Anacortes Mining Corp. — Merger & Acquisition 2023

Apr 19, 2023

EXTENSION LETTER AGREEMENT

April 17, 2023

Shangri-La office, Suite 1201 Olympic street 19A Ulaanbaatar, Sukhbaatar District 1 14241

Attn: Jeremy South

Dear Sirs:

Re: Binding Letter of Intent between Steppe Gold Ltd. (“Steppe”) and Anacortes Mining Corp. (“Anacortes” and, together with Steppe, the “Parties”) dated March 6, 2023 (the “LOI”)

This letter agreement confirms our agreement to amend the LOI to extend the Exclusivity Period (defined and referenced in section 5 of the LOI) from April 17, 2023 to May 5, 2023, or upon such later date as the Parties may mutually agree upon in writing.

Except as amended hereby, the binding provisions of the LOI continue in full force and effect and the LOI and this letter agreement will be read and construed together as one agreement. The Parties ratify and affirm the LOI as amended hereby (the “ Amended LOI ”), and agree that the Amended LOI contains the entire understanding of the Parties hereto with respect to the subject matter hereof. The Amended LOI supersedes all prior agreements and understandings between the Parties with respect to the subject matter hereof.

This letter agreement, and all matters relating hereto or arising here from, will be governed by and construed in accordance with the laws of the Province of British Columbia and the federal laws of Canada applicable therein (without regard to conflicts of laws principles).

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This letter agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. The Parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this letter agreement, and such facsimile or similar facsimile or similar executed electronic copy shall be legally effective to create a valid and binding agreement between Parties.

Yours truly,

ANACORTES MINING CORP.

By: (signed) “ James A. Currie ”

Name: James A. Currie Title: President and Chief Executive Officer

The above terms are accepted this 17[th] day of April, 2023.

STEPPE GOLD LTD.

By: (signed) “ Jeremy South "

Name: Jeremy South Title: Chief Financial Officer