Altan Tsagaan Ovoo Project (ATO) 2021 Mineral Resources Technical Report (Amended NI 43-101)
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ATO PROJECT – 2021 TECHNICAL REPORT (NI 43-101) Altan Tsagaan Ovoo Project (ATO) 2021 Mineral Resources Technical Report (Amended NI 43-101) Effective 30th March 2021 Amended: 9th June 2021 Report for Steppe Gold Limited By principal Author & Qualified Person (QP) Robin A Rankin MAusIMM CP(Geo) Reviewed by Alternate Qualified Person (QP) Ochirkhuyag Baatar MSc, CPG Contributing authors: David Frost FAusIMM, B. Met Eng. DRA Americas Inc. Ghislain Prévost, P. Eng. Senior Mining Engineer DRA Americas Inc. GeoRes Project GR2104 30 March 2021 Page 1 ATO PROJECT – 2021 TECHNICAL REPORT (NI 43-101) Altan Tsagaan Ovoo Project (ATO) 2021 Mineral Resources Technical Report (Amended NI 43-101) Effective 30th March 2021 On Mineral Resource estimation at the ATO property in Mongolia for Steppe Gold Ltd. These estimates replace the previous 2017 estimates prepared by GSTATS Consulting LLC. The ATO Project is located in eastern Mongolia and is governed by Mining License MV-017111. Report for Steppe Gold Limited By principal author & Qualified Person (QP) Robin A Rankin MAusIMM CP(Geo) Reviewed by Alternate Qualified Person (QP) Ochirkhuyag Baatar MSc, CPG GeoRes Project GR2104 30 March 2021 Page 2 ATO PROJECT – 2021 TECHNICAL REPORT (NI 43-101) DATE AND SIGNATURE PAGE This Technical Report (entitled “Altan Tsagaan Ovoo Project (ATO) 2021 Mineral Resources Technical Report (Amended NI 43-101)”, effective date 30th March 2021) has been prepared, signed and dated by the following Qualified Person (QP). The QP designation is within the meaning of Canadian National Instrument 43-101 of 24th June 2011. Robin A Rankin (Qualified Person) MSc DIC MAusIMM CP(Geo)1 Principal Consulting Geologist – GeoRes Signed 9th June 2021 At Bowral, NSW, Australia 1 Accredited by The Australasian Institute of Mining & Metallurgy (The AusIMM) since 2000 as a Chartered Professional (CP) in the Geology discipline. 30 March 2021 Page 3 ATO PROJECT – 2021 TECHNICAL REPORT (NI 43-101) CERTIFICATE OF AUTHOR / QUALIFIED PERSON I, Robin A Rankin, do hereby certify that: • I am Principal Consulting Geologist and operator of GeoRes, with business address at 4 Warenda Street, Bowral, New South Wales, Australia, 2576. • This certificate applies to the report entitled “Altan Tsagaan Ovoo Project (ATO) 2021 Mineral Resources Technical Report (NI 43-101)”, (the “Technical Report”), of effective date 30th March 2021. The Report relates to Mining License MV-017111 constituting the property of the ATO Project (the Project) in eastern Mongolia. • I graduated with a Bachelor of Science (BSc) degree in Geology from the University of Cape Town, South Africa, in1980. In addition, I have obtained a Master of Science (MSc) degree in Mineral Production Management from the University of London (Royal School of Mines at Imperial College London), United Kingdom, in 1988 and a Diploma of the Imperial College (DIC) from Imperial College London in 1988. I have practiced my profession (geology) virtually continuously since 1981. A summary of my relevant experience follows: o 1981 – 1987: Mineral exploration geologist employed or contracted by several mining, exploration and consulting companies including Goldfields of South Africa, Australian Groundwater Consultants Union Oil Development Corporation, and BHP (under contract). o 1989 – 2003: Metals geologist, employed by Exploration Computer Services (ECS) and then Surpac Minex Group (SMG), specialising in mining software and resource modelling and estimation. o 2003 – 2006: Principal metals geologist employed by SMG Consultants. o 2006 – Present: Principal consulting geologist and proprietor of GeoRes. • I am a member (#110551) of the Australasian Institute of Mining and Metallurgy (MAusIMM). Furthermore, I have been registered as a Chartered Professional (CP) in the Geology discipline (CP(Geo)) by the AusIMM since 2000. • I am a “Qualified Person” (QP) for the purposes of National Instrument 43-101 (NI 43-101) due to my education, past relevant experience, and current affiliation and membership designation with an accepted foreign professional organisation (MAusIMM CP(Geo)) as defined in NI 43-101. • Due to the current Covid 19 pandemic I have NOT visited the Project. • I am the principal author of this Technical Report. • Ochirkhuyag Baatar, the alternate QP, engaged by Steppe, took responsibility for various aspects and/or sections of the Report outside my area of experience, qualifications or Project knowledge. • I am independent of the Issuer in terms understood from Part 1.5 of NI 43-101 and the tests detailed in Part 1.5 of the Companion Policy 43-101CP. • I have had no prior involvement with the Project that is the subject of the Technical Report, or with the Project operator, Steppe Gold Ltd, before undertaking the work leading to this Report. • I have read National Instrument 43-101, and this Technical Report has been prepared in compliance with that instrument and Form 43-101F1. • As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. • I consent to the filing of the Technical Report with any stock exchange and other regulatory authority and any publication by them, including electronic publication in the public company files on their websites accessible by the public, of the Technical Report. 30 March 2021 Page 4 ATO PROJECT – 2021 TECHNICAL REPORT (NI 43-101) Dated 30th March 2021 Robin A Rankin (Qualified Person) MSc DIC MAusIMM CP(Geo)2 Principal Consulting Geologist – GeoRes 2 Accredited by The Australasian Institute of Mining & Metallurgy (The AusIMM) since 2000 as a Chartered Professional (CP) in the Geology discipline. 30 March 2021 Page 5 ATO PROJECT – 2021 TECHNICAL REPORT (NI 43-101) CERTIFICATE OF QUALIFIED PERSON I, Ochirkhuyag Baatar, do hereby certify that: • I am a Chief Geologist of Erdenyn Erel LLC, with business address at Centrum Building, Suite 906, Olympic Street-7/3, Sukhbaatar district 1, Ulaanbaatar 14240, Mongolia. • I graduated with a Bachelor of Science (BSc) degree in Geology from the Mongolian Technical University, Ulaanbaatar City, in1992. In addition, I have obtained a Master of Science (MSc) degree in Geology from the Mongolian Technical University, Ulaanbaatar City, in1999. I have practiced my profession (geology) virtually continuously since 1992. A summary of my relevant experience follows: o 1992 - 1994: Teacher in Geological School of Mongolian Technical University. o 1995 - 1998: Chief Geologist in “GCS” Company o 1998 - 2001: Project Geologist in Geological Information Centre / Mineral Resources Authority of Mongolia. o 2001 – 2003: Chief Geologist in Geological Investigation Centre of Mongolia o 2003 – 2006: Geologist and Project Geologist in Anglogold Ashanti Mongolia LLC. o 2006 – 2009: Geoscientist, Project Geoscientist and Project leader in BHP Billiton World Exploration Inc. o 2009 – 2010: Consultant Geologist in East Asia Minerals Corporation. o 2010 – 2020: Principal Geologist in Rio Tinto Exploration Inc. o 2020 – present: Chief Geologist in Erdenyn Erel LLC • I am a reviewer of the technical report entitled Altan Tsagaan Ovoo Project (ATO) 2021 Mineral Resources Technical Report with an effective date of 30th March 20, 2021 (the “Technical Report”) prepared for Steppe Gold Ltd. (the “Issuer”). The report relates to Mining License MV-017111 constituting the property of the ATO Project (the “Project”) in eastern Mongolia. • I am a member (#12017) of the American Institute of Professional Geologist (AIPG) since 2019. Furthermore, I have been registered as a Certified Professional Geologist (CPG) in the Geology by the AIPG since 2019. • I have read the definition of “qualified person” set out in National Instrument 43-101 (“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and experience, I am a “qualified person” for the purposes of NI 43-101. • I visited to the Project site in October 2020 and undertook familiarizing mine operation and geological setting of ATO project in a week period. • I assisted with the preparation of the Technical Report prepared for the Issuer and, in particular, I prepared the Data verification described in Section 12 of the Technical Report. • I am independent of the Steppe Gold Ltd. (the “Issuer”) as described in section 1.5 of NI 43-101. • I have read NI 43-101 and Form 43-101F1, and the sections of the Technical Report for review of which I was responsible have been prepared in compliance with that instrument and form. • As at the effective date of the Technical Report, and to the best of my knowledge, information and belief, the sections of the Technical Report for review of which I was responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading. 30 March 2021 Page 6 ATO PROJECT – 2021 TECHNICAL REPORT (NI 43-101) Dated this 30th March, 2021. __ ______ ____Ochirkhuyag Baatar_ (Certified Professional Geologist, AIPG) Chief Geologist – Erdenyn Erel LLC 30 March 2021 Page 7 ATO PROJECT – 2021 TECHNICAL REPORT (NI 43-101) CERTIFICATE OF QUALIFIED PERSON To accompany the Report titled “Altan Tsagaan Ovoo Project (ATO) 2021 Mineral Resources Technical Report (NI 43-101)”, (the “Technical Report”), of effective date 30th March 2021. The Report relates to Mining License MV- 017111 constituting the property of the ATO