Steppe Gold Ltd. — Capital/Financing Update 2026

Apr 14, 2026

Identification number of NO0020220928-02

Dated on 21st of December 2023

BOROO PTE LTD
("Issuer")

And
BOROO GOLD LLC
("Subscriber")

SECOND AMENDMENT OF
BOND SUBSCRIPTION AGREEMENT
Relating to USD6,300,000.00 [13.4] per cent
Boroo Pte Ltd. Secured Callable Bond issue 2022/2024

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This AMENDMENT OF BOND SUBSCRIPTION AGREEMENT (the "Amendment") has been entered into on 21ST OF DECEMBER 2023 between:

1) BOROO PTE LTD. (Singapore Company No. 201827959R) with principal address at 12 Marina view, #23-09, Asia Square Tower 2, Singapore 018961 as issuer (the "Issuer";) and

2) BOROO GOLD LLC (Mongolia Registration No. 2094533) with principal address at level 7, Blue Sky Hotel & Tower, 1st khoroo, Sukhbaatar district, Ulaanbaatar, Mongolia as subscriber (the "Subscriber")

The Amendment shall be made available to the public on request and may be obtained directly from the Subscriber or from the Issuer throughout the entire term of the Additional Bond.

One. Interpretation

1.1. Whenever used in this Amendment the following terms shall have the following meaning:

"Original Bond Subscription Agreement" means original bond subscription agreement dated 28th of September 2022, as amended by this agreement.

"First Amendment of Bond Subscription Agreement" means amendment of bond subscription agreement dated 20th of September 2023.

"Second Amendment of Bond Subscription Agreement" means this amendment of bond subscription agreement dated 21st of December 2023.

"Banking Day" means a day when the Singapore Central Bank's Settlement System are open and when Singapore banks can settle foreign currency transactions.

"Bondholder" means the holders of the Bonds.

"Maturity date" means 31st of December 2025 as amended by this amendment.

"Bond" means the aggregate nominal value of the Bonds on the Disbursement Date.

"Bond Redemption Schedule" means bond repayment schedule as approved by annex 4 of Original Bond Subscription Agreement as amended by Annex 1 of first amendment of Bond Subscription Agreement.

"Outstanding Bond" means Remaining bond.

Two. Incorporation of defined terms

2.1. Unless a contrary indication appears, a term defined in the Original Subscription Agreement has the same meaning in this Agreement.

2.2. The principles of conditions set out in the Original Bond Subscription Agreement shall have effect as if set out in this Agreement.

Three. General conditions

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3.1. By this amendment the parties acknowledged and agreed to revise the maturity date of the Bond. For greater certainty, the interest of the bond shall remain the same as specified under the Original Bond Subscription Agreement.

3.2. Also, parties agreed to cancel the Bond Redemption Schedule and revise the respective clauses of Original Bond Subscription Agreement in terms of interest payment and maturity of the bond as provided below.

3.3. Following clauses of original bond subscription agreement between parties shall be revised as below:

Clause 1.1. "Maturity date" means 31st of December 2025

Clause 2.2. "The Bond will be identified as "USD6,300,000.00 [13.4] per cent Boroo Ptd Ltd. Secured Callable Bond Issue 2022/2025".

Clause 8.1. "The issuer shall pay interest on the Bonds from and including Disbursement date at a fixed rate of [13.4] per cent per annum. Interest is payable by issuer on the Maturity date."

Clause 9.1. "The bond will run without installments and mature in whole on the Maturity date at par (100%) unless the Bonds are previously redeemed."

Four. Continuity and further assurance

4.1. The provisions and clause of the Original Bond Subscription Agreement expect expressly added to this amendment of the bond agreement, shall remain same and continue in full force of effect.

Five. Miscellaneous

5.1. This agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

Six. Governing law and jurisdiction

6.1. This agreement and rights and obligations of the Parties, including the validity and enforceability of this Agreement, the capacity of the Parties and all non-contractual obligations arising under or in connection with this Agreement shall be governed by and construed in accordance with law of Singapore.

6.2. The Parties irrevocably submit to the exclusive jurisdiction of the courts of Singapore in respect of any claim, dispute or difference arising out of or in connection with this Agreement, and/or any non-contractual obligations arising in connection with this Agreement.

This agreement has been entered into on the date stated at the beginning of this Agreement.

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BOROO PTE LTD
Issuer

BOROO GOLD LLC
Subscriber

"Dulguun Erdenebaatar"
DULGUUN ERDENEBAATAR

"Tserenbadam Dugeree"
TSERENBADAM DUGEREE