MONGOLIA PREMIER - Steppe Gold...Steppe Gold Limited -Mongolia’sPremier Precious Metals Company Corporate Presentation /November 2020 2020 March Commenced 60,000oz heap leach gold

M O N G O L I A ’S P R E M I E RPRECIOUS METALS COMPANY

CORPORATE PRESENTATION

November 2020

TSX:STGO

Precious Metals Company

D I S C L A I M E R

T E C H N I C A L I N F O R M AT I O N

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”.

C A U T I O N A R Y N O T E F O R U N I T E D S TAT E S I N V E S TO R S

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 Petro-

leum 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.

Steppe Gold Limited - Mongolia’s Premier Precious Metals Company

22

Corporate Presentation / NOVEMBER 2020

http://www.sedar.com/

O u r m a n d a t e :

O U R V I S I O N

Mongol ia ’s p r e m i e r p r e c i o u s m e t a l s c o m p a n y.

01D e l i ve r i n g super ior ret u r n s to s h are h o l d e rs f r o m low-cost , l o n g life p re c i o u s m e t a l s assets .

0 2F o c u s o n l o w - co st p r o d u c t i o n a s s e t s w i t h s t r o n g exp lorat ion ups ide.

0 3B u i l d i n g s t r o n g re lat ionships w i t h o u r partners , o u r c o m m u n i t i e s a n d all levels of t h e M o n go l i a n g o v e r n m e n t .


3


C O M PA N Y O V E R V I E W

01.P r o v e n i n - c o u nt r y t e a m

03.R e s o u r c e e x p a n s i o n

02.Commercial p r o d u c t i o n achieved

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

0 4 .S i g n if i cant ex p l o rat ion po s i t ion

Uudam Khundii (“UK”) Project: Steppe Gold owns 14,400 ha in Bayankhongor gold belt. 4 new gold discoveries to be drilled in 2020.

Proven track record. Strong social licence tooperate and strong support from Mongolianinvestors.

New resource upgrades are currently being calculated for ATO 1, 2 ,4 deposits and initial resource for Mungu deposit.

Steppe Gold is Mongolia’s premier precious metals company, has commenced production and is projectedto produce 60,000 ounces of gold from its Phase I Heap Leach Operation at the ATO Gold Mine annually.The Company is also completing a feasibility study into the Phase II expansion of the ATO Gold Mine toproduce approximately 150,000 ounces of gold per annum from the development of underlying freshrock ores.

I n v e s t m e n t H i g h l i g h t s :T S X : S T G O

SharePrice

Current SharesOutstanding

Mongolian National Fund*(US$3.0m)

Warrants & Options - (Strike @$2.00)

Warrants&Options -(Strike @$3.00)

CAPITAL STRUCTURE:

CA$ 2.25

68.9 (m)

4.3(m)

11.3(m)

6.98(m)

MongolianNationals 16%

Insiders andManagement 15%

FamilyOffice Investors(US&Europe) 13%

Eric Sprott 11%

Triple Flag MiningFinance 5%

Elliot Management 4%

Others 37%


44


C O M PA N Y B O A R D A N D M A N A G E M E N T

MatthewWood

Executive Chairman

Dr. ZambaBatjargal

Director

BataaTumur-Ochir

Director, President and CEO

BatkhuuBudnyam

Director

Aneel Waraich

Director and Executive

Vice President

Dr.Sereenen Jargalan

Director

PatrickMichaels

Director

SteveHaggarty

Director

Jeremy South

Senior Vice President

Chief Financial Officer

EnkhtuvshinKhishigsuren

VP of Exploration

Mr. Wood is a mineral resource explorer and

developer with over 25 years of global indus-

try 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.

Dr. Batjargal has more than 35 years’ experi-

ence working for the government entities in

Mongolia dealing with issues of environmen-

tal 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.

Mr. Bataa Tumur-Ochir is a Mongolian nation-

al responsible for new business acquisitions,

development and government and community

relations. He is also responsible for daily

operations in Mongolia. Mr. Tumur-Ochir has

over 10 years of experience in mining industry.

Mr. Budnyam is a successful entrepreneur and

financial expert who has extensive experience

in the banking and finance sectors in Mongolia.

Mr. Budnyam serves as Advisor to Chinggis

Khaan Bank. Prior to joining Chinggis Khaan

Bank, Mr. Budnyam was Managing Director of

Organic Solutions Mongolia and previously to

that was Managing Director of MFS Capital.

Mr. 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.

Ms. Jargalan has been a professor at the

Mongolian 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.

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 a well-respected financial

adviser and fund manager throughout Europe.

Mr. Haggarty is the Managing Director of

Haggarty Technical Services Corporation

and a registered member of the Professional

Engineers Ontario. Mr. 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. South has over 33 years of experience in

M&A, capital markets and private equity in

Europe, North America and Australia, includ-

ing senior positions in investment banking at

Deutsche Bank, NatWest Markets and

Deloitte. He has been working in Mongolia

since 2011.

Mr. Khishigsuren has over 30 years of Mon-

golian mineral exploration experience. He has

focused his expertise on the precious metals

exploration sector resulting in successes for

numerous companies.


55


S T E P P E P E O P L E

2 5 0 -3 0 0C r e a t i n g S u s t a i n a b l e

E m p l o y m e n t O p p o r t u n i t i e s to

P e o p l e

Total number of people at

the mining site

2 6 5

123Number of

contract workers

142Number of

Steppe employees

Employeesand contractors

9 9 %

Employees fromlocal province

6 6 %of total

workforce

Steppe Gold Limited - Mongolia’s Premier Precious Metals Company Corporate Presentation / NOVEMBER 2020

66

S T E P P E S O C I A L R E S P O N S I B I L I T Y

Steppe Gold is an integral part of the local community:

We have been building strong local support and relationships for many years, prior to commencing our exploration and production efforts.

Steppe has signed a cooperation agreement with the local government, ensuring a beneficial

working environment for our people.

Steppe Gold's first priority is, and always will be, the safety of our people.

Steppe Gold and Mongolia

are proud to sponsor sambo wrestler, A.Khatansaikhan, Asian gold medalist of 2018, 2019 and silver medalist from World championship.

Steppe is committed to mitigating and rehabilitating environmental impacts. We support biodiversity offsets, sustainable

development and the principles of responsible mining in all of our work.

Local employees

176were hired directly

and indirectly

Trained andCertified

3 6people and provided

specialised jobs

Scholarships for

students

+100to attend local

schools

Dairy products and meat

1 0 0 %supplied by local

communities

Corporate Presentation / NOVEMBER 2020Steppe Gold Limited - Mongolia’s Premier Precious Metals Company

77

2016August

The Company

was founded

in Mongolia.

2017January

Steppe Gold

Canada was

established.

2017June

Acquired 80%of

“UK“ project in

Bayankhongor.

2017September

Acquired ATO

project from

Centerra Gold

2018May

CA$25M IPO on TSX

Total:US$66m.

2018June

Commenced the

development of

the ATOmine. 2019December

Mined, crushed

and stacked over

533,000 tonnes of

ore at a grade of

2.0g/ton the leach

pad.Themine fully

commissionedand

fullypermitted.

2020July

Commercial production declared.

Produced over

15,000 ounces and

sold over 12,400

ounces for >$10M

USD EBITDA

Company MilestonesATO Gold Mine built in 14months under US$20m CAPEX

8

Steppe Gold Limited - Mongolia’s Premier Precious Metals Company Corporate Presentation /November 2020

2020March

Commenced

60,000oz heap

leach gold and

silverproduction.

Advanced

Feasibility studyto

produce150,000oz

per annum.

Additional resource

estimation.

W H Y M O N G O L I A

H o m e to wo r l d c l a s s assets , s o u n d m i n i n g i nf rast r u c t u re a n d m i n i n g talent.

S t r o n g s u p p o r t for m i n i n g i n d u st r y at all levels of g o v e r n m e n t .

F o c u s o n safety, w e a l t h g e n e rat i o n a n d s u sta i n ab l e d e ve l o p m e nt .

D e v e l o p i n g b ro a d b a s e d w i n - w i n p a r t n e rs h i p s w i t h C h i n a , R u s s i a a n d th ird n e i g h b o u r s f o u n d e d o n t h e m i n i n g i n d u st r y a n d related infrastructure.


99

S T E P P E ’ S V A L U E B U I L D I N G M O D E L

C a s h f l o wFully permitted heap leach mine and

plant.

Commenced commercial production targeting 60,000 ounces annually.

E x p l o r a t i o nThe Company owns one of the largest

exploration licences in Bayankhongor gold belt.

Commenced drilling on 4 new discoveries in 2020.

D e v e l o p m e n tCommenced feasibility study to produce

150,000 ounces annually.

New resource upgrades are being estimated.

The Company has access to a steady pipeline of exploration and development projects across Mongolia.Currently assessing over 200,000 hectares of exploration licences and several gold projects for 2020.


Fast-tracked production and exploration upside


1100

C O M PA N Y O P E R AT I O N S

Steppe Gold owns exploration, development and production assets.A LTA N T S A G A A N O V O O ( AT O G O L D M I N E )

60koz oxide heap leach production annually. Additional resource estimation and 150koz annual production feasibilitystudy underway.

U U D A M K H U N D I I ( U K P R O J E C T )

Over 14,000 hectares of exploration package in a western gold belt of Mongolia.


1111

A LTA N T S A G A A N O V O O ( ATO ) G O L D M I N E

NI 43-101 compliant 1.22 Moz Au Eq resources (M&I)

(1)(2)(4)(5)(8)(9)(10)(12)

A T O Minera l R e s e r v e s(1)(3)(5)(6)(7)(8)(9)(10)(12)

Proven

T O N N A G E

(Mt)

3.41

GRA

Au(g/t)

1.41

D E

A g ( g / t )

9.72

CONTAINE

A u ( k o z )

155

D M E T A L

A g ( k o z )

1065

RECOVERE

A u ( k o z )

108

D M E T A L

A g ( k o z )

426

Probable 1.82 0.93 10.52 55 616 38 246

Provenand Probable 5.23 1.25 10.00 210 1681 147 673

A T O Mineral R e s o u r c e s T O N N A G E G R A D E C O N T A I N E D M E T A L

(Mt) Au(g/t) A g ( g / t ) P b ( % ) Z n ( % ) A u ( k o z ) A g ( k o z ) P b ( m l b ) Z n ( m l b )

Measured 7.77 1.51 8.16 0.86 1.54 378 2039 148 263

Indicated 4.46 1.46 13.17 0.55 1.01 209 1889 54 99

Measured + Indicated 12.23 1.49 9.99 0.75 1.34 587 3927 202 362

Inferred(11) 1.05 1.03 25.18 0.52 1.11 35 848 12 26

Notes:1. ATO Mineral Reserves and Mineral Resources are as at August 21, 2017 using the CIM Definition Standards(2014).2. MineralResourcesareinadditiontoMineralReserves.3. Mineral Reserves are constrained within an optimized pit shell based on a gold priceof $1,300 per ounce.4. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability for heapleaching.5. Containedgoldestimateshavenotbeenadjustedformetallurgicalrecoveries.6. Recoveredgoldestimateshavebeenadjustedformetallurgicalrecoveriesbasedon70%forAuand40%forAg.7. Mining dilution is 3%and Ore loss is2%.8. Mineral Reserves and Mineral Resources are estimated using a 0.3 g/t AuEq cut-off grade for oxide material and a 1.1 g/t AuEq. Cut-off

grade forfreshmaterial.

9. A conversion factor of 31.103477 grams per ounce 453.59237 grams per pound are used in the reserve and resourceestimates.10. AuEqhasbeencalculatedusingassumedmetalprices($1,306.6/ozforgold,$21.6/oz).

Oxideorecalculation:AuEq(g/t)=Au(g/t)+(Ag(g/t)x21.6x0.0321507x0.4)/(1,306.6x0.0321507x0.7) Freshorecalculation:AuEq(g/t)=Au(g/t)+((Ag(g/t)x21.6x0.0321507x0.75)+(Pb%x1,844x10-6x0.6)+(Zn%x1,944x10-6x0.55))/ (1,306.6x0.0321507x0.71)

11. InferredMineralResourceshaveagreatamountofuncertaintyastotheirexistenceandastowhethertheycanbeminedeconomically. Itcannot beassumedthatallorpartoftheInferredMineralResourceswilleverbeupgradedtoahighercategory.

12. Totals may not match due to rounding.


1132



L E A C H PA D / C E L L 1A N D 2

F U E L S TAT I O N

FULLY PERMITTED AND COMMENCED COMMERCIAL PRODUCTION PHOTO - JUNE 2019

S TO R M W AT E R P O N D P R E G N A N T / B A R R E N P O N D S

C R U S H E R

A D R B U I L D I N G / P L A N T

C H E M I C A L S T O R A G E FA C I L I T Y


1143

PHASE I - OXIDEHEAPLEACHPRODUCTION

60,000 oz of Gold annuallyPHASE II-150,000oz of goldproduction annually fromfreshrock

A D R B U I L D I N GA LTA N T S A G A A N O V O O ( ATO ) G O L D M I N E - JUNE 2020



60,000 oz of GoldannuallyPHASE II-150,000oz of goldproduction annually fromfreshrock

1154

M I N I N G C A M PA LTA N T S A G A A N O V O O ( ATO ) G O L D M I N E


1165



A D R P L A N TA LTA N T S A G A A N O V O O ( ATO ) G O L D M I N E


1176




Leveraging HL cash flow to scale operations

2 0 2 0 c a s h f low – 6 0 k o z of g o l d o n H L s h o u l d g e n e ra t e $ 4 0 m + of E B I T D A

S imi lar f re e c a s h f low before c a p e x in 2021 a n d 2022

2 0 2 0 c a s h f low to b e re invested in explorat ion at ATO, a n d to start t h e p l a n n i n g for P h a s e 2

E x p e c t e d to start c o n st r u c t i o n for P h a s e 2 – 2021/2022

C I L p l ant a n d a s s o c i ate d c a p e x – a r o u n d $ 1 0 0 m in cap ex , p ro je c t f i n a n c e st r u c t u re

P ro j e c t f i n a n c e p ar tn e rs b e i n g i d e nt i f ie d a n d E P C g r o u p s b e i n g i nte r v i ewe d in 2 0 2 0

L i m i t e d e q u i t y c o m p o n e n t re q u i re d – s u p p o r t e d b y c a s h f low a n d prof itabi l i ty at P h a s e 1


1187


S E C O N D Q U A R T E R U P D AT E

S t r o n g start to p ro d u c t i o n at t h e ATO g o l d mine, s u p p o r t i n g low costs, w i t h posit ive g r a d e reconci l iat ion o n s a m p l i n g

D u r i n g t h e quarter p r o d u c e d 15,389 g o l d o u n c e s a n d 4,978 si lver ounces .

G o l d a n d silver sa les we re $19,520 a s 12,458 g o l d o u n c e s a n d 3,728 silver o u n c e s we re so ld w i t h ave ra ge real ized pr ices per o u n c e of $1,714 a n d $15 respectively.

ATO G o l d Mine All In S u s t a i n i n g C o st (AISC) for t h e quarter w a s$739 per o u n c e sold

C a s h costs for t h e quarter we re $595 per o u n c e sold.

O p e ra t i n g i n c o m e f r o m m i n e operations, before deprec iat ion a n d deplet ion, w a s $12,046.


21

R E S O U R C E E X PA N S I O N

Building on a large dataset - high grade intercepts.Over 90,000m drilling and 28,421m trenching completed. Mungu deposit unclassified yet.The latest drilling results and new resource estimates for ATO and Mungu deposits are underway.

L o o k i n g N o r t h W e s t

ATO - 2 D E P O S I T

ATO - 2 D E P O S I T

ATO-1 D E P O S I T

AT O - 4 D E P O S I TATO-1 D E P O S I T

AT O - 4 D E P O S I T M U N G U

M U N G U


1198


22m at 2.4g/t gold from 85 metres

10m at 4.59g/t gold from219metres

ATO4Deposit

MG-122

MG-130

34.3m at 7.6g/tgold, 24.11g/tsilver from 259.7metres

33.5m at 2.07g/tgold, 181g/tsilver from 286 metres

ATO-357

ATO-367

A new, very high-grade base metal zone has also been discovered underneaththe ATO1 Deposit which is now subject to additional drilling in the 2020drilling program.

Drilling programs at the ATOGold Project will be ongoing for the

remainder of 2020and a substantial amount of results are pending that will be reported in the next 30 days.

Mungu Discovery

Highlighted Results from the

2019 Drilling Program

19


MG-139

MG-140

MG-141

MG-142

MG-143

19.3m at 6.77g/t gold, 28.6g/t silver from 219.2metres

22.9mat 4.73g/tgold, 87.10g/tsilver from 205.1metres

11mat 4.83g/tgold, 249.03g/tsilver from 168metres

21m at 3.77g/t gold, 8.7g/t silver from 269 metres

38m at 1.32g/tgold,78.44g/tsilver from 257metres

received to date at the Mungu Discovery include

Highlighted Results for the 2020

Drilling Program

20


U U D A M K H U N D I I ( U K ) P R O J E C T

ONE OF THE LARGEST EXPLORATION LICENCES IN BAYANKHONGOR GOLD BELT

To date, Steppe Gold has completed 18 trenches for 933 meters in 2020 at the Milky Way Prospect

and the Altan Sum Prospect.

This work is ongoing with more trenching planned across all four prospects discovered.At the Milky Way Prospect initial trenching results have highlighted a mineralized system of at least

700 meters in length and up to 12metres wide with individual meter sampling results up to 1.49g/t gold,

450g/t silver, 2.98% copper, 3.98% lead and 0.31% Zinc.

These are exciting early results and the Company is expanding its exploration efforts with a geophysical

crew and drilling rig planned to be mobilized to site in the coming month.

Identified 4 new discoveries to be drilled in 2020.

14,400 hectares

N5 KM

Uudam Khundii (“UK”) Project:Steppe Gold owns 14,400 hectares in a first of its kind, 80/20 JV with the provincial government of

Bayankhongor.

Adjoining licences held by Erdene Resources (ERD)* have discovered high grade gold silver mineralized zones trending on to Steppe’s

licences.

The Company is currently assessing over 200,000 hectares of exploration licences for further

acquisition.

E X C L U S I V E R I G H T S H I G H LY P R O S P E C T I V E A R E A FUTURE A C Q U I S I T I O N S


22

S T E P P E C ATA LY S T S 2 0 2 0 :

Heap leach mine built and fully permitted.

Commenced commercial productionand targeted to produce 60,000oz Au annually.

150,000 oz per annum feasibilitystudies underway.

Estimating new resources on Mungu depositand updating ATO gold mine resources.

Commencing drilling programmes on “UK“

project.

3 drill rigs mobilized, further drillingcommenced on ATO and Mungu.

P R O D U C T I O N / C A S H F L O W F U R T H E R D E V E L O P M E N T E XC I T I N G E X P L O R AT I O N R E S U LT S

Corporate Presentation / NOVEMBER2020Steppe Gold Limited - Mongolia’s Premier Precious Metals Company

23

S T E P P E G O L D

M O N G O L I A’ S P R E M I E R

P R E C I O U S M E TA L S C O M PA N Y

L o w cost , l o n g life explorat ion a n d

m i n i n g a s s e t s in Mo n go l i a

L o w c o s t p r o d u c t i o n

~ 6 0 , 0 0 0 o z h e a p l e a c h p r o d u c t i o n

F u r t h e r d e v e l o p m e n t

~150,000oz p r o d u c t i o n f r o m f r e s h r o c k

C r e a t i n g j o bs a n d b u s i n e s s

o p p o rt uni t ie s in o u r l o c a l c o m m u n i t i e s

C o m p e l l i n g va l u e for investors


24

C O N TA C T

Matthew Wood

Executive Chairman

[email protected]

Aneel Waraich

Director and Executive VP

[email protected]

The Company’s headoffice:Shangri-La office, Suite 1201, Olympic street 19A, Sukhbaatar District 1, Ulaan-baatar 14241, Mongolia, Tel/Fax: +976 7732 1914

Toronto Office:90 Adelaide Street. W, Suite 400Toronto, ON, M5H 3V9, Canada Tel:+1647 951 6506

Bataa Tumur-Ochir

President and CEO

[email protected]

JeremySouth

Senior VP and CFO

[email protected]

TSX:STGO

Precious Metals Company


25

mailto:[email protected]






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MONGOLIA PREMIER - Steppe Gold...Steppe Gold Limited -Mongolia’sPremier Precious Metals Company Corporate Presentation /November 2020 2020 March Commenced 60,000oz heap leach gold