Mr. Tserenbadam Dugeree reports

STEPPE GOLD ANNOUNCES SETTLEMENT AGREEMENT WITH TRIPLE FLAG

Steppe Gold Ltd. has entered into a settlement agreement with Triple Flag Precious Metals Corp. that fully resolves all outstanding litigation, arbitration proceedings and disputes relating to the company's stream agreement and gold prepay agreement. The agreement also establishes a revised long-term streaming framework and satisfies all outstanding delivery obligations under those arrangements.

Under the settlement agreement, Steppe Gold has delivered all outstanding gold and silver obligations under the existing arrangements, including full satisfaction of the gold prepay agreement and all arrears under the stream agreement.

Tserenbadam Dugeree, chief executive officer of Steppe Gold, commented: "We are pleased to have reached a mutually beneficial resolution with Triple Flag that resolves all outstanding matters between our companies. The settlement strengthens our position as we focus on advancing the phase 2 expansion of the ATO project, growing production and continuing to execute our long-term strategy. We appreciate the collaborative efforts of the Triple Flag team in reaching this outcome and look forward to continuing our partnership."

The settlement establishes a revised long-term streaming framework that provides clarity and certainty for both parties. Under the amended agreement, Steppe Gold will make fixed gold deliveries totalling 34,770 ounces of gold through 2036, after which the stream converts to a 1.5-per-cent interest in gold production from the ATO mine, subject to a quarterly cap of 500 ounces. The amended obligations remain secured by the ATO mine and supported by guarantees from Steppe Gold and Boroo Gold LLC.

About Steppe Gold Ltd.

Steppe Gold is Mongolia's premier precious metals company.

We seek Safe Harbor.