Steppe Gold : STGO – Investor Deck

TSX:STGO

Precious MetalsCompany

MONGOLI A'S PREMIER

PRECIOUS METALS COMPANY

CORPORATE PRESENTATION February 2021

DISCLAIMER

TECHNICAL INFORMATION

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

www.sedar.com.

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

C A U T I O N A RY 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.

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OUR VISION

Mongolia's premier precious metals company.

Our mandate:

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Delivering superior returns to shareholders from low-cost, long life preciousmetalsassets.

Focus on low-cost production assets with strong exploration upside.

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

C O M PA N Y OVERVIEW

Steppe Gold is Mongolia's premier precious metals company, has commenced production and is projected to produce 50,000 to 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 to produce approximately 150,000 of gold ounces equivalent per annum from the development of underlying fresh rock ores.

TSX: STGO

Investment Highlights:

01.

Proven in-country team

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

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Resource expansion

02.

Commercial production achieved

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

04.

S i gni f icant exploration position

SharePrice

Current SharesOutstanding

CA $2.30 68.8 (m)

Mongolian National Fund*(US$3.0m) 4.3(m)

Warrants & Options - (Strike @$2.00) 11.3(m)

Warrants & Options - (Strike @$3.00) 6.98(m)

CAPITAL STRUCTURE:

Mongolian Nationals 16%

Insiders andManagement 15%

FamilyOffice Investors(US&Europe) 13%

Eric Sprott 11%

Triple FlagMiningFinance 5%

Elliot Management 4%

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

Uudam Khundii ("UK") Project: Steppe Gold owns 14,400 ha in Bayankhongor gold belt. Drilling programs for 4 new gold discoveries tocommence in 2021.

Others 37%