Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce its financial results for the three months ended March 31, 2022, following recent positive operational updates.

First Quarter Highlights (all figures in US$000's unless stated otherwise)

With the resumption of supply of key reagents in March 2022, and the Compay's recent operational update that highlighted ramped-up production levels, the focus for the balance of 2022 will be to continue to maximize oxide production from the substantial inventories on hand. Production will ramp up gradually as the reagent supplies build up and more cells are under leach. Exploration efforts have identified high grade zinc and lead and further exploration and pit optimisation work in 2022 will be directed at expanding the resource at ATO.

With the 2021 Gold 2 Loan package now in place and production resumed, the Company also plans to move forward with securing the balance of the Phase 2 Expansion project finance.

The Company's consolidated financial results for the three months ended March 31, 2022 have been filed on SEDAR. The full version of the condensed interim consolidated financial statements and associated management's discussion & analysis can be viewed on the Company's website at www.steppegold.com or under the Company's profile on SEDAR at www.sedar.com.

Steppe Gold is Mongolia's premier precious metals company.

For Further information, please contact: Bataa Tumur-Ochir, CEO and President

Shangri-La office, Suite 1201, Olympic Street 19A, Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia Tel: +976 7732 1914

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as adjusted earnings before interest, taxes, depreciation and amortization. Further details of Non-IFRS Performance Measures noted above can be found in the Company's management's discussion & analysis.

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.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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Overview Steppe Gold (TSX:STGO) is a precious metals development company and gold producer in Mongolia. The company owns the Altan Tsaagan Ovoo (ATO) and the Uudam Khundii (UK) gold projects in Mongolia. Steppe Gold has recently commenced gold production at its flagship ATO project. The company has mined, crushed and stacked approximately 715,000 tonnes of ore with an average grade of approximately 2 g/t gold to date. As of June 2020, Steppe Gold has produced and sold a total of 15,389 ounces of gold and 4,978 ounces of silver generating US$25.3 million. The company is on pace to meet its production goal of 60,000 ounces of gold in 2020. Now that the company has commenced gold production, Steppe Gold intends to continue its feasibility study into the development of the much larger fresh rock resource underlying the current mining operation. The proposed development of a cyanide in leach operation for processing fresh rock is expected to have a life of mine of approximately 12 to 15 years. Existing defined fresh rock resources are expected to be supplemented by the new discovery of high-grade gold and silver mineralization on the Mungu trend. Steppe Gold’s exploration is showing that the high-grade Mungu discovery is semi-continuous to the structurally-controlled mineralization drilled at the ATO 4 deposit and that significant resource expansion is possible. The UK project is the first-of-its-kind joint venture (80/20) between Steppe Gold and the Bayankhongor Provincial Government. The company has completed an initial exploration program on this project consisting of IP and magnetic surveys, as well as rock chip and soil geochemical programs. The program resulted in four discoveries that the company plans to further explore with an extensive program of trenching and drilling in the near-term. Steppe Gold is continuing to asses a number of additional opportunities to acquire exploration licenses and mining projects across Mongolia. Steppe Gold’s management team has a track record of success in Mongolia. Keeping projects on track and under budget is Steppe Gold’s General Manager of Processing Grant Smith. Smith has experience in constructing and operating heap leach operations and most recently worked on the Tujuh Bukit gold heap leach project in East Java, Indonesia. Company Highlights Steppe Gold is a gold producer in Mongolia.Initial capital cost of approximately US$20 million, average cash costs less than US$500 per ounce.Approximately 875,225 tonnes of ore with an average grade of 2 g/t gold has been mined to date at the ATO projectOn pace to hit 2020 production goal of 60,000 ounces of goldUS$28 million gold and silver streaming agreement with Triple Flag Mining Finance Bermuda Ltd. in place.Updated resource estimate and feasibility study underway for the larger fresh rock project underlying the current mining project at open cuttable depths. This larger Phase 2 project would involve the construction of a grinding and CIL circuit and would have an expected life of mine of 12 to 15 years and an annual production profile that could reach approximately 150,000 ounces on a gold equivalent basis.Joint venture partnership in place for the UK project with the Mongolian government.Management has a proven track record of success in Mongolia. Key Projects Mining in Mongolia Mongolia is known as one of the last frontiers for large scale mining projects, offering investors and mining companies alike an interesting opportunity. With the success of Oyu Tolgoi, a tier one producer and one of the largest copper mines in the world, Mongolia has demonstrated the geologic potential for mineral wealth. Mongolia had a GDP of US$11.43 billion in 2017 and has an annual growth rate of approximately six percent. The growth of the economy is supported by commodity exports, such as copper and coal, improved business sentiment and the implementation of a government-led economic adjustment program. The World Bank believes that Mongolia’s growth outlook is positive and is supported by the mining and manufacturing sectors. Gold exploration accounts for 45 percent of the mining sector and 2.6 percent of the country’s GDP, leading to the implementation of policies and programs to help promote gold mining. In March 2017, the Mongolian government signed a Foreign Investment Promotion and Protection Agreement (FIPA) with Canada. The agreement provides Canadian investors operating in Mongolia with a legal framework that is expected to help bring greater predictability and certainty to their investments. Canada is a significant investor in Mongolia and has invested approximately $6.4 billion in the country.Mongolian AssetsSteppe Gold’s ATO Gold-Silver Mine The 5,493-hectare ATO gold-silver project is located in the Dornod province of eastern Mongolia. Steppe Gold’s mining license for the project is fully-permitted for 30 years. Steppe Gold commenced production at the ATO project in December 2019. As of July 2020, Steppe Gold has produced and sold a total of 15,389 ounces of gold and 4,978 ounces of silver which generated a net cash flow of US$25.3 million. The company has mined, crushed and stacked approximately 715,000 tonnes of ore where leaching continues. Steppe Gold remains on pace to produce 60,000 ounces of gold in 2020 at cash costs of circa $500 per ounce from the ATO Mine. The company plans to complete the feasibility study for its Stage 2 expansion project at the ATO mine moving forward. The expansion targets an increase in gold production to 150,000 tonnes per annum from underlying fresh rock ores.2017 technical report A 2017 technical report outlined a project development plan for an open-pit heap leach operation at ATO. The project could produce approximately 147,000 ounces of gold and 673,000 ounces of silver from oxide ores over its 4.5-year mine life. Economics are highlighted by an initial capital cost of approximately US$20 million and average cash costs less than US$500 per ounce.2017 resource estimate In 2017, Steppe Gold released a resource estimate for ATO. The report outlined a proven and probable mineral reserve of 5.23 million tonnes grading 1.25 g/t gold and 10 g/t silver. It also described a measured and indicated resource of 12.23 million tonnes grading 1.49 g/t gold, 9.99 g/t silver, 0.75 percent lead and 1.34 percent zinc, as well as an inferred resource of 1.05 million tonnes grading 1.03 g/t gold, 25.18 g/t silver, 0.52 percent lead and 1.11 percent zinc. Exploration Centerra Gold (TSX:CG), the prior operator and owner of the ATO project, spent over US$25 million on exploration, including the completion of 67,000 meters of drilling and 28,421 meters of trenching. Since acquiring the property, Steppe Gold has completed an additional 20,000 meters of drilling. ATO4 & Mungu Discovery The Mungu discovery is located northeast of the current resource from the ATO 4 deposit. The discovery is located on a 20-kilometer long structurally controlled, north-trending, mid-sulfidation epithermal gold-silver system. Steppe Gold believes that the ATO 4 deposit may be semi-continuous to the mineralization at the Mungu discovery. The ATO 4 Deposit currently remains open along strike to the north and at depth. Moving Forward Now that the company is in production, Steppe Gold plans to turn its focus towards exploration at the ATO deposits and Mungu discovery. The company is also working towards releasing an updated feasibility study for the fresh rock project that is expected to include the Mungu discovery. Steppe Gold is also looking to complete the following activities at ATO:Receive cyanide permit, begin leaching and pour first gold.Complete maiden mineral resource on Mungu deposit.Restart exploration program at ATO and Mungu deposit.The UK Gold Project The 14,397-hectare Uudam Khundii property is comprised of one exploration license and is located 800 kilometers southwest of Ulaanbaatar, Mongolia. The property is an 80/20 joint venture with the Provincial Government of Bayankhongor. The property is located between Erdene Resource Development Corporation’s (TSX:ERD) Bayan Khundii gold discovery and Altan Nar epithermal gold deposits. Steppe Gold has completed an initial exploration program on the property that included geological mapping, geochemical sampling and geophysical surveys. The company expects to commence its trenching and drill programs in the near term. Steppe Gold is also looking into expansion opportunities to further consolidate its footprint in the area. To date the company has completed:1,940 line kilometer ground magnetic survey12 line kilometer IP survey346 rock chip samples8,427 soil geochemical samples Steppe Gold plans to commence a trenching and drilling program at the UK project by the end of 2019.Management Team Matthew Wood — Chairman Matthew Wood is a mineral resource explorer and developer with over 25 years of global industry experience in mining and commodities investments. He has managed investment deals in diamonds, coal, energy, ferrous metals, base and precious metals, among other commodities. His unique skills in technical and economic evaluation of resource opportunities have resulted in a record of nurturing resource deals from early-stage, to market listings and exit strategies for his investors. He was formerly the founder and Executive Chairman of the Mongolian coal company, Hunnu Coal Limited. Hunnu Coal was IPO of the year for all sectors on the ASX in 2010, and its sale for approximately A$500 million in 2011 to Banpu PCL was recognized as the Mines and Money 2012 Deal of the Year. Wood has founded and been involved in many other resource companies and investments over the years. He has extensive experience and many key relationships in Mongolia and was recently awarded the Order of the Polar Star, the highest state honor that can be awarded to a non-citizen of Mongolia. He has an Honours Degree in Geology from the University of New South Wales and a Graduate Certificate in Mineral Economics from the Western Australian School of Mines.Bataa Tumur-Ochir — President and CEO Bataa Tumur-Ochir is responsible for new business acquisitions, development, government and community relations and the daily operations in Mongolia. He has strong relationships with all levels of government in Mongolia and was recently appointed independent advisor to the Ministry of Mining and Heavy Industry responsible for foreign investment and promotion. He is currently a director at GCD Mongolia and CEO and executive director of ASX-listed Wolf Petroleum. Under his guidance, Wolf Petroleum was awarded the “Operator of the Year Award” from the Petroleum Authority of Mongolia, and today, Wolf Petroleum is recognized as the fastest growing petroleum exploration company with the largest petroleum exploration acreage in Mongolia. He holds a bachelor’s degree in business administration and graduate certificates in international business and marketing from Australia and Singapore.Aneel Waraich — Director and Executive VP Aneel Waraich is the founder of ATMA Capital Markets and ATMACORP LTD. He is a financial service professional with progressive experience in asset management and corporate finance businesses. Waraich focuses primarily on advising public and private companies in the natural resource sector. In previous roles at Goodman and Company Investment Counsel and Dundee Capital Markets, he worked as an analyst valuing private companies. Most recently he worked as an investment banker focusing on deal origination, going-public transactions and financings for both public and private companies in the resource and technology sectors. He completed his MBA from the Goodman Institute of Investment Management at the John Molson School of Business.Jeremy South — Senior VP and CFO Jeremy South has been a director of Steppe Gold since March 2017. He has over 33 years of experience in M&A, capital markets and private equity in Europe, North America and Australia, including senior positions in investment banking at Deutsche Bank, NatWest Markets and Deloitte. For 10 years, he was a Global Leader and Mining M&A Advisor at Deloitte. Based in Beijing for four years, he advised leading Asian trading houses and financial investors on mining M&A, financing and strategy, and he has worked with some of Asia’s largest companies. He acted as Chairman of Aldridge Minerals Inc. up until it’s recent sale to Trafigura Ventures. South is a Chartered Accountant and holds a Bachelor of Economics degree from Monash University (Australia). He holds the ICD.D designation as a graduate of the Institute of Corporate Directors.Greg Wood — VP Operations Gregory Wood is an Australian citizen and was appointed as Vice President Operations of Steppe Gold LLC in 2016. He is responsible for all mining-related operations in Mongolia. Prior to joining Steppe, he held positions as Director and Non-Executive Chairman of Carajas Copper Company, Operations Manager of Harvest Minerals and as CEO of Black Star Petroleum. He has extensive experience in the oil and gas industry through his past family oil business’s and has completed the Petroleum Engineering for non-engineers programmer in Houston, Texas. Wood was a systems accountant with over 12 years extensive experience in financial reporting, financial analysis, developing key performance indicators and modeling of financial reports over a number of industries including transport, media and infrastructure. He held management positions at Asciano and Patrick Stevedores.Enkhtuvshin Khishigsuren — VP Exploration Enkhtuvshin Khishigsuren has over 30 years of Mongolian mineral exploration experience. He spent the first 10 to 12 years of his career at Central Geological Expedition doing regional geological mapping in various areas of Mongolia, followed by seven years as senior exploration manager on the exploration of precious metal in Mongolia for Harrods Minerals. Since 2005, he has been running his own company, Erdenyn Erel, which provides exploration and consulting services to western exploration and mining companies. He is responsible for identifying targets and properties based on his knowledge and experience. His experience has resulted in the discovery of several prospective gold and copper deposits in Mongolia; such as the multimillion-ounce gold deposit Olon Ovoot, the Zuun mod molybdenum porphyry deposit and the Shand copper porphyry deposit. He holds a bachelor degree in geological exploration from Azerbaijan State University and a Master’s degree in geological science from Shimane University, Japan.Grant Smith — General Manager of Processing Grant Smith has over 15 years of heap leach experience beginning with Which Creek Copper in the Pilbara region in Western Australia since 2003. Following that, Smith spent time in Laos, Egypt and Mauritania as well as held consultative roles in Mongolia, Kazakhstan and Armenia. More recently, his extensive experience led him to Indonesia where he was responsible for the construction and operation of the heap leach at Tujuh Bukit gold heap leach in East Java, Indonesia.Patrick Michaels — Director Patrick Michaels is the Chairman of Zuri-Invest AG and the Chairman of Asty Capital AG in Zurich, Switzerland. He has been involved in numerous financings of gold mines in North America, among others. He is a well-respected financial adviser and fund manager throughout Europe. Michaels has extensive experience in the fields of mining finance, fund management and asset allocation. He has a background in law and economics and did his training in the areas of private banking and investment research at UBS in Zurich. Additionally, he attended post-graduate courses at the Colorado School of Mines in Golden, Colorado.Dr. Zamba Batjargal — Director Dr. Zamba Batjargal has over 35 years of experience working for the government in Mongolia, dealing with issues of environmental protection and climate change. He was the Minister of the Environment of Mongolia from 1990 to 1996 and Director General of the National Agency for Meteorology, Hydrology and Environmental Monitoring from 1996 to 2001. Dr. Batjargal has experience in working outside of Mongolia due to his engagement in international bi-and multilateral cooperation activities. He was Ambassador of Mongolia to Japan from 2001 to 2005. Between 2005 and 2011, he worked in New York as a Representative of the World Meteorological Organization (WMO) to the UN. Since 2014, he has served as an independent consultant on climate change and the development of green policy for public institutions and non-profit organizations. He was also an advisor at the Office of the President of the United Nations Environmental Assembly (UNEA) in Ulaanbaatar (2014 to 2016). He received his Ph.D. in physics and mathematics in 1978 from the Hydrometeorological State University, St.Petersburg, Russia.Batukhuu Budnyam — Director Batukhuu Budnyam is a successful entrepreneur and financial expert who has extensive experience in the banking and finance sectors in Mongolia. Until recently, Budnyam served as Advisor to Chinggis Khaan Bank. Prior to joining Chinggis Khaan Bank, he was Managing Director of Organic Solutions Mongolia LLC and previous to that, he was Managing Director of MFS Capital LLC. Budnyam is a Mongolian native and speaks fluent English, Russian and German. He has a Bachelor’s Degree in Economics from the National University of Mongolia.Sereenen Jargalan — Director Sereenen 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 and supervises Ph.D. student research projects. She has a Ph.D. and Master’s degree in Earth Science from the Institute of Mineralology, Petrology and Economic Geology at Tohoku University in Japan, focused on petrology of igneous rocks and a Bachelor of Mineral Exploration from the Mongolian Polytechnical University. She completed post-doctorate work focused on the REE potential in Mongolia at the Mineral Resources Research Group, Institute for Geo-Resources and Environment and the National Institute of Advanced Industrial Science and Technology, Japan. She has co-authored or contributed to over 50 academic books, articles and other publications. She has been the recipient of numerous academic awards and honors in both Magnolia and Japan.Steve Haggarty – Director Steve Haggarty is the Managing Director of Haggarty Technical Services Corporation and a registered member of the Professional Engineers Ontario. He 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. With a mining career spanning nearly four decades, Haggarty’s industry experience includes 24 years in operations and 14 years in corporate and EPCM-related roles. Most recently, he was Senior Director for the Metallurgy at Barrick Gold Corp. In this role, he was responsible for operational performance improvements, defining GeoMet models, processing strategy and risk mitigation. Haggarty has worked at multiple mine sites around the world, including as General Manager of Barrick Gold’s Veladero heap leach project in Argentina. He is considered a technical leader in heap leach processing, implementation and optimization.

Steppe Gold (TSX:STGO) is a precious metals development company and gold producer in Mongolia. The company owns the Altan Tsaagan Ovoo (ATO) and the Uudam Khundii (UK) gold projects in Mongolia.

Steppe Gold has recently commenced gold production at its flagship ATO project. The company has mined, crushed and stacked approximately 715,000 tonnes of ore with an average grade of approximately 2 g/t gold to date. As of June 2020, Steppe Gold has produced and sold a total of 15,389 ounces of gold and 4,978 ounces of silver generating US$25.3 million. The company is on pace to meet its production goal of 60,000 ounces of gold in 2020.

Now that the company has commenced gold production, Steppe Gold intends to continue its feasibility study into the development of the much larger fresh rock resource underlying the current mining operation. The proposed development of a cyanide in leach operation for processing fresh rock is expected to have a life of mine of approximately 12 to 15 years.

Existing defined fresh rock resources are expected to be supplemented by the new discovery of high-grade gold and silver mineralization on the Mungu trend. Steppe Gold’s exploration is showing that the high-grade Mungu discovery is semi-continuous to the structurally-controlled mineralization drilled at the ATO 4 deposit and that significant resource expansion is possible.

The UK project is the first-of-its-kind joint venture (80/20) between Steppe Gold and the Bayankhongor Provincial Government. The company has completed an initial exploration program on this project consisting of IP and magnetic surveys, as well as rock chip and soil geochemical programs. The program resulted in four discoveries that the company plans to further explore with an extensive program of trenching and drilling in the near-term.

Steppe Gold is continuing to asses a number of additional opportunities to acquire exploration licenses and mining projects across Mongolia.

Steppe Gold’s management team has a track record of success in Mongolia. Keeping projects on track and under budget is Steppe Gold’s General Manager of Processing Grant Smith. Smith has experience in constructing and operating heap leach operations and most recently worked on the Tujuh Bukit gold heap leach project in East Java, Indonesia.

Mongolia is known as one of the last frontiers for large scale mining projects, offering investors and mining companies alike an interesting opportunity. With the success of Oyu Tolgoi, a tier one producer and one of the largest copper mines in the world, Mongolia has demonstrated the geologic potential for mineral wealth. Mongolia had a GDP of US$11.43 billion in 2017 and has an annual growth rate of approximately six percent. The growth of the economy is supported by commodity exports, such as copper and coal, improved business sentiment and the implementation of a government-led economic adjustment program.

The World Bank believes that Mongolia’s growth outlook is positive and is supported by the mining and manufacturing sectors. Gold exploration accounts for 45 percent of the mining sector and 2.6 percent of the country’s GDP, leading to the implementation of policies and programs to help promote gold mining.

In March 2017, the Mongolian government signed a Foreign Investment Promotion and Protection Agreement (FIPA) with Canada. The agreement provides Canadian investors operating in Mongolia with a legal framework that is expected to help bring greater predictability and certainty to their investments. Canada is a significant investor in Mongolia and has invested approximately $6.4 billion in the country.

The 5,493-hectare ATO gold-silver project is located in the Dornod province of eastern Mongolia. Steppe Gold’s mining license for the project is fully-permitted for 30 years.

Steppe Gold commenced production at the ATO project in December 2019. As of July 2020, Steppe Gold has produced and sold a total of 15,389 ounces of gold and 4,978 ounces of silver which generated a net cash flow of US$25.3 million. The company has mined, crushed and stacked approximately 715,000 tonnes of ore where leaching continues.

Steppe Gold remains on pace to produce 60,000 ounces of gold in 2020 at cash costs of circa $500 per ounce from the ATO Mine. The company plans to complete the feasibility study for its Stage 2 expansion project at the ATO mine moving forward. The expansion targets an increase in gold production to 150,000 tonnes per annum from underlying fresh rock ores.

A 2017 technical report outlined a project development plan for an open-pit heap leach operation at ATO. The project could produce approximately 147,000 ounces of gold and 673,000 ounces of silver from oxide ores over its 4.5-year mine life. Economics are highlighted by an initial capital cost of approximately US$20 million and average cash costs less than US$500 per ounce.

In 2017, Steppe Gold released a resource estimate for ATO. The report outlined a proven and probable mineral reserve of 5.23 million tonnes grading 1.25 g/t gold and 10 g/t silver. It also described a measured and indicated resource of 12.23 million tonnes grading 1.49 g/t gold, 9.99 g/t silver, 0.75 percent lead and 1.34 percent zinc, as well as an inferred resource of 1.05 million tonnes grading 1.03 g/t gold, 25.18 g/t silver, 0.52 percent lead and 1.11 percent zinc.

Centerra Gold (TSX:CG), the prior operator and owner of the ATO project, spent over US$25 million on exploration, including the completion of 67,000 meters of drilling and 28,421 meters of trenching. Since acquiring the property, Steppe Gold has completed an additional 20,000 meters of drilling.

The Mungu discovery is located northeast of the current resource from the ATO 4 deposit. The discovery is located on a 20-kilometer long structurally controlled, north-trending, mid-sulfidation epithermal gold-silver system. Steppe Gold believes that the ATO 4 deposit may be semi-continuous to the mineralization at the Mungu discovery. The ATO 4 Deposit currently remains open along strike to the north and at depth.

Now that the company is in production, Steppe Gold plans to turn its focus towards exploration at the ATO deposits and Mungu discovery. The company is also working towards releasing an updated feasibility study for the fresh rock project that is expected to include the Mungu discovery. Steppe Gold is also looking to complete the following activities at ATO:

The 14,397-hectare Uudam Khundii property is comprised of one exploration license and is located 800 kilometers southwest of Ulaanbaatar, Mongolia. The property is an 80/20 joint venture with the Provincial Government of Bayankhongor.

The property is located between Erdene Resource Development Corporation’s (TSX:ERD) Bayan Khundii gold discovery and Altan Nar epithermal gold deposits.

Steppe Gold has completed an initial exploration program on the property that included geological mapping, geochemical sampling and geophysical surveys. The company expects to commence its trenching and drill programs in the near term. Steppe Gold is also looking into expansion opportunities to further consolidate its footprint in the area.

To date the company has completed:

Steppe Gold plans to commence a trenching and drilling program at the UK project by the end of 2019.

Matthew Wood is a mineral resource explorer and developer with over 25 years of global industry experience in mining and commodities investments. He has managed investment deals in diamonds, coal, energy, ferrous metals, base and precious metals, among other commodities. His unique skills in technical and economic evaluation of resource opportunities have resulted in a record of nurturing resource deals from early-stage, to market listings and exit strategies for his investors.

He was formerly the founder and Executive Chairman of the Mongolian coal company, Hunnu Coal Limited. Hunnu Coal was IPO of the year for all sectors on the ASX in 2010, and its sale for approximately A$500 million in 2011 to Banpu PCL was recognized as the Mines and Money 2012 Deal of the Year. Wood has founded and been involved in many other resource companies and investments over the years. He has extensive experience and many key relationships in Mongolia and was recently awarded the Order of the Polar Star, the highest state honor that can be awarded to a non-citizen of Mongolia. He has an Honours Degree in Geology from the University of New South Wales and a Graduate Certificate in Mineral Economics from the Western Australian School of Mines.

Bataa Tumur-Ochir is responsible for new business acquisitions, development, government and community relations and the daily operations in Mongolia. He has strong relationships with all levels of government in Mongolia and was recently appointed independent advisor to the Ministry of Mining and Heavy Industry responsible for foreign investment and promotion.

He is currently a director at GCD Mongolia and CEO and executive director of ASX-listed Wolf Petroleum. Under his guidance, Wolf Petroleum was awarded the “Operator of the Year Award” from the Petroleum Authority of Mongolia, and today, Wolf Petroleum is recognized as the fastest growing petroleum exploration company with the largest petroleum exploration acreage in Mongolia. He holds a bachelor’s degree in business administration and graduate certificates in international business and marketing from Australia and Singapore.

Aneel Waraich is the founder of ATMA Capital Markets and ATMACORP LTD. He is a financial service professional with progressive experience in asset management and corporate finance businesses. Waraich focuses primarily on advising public and private companies in the natural resource sector.

In previous roles at Goodman and Company Investment Counsel and Dundee Capital Markets, he worked as an analyst valuing private companies. Most recently he worked as an investment banker focusing on deal origination, going-public transactions and financings for both public and private companies in the resource and technology sectors. He completed his MBA from the Goodman Institute of Investment Management at the John Molson School of Business.

Jeremy South has been a director of Steppe Gold since March 2017. He has over 33 years of experience in M&A, capital markets and private equity in Europe, North America and Australia, including senior positions in investment banking at Deutsche Bank, NatWest Markets and Deloitte. For 10 years, he was a Global Leader and Mining M&A Advisor at Deloitte.

Based in Beijing for four years, he advised leading Asian trading houses and financial investors on mining M&A, financing and strategy, and he has worked with some of Asia’s largest companies. He acted as Chairman of Aldridge Minerals Inc. up until it’s recent sale to Trafigura Ventures. South is a Chartered Accountant and holds a Bachelor of Economics degree from Monash University (Australia). He holds the ICD.D designation as a graduate of the Institute of Corporate Directors.

Gregory Wood is an Australian citizen and was appointed as Vice President Operations of Steppe Gold LLC in 2016. He is responsible for all mining-related operations in Mongolia. Prior to joining Steppe, he held positions as Director and Non-Executive Chairman of Carajas Copper Company, Operations Manager of Harvest Minerals and as CEO of Black Star Petroleum. He has extensive experience in the oil and gas industry through his past family oil business’s and has completed the Petroleum Engineering for non-engineers programmer in Houston, Texas.

Wood was a systems accountant with over 12 years extensive experience in financial reporting, financial analysis, developing key performance indicators and modeling of financial reports over a number of industries including transport, media and infrastructure. He held management positions at Asciano and Patrick Stevedores.

Enkhtuvshin Khishigsuren has over 30 years of Mongolian mineral exploration experience. He spent the first 10 to 12 years of his career at Central Geological Expedition doing regional geological mapping in various areas of Mongolia, followed by seven years as senior exploration manager on the exploration of precious metal in Mongolia for Harrods Minerals.

Since 2005, he has been running his own company, Erdenyn Erel, which provides exploration and consulting services to western exploration and mining companies. He is responsible for identifying targets and properties based on his knowledge and experience. His experience has resulted in the discovery of several prospective gold and copper deposits in Mongolia; such as the multimillion-ounce gold deposit Olon Ovoot, the Zuun mod molybdenum porphyry deposit and the Shand copper porphyry deposit. He holds a bachelor degree in geological exploration from Azerbaijan State University and a Master’s degree in geological science from Shimane University, Japan.

Grant Smith has over 15 years of heap leach experience beginning with Which Creek Copper in the Pilbara region in Western Australia since 2003. Following that, Smith spent time in Laos, Egypt and Mauritania as well as held consultative roles in Mongolia, Kazakhstan and Armenia. More recently, his extensive experience led him to Indonesia where he was responsible for the construction and operation of the heap leach at Tujuh Bukit gold heap leach in East Java, Indonesia.

Patrick Michaels is the Chairman of Zuri-Invest AG and the Chairman of Asty Capital AG in Zurich, Switzerland. He has been involved in numerous financings of gold mines in North America, among others. He is a well-respected financial adviser and fund manager throughout Europe.

Michaels has extensive experience in the fields of mining finance, fund management and asset allocation. He has a background in law and economics and did his training in the areas of private banking and investment research at UBS in Zurich. Additionally, he attended post-graduate courses at the Colorado School of Mines in Golden, Colorado.

Dr. Zamba Batjargal has over 35 years of experience working for the government in Mongolia, dealing with issues of environmental protection and climate change. He was the Minister of the Environment of Mongolia from 1990 to 1996 and Director General of the National Agency for Meteorology, Hydrology and Environmental Monitoring from 1996 to 2001. Dr. Batjargal has experience in working outside of Mongolia due to his engagement in international bi-and multilateral cooperation activities.

He was Ambassador of Mongolia to Japan from 2001 to 2005. Between 2005 and 2011, he worked in New York as a Representative of the World Meteorological Organization (WMO) to the UN. Since 2014, he has served as an independent consultant on climate change and the development of green policy for public institutions and non-profit organizations. He was also an advisor at the Office of the President of the United Nations Environmental Assembly (UNEA) in Ulaanbaatar (2014 to 2016). He received his Ph.D. in physics and mathematics in 1978 from the Hydrometeorological State University, St.Petersburg, Russia.

Batukhuu Budnyam is a successful entrepreneur and financial expert who has extensive experience in the banking and finance sectors in Mongolia. Until recently, Budnyam served as Advisor to Chinggis Khaan Bank. Prior to joining Chinggis Khaan Bank, he was Managing Director of Organic Solutions Mongolia LLC and previous to that, he was Managing Director of MFS Capital LLC. Budnyam is a Mongolian native and speaks fluent English, Russian and German. He has a Bachelor’s Degree in Economics from the National University of Mongolia.

Sereenen 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 and supervises Ph.D. student research projects. She has a Ph.D. and Master’s degree in Earth Science from the Institute of Mineralology, Petrology and Economic Geology at Tohoku University in Japan, focused on petrology of igneous rocks and a Bachelor of Mineral Exploration from the Mongolian Polytechnical University.

She completed post-doctorate work focused on the REE potential in Mongolia at the Mineral Resources Research Group, Institute for Geo-Resources and Environment and the National Institute of Advanced Industrial Science and Technology, Japan. She has co-authored or contributed to over 50 academic books, articles and other publications. She has been the recipient of numerous academic awards and honors in both Magnolia and Japan.

Steve Haggarty is the Managing Director of Haggarty Technical Services Corporation and a registered member of the Professional Engineers Ontario. He 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.

With a mining career spanning nearly four decades, Haggarty’s industry experience includes 24 years in operations and 14 years in corporate and EPCM-related roles. Most recently, he was Senior Director for the Metallurgy at Barrick Gold Corp. In this role, he was responsible for operational performance improvements, defining GeoMet models, processing strategy and risk mitigation. Haggarty has worked at multiple mine sites around the world, including as General Manager of Barrick Gold’s Veladero heap leach project in Argentina. He is considered a technical leader in heap leach processing, implementation and optimization.

Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is extremely pleased to report two major milestones on its Phase 2 Expansion at the ATO Gold Mine.

Steppe Gold's ATO Gold Mine has received relevant approvals from the Ministry of Energy and National Dispatching Center to build and connect a high voltage power line system of 110/35/10 kVand use 10MW from the Dornod Province State Power Plant. This is a major milestone in the Phase 2 Expansion, and a special purpose company Steppe Power LLC has been established to manage the development and connection to the state grid system.

The Company retained a leading global engineering firm to advise on available energy options for the Phase 2 Expansion, including renewable alternatives. Renewable options are generally too expensive at this scale, with traditional energy sources more economic.

With the recent significant rise in fuel prices, connecting to the state grid power system will dramatically reduce projected energy costs by 75%, or from approximately $32M to $8M annually at the Phase 2 Expansion and will reduce expected cash costs by well in excess of $100/oz.

The Company plans to commence the construction of a high voltage power line system in 2023-2024, and the flotation plant should be complete by Q3 2024.

Steppe Gold reports that the Phase 2 Expansion continues to ramp up with the new fixed crusher nearing completion in October.

All equipment for the new crushing unit has arrived via 15 open-top railway wagons and 62 trucks.

Currently, 160 tonnes of equipment have been installed out of a total of 220 tonnes, and installation work is 72% complete.

The new 1,000 tonnes per hour crushing unit consists of 2 jaw crushers, 4 hydraulic cone crushers, 5 vibration screens and 5 vibration feeders, 17 conveyor systems, 3 sets of buffer bins with steel structure, 3 underground buffer bins with steel structure and central control system.

Once operational, the new crushing unit will increase Steppe Gold's current capacity by 4 times, up to 4Mt per annum/ at 50% of its power.

Learn more about our new crushing unit in this video: https://youtu.be/gy4W7ZPW2bU

Fig 1: Fixed Crushing Unit Work in Progress

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/6562/135360_c614a577a4613b70_001full.jpg

Fig 2: Fixed Crushing Unit Work in Progress

To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/6562/135360_c614a577a4613b70_002full.jpg

As of August 20, the Company has mined 3.24 million tonnes, crushed and stacked 2.46 million tonnes @ 1.93 g/t ~ 152,510 ounces on the leach pad and 781,500 tonnes of ore at an average grade of 1.17 g/t on the ROM pad. At an estimated 70% recovery, the total inventory on the leach pad, ROM pad and pit floors is approximately 80,000 ounces of recoverable gold.

The Company has received a new batch of reagents via rail and will increase the rate of production in the coming months.

President and CEO of Steppe Gold, Bataa Tumur-Ochir, commented, "We are pleased to report solid progress on the new fixed crusher, which is a critical step in the Phase 2 Expansion. Despite a challenging period with COVID-related lockdowns in China and continued border closures, we have shipped all heavy equipment and installation work is rapidly advancing.

The Company has over 781,500 tonnes of ore on the ROM pad in addition to 735,000 tonnes of blasted material on the pit floors, and the new crushing unit will significantly increase daily crushing rates at the Phase 1 project in the winter months. We are also delighted to announce government approval to connect to the state grid power system and quota to use 10MW, which will significantly reduce operating costs for the Phase 2 Expansion of the ATO Gold Mine. This is a major milestone for us as we accelerate the major capital items for this next phase.

We also continue to work on optimizing the Phase 2 Expansion through exploration drilling and we plan to announce updates to the mine plan in the coming month or so. We are well advanced with design work on the expansion facilities, and new fuel and chemical storage facilities are complete."

Fig. 3: Leach Pad at ATO Gold Mine with Lift Complete

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Fig. 4: ROM Pad at ATO Gold Mine

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Fig 5: Fixed Crushing Unit Work in Progress

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Fig 6: Fixed Crushing Unit Work in Progress

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Fig 7: Fixed Crushing Unit Work in Progress

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Steppe Gold Limited Steppe Gold is Mongolia's premier precious metals company.

For Further information, please contact: Bataa Tumur-Ochir, CEO and President

Shangri-La office, Suite 1201, Olympic Street19A, 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.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135360

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Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to announce its financial results for the three months ended June 30, 2022.

Second Quarter Highlights (all figures in US$000's unless stated otherwise)

The focus for the balance of 2022 will be on maximizing gold production from the leach pad and continuing to work on operational efficiencies and strengthening supply chain logistics at the ATO Gold Mine.

The Company has built up a significant inventory of precious metals and is working hard to maximize the yield from this inventory. With planned revenues from gold production for the balance of 2022, the Company aims to reduce or refinance its debt obligations in 2022 and progress discussions on project financing for the Phase 2 Expansion that is already underway.

The Company's consolidated financial results for the three months ended June 30, 2022 have been filed on SEDAR. The full version of the condensed interim consolidated financial statements and associated management's discussion & analysis can be viewed on the Company's website at www.steppegold.com or under the Company's profile on SEDAR at www.sedar.com.

Steppe Gold is Mongolia's premier precious metals company.

For Further information, please contact: Bataa Tumur-Ochir, CEO and President

Shangri-La office, Suite 1201, Olympic Street 19A, Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia Tel: +976 7732 1914

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as adjusted earnings before interest, taxes, depreciation and amortization. Further details of Non-IFRS Performance Measures noted above can be found in the Company's management's discussion & analysis.

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.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133868

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Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) ("Steppe Gold" or the "Company") is pleased to report the results of its 2022 Annual General and Special Meeting of Shareholders held on June 30, 2022 in Ulaanbaatar, Mongolia. A total of 35,544,144 common shares were voted at the meeting representing 51.10% of the votes attached to all outstanding shares.

Detailed results from the election of directors are set out below:

Complete voting results are available on SEDAR at www.sedar.com.

Kingston Ross Pasnak LLP was appointed to serve as the independent auditors of the Company for the ensuing year.

The Company's Long-Term Incentive Plan was approved and adopted.

Steppe Gold Limited. Steppe Gold (TSX: STGO, OTCQX: STPGF) is Mongolia's premier precious metals company.

For more information, please contact:

Bataa Tumur-Ochir, CEO and President

Shangri-La office, Suite 1201, Olympic Street 19A, Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia Website: www.steppegold.com Email: investors@steppegold.com Tel: +976 7732 1914

Certain statements in this press release constitute "forward-looking statements" which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Words such as "expects", "anticipates", "projects", "intends", "plans", "will", "believes", "seeks", "estimates", "should", "may", "could", and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and actual events or results may differ materially. There are many factors that could cause such actual events or results expressed or implied by such forward-looking statements to differ materially from any future results expressed or implied by such statements. Forward-looking statements are based on current expectations and Steppe Gold assumes no obligation to update such information to reflect later events or developments, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129953

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Steppe Gold Ltd. (TSX: STGO) ("Steppe Gold" or the "Company") announces that, as a result of a review by Staff of the Ontario Securities Commission, the Company is issuing the following news release to clarify the disclosure regarding the certificates and applicable consents of qualified persons related to each of David Morgan, Dan V. Michaelsen and Ochirkhuyag Baatar in connection with the NI 43-101 Technical Report - Feasibility Study for the Altan Tsagaan Ovoo (ATO) Phase 2 Expansion Project, Mongolia with an effective date of October 27, 2021, and issued on November 30, 2021 (the "Technical Report").

As a result, the Company has filed: (i) amended certificates for David Morgan and Dan V. Michaelsen to clarify their responsibility in connection with preparing certain portions of the Technical Report; and (ii) certificate and consent of qualified person for Ochirkhuyag Baatar.

Further, certain media article links have been removed from the Company's corporate website to comply with National Instrument 43-101 - Standards of Disclosure of Mineral Projects.

Steppe Gold is Mongolia's premier precious metals company.

For Further Information, please contact:

Bataa Tumur‐Ochir, CEO and President

Shangri‐La office, Suite 1201, Olympic street 19A, Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia Tel: +976 7732 1914

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129950

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Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold" or the "Company") is pleased to provide a further operations update.

With one more pour to come on June 30, gold production for the month is expected to be around 3,200 oz, bringing total production for the second quarter to approximately 10,400 oz. The Mongolian government is currently paying a 5% premium for gold and this will ensure an above-market achieved gold price in the quarter and strong operating cash flow for the quarter.

The Company is also pleased to confirm new supplies of key reagents and consumables allowing us to build stockpiles at site. This in turn allows us to be more aggressive on leaching strategy, with more cells under active leach, allowing for acceleration of monthly production rates through the balance of 2022. Steppe Gold expects a significant uptick in the production rate in the third quarter with internal guidance around 15,000 oz for the quarter.

At an estimated 70% recovery, total inventory at May 31 on the leach pad, ROM pad and pit floor was approximately 80,000 ounces of recoverable gold.

Mining and stacking activities were on plan for June with stacking on Cell 5 continuing and mining well above planned rates. Blasting at ATO 2 has commenced.

Steppe Gold has set up an exploration camp at the Uudam Khundii (UK) project located in the highly prospective Bayankhongor gold belt in Western Mongolia with first drilling programmes underway.

President and CEO of Steppe Gold, Bataa Tumur-Ochir commented, "We are very pleased to report a strong quarter of production at the ATO Gold Mine as we restarted full operations. All activities at site are operating well and reagent and consumable stockpiles are building. Together with a strong inventory of ore we are optimistic of accelerating our production rate in the second half of 2022. Exploration drilling at the Uudam Khundii project is underway shortly and we are excited to see the results from this highly prospective deposit."

Steppe Gold is Mongolia's premier precious metals company.

For Further information, please contact:

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.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129092

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Azimut Exploration Inc. (" Azimut " or the " Company ") (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce the closing of two transactions in respect of the Eleonore South and Wabamisk properties in the Eeyou-Istchee James Bay region of Quebec (see press release of August 8, 2022 ).

The Eleonore South transaction involved the Company exchanging its interest in the Eleonore South joint venture (" ELSJV ") for 2.9 million of Azimut's issued and outstanding common shares (" Shares "), which Azimut cancelled upon acquisition. In addition, the reduction in Shares resulted in Agnico Eagle Mines Limited (" Agnico Eagle ") having an approximately 10.09% ownership interest in the Shares. Azimut also announces that it has entered into an amended and restated investor rights agreement which provides Agnico Eagle with certain rights as described below.

Azimut sold its 23.77% participating interest in the ELSJV to affiliates of (i) Newmont Corporation (TSX: NGT) (NYSE: NEM) and (ii) Fury Gold Mines Limited (TSX: FURY) (NYSE: FURY).

In consideration for the sale of its interest in the ELSJV, Azimut received 2.9 million Shares that were directly or indirectly controlled by Newmont. The return of these Shares to treasury required their cancellation, which reduced the number of issued and outstanding Shares to 79,293,844. This cancellation resulted in a reduction in the Company's issued and outstanding Shares by approximately 3.5% and consequently results in an increase of approximately 3.7% of shareholders' respective interests in Azimut, including the 100%-owned flagship Elmer Property.

The ELSJV was considered a non-core asset for the Company after it announced a gold discovery on the Elmer Property in January 2020 . Azimut is actively delineating the Patwon Gold Zone on the Elmer Property and advancing a maiden NI 43-101 mineral resource estimate.

Newmont has exercised its right to voluntarily withdraw from the Wabamisk joint venture and ceases to be a participant. In connection with such withdrawal, Newmont transferred its 51% participating interest in the Wabamisk joint venture to Azimut, resulting in Azimut regaining a 100% interest in the 333 mining claims forming the Wabamisk Property.

The mineral rights transfer forms for the Eleonore South and Wabamisk transactions have been filed with the Ministère de l'Énergie et des Ressources naturelles (Québec).

As a result of the cancellation of 2.9 million Shares in connection with the Eleonore South transaction, Agnico Eagle's ownership of Azimut's Shares increased from approximately 9.74% to 10.09%.

Since 2020, Agnico Eagle has participated in three of the Company's financings (see press releases of February 26, 2020 , June 23, 2021 , and July 16, 2021 regarding such financings) . Azimut's management is pleased by Agnico Eagle's continued interest in the Company's progress on the Elmer Gold project.

Immediately following the closing of the Eleonore South transaction, Agnico Eagle and Azimut entered into an amended and restated investor rights agreement pursuant to which, among other things, Agnico Eagle was granted the right to participate in future equity issuances in order to maintain its pro rata ownership in Azimut at the time of such issuance or to acquire up to a 12% ownership interest in Azimut.

Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. Azimut is actively advancing its wholly-owned flagship Elmer Gold Project to the initial resource stage in the James Bay region.

Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine TM expert system), enhanced by extensive exploration know-how. Azimut's competitive edge is based on systematic regional-scale data analysis and concurrently active projects. Azimut maintains rigorous financial discipline and a strong balance sheet, with 79.3 million shares issued and outstanding.

This press release contains forward-looking statements, which reflect Azimut's current expectations regarding future events. To the extent that any statements in this press release contain information that is not historical, the statements are essentially forward-looking and are often identified by words such as "anticipate", "expect", "estimate", "intend", "project", "plan" and "believe". The forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There are many factors that could cause such differences, particularly volatility and sensitivity to market metal prices, impact of change in foreign currency exchange rates and interest rates, imprecision in reserve estimates, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining conditions, changes in government regulations and policies, including laws and policies, and failure to obtain necessary permits and approvals from government authorities, as well as other development and operating risks. Although Azimut believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this document. Azimut disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, other than as required to do so by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

View original content: http://www.newswire.ca/en/releases/archive/September2022/09/c0399.html

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Queen's Road Capital Investment Ltd. (TSX: QRC) (the "Company" or "QRC") is pleased to announce that it has entered into an agreement with Challenger Exploration Ltd. (ASX: CEL) ("Challenger") whereby the Company will purchase US$15,000,000 of convertible debentures to be issued by Challenger. QRC's investment is being made concurrent with a A$2.6 million equity private placement by Challenger's largest shareholder at A$0.19 per share.

The convertible debentures will have a 4-year term, carry a 9% coupon, a 3% establishment fee and will be convertible into Challenger common shares at a price of A$0.25. The interest is payable quarterly, 7% in cash and 2% in shares at the 20-day volume weighted average price prior to each interest payment date.

Challenger is a gold exploration and development company that owns the Hualilan gold project located in San Juan Province, Argentina. Hualilan is a historic high-grade gold district with a mining history dating back to the colonial era. In June 2022, Challenger released a maiden resource of 2.1 million ounces at Hualilan, half of which is contained in a high-grade skarn component (6.3 million tonnes at 5.6 g/t Au equivalent). Challenger has doubled the meters of drilling since the resource calculation and assays have demonstrated that the mineralization continues both at depth and in a both directions along strike. Challenger is aggressively moving Hualilan towards production with further drilling ongoing, an initial preliminary economic assessment due in the first half of 2023 and the beginning of permitting through the Environmental Impact Assessment.

Challenger also owns the El Guayabo gold-copper project in Southern Ecuador. The project borders the 11.5 million ounce Cangrejos gold-copper deposit owned by Lumina Gold Corp. and drilling so far has confirmed the geological extension onto the El Guayabo property. A maiden resource at El Guayabo is scheduled in the first half of 2023.

The proceeds from the convertible debenture investment and the private placement are expected to be used to fund exploration and development activities at the Hualalin and El Guayabo projects.

Warren Gilman, Chairman and CEO of QRC commented: "Challenger's Hualalin project ranks among the most exciting gold 'discoveries' of the last 3 years. Despite the challenges presented by COVID, Kris and his team have drilled over 200,000 meters during that period and released a maiden resource worthy of a major gold deposit. Combined with our recent Contango ORE, Inc. investment, our gold portfolio now totals US$35 million yielding in excess of 8.4% annually, representing a significant and growing part of our business."

Completion of the investment is subject to receipt of all required regulatory approvals and is expected to occur in the next few days.

About Queen's Road Capital Investment Ltd.

Queen's Road Capital is a dividend paying, leading financier to the global resource sector. The Company is a resource focused investment company, making investments in privately held and publicly traded resource companies. The Company acquires and holds securities for long-term capital appreciation, with a focus on convertible debt securities and resource projects in advanced development or production located in politically safe jurisdictions.

Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION, visit the Company's website at www.queensrdcapital.com or contact by email info@queensrdcapital.com or phone +852 2759 2022 Caution Regarding Forward Looking Statements Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning the Company's growth strategy and the Company's future performance. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Those risks include the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, inability to identify or successfully conclude corporate transactions, and other relevant conversion factors, permitting and licensing risks; and general market and mining exploration risks. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision. Accordingly, readers should not place undue reliance on any forward-looking statement. Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward-looking statements to reflect events or changes in circumstances that occur after the date hereof.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136484

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Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce that it has entered into binding agreements for a US$15m (A$22.1m) private placement of unsecured convertible debentures (the "Debentures") with Queen's Road Capital Investment Ltd ("QRC"). The Debentures are convertible into fully paid ordinary shares in CEL ("Shares") at a price of $0.25, a 30% premium to the 5-day volume weighted average price (“VWAP”) prior to 2 September 2022. Additionally, the Company's largest institutional shareholder has committed to invest pro-rata to its 12% shareholding via a $2.6m placement at 5-day VWAP, increasing combined funds raise to $24.7m from two parties.

QRC is a leading resource-focused investment company based in Hong Kong and listed on the main board of the Toronto Stock Exchange ("TSX"). QRC acquires and hold securities for long-term capital appreciation, with a focus on convertible debt securities and resource projects in advanced development or production located in safe jurisdictions.

The funding allows the completion of several important and value accretive milestones including; an updated Mineral Resource Estimate and Scoping Study at Hualilan; an additional 50,000m of drilling at Hualilan; and an additional 25,000m drilling and a maiden Mineral Resource Estimate at El Guaybo in Ecuador. Importantly, the pro-rata at market participation of CEL's largest shareholder provides discretionary expenditure of $2.6m which, is yet to be allocated, and extends CEL's runway into 2024.

Commenting on the investment CEL Managing Director, Mr Kris Knauer, said

"I am delighted to have QRC make an investment in CEL. QRC is a recognised long-term investor with a track record of successful investments in the resource sector. QRC undertook extensive due diligence including a Hualilan site visit and their investment is an endorsement of CEL's progress and potential. Our largest shareholder has been an active buyer on market and their pro-rata participation increases the amount raised to almost $25 million and extends our runway well into 2024.

CEL is now funded to deliver on several important milestones including an updated Mineral Resource Estimate and Scoping Study at Hualilan, plus a maiden Mineral Resource Estimate at El Guaybo. The additional 50,000 metres drilling at Hualilan will double the drill metres in the current resource estimate.

It is a great outcome to achieve the funding required to complete this series of significant and value accretive milestones from a two long term investors, at a significant premium to a traditional placement and the current market price."

The Company and QRC have entered into a binding Debenture Agreement (the "Agreement") with the Debentures convertible at the holder's option into Shares at a conversion price of A$0.25, representing a 30% premium to the 5-day VWAP of Shares on the Australian Securities Exchange (“ASX”) prior to 2 September 2022.

The Agreement is subject to a condition precedent that a material adverse event has not occurred in respect of the Company's Hualilan Gold Project prior to settlement, however, is not otherwise subject to any other conditions precedent and is expected to close on or around 14 September 2022, with the full US$15 million payable to the Company on closing. The Debentures will be issued pursuant to the Company's 15% placement capacity under ASX Listing Rule 7.1. Following entry into the Agreement, the Company intends to seek the approval of its shareholders (Shareholders), at the Company’s Annual General Meeting in November 2022 (AGM), for the ratification of the Debentures (and all interest accruing thereunder) for the purpose of ASX Listing Rule 7.4 (Debenture Resolution).

The Debentures are unsecured with a coupon (interest) rate of 9% (7% payable in cash and 2% payable in either cash or Shares, at QRC's election) payable quarterly in arrears. The Share price used to calculate the number of Shares to be issued for the interest component payable in Shares is the to 20 day VWAP ending three trading days prior to the interest being payable. The debentures will have a four-year term from closing and will be repayable by the Company upon expiry of that period to the extent not otherwise converted earlier into Shares. The Debentures are expected to be refinanced as part of the development funding for the Hualilan Gold Project should they not be converted.

Upon closing, the Company will pay to QRC an establishment fee equal to 3% of the principal amount of the Debentures in cash or shares. QRC has notified the Company that is has elected for the establishment fee to be paid in Shares which will be issued at the same price of $0.19 as the At Market Placement. These shares will be issued under the Company's LR7.1 placement capacity.

Click here for the full ASX Release

This article includes content from Challenger Exploration, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Exchange-traded funds, or ETFs, have existed since 1993, but became much more common in the early 2000s. Since then, gold ETFs have risen in popularity among investors who want precious metals exposure.

ETFs are similar to mutual funds in that they track assets such as stocks, bonds, currencies or commodities; a key difference is that ETFs can be bought and sold on exchanges, making them widely accessible. They provide considerable flexibility in implementing various investment strategies and in building investment portfolios.

Precious metals-focused ETFs are fairly common today, and are a good choice for investors who want to invest in metals like gold without personally trading gold futures or physical gold, such as gold coins.

So which gold ETFs are the best? And which ones will provide long-term capital gains? It depends on the investor, but the five gold ETFs below may be worth considering when it comes to getting exposure to the yellow metal. According to ETFdb.com, they were the largest gold ETFs by total assets as of August 24, 2022.

The SPDR Gold Trust tracks the spot price of gold bullion and is determined by market forces in the 24 hour, over-the-counter market for gold. This market accounts for most global gold trade, and any quoted prices available to ETF investors reflect the latest available information.

Physical bullion comprises 100 percent of the ETF’s holdings, and its expense ratio per share is 0.4 percent. It offers investors a way to invest in gold that is much less costly than purchasing, storing and insuring bars or coins.

Like the SPDR Gold Trust, the iShares Gold Trust aims to track the spot price of gold bullion. Its expense ratio for investors is 0.25 percent, and its holdings are allocated entirely to physical gold bullion. The aim is for the trust’s value to reflect the performance of the price of gold.

The physical gold the trust holds is in vaults in New York, Toronto, London and other locations. Investors can purchase and sell shares through a traditional brokerage account throughout the trading day.

The SPDR Gold MiniShares Trust offers investors one of the lowest available expense ratios for a US-listed ETF backed by physical gold. This ETF represents fractional, undivided beneficial ownership interests in the trust, which holds only physical gold bullion and, from time to time, cash.

Aberdeen Standard Physical Gold Shares are issued by the Aberdeen Standard Gold Trust. The trust aims for shares to reflect the performance of the gold bullion price, minus the trust’s operating expenses.

The shares trade on an exchange like any other securities, and can be created and redeemed as supply and demand for gold in the market dictates and allows.

The gold that the Aberdeen Standard Gold Trust owns is held in Zurich, Switzerland, and it conforms to the London Bullion Market Association’s (LBMA) rules for good delivery.

The iShares Gold Trust Micro ETF is heralded as the lowest-cost physically backed gold ETF currently on the market. Its expense ratio per share is 0.15 percent.

The trust offers investors exposure to the day-to-day movement of the price of gold bullion, and was built to track the LBMA London Gold Market Fixing Price PM Index in US dollars.

This is an updated version of an article first published by the Investing News Network in 2014.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.

Snowline Gold CEO Scott Berdahl: Off the Beaten Path in the Yukonyoutu.be

Snowline Gold (CSE:SGD) has further expanded its mineralized footprint, intersected 2.3 grams per tonne gold over 282.9 meters and commenced a third drill to its Rogue project in the Yukon, Canada. CEO Scott Berdahl shared, “We've got multiple projects moving ahead, multiple projects operating and others that are nearing that stage. So the Yukon is proving to be a place where things can happen.”

Snowline Gold has seven properties in the Yukon, and commenced its 8,000 meter drill program. Drill crews and geological staff were recently mobilized to the company's new Forks Camp, built to support its Rogue, Einarson, Ursa and Cynthia projects.

“We've really gone out to new parts of the Yukon that haven't been looked at intensively before. Our competitive advantage was to go out to places and get onto the green areas that are not on the beaten path. We really bring a lot of parts that haven't been seen before. We've really shone a new light on the Yukon. We're happy to be shining light on that potential.”

The Rogue property is comprised of 442 mineral claims, and the first-ever drilling commenced at the Gracie zone, with visible gold observed in G-22-001. According to Berdahl, the Rogue property is another bulk-tonnage gold system similar to Eagle and Victoria Gold's (TSX:VGCX,OTC Pink:VITFF) deposit.

“We think we found something pretty unique and special in terms of the drill targets. We drilled the first holes in this project last September. We were just breaking ground on those very first holes. We drilled four holes, and all four of them hit broad zones of mineralization. We had a spectacular hole from the standpoint of great enrichment and finding a potentially very economically viable orebody.”

“Obviously more drilling needs to be done to test the merit of the project, and more assays need to be received. But if we do see a very economically viable deposit, then certainly we wouldn't take that out. But we would have to restructure the team pretty significantly to bring that expertise in and advance things in that way.”

Watch the full interview of Snowline Gold CEO Scott Berdahl above.

Disclaimer: This interview is sponsored by Snowline Gold (CSE:SGD). This interview provides information which was sourced by the Investing News Network (INN) and approved by Snowline Gold in order to help investors learn more about the company. Snowline Gold is a client of INN. The company’s campaign fees pay for INN to create and update this interview.

INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Snowline Gold and seek advice from a qualified investment advisor.

This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.

Star Minerals Limited (ASX: SMS, “the Company” or “Star Minerals”) is pleased to advise that it has mobilised to site and commenced the Stage 3 Resource definition drilling program to expand the Resource and add to the Company’s knowledge of the geology and grade characteristics of its Tumblegum South gold project (“Tumblegum South”).

This third drill program since its ASX listing on 27 October 2021 reiterates the Company’s continued commitment to immediately explore and develop Tumblegum South.

Stage 3 drilling has been designed to provide further information on the mineralised structures that are present in the area, to provide more structural information and to provide further data for an updated resource. This work has been designed with the benefit of the results from the earlier Stage 1 and 2 drilling.

The image below (Figure 1) shows the proposed drill traces, targeting the structures modelled using the results from previous works on site.

Figure 1 - Tumblegum South planned diamond Phase 3 Resource definition drilling - indicating the trace of the two proposed holes, DDH001 and 002, and their planned path, running between the two identified shear structures (Red and Yellow) and through the identified gold mineralisation lodes (Green).

Star Minerals’ CEO, Greg Almond comments:

“We are excited to be back on site at Tumblegum South and looking forward to following up the great results we saw from the last round of drilling, building on the success of our RC drilling campaigns.

This will encourage our shareholders, as it demonstrates our further confidence in the asset we have at Tumblegum South, and the potential to increase our knowledge of the deposit as we follow up from the results of the previous stages of drilling and modelling.”

Click here for the full ASX Release

This article includes content from Star Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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