Steppe Gold Ltd. — Regulatory Filings 2021

Nov 30, 2021

// DRA Global Limited

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20 Queen Street West / 29th Floor / Toronto / Ontario / Canada / M5H 3R3 T +1 416 800 8797 / E info@draglobal.com / https://www.draglobal.com/

CERTIFICATE OF QUALIFIED PERSON

To accompany the Report entitled “ NI 43-101 Technical Report – Feasibility Study for the Altan Tsagaan Ovoo (ATO) Phase 2 Expansion Project, Mongolia ” with an effective date of October 27, 2021 and issued on November 30, 2021 (the "Technical Report") prepared for Steppe Gold LLC (“Steppe Gold” or the “Company”).

I, David Frost, FAusIMM, B. Met Eng, Toronto, Ontario, do hereby certify that:

1. I am Vice President Process Engineering, DRA Global Limited with an office at 20 Queen Street West, 29[th] Floor, Toronto, Ontario, Canada M5H 3R3;

2. I graduated from the Royal Melbourne Institute of Technology (RMIT), Melbourne, Australia with a Bachelor of Metallurgical Engineering in Metallurgy in 1993;

3. I am a registered Fellow Member of the Australian Institute of Mining and Metallurgy (FAusIMM) membership #110899.

4. I have worked as a Metallurgist and Process Engineer in various capacities since my graduation from university in 1993.

5. My relevant work experience includes:

   • 30 years of experience, 15 years in process plant operations including the operation of complex flotation flowsheets and 15 years in process plant flowsheet design;

   • Supervision, operations, maintenance and designs for heap leach operation for several projects in Europe, South America, Asia, and Australia;

   • Polymetallic flotation testwork supervision, management and flowsheet design for several projects; and

   • Participant and author of several NI 43-101 Technical Reports inclusive of polymetallic flowsheets.

6. I have read the definition of “qualified person” set out in the NI 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and certify that, by reason of my education, affiliation with a professional association, and past relevant work experience, I fulfill the requirements to be a qualified person for the purposes of NI 43 101.

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1. I am independent of the Company applying all the tests in Section 1.5 of NI 43-101.

2. I am responsible for the preparation of Sections 13, 17, 19, and portions of Sections 1, 18, 21, and 25 to 27.

3. I visited the Altan Tsagaan Ovoo Project (ATO) location in August 2018 and personally viewed the drill cores both at the site and in storage in Ulaanbataar which were used for metallurgical test work.

4. I have had prior involvement with the property that is the subject of the Technical Report.

• QP for “ Altan Tsagaan Ovoo Project (ATO), 2021 Mineral Resources, Technical Report (Amended NI 43-101) ”, prepared by GeoRes, with an effective date March 30, 2021, issued on March 30, 2021 and amended on June 9, 2021

• Reviewed “NI 43-101 Technical Report - Altan Tsagaan Ovoo Gold Project, Tsagaan Ovoo, Dornod, Mongolia ” prepared by GSTATS Consulting with an effective date September 6[th] , 2017 and issued on October 4[th] , 2017 prepared for Steppe Gold LLC”.

1. I have read NI 43-101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with NI 43-101.

2. As at the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the portions of the Technical Report for which I am responsible not misleading.

Dated this 30[th] day of November 2021

• Original Signed and sealed” David Frost David Frost, FAusIMM, B. Met Eng Vice President – Process Engineering DRA Global Limited

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