% Lead from 347.65m (ATO-364)
  • 15m at 8.0% Zinc and 5.87% Lead from 371m (ATO-379)
  • 55.4m at 4.23% Zinc and 1.83% Lead from 98.5m (ATO-391)
  • 10.62m at 9.2% Zinc and 4.3% Lead from 201.15m (ATO-396)
  • 23.5m at 6.28% Zinc and 1.63% Lead from 396m (ATO-423)

Recent drilling completed at the ATO Gold Deposits has continued to target depth extensions of the existing ATO deposits.

This has resulted in an exciting new discovery of multiple high grade zinc sulphide intercepts beneath the existing ATO Gold Deposits. The drilling results are extremely encouraging, and the Company intends to follow this up with an extensive drilling program in the coming months.

President and CEO of Steppe Gold, Bataa Tumur-Ochir commented, "We are very pleased to announce these exciting drill results with high grade intercepts of zinc and lead supporting our view that the Phase 2 Expansion at ATO has much further to go. Our 2021 Feasibility Study demonstrated robust economics focused on strong gold and silver content in the sulphide zones. These drilling results provide further encouragement that there is high grade zinc and lead in situ. With well-established logistics from the site to the nearby Chinese border this adds to our confidence in the long-term viability of ATO with multiple revenue streams."

Figure 1. Drill holes ATO-327, ATO-330, ATO-394, & ATO-379 section and plan map

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Figure 2. Drill holes ATO-391, ATO-383, & ATO-384 section and plan map

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Figure 3. Drill hole ATO-423 section and plan map

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Figure 4. Drill hole ATO-423 section and plan map

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Figure 5. Drill holes ATO-393, ATO-364, ATO-385, & ATO-357 section and plan map

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Figure 6. Drill holes ATO-328 & ATO-299 section and plan map

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Figure 7. High grade, zinc mineralization intersected in ATO-423 & ATO-299.

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Table 1. Significant base metal Intercepts

15 Minute Shareholder Summit Today:

To learn more about this exploration update and upcoming Steppe Gold catalysts, please join our CEO and EVP, for a quick shareholder brief at 8:30 am EST, by registering here: https://t.co/nTdxts0m01.

Live Soon from Mongolia- 15 Minute Shareholder Brief

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The technical and geoscientific content of this release has been compiled, reviewed and approved by Enkhtuvshin Khishigsuren, Vice President of Exploration and a "Qualified Person" as defined in NI-43-101.

Steppe Gold Ltd.

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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