Boroo Pte Ltd signed a definitive share purchase agreement to acquire Tres Cruces Oxide Project of Steppe Gold Ltd. for CAD 12 million on April 11, 2024. The consideration is payable over the next 18 months beginning as of the closing date. In a separate transaction, Boroo Gold LLC entered into a binding term sheet to acquire Steppe Gold Ltd. in a reverse merger transaction. The board of Steppe Gold has approved the transaction and has recommended the shareholders to vote in favor of the acquisition. The transaction is subject to customary closing conditions and is cross conditional on the closing of the Boroo Gold Transaction and is expected to close in July 2024, following which, the Boroo Gold Transaction will close subsequently thereafter.

Fasken Martineau DuMoulin LLP acted as legal advisor to Steppe Gold. Stikeman Elliott LLP acted as Canadian legal advisor to Boroo Pte. Payet, Rey, Cauvi, Pérez Abogados acted as Peruvian legal advisor to Steppe Gold and Boroo Pte. Sequeira Partners Inc. acted as financial advisor to Steppe Gold. Cormark Securities Inc. acted as financial advisor to Boroo Pte.