Mr. Dulguun Erdenebaatar reports

STEPPE GOLD ANNOUNCES FINANCE LEADERSHIP TRANSITION

Jeremy South has resigned from his role as senior vice-president and chief financial officer of Steppe Gold Ltd., effective March 10, 2026. The board of directors continues its review of the resignation and related matters.

Initially joining the company as a member of the board of directors and serving as chief financial officer since 2018, Mr. South has played a key role in guiding Steppe Gold from an early-stage development company, through the commencement of production during the global pandemic, into a multiasset gold producer with a strong asset base in Mongolia and a clear long-term growth profile. He has been instrumental in shaping the company's strategic and financial direction, building an institutional shareholder base, and advancing corporate governance practices.

The board has appointed Ariuntsetseg Batsaikhan as interim CFO of the company. She has served as the company's financial controller since 2018, with over 15 years of finance experience in the mining sector. Ms. Batsaikhan holds a BSc (honours) in applied accounting, Oxford Brookes University, and an ACCA advanced diploma in accounting and business.

The company is also currently undertaking a review of prior financial periods, and total assets remain subject to adjustment upon completion of the continuing audit.

Steppe Gold remains focused on safe and efficient production, as well as disciplined capital allocation, to support long-term shareholder value.

We seek Safe Harbor.