Steppe Gold Provides Update on Annual Meeting

Ulaanbaatar, Mongolia--(Newsfile Corp. - June 29, 2020) - Steppe Gold Ltd. (TSX: STGO) ("Steppe Gold" or the "Company") announces certain updates in respect of its 2020 annual meeting of shareholders (the "Meeting").

In response to the unprecedented public health impact of COVID-19, and to mitigate risks to the health and safety of its shareholders, employees and local communities, the Company is deferring the Meeting to September 22, 2020.

The Company is relying on the exemption provided in the Ontario Instrument 51-504 - Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials and similar exemptions granted by the securities regulatory authorities or regulators in other jurisdictions of Canada to postpone the filing of its executive compensation disclosure for the year ended December 31, 2019 as required under Section 9.3.1 (2.2) of National Instrument 51-102 - Continuous Disclosure Obligations. The Company will include such executive compensation disclosure in its management information circular to be prepared in connection with the Meeting.

Steppe Gold Limited

Steppe Gold is Mongolia's premier precious metals company.

For Further information, please contact:

Matthew Wood, Executive Chairman
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.

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