Steppe Gold Announces Board Changes

ULAANBAATAR, Mongolia, March 15, 2024 (GLOBE NEWSWIRE) -- Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (“Steppe Gold” or the “Company”) announces the following Board changes.

Matthew Wood has resigned as a director of the Company. The President of the Company, Byambatseren Tsogbadrakh, has joined the Board, with both notifications effective immediately.

The Company would like to pay special thanks to Mr. Wood for his outstanding contributions to Steppe Gold. As one of the founders of Steppe Gold, Mr. Wood was responsible for identifying the opportunity at the then ATO Deposit to develop a two-phase project, to minimize the initial capex required and allow for the development of the larger project, the Phase 2 Expansion which is currently under construction.

Mr. Wood has a long history of success in mining development in Mongolia and was a recipient of the prestigious Polar Star, the highest state honour that can be awarded to a non-citizen of Mongolia.

Bataa Tumur-Ochir, Chairman and CEO of Steppe Gold, commented “We are hugely grateful for Matt’s leadership of Steppe Gold, from the early days as a private company with a greenfield site in Eastern Mongolia. He was instrumental in all aspects of the development of the Company, through the additional exploration phase and development strategy and the IPO in 2018. As we move to become a multi-asset producer in Mongolia with the pending acquisition of Boroo Gold, Matt will leave the Board to focus on his exploration ventures both in Mongolia and elsewhere. We wish him every success in his future endeavors.”

“We will look to refresh our Board as we work to conclude the Boroo Gold acquisition, and we welcome our President, Byambatseren as a Board member.”

In connection with Mr. Wood’s resignation, Steppe Gold intends to issue an aggregate of 2,000,000 common shares of the Company at a deemed price of $0.78 per share to settle all amounts owing by Steppe Gold to Mr. Wood (the “Settlement Transaction”). The Settlement Transaction is subject to the approval of the Toronto Stock Exchange, and other customary third-party approvals. The common shares issued to Mr. Wood, or an affiliate, will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation, and such further restrictions as apply under foreign securities laws.