Couloir Capital is Pleased to Announce It Has Published a New Research Note on Steppe Gold Ltd

Vancouver, British Columbia--(Newsfile Corp. - June 6, 2022) - Couloir Capital is Pleased to Announce it has Published a New Research Note on Steppe Gold Ltd. (TSX: STGO), (or "Company"). The update report is titled, "Output Improving as Supply Chain Eases, Phase II Expansion Offers Valuation Growth."

Report excerpt: "STGO has made major strides since our last update on the company, where we highlighted the commencement of production at flagship project ATO and the ascension of the company to the early production phase of the miner life cycle. In the interim, key developments for STGO have included:

• Ramp up of production at ATO, where STGO has focused on building inventories to a level capable of supporting stable production rates. STGO is now looking to scale up to the forecasted nameplate capacity of up to 60,000 ounces of gold-equivalent per annum.

• STGO has released FS results for the Phase II expansion of the ATO Gold Mine, which would expand nameplate capacity to up to 100,000 ounces of gold-equivalent per annum. As part of this development initiative, STGO has significantly expanded ATO's gold resource, secured key items required for the expansion build-out, and secured a large portion of required project finance needs.

• Continued exploration initiatives across its key mineral assets, which not only includes its ATO production asset but also the exploration asset Uudam Khundii, where STGO is focused on four discovery targets that are prospective for mineralization.

As expected, STGO has undergone major change since our last coverage, with execution of production targets supported by a pipeline of catalysts built around future development and exploration milestones. Our investment thesis on the company is backed by a business model that has a foundation in a growing cash flow stream, with growth upside on development and exploration initiatives that have the potential to provide scaling leverage on a forward basis. In addition, STGO has also demonstrated robust access to capital, having secured debt financing for project development that lowers equity dilution risk. As a result, we believe STGO's positioning for the near-term is highly favourable, and its current valuation fails to capture the growth potential we see the company being exposed to."

The report can be accessed through Couloir Capital's portal: https://www.couloircapital.com/research-portal.

About Steppe Gold Ltd.

Steppe Gold is Mongolia's premier precious metals company and is projected to produce over 100k ounce of gold from the current operational oxide zone of ATO Gold Mine in 2022 and 2023. The Company also completed a feasibility study into expansion of the ATO Gold Mine to approximately 100,000 ounces of gold per annum from the development of underlying fresh rock ores.

About Couloir Capital Ltd.

Couloir Capital Ltd. is an investment research firm comprised of a team of veteran investment professionals dedicated to providing world-class opportunities in the natural resource exploration and development sectors along with real and alternative asset classes and strategies.

For further information, please contact:
Rob Stitt, Managing Director, Couloir Capital Ltd.
Email: rstitt@couloircapital.com
www.couloircapital.com

Disclosure: The analyst, Couloir Capital Ltd. and/or affiliated companies do not hold shares in the Company.

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