The Altan Tsagaan Ovoo gold and silver project (the “ATO Project”) is located in the territory of Tsagaan Ovoo soum of Dornod province in eastern Mongolia. The ATO Project is comprised of one mining license (MV-017111) over an area of 5,492.63 hectares.

After a successful start to Phase 1 Oxide Project, with 33,000 ounces produced in 2020, Steppe Gold doubled the resource estimate at the ATO Gold Mine to 2.45 million ounce of gold equivalent in February 2021.

The Feasibility Study dated in Q4’ 2021 covers the ATO Gold Mine with a 12.5 year remaining mine life, with an assumed start date of January 1, 2022.

Phase 2 expansion assumes producing 100,000 ounces of gold equivalent per annum from the fresh rock ore. Gold recovery is forecast to be 79%, with further recoveries of up to 10% through CIP/CIL plant in later years.

ATO gold mine is estimated to generate 1.72 billion dollars in revenue and over 584 million dollars in earnings before taxes with a CAPEX of $128m, a rapid payback of capital in 3 years after taxes.