Steppe Gold Ltd. — Capital/Financing Update 2026

Apr 14, 2026

Identification number of NO0020210303-1

Dated on 1 September 2021

Boroo Pte Ltd
("Issuer")

And
Boroo Gold LLC
("Subscriber")

AMENDMENT OF BOND
SUBSCRIPTION AGREEMENT

Relating to
USD100,000,000.00 [12.5] per cent Boroo Gold LLC.
Secured Callable Bond Issue 2021/2024

1

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This AMENDMENT OF BOND SUBSCRIPTION AGREEMENT (the "Amendment") has been entered into on 1 September 2021 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 (Mongolian 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.

1 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 on 3 March 2021, as amended by this agreement

"Amendment Bond Subscription Agreement" means this amendment of bond subscription agreement dated on 1 September 2021.

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

"Bondholders" mean the holders of the Bonds.

"Disbursement Date" means 03 March 2021

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

"Maturity Date" means 01 June 2024.

"Outstanding Bond" means Remaining Bond.

1.2. INCORPORATION OF DEFINED TERMS

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

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

2 REVISED CONDITIONS

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

Clause 2.1. "The Issuer has resolved to issue a secured callable bond in the amount of USD$86,787,000.00 (United States Dollars eighty six million and seven hundred eighty seven) through the issue 8,678.7 bonds, each with a denomination of USD 10,000 and the Subscriber is agreed to subscribe and purchase the Bonds. (The "Bonds")

Clause 2.2. "The Bond will be identified as "USD$86,787,000.00 [12.5] per cent BOROO PTE LTD. Secured Callable Bond Issue 2021/2024" upon completion of this agreement.

Clause 8.1. "The issuer shall pay interest on the Bonds from and including Disbursement Date at a fixed rate of [12.5] per cent per annum. Interest is payable by issuer either on Maturity, upon demand by the Subscriber or voluntarily by Issuer. Each date on which interest is to be paid on the Bonds pursuant to this clause 8.1 is referred to as "Interest Payment Date"

Clause 9.2 "The Issuer may at any time during the term of the Bond call the Bond (the "Call option") as its par value plus accrues interest. Any partial call or repayment will be first applied against the Remaining Bond before any accrues interest"

Clause 13.1 "The Issuer shall accrue interest to the Subscriber monthly. Interest is only payable by Issuer either on Maturity, upon demand by the Subscriber or voluntarily by Issuer."

5 CONTINUITY AND FURTHER ASSURANCE

5.1 Continuing obligations

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

5. MISCELLANEOUS

5.1 Counterparts

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.

6. GOVERNING LAW AND JURISDICTION

6.1 Governing law

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

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arising under or in connection with this Agreement shall be governed by and construed in accordance with the law of Singapore

6.2 Jurisdiction

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.

Signature page follows

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5

BOROO PTE LTD
Issuer

BOROO GOLD LLC
Subscriber

"Yap Keng Hong"
YAP KENG HONG

"Tserenbadam Dugeree"
TSERENBADAM DUGEREE

This Amended Bond Subscription Agreement executed in 2 copies (originals), of which the Issuer and the Subscriber shall keep one each.