Early Warning News Release Regarding the Ownership of Securities of Steppe Gold Ltd. by LIM Advisors Limited and LIM Asia Special Situations Master Fund Limited

HONG KONG, July 17, 2020 /CNW/ - LIM Advisors Limited, along with LIM Asia Special Situations Master Fund Limited, as joint actor, are reporting a disposition of 12,800 common shares (each a "Common Share") of Steppe Gold Ltd. (the "Issuer") following which their beneficial ownership of, or control or direction over, the Issuer's Common Shares has decreased below 10% of the issued and outstanding Common Shares. Accordingly, following the filing of the Early Warning Report (as defined below) LIM Advisors Limited and LIM Asia Special Situations Master Fund Limited will no longer file early warning or insider reports in respect of their ownership of the Issuer's securities, except as may be required by applicable law.

Prior to the disposition of Common Shares, LIM Advisors Limited exercised control over 4,965,200 Common Shares. As a result of the disposition of Common Shares on July 16, 2020, LIM Advisors Limited will have control or direction over, a total of 4,952,400 Common Shares representing approximately 9.83% of the issued and outstanding Common Shares. LIM Advisors Limited has control over but not ownership of the Common Shares and provides investment management services to LIM Asia Special Situations Master Fund Limited, which has ownership of the securities of the Issuer.

LIM Advisors Limited and/or LIM Asia Special Situations Master Fund Limited may acquire further securities of the Issuer, or dispose of securities of the Issuer, both as investment conditions warrant.

This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Issuer is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Issuer's filings on the System for Electronic Document Analysis and Retrieval (SEDAR). The Issuer's address is: Steppe Gold Ltd., 90 Adelaide St. West, Suite 400, Toronto, ON, M5H 3V9. The Issuer's Shares are listed on the Toronto Stock Exchange.

LIM Advisors Limited's office address is 19/F, Ruttonjee House, 11 Duddell Street, Central, Hong Kong and its principal business is investment management.

SOURCE LIM Advisors Limited

please contact George Williamson Long, Chairman and Chief Investment Officer of LIM Advisors Limited, at [phone].