Steppe Gold Ltd. · TSX:STGO
Steppe Gold — Investor Presentation (September 2025)
21 slides from Steppe Gold's investor presentation, September 2025
Slide 1: Positioned for Growth and Beyond
Mongolia’s Premier Precious Metals Company TSX: STGO / OTCQX: STPGF / WKN: A2JMMP POSITIONED FOR GROWTH AND BEYOND BUILDING MONGOLIA’S NEW MID-TIER MINING COMPANY Investor Presentation September 2025
Slide 2: Disclaimer: Technical Information
DISCLAIMER TECHNICAL INFORMATION The technical and geoscientific content in this presentation in respect of the ATO Gold Project has been compiled, reviewed and approved by Enkhtuvshin Khishigsuren, Vice President of Exploration of the Company and a “Qualified Person” as defined by NI 43-101. Scient
Slide 3: Disclaimer: Forward-Looking Information
DISCLAIMER FORWARD-LOOKING INFORMATION This presentation, together with any supplements and any other information that may be furnished to prospective investors by the Company, includes “forward-looking information” or “forward- looking statements” within the meaning of Canadian securities law. All
Slide 4: Steppe Growth Story
ABOUT COMPANY STEPPE GROWTH STORY PROVEN TRACK RECORD OF GROWTH 2016 2019 2024 Established in Mongolia Built Heap Leach Mine and Plant / ATO Phase I Completed merger with Boroo Gold and increased annual production to 88koz Au 2020 2017 Commercial gold production at ATO Gold Mine 2025 Acquired ATO an
Slide 5: Steppe Gold Today
ABOUT COMPANY STEPPE GOLD TODAY Steppe Gold reported record production of 88,347 oz in 2024 TWO PRODUCING MINES RESERVES AND RESOURCES 2025 PRODUCTION GUIDELINES FINANCIAL METRICS 7 mining licences Proven and Probable ATO and BGC mines After-tax NPV (7.5%) ATO / Boroo Mine / 2.37Moz AuEq 70-75Koz Au
Slide 6: Steppe Gold Strengths
ABOUT COMPANY STEPPE GOLD STRENGTHS HOW WE ARE DIFFERENT Strong local support Mongolian / International Management / Shareholders Access to under valued assets HEADQUARTERED EXPERIENCED EXECUTIVE ALIGNED VISION INSIDER FOCUSING ON HIGH IN MONGOLIA TEAM AND LOCAL OWNERSHIP AND COMMON QUALITY DEVELOPM
Slide 7: Mongolia Operations
ABOUT COMPANY MONGOLIA OPERATIONS M U LT I P L E P R O D U C I N G M I N E S A N D H I G H LY P R O S P E C T I V E E X P L O R AT I O N PA C K A G E S The Company is assessing highly prospective projects in Mongolia for further acquisitions. BOROO MINE / ULAANBULAG ATO GOLD MINE 100% Owned 100% Own
Slide 8: ATO Gold Mine Phase 1 and 2
ABOUT COMPANY ATO GOLD MINE PHASE 1 AND 2 EXPANSION & PRODUCTION GROWTH ATO Phase I oxide zone in latter stage Phase II Expansion secured financing; US$50M EBITDA LOM of US$1.03B and after-tax production first drawn and deployed. NPV (7.5%) of US$422.6m at Mine and production plan optimization ongoi
Slide 9: ATO Gold Mine Financial Metrics
ABOUT COMPANY ATO GOLD MINE FINANCIAL METRICS CORE ASSET EXPANSION ATO STAND ALONE KPIS 2026 - 2038 (TOTAL @ US$2,300/OZ) 2020 2021 2022 2023 2024 - Aug-Dec 2025 (E) (EXPECTED) Au sold (oz) 33,154 12,012 33,300 26,931 7,608 8,957 1,005,141 (AuEq) Ag sold (oz) 35,563 29,705 52,255 80,585 20,596 24,91
Slide 10: Boroo Gold (BGC) Mine
ABOUT COMPANY BOROO GOLD /BGC/ MINE IMMEDIATE STRONG CASH FLOW ENGINE Two active mining projects: Expected 363koz in 2025-2031, with plans to Established operation with 50,000 tpd Boroo and Ulaanbulag Mine extend via nearby exploration mining fleet, 50,000 tpd mill and CIL gold processing plant 2025
Slide 11: BGC Mine Financial Metrics
ABOUT COMPANY BGC MINE FINANCIAL METRICS IMMEDIATE STRONG CASH FLOW ENGINE BOROO STAND ALONE KPIS 2025 - 2031 (TOTAL @ US$2,300/OZ) 2021 2022 2023 2024 (EXPECTED) Au produced (oz) 70,837 61,774 67,315 71,009 362,568 Au sold (oz) 70,837 61,774 67,315 70,842 362,568 Ave Gold Price (US$/oz) 1,641 1,708
Slide 12: Projected Production
ABOUT COMPANY PROJECTED PRODUCTION M U LT I -A S S E T L O W C O S T P R O D U C E R PROJECTED ANNUAL PRODUCTION AUEQ BGC Au ATO AuEq Total ~140Koz 180 Annual production with BG and ATO Phase2 150 140 138 141 128 Declining costs 112 120 105 51 54 47 Driven by merger efficiencies 96 94 49 and ATO Pha
Slide 13: ATO and BGC Revenue Projection
ABOUT COMPANY ATO AND BGC REVENUE PROJECTION MONGOLIA’S LEADING GOLD PRODUCER 2025-2038 (E) ATO & BOROO ANNUAL REVENUE (AT US$2,300/OZ AU) ATO BGC Total 2024 (@US$2,300) Combined sales (oz) 78,450 717,606 400 Revenue (US$'000) 46,220 849,606 EBITDA (US$'000) 105,417 1,620,709 350 322 320 326 After-T
Slide 14: Steppe Gold Exploration Strategy
ABOUT COMPANY STEPPE GOLD EXPLORATION STRATEGY CREATING AND MAXIMISING SHAREHOLDER VALUE Mongolian / International Exploration Earn-In Exploration Portfolio PROJECT ASSESSMENT FUNDING AND FINANCING INVESTMENT AND AND EVALUATION TEAM EXPLORATION PROGRAMMES COOPERATION Regional exploration data JV's w
Slide 15: Outlook and Near-Term Focus
ABOUT COMPANY OUTLOOK AND NEAR-TERM FOCUS AN ACTION PACKED EXPANSION PL AN Forward contract expired on June 10 to Increasing mining capacity; advancing Progressing ATO Phase II Expansion and enhance cash flows; fleet upgrade investments; high-return assets related financing options and exploration a
Slide 16: ESG Commitment
ABOUT COMPANY ESG COMMITMENT SAFETY AT THE CENTRE Scholarships and financial aid to 1,886 local students ENVIRONMENTAL: SOCIAL: GOVERNANCE: Aligned with SASB and GRI disclosure standards Strong local engagement Proactive engagement with all levels of government, fully compliant with local Enivornmen
Slide 17: About Mongolia
ABOUT MONGOLIA UNTAPPED MINERAL RESOURCES Territory: 4,673 KILOMETERS Population: LONG BORDER WITH • Geological studies cover over 40% of Mongolia’s territory. 1.5M KM² CHINA 3.5M • Exploration licenses 3.2% • Mining license 1.2% of Mongolia’s territory Economy (2024): Key sectors: MULTI-PARTY INVES
Slide 18: Mongolia's Gold Industry
W H Y M O N G O L I A? MONGOLIA’S GOLD INDUSTRY UNLOCKING MONGOLIA OPPORTUNITIES NUMBER OF GOLD MINING LICENSES: 2024 EXPORTS: US$15.8B BREAKDOWN Placer deposit Hard rock deposit Total 21% 800 682 551 559 600 529 54% Copper 608 498 6% 400 460 444 15% Coal Gold 171 200 107 99 Other 4% 156 74 15 31 Ir
Slide 19: Mongolia's Gold Industry: Central Bank Role
W H Y M O N G O L I A? MONGOLIA’S GOLD INDUSTRY CENTRAL BANK ROLE IN GOLD MANAGEMENT Central Bank Purchase (tonnes) Gold Share of Foreign Reserves (%) Gold Share of Total Exports (%) 1. Licensed 3. The central 5. Increase in companies and bank purchases gross foreign 30 individuals will assayed gold
Slide 20: Management Team and Board
ABOUT COMPANY MANAGEMENT TEAM AND BOARD MANAGEMENT TEAM WITH PROVEN TRACK RECORD Bataa Tumur-ochir Jeremy South Dulguun Erdenebaatar Tserenbadam Duger Chairman and CEO Senior Vice President and CFO Director Director; CEO of Mongolian Subsidiaries Mr. Bataa Tumur-Ochir, a Mongolian citizen, has a wea
Slide 21: Contact Steppe
CONTACT STEPPE BATAA TUMUR-OCHIR JEREMY SOUTH TSX: STGO / OTCQX: STPGF / WKN: A2JMMP Chairman and CEO Senior VP and CFO bataa@steppegold.com jeremy@steppegold.com Share Price: C$1.70 Shares Outstanding: 257M ELISA TAGARVAA Investor Relations Manager elisa@steppegold.com ANALYST COVERAGE THE COMPANY'