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, May 22, 2020 /CNW/ - LIM Advisors Limited, along with LIM Asia Special Situations Master Fund Limited, as joint actor, are reporting that the common share purchase warrant (each, a "Warrant") purchased as part of the May 22, 2018 initial public offering of Steppe Gold Ltd. (the "Issuer") have expired and not been exercised.

Prior to the expiration of the Warrants, LIM Advisors Limited exercised control over 4,965,200 common shares (each, a "Share") and 3,500,000 additional Shares issuable upon exercise of the Warrants of the Issuer. The Issuer is deemed to have 49,088,411 Shares outstanding on a partially diluted basis after giving effect to the exercise of the Warrants held by LIM Advisors Limited, and therefore LIM Advisors Limited is deemed to have beneficial ownership of, and control or direction over, a total of 8,465,200 common shares on a partially diluted basis, representing approximately 17.24% of the issued and outstanding Shares on that basis. As a result of the expiry and disposition of the warrants on May 22, 2020, LIM Advisors Limited will have beneficial ownership of, and control or direction over, a total of 4,965,200 Shares representing approximately 10.89% of the issued and outstanding Shares.

LIM Asia Special Situations Master Fund Limited had acquired the Share and Warrants for investment purposes, and may acquire further securities of the Issuer, or dispose of securities of the Issuer, both as investment conditions warrant. LIM Advisors Limited has control over but not ownership of the Shares and Warrants and provides investment management services to LIM Asia Special Situations Master Fund Limited, which has ownership of the securities of the Issuer.

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 Benjamin Mak, Chief Executive Officer of LIM Advisors Limited, at [phone].