Steppe Gold : STGO Investor Deck December

MONGOLIA'S

P R E M I E R PRECIOUS METALS COMPANY

CORPORATE PRESENTATION

DECEMBER 2021

Steppe Gold Limited - Mongolia's Premier Precious Metals Company

Corporate Presentation / December 2021

DISCLAIMER

TECHNICAL INFORMATION

Technical information relating to the Altan Tsagaan Ovoo Project (the "ATO Project") contained in this presentation is derived from, and in some instances is an extract from, the Technical Report titled "Altan Tsagaan Ovoo Gold Project, Tsagaan Ovoo, Dornod, Mongolia" dated August 20, 2017, with an effective date of June 20, 2017, which was prepared for the Company by Oyungerel Bayanjargal, MAusIMM of GSTATS Consulting Ltd (the "Technical Report") and prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Reference should be made to the full text of the Technical Report which has been filed with certain Canadian securities regulatory authorities pursuant to NI 43-101 and is available for review under the Company's profile on SEDAR at

www.sedar.com.

Technical information in this presentation not contained in the Technical Report has been prepared under the supervision of Enkhtuvshin Khishigsuren a "qualified person".

CAUTIONARY NOTE FOR U N I T E D S T A T E S INVESTORS

Technical disclosure regarding our properties included herein (the "Technical Disclosure") has not been prepared in accordance with the requirements of United States securities laws. Without limiting the foregoing, the Technical Disclosure uses terms that comply with reporting standards in Canada and certain estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve and mineral resource estimates contained in the Technical Dis- closure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ significantly from the requirements of SEC Industry Guide 7, and resource information contained in the Technical Disclosure may not be comparable to similar information disclosed by U.S. companies.

The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. In addition, the terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the Securities and Exchange Commission (the "SEC").

Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases.

Additionally, disclosure of "contained ounces" in a resource is permitted disclosure under Canadian securities laws, however the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measurements. Accordingly, information contained in the Technical Disclosure may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of United States federal securities laws and the rules and regulations thereunder.

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Steppe Gold Limited - Mongolia's Premier Precious Metals Company

Corporate Presentation / December 2021

OUR VISION

Mongolia's premier precious metals company.

Our mandate:

01

Delivering superior returns to shareholders from low-cost, long life precious metals assets.

02

Focusing on low cost production assets with strong exploration upside.

03

Building strong relationships with our partners, our communities and all levels of the Mongolian government.

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Steppe Gold Limited - Mongolia's Premier Precious Metals Company

Corporate Presentation - December 2021

COMPANY O V E R V I E W

Steppe Gold is Mongolia's premier precious metals company, has commenced production and is projected to produce 50,000to 60,000ouncesof goldfrom its Phase IHeap Leach Operation at the ATO Gold Mine annually. The Company has recently completed a feasibility study into the Phase II expansion of the ATO Gold Mine to produce ~100,000of gold ounces equivalent per annumfrom the development of underlying fresh rock ores.

Investment Highlights:

01.

Proven in-country team

Proven track record. Strong social licence to operate and strong support from Mongolian investors.

03.

Resource expansion

Updated resource estimates recently announced for ATO 1, 2 ,4 deposits and initial resource for Mungu deposit, doubling resource to 2.45M oz Au Eq. at ATO Gold Mine.

02.

Production Commenced in 2020

Mine fully commissioned and permitted. Initial Phase - I oxide zone is estimated to produce ~ 50, 000 to 60,000 ounces of gold annually.

04.

S i g n i f i c a n t e x p l o r a t i o n p o s i t i o n

Uudam Khundii ("UK") Project: Steppe Gold owns 14,400 ha in Bayankhongor gold belt. Drilling programs for 4 new gold discoveries to commence in 2022.

OTCQX: STPGF | TSX : STGO

Share Price	USD $1.10	/ CA $1.39
Current Shares Outstanding	68.4 (m)
Mongolian National Fund* (US$3.0m)	4.3 (m)
Warrants & Options - (Strike @$2.00)	11.3(m)
Warrants	- (Strike @$3.00)	6.98(m)

CAPITAL STRUCTURE:
Mongolian Nationals	16 %
Insiders and Management	15 %
Family Office Investors (US & Europe)	13 %
Eric Sprott	11%
Fidelity International Ltd	6 %
Elliot Management/Triple Flag	4 %
Others	36%

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Steppe Gold Limited - Mongolia's Premier Precious Metals Company

Corporate Presentation - December 2021

COMPANY BOARD AND MANAGEMENT

Matthew Wood

Executive Chairman

BataaTumur-Ochir	Aneel Waraich	Patrick Michaels	Jeremy South
Director,President and CEO	Director and Executive	Director	Senior Vice President and
	Vice President			Chief Financial Officer

M r.Wood is a mineral resource explorer and developer with over 25 years of global industry experience in mining investments.

Founder of Hunnu Coal Limited sold for

~A$500M (2011). Awarded the Order of the Polar Star, the highest state honour that can be awarded to a non-citizen of Mongolia.

M r. Bataa Tumur-Ochir is a Mongolian national responsible for new business acquisitions, development and government and community rela- tions. He is also responsible for daily operations in Mongolia. Mr. Tumur-Ochir has over 10 years of experience in mining industry.

M r. Waraich is a financial services professional with 15 years of progressive experience in capital markets having worked on over $1B in deals. Founder of ATMA Capital Markets focusing on advising public and private companies in the Natural Resources sector.

Mr. Michaels is the Chairman of Zuri-Invest AG and the Chairman of Asty Capital AG in Zurich, Switzerland. Mr. Michaels has been involved in numerous financings of gold mines in North America as well as various other countries and is

1. well-respectedfinancial adviser and fund man- ager throughout Europe.

M r.South has over 35 years of experience in M&A, capital markets and private equity in Europe, North America and Australia, including senior positions in investment banking at Deut- sche Bank, NatWest Markets and Deloitte. He has been working in Mongolia since 2011.

Dr.ZambaBatjargal	Sereenen Jargalan		Steve Haggarty		EnkhtuvshinKhishigsuren
Director	Director		Director		VP of Exploration

Dr.Batjargal has more than 35 years' experience working for the government entities in Mongolia dealing with issues of environmental protection and climate change. He was the Minister of the Environment of Mongolia from 1990 to 1996. Dr. Batjargal has extended experience of work outside of Mongolia being engaged in international bi-and multilateral cooperation activities.

Ms. Jargalan has been a professor at the Mongo- lian University of Science and Technology since September 2003 and head of the Department of Mineral Exploration since 2011 where she teaches Ore Geology and Metallogeny to Bachelors, Masters and Doctorate students.

M r. Haggarty is the Managing Director of Haggarty Technical Services Corporation and a registered member of the Professional Engineers Ontario. M r. Haggarty has over 35 years of industrial experience both on-site and at a corporate level, involving several precious metal and copper producers, with a background in project design, commissioning, start-up, metallurgy, process optimization, project management, reclamation and closure.

Mr. Khishigsuren has over 30 years of Mongolian mineral exploration experience. He has focused his expertise on the precious metals exploration sector resulting in successes for numerous com- panies.

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