(MENAFN- Newsfile Corp) Ulaanbaatar, Mongolia--(Newsfile Corp. - November 14, 2025) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (" Steppe Gold " or the " Company ") is pleased to announce its financial results for the quarter ended September 30, 2025.

Third Quarter Highlights

(all figures in US$000's unless stated otherwise, except per unit figures which are in US$. References to the "Group" include the Company and its subsidiaries including Boroo Gold LLC ("Boroo Gold"))

• For the three months ended September 30, 2025, total Group revenue was $27,302, derived from sales of 7,988 ounces of gold and 1,475 ounces of silver, as well as $2,096 from processing third-party ore. Following the quarter's close, the Group sold an additional 7,966 ounces of gold, generating revenue of $32,116 at an average sales price of $4,032 per ounce. On a pro forma basis, including the finished goods balance, third-quarter sales would have totalled 15,954 ounces of gold, resulting in total revenue of $59,418.

• For the nine months ended September 30, 2025, total Group revenue was $91,997, from the sale of 38,590 ounces of gold and 23,700 ounces of silver, as well as third-party ore processing revenue amounting to $2,096. After adjusting for finished goods as of September 30, 2025, pro forma Group sales for the period would have totalled 46,556 ounces of gold, resulting in consolidated revenue of $124,113.

• With continuing strong gold prices, the Group expects to see strong operating cash flow in the fourth quarter of 2025 driven by production at the Boroo Gold mine. Estimated production for the fourth quarter is 15,000 ounces and estimated capital expenditures will be approximately $12,000 for the quarter.

• Average realized prices for the three and nine months ended September 30, 2025, were $3,412 and $2,367 per gold ounce, respectively. All sales are now occurring at spot price, following expiry of the forward sales contract on June 10, 2025.

• The Group reported Adjusted EBITDA of $15,595 and $51,793 for the three and nine months ended September 30, 2025, respectively. Following the end of the quarter, the Group sold 7,966 ounces of finished goods that generated revenue of $32,116. Pro forma adjusted EBITDA, which includes sales of third quarter finished goods, amounted to $38,032 and $74,230 for the three and nine month periods ended September 30, 2025, respectively.

• For the three and nine months ended September 30, 2025, site all-in sustaining costs ("AISC") for the Group were $2,499 and $1,375, respectively. Total All-in Sustaining Costs for these periods were $2,780 and $1,544, respectively. The increase in AISC during the quarter was primarily attributable to the timing of gold sales and higher sustaining capital expenditures including major equipment upgrades. On a pro forma basis, including sales of finished goods from the third quarter, site AISC and total AISC were $1,869 and $2,010 for the quarter, and $1,350 and $1,492 for the nine months ended September 30, 2025, respectively.

• The Group reported strong working capital of $124,497 as at September 30, 2025. Working capital included high interest bond investments of $102,085 which accrue interest at between 8% to 13.4% and mature on December 31, 2025. The repayment of these bonds, with an estimated value at maturity of approximately $104,000, will be applied to debt reduction and working capital needs.

• As at September 30, 2025, Group net debt was $61,657, after deduction of the bond investments. The Group has been actively working with its principal lenders at Trade and Development Bank ("TDB") to restructure debt facilities, repay higher rate loans, and better align its combined debt facilities with cash flow at the operating mines and the upcoming bond maturity.

• Higher gold prices are providing strong support for exploration activities. This should lead to mine life extensions at Boroo and Ulaanbulag with revised feasibility studies expected early next year.

• The ATO oxide phase is now essentially depleted, with only residual leaching occurring in 2025. The limited sales proceeds are being allocated to critical operating costs. Payments to other suppliers and the stream partner have been delayed to prioritise suppliers that are critical to ongoing production, and protection of local jobs.

• The Group is actively evaluating various financing options for the Phase 2 Expansion, with particular attention to the significant effects of the stream arrangements on project debt returns and risk-reward negotiations. Discussions with project finance partners and Triple Flag Precious Metals Corp. are ongoing.

• ATO Phase 2 Expansion is progressing with turnkey engineering, procurement and construction contract (the "EPC Contract") and consulting partners, focusing on boosting annual capacity and recoveries. This is expected to raise output and efficiency, but may shorten the mine's lifespan. A revised feasibility study is in progress for completion in the second half of 2026. Further delays in finalising project financing could postpone the planned start date.

• At the Boroo Gold and ATO mine sites, there were 355,595 tonnes of ore mined and 484,103 tonnes of ore processed, with an average gold grade of 1.29 g/t and 666,074 tonnes of ore with an average grade of 0.29 g/t that underwent primary leaching during the three months ended September 30, 2025. There were 2,472,176 tonnes of ore mined and 1,407,205 tonnes of ore processed, with an average gold grade of 1.25 g/t and 1,172,024 tonnes of ore with an average grade of 0.29 g/t that underwent primary leaching during the nine months ended September 30, 2025.

Steppe Gold's Chairman and CEO, Bataa Tumur-Ochir, stated, "The third quarter was another successful quarter operationally, and we are entering the fourth quarter with strong momentum. At Boroo, we maximized value by timing sales into a rising gold price environment, which significantly boosted revenue and cash flow in early October 2025. Our investment in a new mining fleet is already improving productivity, and we expect these gains to accelerate meaningfully through 2026. With encouraging exploration potential and one of the region's only large-scale processing facilities, Boroo is becoming a multi-asset hub, with growing opportunities to process both our own ore and third-party material.

"The start of the fourth quarter has been very strong, and the continued cash generation at Boroo is enabling us to accelerate debt reduction on higher cost loans and better align our capital structure with our long-life portfolio.

"We continue to make steady progress at ATO Phase 2. The updated feasibility study is well underway, incorporating higher metal prices and our optimization plan focused on increased throughput, improved recoveries, and a shorter, more efficient mine life. Discussions with our project finance partners are advancing constructively as we work toward the financing package for Phase 2."

Outlook

The focus for the Group in 2025 has been on maximizing production and cash flows at its producing mines and sourcing more material, both in situ and nearby within and outside the license areas and extending mine life.

The Group is optimistic that it will expand its production profile in the coming years as nearby projects seek processing capabilities and the Board is reviewing mill expansion to accommodate these opportunities. The Group is actively pursuing growth in reserves and resources through organic exploration opportunities as well as potential acquisitions.

Regarding the ATO Phase 2 Expansion, negotiations with stream and project finance partners to determine the optimal financing structure are taking longer than expected. There is no guarantee that these negotiations will yield a successful outcome and we may need to seek third party partners to realise value for this project.

The Company's condensed interim consolidated financial results for the quarter ended September 30, 2025 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 or under the Company's profile on SEDAR+ at .

Steppe Gold Ltd.

Steppe Gold is Mongolia's premier precious metals company.

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