Slide 1: Steppe Gold: Growth and Beyond
STEPPE COLD Mongoli's Premier Precious Metals Company GROWTH An BEYOND BUILDING MONGOLIA'S NEW MID-TIER MINING COMPANY. : wer Corporate Presentation Mongolia Day 2024 by wh dane ce ae SRE Bataa Tumur-Ochir ; aha pihibiton t Chairman and CEO Steppe Gold Limited Y
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
Slide 5: Steppe Gold Today: Production, Guidance and Financials
ABOUT COMPANY STEPPE GOLD TOD. _ —— RODUCTION GUIDELINES ICIALS |and BGC mines After- Two oe 7 mining licences” ATO / BGC 2.37Moz AuEq U ~*~ Additional exploration Measured and Indicated + | al and BGC mines aa’ After-tax oops) cae — 3.35Moz AuEq 140Koz AuEq billion wwwsteppegoldicom — OS
Slide 6: Strong Team, Local Workforce, High Quality Projects
[ " : Pi. i y - strontjoctl suppo ° Mons gle 1tiot der Access to under valued asse HEADQUARTERED STRON' CU E TEAM FOCUSING ON HIGH QUALITY IN MONGOLIA AND LOCAL WORKFORCE DEVELOPMENT PROJECTS Community engagement 99% Mongolian local talent } Focused on growth Buy and build strategy wisteppegold.com
Slide 7: Mongolia Operations
ADOT f COMPANY MONGOLIA OPERATIONS | MULTIPLE PRODUCING MINES AND HIGHLY PROSPECTIVE EXPLORATION PACKAGES The Company is-assessing highly prospective projects iy in Mongolia for further acquisitigns. + + BOROO GOLD \ + 4 s ‘ ee AIP suas + \ , UUDAM KHUNDII (UK) @ ATO- Producing & Expanding @ Bor00 G
Slide 8: Why Mongolia?
MONGOLIAN MINING INDUSTI 95% N of total export Key commodity consumer STRATEGIC LOCATION NEXT TO CHINA WHY MONGOLIA? RESOURCES Shares 13 active trading border points Mongolia is one of the world’s — <* last frontiers for mining i / / | of industrial production ‘Competitive young ‘talents SKILLED YOU
Slide 9: ATO Phase II Expansion
ATO Phase | oxide zone in production ATO Phase II Expansion: 1.3 Moz AuEq to be recovered in 12 years (2026-2038) including up aprx. 1.03 Moz of Au Construction is on-track, fully financed with $150M projectfacility, $50M already drawn and deployed First gold concentrate from Phase II by mid-2026, w
Slide 10: ATO Stand Alone KPIs
METRICS ATO STAND ALONE KPIS | pat : ae as In 2024 AND 2095 2026 - 2038 (rorat @ us$2,300/07) : | Au produced (0z) 33,154 12,012 33,300 26,931 31,000 1,005,141 (AuEq) Ag produced (oz) _ 35568... | 25705 52255 80,585 E os 5,009,774 t Ree Gold Price( $/oz) 1822 ae 1837 1932 | 1,948 2,300 2,300 - Reven
Slide 11: Boroo Gold and Ulaanbulag Mines
NS NESS - — ag i. 5 Two active mining projects: Boroo Gold Expected 430Koz to 2031, with plans to -| © .Established operation with 50k tpd mining fleet, and. Ulaanbulag - both operational — extend via nearby exploration 50,000.tpd mill, and’CIL gold processing plant Well-positioned and highly-profit
Slide 12: BGC Mine Financial Metrics
~ ABOUT COMPANY BGC MINE FINANCIAL METRICS | IMMEDIATE STRONG CASH FLOW ENGINE , a = “az SS BOROO STAND ALONE KPIS ae | Au produced (oz) sail Sere wiliwsteppegeidcom 12
Slide 13: Projected Production
ABOUT COMPANY PROJECTED PRODUCTION MULTI-ASSET LOW COST PRODUCER PROJECTED ANNUAL PRODUCTION AUEQ @ BorooAuEG @ STCOAUEq @ Total AuEq ~140Koz oe Annual production with 3) 3) {cal} BG and ATO Phase2 < : : Sa SS ing costs ws (ms) GS Decli 100 ; : ‘s Driven by merger efficiencies [94] (82) [2 s and ATO
Slide 14: ATO and BGC Revenue Projection
ABOUT COMPANY ATO AND BGC REVENUE PROJECTION OVER US$1B IN AFTER-TAX CASHFLOW ATO & BOROO ANNUAL REVENUE (AT US$2,300/0Z AU) @ ATORevenue @ BorooRevenue @ Total Production (AuEq) Revenue (US$M) goo: EBITDA (US$M) ‘After-Tax Cash Flow (US$M) El [2 z 296 After-Tax NPV (7.5%) (US$M) an ns = a 194 70 18
Slide 15: Project Assessment and Evaluation Team
PROJECT ASSESSMENT AND EVALUATION TEAM
Slide 16: Outlook and Priorities
Increase Ee oRte tivities at both 4 production centers to extend resources, to be between 80K-90Koz reserves, and prod “a ATO Phase II Expansion construction _ underway, on-track 4 4 Steppe will receive C$11.7 mmiRRE: sh from the sale of Tres Cruces, payable in four instalments starting Sept, 2024 C
Slide 17: ESG Commitment
ABOUT COMPANY ESG COMMITMENT SAFETY AT THE CENTRE VTA i fi aaa , | yt] ay’ SOCIAL: of k Regularly liaise and consult with allJevels culture: local oversight with a 9 of government, while in complianc: + 75% of workforce from local of all local regulatory requirements. 95% ee ae on 2023 Environmental
Slide 18: Management Team and Board
ABOUT COMPANY MANAGEMENT TEAM AND BOARD MANAGEMENT TEAM WITH PROVEN TRACK RECORD Bataa Tumur-ochir Byambatseren Tsogbadrakh Dulguun Erdenebaatar Tserenbadam Dugeree Marina Lerner Chairman and CEO President and Director Director Director and Chief Operating Officer Director Mr. Bataa Tumur-Ochir, a M
Slide 19: Analyst Coverage
negate Capital Jun 2024 www.steppegold.com z Hannam & Partners Oct 2024 = 2 = ~ (Fas
Slide 20: Appendix
APPENDIX www.steppegold.com 20
Slide 21: ATO and Mungu Mineral Reserves
ABOUT COMPANY ATO AND MUNGU MINERAL RESERVES 1 0 0 % O W N E D M U LT I - P H A S E P R E C I O U S M E TA L S P R O J E C T ATO MINERAL RESERVES AS OF AUGUST, 2023 Average Grades Metal (koz) Ore (kt) AuEq (g/t) Au (g/t) Ag (g/t) Pb (%) Zn (%) AuEq Au Ag PROVEN Oxide 1,159 1.14 0.70 9.50 0.44 0.36 4
Slide 22: ATO and Mungu Deposits Mineral Resources
ABOUT COMPANY ATO AND MUNGU DEPOSITS ALL RESOURCE 1 0 0 % O W N E D M U LT I - P H A S E P R E C I O U S M E TA L S P R O J E C T ATO MINERAL RESOURCES AS OF AUGUST, 2023 Average Grades Metal (koz) Category Material Ore (kt) AuEq (g/t) Au (g/t) Ag (g/t) Pb (%) Zn (%) AuEq Au Ag ATO1 12.60 1.83 0.95
Slide 23: Boroo Gold Mineral Reserves
ABOUT COMPANY BOROO GOLD MINERAL RESERVES STRONG CASH FLOW ASSETS BOROO MINERAL RESERVES AS OF JANUARY 01, 2024 ULAANBULAG MINERAL RESERVES AS OF JANUARY 01, 2024 Tonnage Average grade Metal Tonnage Average grade Metal Category Category (kt) (g/t) (oz) (kt) (g/t) (oz) Proven 8,085,000 1.2 313,000 Pr
Slide 24: Boroo Gold Mineral Resources
ABOUT COMPANY BOROO GOLD MINERAL RESOURCES STRONG CASH FLOW ASSETS BOROO MINERAL RESOURCES AS OF JANUARY 01, 2024 ULAANBULAG MINERAL RESOURCES AS OF JANUARY 01, 2024 Tonnage Average grade Metal Tonnage Average grade Metal Category Category (kt) (g/t) (oz) (kt) (g/t) (oz) Measured 26,600 0.588 503,00