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

HONG KONG, May 30, 2018 /CNW/ - LIM Asia Special Situations Master Fund Limited ("LIM"), a corporation formed and existing under the laws of the British Virgin Islands, is pleased to announce that it acquired ownership and control of 3,500,000 units ("Units") in the May 22, 2018 initial public offering of Steppe Gold Ltd. (the "Issuer") at a price of Cdn. $2.00 per Unit, each Unit consisting of one common share of the Issuer (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to acquire one Share at a price of Cdn. $2.34 until 5:00 p.m. (Toronto time) on the date that is 24 months from May 22, 2018. The aggregate subscription price of the Units purchased by LIM was Cdn. $7,000,000, and such Units represent approximately 15.5% of the presently issued and outstanding Shares on a partially diluted basis.  

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. Prior to the transactions disclosed by this news release, LIM did not hold any securities of the Issuer. 

LIM has acquired the Units for investment purposes, and may acquire further securities of the Issuer, or dispose of securities of the Issuer, both as investment conditions warrant.  

SOURCE LIM Asia Special Situations Master Fund Limited

LIM has its registered office at Ritter House, Wickhams Cay II, Road Town, Tortola VG1110, BVI. For further information please contact Benjamin Mak, Chief Executive Officer of LIM Advisors Limited (Investment Manager of LIM), at [phone].