Home Correction journal SOURCE CORRECTION: Steppe Gold Announces Gold Prepayment Facility

SOURCE CORRECTION: Steppe Gold Announces Gold Prepayment Facility

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This document corrects and replaces in its entirety the previous version which was published by Steppe Gold Limited earlier today, where it should have read, “Triple Flag Gold Prepayment Facility will be repaid over 6 months from December 23, 2022 by six monthly deliveries of 500 ounces of gold for a total of 3,000 ounces. instead of “December 23, 2023”. The corrected version can be found below and all other content of this version is unchanged:

Ulaanbaatar, Mongolia– (Newsfile Corp. – September 29, 2022) – Steppe Gold Limited (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (“Steppe Gold” or the “Company”) is pleased to announce that it has entered into an agreement with Triple Flag International Ltd (“Triple Flag”) for a short-term gold prepayment facility (the “Triple Flag Gold Prepayment Facility”).

One of the consequences of the zero covid policy in China and the border closures between China and Mongolia has been a shortage of US dollars available from banks in Mongolia. Revenue from sales of Steppe Gold is received in Mongolian tugrik. Although most of its running costs are also paid in local currency, we require US dollars to acquire reagents and finance deliveries to Triple Flag. The Triple Flag Gold Prepayment Facility allows Steppe Gold to continue to meet all of its obligations during this temporary market disruption.

Prepayment represents an elegant financing solution for a short-term currency issuance. The company is operating as planned with gold pours every two weeks and progress on Phase 2 expansion efforts continues.

Under the terms of the agreement, Triple Flag advanced net funds of US$4.6 million to Steppe Gold after fees and legal expenses. The Triple Flag Gold prepayment facility will be repaid over 6 months from December 23, 2022 by six monthly deliveries of 500 ounces of gold for a total of 3,000 ounces.

Steppe Gold Limited
Steppe Gold is Mongolia’s premier precious metals company.

For more information, please contact:
Bataa Tumur-Ochir, CEO and President

Shangri-La Office, Suite 1201, Olympic Street 19A, Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia Tel. : +976 7732 1914

Caution Regarding Forward-Looking Statements:

The foregoing contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in global commodity markets, stock markets, costs and supply of materials relevant to the mining industry, changes in government and changes in regulations affecting the mining industry. Forward-looking statements in this release include, among other things, statements regarding trading in the common stock and business, economic and political conditions in Mongolia. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results may vary and we cannot guarantee future results, levels of activity, performance or achievements. We disclaim any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

The Toronto Stock Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of the contents of this press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138884