Steppe Gold Ltd. Announces Annual General and Special Meeting Voting Results

Rhea-AI Summary

Steppe Gold Ltd. (STPGF) held its annual general and special meeting on June 16, 2025, where shareholders voted on key matters. Six out of seven nominated directors were successfully elected to the Board with strong approval rates above 96%, except for Byambatseren Tsogbadrakh who received only 9.15% votes in favor. Due to receiving more votes withheld than in favor, Tsogbadrakh must submit resignation per the company's majority voting policy. Kingston Ross Pasnak LLP was reappointed as auditors with 99.81% approval. Notably, shareholders rejected the company's proposed long-term incentive plan with a significant 90.85% voting against it.

Positive

• Six directors were elected with strong approval rates above 96%
• Auditors reappointed with overwhelming 99.81% shareholder support

Negative

• One director nominee Byambatseren Tsogbadrakh received only 9.15% votes in favor, requiring resignation
• Shareholders strongly rejected the long-term incentive plan with 90.85% voting against

Ulaanbaatar, Mongolia--(Newsfile Corp. - June 16, 2025) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) ("Steppe Gold" or the "Company") announces today the results of its annual general and special meeting of shareholders (the "Meeting") held on June 16, 2025.

At the Meeting, Steppe Gold shareholders voted on the following matters, the full details of which are set out in the Company's management information circular dated May 13, 2025, issued in connection with the Meeting, which is available under the Company's profile on SEDAR+ at www.sedarplus.ca.

1. According to the proxies received and ballots cast, the following seven individuals nominated to serve on Steppe Gold's Board of Directors (the "Board"), were elected by shareholders as follows:

Nominee	Votes For	% Votes For	Votes Withheld	% of Votes Withheld
Batjargal Zamba	171,310,130	99.78%	369,143	0.22%
Jargalan Sereenen	171,340,130	99.80%	339,143	0.20%
Bataa Tumir-Ochir	165,839,855	96.60%	5,839,418	3.40%
Marina Lerner	166,729,855	97.12%	4,949,418	2.88%
Byambatseren Tsogbadrakh	15,704,475	9.15%	155,974,798	90.85%
Tserenbadam Dugeree	171,321,073	99.79%	358,200	0.21%
Dulguun Erdenebaatar	165,916,942	96.64%	5,762,331	3.36%

 

Pursuant to, and in accordance with, the terms of the Company's majority voting policy (the "Policy"), any nominee proposed for election as a director in an uncontested election who receives a greater number of votes withheld than number of votes in favour of the nominee, even though duly elected as a matter of corporate law, must promptly tender their resignation to the board of directors of the Company (the "Board"). At the Meeting, Ms. Tsogbadrakh received more votes withheld than votes in favour and therefore, in accordance with the Policy, Ms. Tsogbadrakh is required to submit her resignation to the Board for its consideration. Under the Policy, the Board will promptly accept the resignation unless it determines that there are extraordinary circumstances relating to the composition of the Board or the voting results that should delay the acceptance of the resignation or justify rejecting it. The Board will make its decision and reasons available to the public within 90 days of the Meeting.

2. According to the proxies received and ballots cast, Kingston Ross Pasnak LLP were re-appointed as Steppe Gold's auditors to hold office until the next annual meeting of the Company's shareholders and the Board was authorized to fix their renumeration, as an ordinary resolution of shareholders as follows:

Votes For	% Votes For	Votes Withheld	% of Votes Withheld
174,945,784	99.81%	337,941	0.19%

 

3. According to the proxies received and ballots cast, the shareholders did not pass the ordinary resolution approving the ratification and adoption of the Company's long-term incentive plan, with the voting results as follows:

Votes For	% Votes For	Votes Against	% of Votes Against
15,702,668	9.15%	155,976,605	90.85%

 

A full report of voting results from the Meeting is available under the Company's profile on SEDAR+ at www.sedarplus.ca.

About Steppe Gold Ltd.

Steppe Gold Ltd. is Mongolia's premier precious metals company.

For more information, please contact:

Bataa Tumur-Ochir, Chairman and Chief Executive Officer

Jeremy South, Senior Vice President and Chief Financial Officer

Shangri-La office, Suite 1201, Olympic Street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255664

FAQ

What were the voting results for Steppe Gold's (STPGF) 2025 annual meeting?

Six directors were elected with >96% approval, one director received only 9.15% support, auditors were reappointed with 99.81% approval, and the long-term incentive plan was rejected with 90.85% voting against.

Why must Byambatseren Tsogbadrakh resign from Steppe Gold's board?

According to the company's majority voting policy, Tsogbadrakh must submit resignation after receiving more votes withheld (90.85%) than votes in favor (9.15%) at the 2025 annual meeting.

What happened to Steppe Gold's long-term incentive plan at the 2025 meeting?

Shareholders rejected the long-term incentive plan with 90.85% voting against it and only 9.15% voting in favor.

Who are Steppe Gold's auditors for 2025?

Kingston Ross Pasnak LLP was reappointed as auditors with 99.81% shareholder approval.