Ulaanbaatar, Mongolia – December 9, 2025 – Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (“Steppe Gold”) today announced a significant upgrade to its fourth-quarter production guidance for the Boroo Gold mine, alongside a change in its external audit firm.
Following strategic fleet upgrades implemented throughout 2025, coupled with focused maintenance and recovery efforts following a period of downtime in the third quarter, the Boroo Gold mine has demonstrated a remarkable turnaround. As a result, Steppe Gold now anticipates overall fourth-quarter production to surpass 23,000 ounces of gold, a considerable increase from the previously projected 15,000 ounces.
With the processing of finished goods from September 30, 2025, completed in October, projected sales for the quarter are expected to exceed 30,000 ounces. Looking ahead, the Company projects full year production for the Group – encompassing all of Steppe Gold’s subsidiaries – to reach 70,000 ounces.
Furthermore, Steppe Gold announced that Kingston Ross Pasnak LLP has resigned as the Company’s auditor, effective December 8, 2025. Emmerich, Córdova y Asociados S. Civil de R.L., a member firm of KPMG International, has been appointed as the successor auditor. This transition was driven by the desire to align the audit relationship with the broader Group and reinforce consistency and transparency across all related entities.
Importantly, the audit change was executed without any modified opinions or reportable events as defined by National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”). The Board’s decision was reviewed and approved by the Audit Committee and the Board of Directors. All required documentation, including notices of change and supporting letters from both the former and successor auditors, has been filed on SEDAR+.
Steppe Gold is recognized as Mongolia’s leading precious metals producer.
