Mr. Rick Clark reports

MONTAGE INTERSECTS HIGHER-GRADE MINERALIZATION AT GBONGOGO MAIN AND CONFIRMS HIGH GRADE POTENTIAL AT YERE NORTH

Montage Gold Corp. has released further results from continuing resource drilling at the Gbongogo Main deposit within the Kone gold project (KGP). A resource definition program began in late November, 2022, designed to upgrade the inferred mineral resource of 5.2 million tonnes (Mt) at 2.1 grams per tonne for 351,000 ounces (oz) (1.2 g/t cut-off). This program is nearing completion and continues to confirm higher-grade zones in the overall deposit.

Highlights:

• Continuing diamond drilling at Gbongogo Main defines and extends mineralization:
  • GBDD035: 113.25 metres at 2.30 g/t;
  • GBDD037: 48 m at 1.72 g/t;
  • GBDD038: 45.75 m at 1.90 g/t.
• Results within quartz-tourmaline vein sets at Gbongogo Main improve confidence of higher-grade controls:
  • GBDD039: 20.50 m at 10.95 g/t;
  • GBDD043: 17 m at 8.56 g/t.
• Reverse circulation drilling at Yere North confirms and improves initial reconnaissance results:
  • YERNRC010: 23 m at 12.91 g/t (twin of hole MMKAC141);
  • YERNRC007: 14 m at 5.09 g/t.
• Program continues with four rigs drilling multiple targets across the Kone gold project.

Rick Clark, Montage chief executive officer, commented: "New results from Gbongogo Main, the best drilled by Montage to date, strongly support management's view of expanded resource potential and the possibility of an overall higher grade to the orebody.

"We are also very encouraged by the confirmation and expansion of high-grade results at the Yere North prospect. While Yere North remains early stage, it is showing the potential to develop into an additional satellite deposit for the overall Kone gold project. The discovery of Yere North clearly demonstrates the underexplored nature of our land package and gives us confidence that other high-grade satellites will be discovered."

Details

Drilling at Gbongogo Main delivers wide high-grade intervals and depth extension

Resource RC drilling of the upper part of the Gbongogo Main deposit was completed in January (3,042 m) and core drilling commenced at the start of February with 3,372 m drilled to date.

Gbongogo Main currently hosts an inferred mineral resource of 5.2 Mt at 2.1 g/t for 351,000 oz (1.2 g/t cut-off). The first four core holes were drilled down plunge to provide samples for metallurgical test work (see press release dated March 27, 2023) and since then drilling has been aimed at upgrading and extending the resource and to improve understanding of the quartz-tourmaline vein sets that cut the plunging quartz-diorite plug and are known to carry high grades.

These latest drill results show that the plunging intrusive body is still open and widening at depth to a true width of close to 100 m. Recent drill holes have intersected very high-grade mineralization often containing free gold.

High grades associated with quartz-tourmaline veins

Mineralization at Gbongogo Main is hosted within a plunging quartz-diorite plug. The intrusive is cut by a stockwork of thin quartz-tourmaline veins with numerous orientations. In some historic drill holes the veins are better developed giving intercepts of 16 m at 10 g/t (GBRC013; 61 m to 71 m), 9.80 m at 10.77 g/t (GBDDH004; 85.4 m to 95.2 m) and 16.90 m at 10.60 g/t (GBDDH007; 61.2 m to 78.1 m) but in general these are irregular in nature.

However, the new holes, which represent some of the highest-grade intercepts to date, are located 50 m apart and are related to some of the strongest and most consistent veining seen at Gbongogo Main.

A key aspect to Montage's work with this drill program is to build an understanding of the controls on the veining so that it can be targeted specifically, and these intercepts will now be developed with further drilling.

Yere North -- follow-up RC drilling improves upon high-grade reconnaissance results

Following successful shallow reconnaissance drilling at Yere North, seven RC holes for 842 m have been completed as follow-up. This drilling has confirmed mineralization on all sections, most notably on the southern line where two zones of mineralization have been identified.

The high-grade reconnaissance drilling intercept (three m composite samples) was twinned for confirmation with one m samples and returned a significantly better intercept of 23 m at 12.91 g/t (including 13 m at 21.03 g/t) relative to the earlier 27 m at 8.97 g/t (including nine m at 24.58 g/t). Unfortunately, the hole drilled to test the depth extent failed due to bad ground conditions.

The prospect is at an early stage and remains open in all directions. Further lines of reconnaissance holes have been drilled north and south and once assay results are received, a further round of RC drilling will be undertaken.

Outlook for Q2

Over the course of Q2, the company intends to continue its aggressive exploration program across the KGP following upon its initial success since November, 2022. The new discoveries recently identified will be prioritized to establish their resource potential. At the Gbongogo Main deposit work will also continue toward achieving an initial indicated resource. In the background, work is continuing to expand upon the ESIA (environmental and social impact assessment) and complete the necessary engineering studies required to bring Gbongogo Main to a feasibility study level.

About Montage Gold Corp.

Montage is a Canadian-based precious metals exploration and development company focused on opportunities in Ivory Coast. The company's flagship property is the Kone gold project, located in northwest Ivory Coast, covering a total area of 2,258 square kilometres and which currently hosts a probable mineral reserve of 161.1 Mt grading 0.66 g/t for 3.42 million ounces (Moz) of gold. The company released the results of a definitive feasibility study on the Kone gold project on Feb. 14, 2022, outlining a 15-year gold project producing an estimated 3.06 million ounces of gold over life of mine, with average annual production of 207,000 oz, and estimated peak production of 320,000 oz. The project also contains an inferred mineral resource of 5.2 Mt at 2.1 g/t for 351,000 oz at 1.2 g/t cut-off at the Gbongogo Main deposit located 30 km north of the Kone deposit. Montage is executing an exploration program in 2022/2023 with the objective of discovering multiple high-grade satellite deposits to supplement the probable reserves at the KGP. Montage has a management team and board with significant experience in discovering and developing gold deposits in Africa.

Technical disclosure -- Gbongogo Main deposit

The mineral resource estimate for the Gbongogo Main deposit has an effective date of April 22, 2022, and was carried out by Jonathon Abbott of MPR Geological Consultants of Perth, Western Australia, who is considered to be independent of Montage Gold. Mr. Abbott is a member in good standing of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the commodity, style of mineralization under consideration and activity which he is undertaking to qualify as a qualified person under National Instrument 43-101. Mr. Abbott consents to the inclusion in this press release of the information, in the form and context in which it appears.

Technical disclosure -- Kone deposit

The mineral reserve estimate for the Kone deposit has an effective date of Feb. 14, 2022, and was carried out by Joeline McGrath of Carci Mining Consultants Ltd., who is considered to be independent of Montage. Ms. McGrath is a member in good standing of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the work which she is undertaking to qualify as a qualified person under NI 43-101.

The mineral resource estimates for the Kone deposit have an effective date of Aug. 12, 2021, and were carried out by Mr. Abbott of MPR, who is considered to be independent of Montage Gold. Mr. Abbott is a member in good standing of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the commodity, style of mineralization under consideration and activity which he is undertaking to qualify as a qualified person under NI 43-101.

For further details of the data verification undertaken, exploration undertaken and associated quality assurance/quality control programs, and the interpretation thereof, and the assumptions, parameters and methods used to develop the mineral reserve estimate and the mineral resource estimates for the Kone gold deposit, please see the definitive feasibility study (DFS), entitled "Kone Gold Project, Ivory Coast Definitive Feasibility Study National Instrument 43-101 Technical Report," and filed on SEDAR. The DFS was prepared by Lycopodium Minerals Pty. Ltd. and incorporates the work of Lycopodium and specialist consultants, including Mr. Abbott, under the supervision of Sandy Hunter, MAusIMM (CP), of Lycopodium, a qualified person pursuant to NI 43-101 who is independent of Montage. Readers are encouraged to read the DFS in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release. The DFS is intended to be read as a whole, and sections should not be read or relied upon out of context.

Technical disclosure -- sampling and assaying

Samples used for the results described have been prepared and analyzed by fire assay using a 50-gram charge at the Bureau Veritas facility in Abidjan, Ivory Coast, or the SGS facility in Yamoussoukro, Ivory Coast. Shallow RC reconnaissance results are based on three-metre composite samples. Field duplicate samples are taken, and blanks and standards are added to every batch submitted. QA/QC has been approved in line with industry standards and interpretations reviewed the qualified person.

The technical contents of this press release have been approved by Hugh Stuart, BSc, MSc, a qualified person pursuant to NI 43-101. Mr. Stuart is the president of the company, a chartered geologist and a fellow of the Geological Society of London.

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