Mr. Rick Clark reports

MONTAGE SUCCESSFULLY UPGRADES MINERAL RESOURCES AT GBONGOGO MAIN; TOTAL INDICATED MINERAL RESOURCES AT KONE GOLD PROJECT APPROACH 5 MILLION OUNCES

Montage Gold Corp. has released an updated mineral resource estimate (MRE) for the company's Kone gold project (KGP) in Ivory Coast. The update represents the first indicated mineral resource at Gbongogo Main of 12 million tonnes (Mt) grading 1.45 grams per tonne for 559,000 ounces (at a 0.50 g/t cut-off grade). The company has also provided an update to its shareholders on initiatives to progress the KGP toward a development decision in early 2024.

Highlights:

• Recent drilling at Gbongogo Main achieves a high level of resource conversion from inferred to indicated and sees an increase in grade:
  • Indicated mineral resource of 12 Mt grading 1.45 g/t for 559,000 oz (at 0.50 g/t cut-off grade);
  • Grade improves by 10 per cent over April, 2022, Gbongogo Main MRE;
  • Anticipated strong positive impact on KGP production profile and economics;
  • Further drill testing of high-grade veins at Gbongogo Main expected to increase deposit grade even more;
  • Feasibility-level metallurgical testing returns positive results;
• Total combined indicated mineral resources at Kone gold project grow to 4.83 million ounces (Moz) plus additional inferred mineral resources of 320,000 oz;
• Montage strengthens management team with addition of Mike Robinson as Ivory Coast country manager:
  • Former country manager for Red Back Mining in Mauritania; oversaw development and expansion of Tasiast project;
  • Over 40 years of experience in mining operations management, engineering, maintenance and administration;
• Montage continues to advance and derisk the KGP:
  • Permitting activities have been continuing over past several months;
  • Formal submission of environmental and social impact assessment planned for October, 2023;
  • Updated definitive feasibility study targeted for release by year-end 2023;
  • Project finance discussions have commenced;
  • Corporate headquarters established in Toronto;
• Multiple targets within KGP identified for future exploration.

Rick Clark, Montage chief executive officer, commented: "The upgrade of the Gbongogo Main deposit is a significant milestone for Montage and the KGP, with indicated mineral resources now nearly five million ounces across the project. We are very pleased with the successful conversion of Gbongogo Main resources from inferred to indicated and the 10-per-cent increase in grade, and that has the potential to translate well into the updated feasibility study. With further testing of the high-grade quartz tourmaline vein sets that characterize the deposit planned we are confident that we can add further high-grade ounces to the deposit.

"With the initial conversion of Gbongogo Main now completed, we are on track to make a construction decision for the KGP. The formal permitting process will begin in Q4 2023 with the submission of the ESIA and we are confident that the project will be fully permitted during the first half of 2024. An updated DFS is on track and is expected to be completed by the end of 2023 and will incorporate additional reserves from Gbongogo Main.

"From an operations perspective we are very excited to have Mike Robinson join our management team in charge of the in-country operations and development of the KGP. Mike, together with other former development and operations management from Red Back, will be the backbone of our business plan for the KGP and Cote d'Ivoire. Our track record speaks for itself."

Details

Updated mineral resource estimate for Gbongogo Main

The September, 2023, Gbongogo Main MRE was undertaken by Matrix Resource Consultants of Perth, Australia, which estimated recoverable mineral resources using multiple indicator kriging (MIK).

Relative to information available for the April, 2022, Gbongogo Main MRE, the current data set includes information for drill holes totalling an additional 12,246.9 metres (7,329.9 m of core and 4,917 m of reverse circulation (RC)) giving a total of 18,389.3 m (12,157.3 m of core and 6,232 m of RC) on which this new estimate has been based.

The September, 2023, Gbongogo Main MRE is reported within an optimal pit shell based on a $1,500 (U.S.)/oz gold price and is shown herein at a range of cut-off grades. A cut-off grade of 0.50 g/t is the preferred scenario based on preliminary estimates of mining and haulage costs to the proposed Kone process plant and estimates of metallurgical recoveries and process costs.

The attached table shows a comparison of the September, 2023, Gbongogo Main MRE against the April, 2022, Gbongogo Main MRE across a range of cut-off grades to demonstrate conversion of mineral resources from inferred to indicated and to illustrate the change in tonnage, grade and ounces.

As can be seen from the attached table, infill drilling has succeeded in defining over 99 per cent indicated resources within the resource reporting pit and has resulted in an increase in resource grade of approximately 10 per cent across a range of cut-off grades.

Combined indicated mineral resources at KGP grows to nearly five million ounces

On a combined basis the KGP now hosts total indicated mineral resources of 4.83 Moz and additional inferred mineral resources of 320,000 oz.

High-grade vein sets to be further defined

High grades at Gbongogo Main are controlled by a stockwork of largely irregular, generally thin, quartz-tourmaline veins. With the systematic approach taken by Montage, drilling has now intersected a number of wider, better developed veins. Drill results that have intersected these vein sets are shown herein and include new results from holes GBDDH044 and GBDDH045 from the end of the recent drill program.

The infill drilling program has provided significantly more structural information on these veins and there is now enough drill coverage to get an understanding of orientation and control. Of particular interest is the discovery of several larger veins which have returned some of the more spectacular intercepts at Gbongogo Main. These vein systems, particularly the larger veins, offer the potential to further increase the grade profile at Gbongogo Main.

Feasibility-level metallurgical program at Gbongogo Main returns positive results

A metallurgical test work program was carried out by SGS Lakefield on 16 leach optimization and 10 comminution variability samples representing a range of material and rock types from the Gbongogo Main deposit.

The test work program applied the same conditions as for the Kone deposit (grind size P80 75 micrometres) and demonstrated that Gbongogo Main is amenable to direct tank carbon-in-pulp cyanide leaching with good gold recoveries, low reagent consumptions and medium/low resistance to grinding, providing favourable processing economics and a simple flowsheet. The important conclusion from the test work program is that the flowsheet design already contemplated in the original KGP DFS is appropriate for the Gbongogo Main mineralization.

The attached table shows the average gold recoveries and reagent consumptions at the tested grades. Average gold recoveries include a solution loss of 0.005 milligram/litre gold and carbon fines loss of 0.15 per cent.

Cyanide consumption is low to very low and lime consumption is low for the dominant fresh material, but higher for the less dominant transition and oxide zones.

Montage strengthens management team with addition of Mr. Robinson as country manager

As part of the strategy to position the company for the development and operation of the KGP, Montage is expanding its management team. Mr. Robinson will be the company's country manager in Ivory Coast.

Mr. Robinson has 40 years of experience in mining operations management, engineering, maintenance and administration, with over 20 years working in Africa in senior management roles in Ghana, Tanzania and Mauritania.

Notably, Mr. Robinson was part of the Red Back Mining management team from 2004 to 2010, performing in several roles including as country manager, Mauritania, where he played a critical role in the successful development, operation and expansion of the Tasiast gold mine.

In his role with Montage, Mr. Robinson will reside in Abidjan and oversee all aspects relating to the operations of the company in Ivory Coast. His initial undertaking will be to expand Montage's corporate and development presence in Abidjan, through building out finance, accounting, engineering, permitting and government relations functions.

Montage continues to advance and derisk the KGP toward a construction decision

Permitting update

In parallel with Montage's 2023 exploration and resource definition campaigns, the company has been advancing toward the formal submission of the environmental and social impact assessment (ESIA) for the expanded KGP. Baseline data collection and analysis have been completed for the inclusion of Gbongogo Main and the company anticipates submitting the ESIA in October, 2023.

Over the past several months the company has been engaging with the various government ministries that will be involved in the permitting process for the KGP, including the Ministry of Water and Forests and the Ministry of Mines, Petroleum and Energy, as well as with consultants and advisers that will be involved in the formal permitting review. Management is confident that the KGP can be permitted in a timely manner based on the continued strong support for the project at all levels of government.

Updated DFS

Significant progress has been made toward the completion of an updated DFS that incorporates Gbongogo Main into the mine plan for the KGP. Montage's priority is to optimize the project by taking advantage of the higher-grade material at Gbongogo Main early in the project life to enhance overall project economics and to optimize capital payback. Management anticipates the release of the updated DFS by year-end 2023.

Project Finance

Montage has retained HCF International Advisors Ltd. to advise in the raising of project finance for the development of the KGP (see press release dated March 9, 2022). A formal solicitation process is expected to commence in Q4 2023. The company intends to engage with a broad range of financiers, including multinational commercial banks, African commercial banks, private debt funds, private equity funds, as well as streaming and royalty companies. Based on expectations around permitting timing and the release of the updated DFS, the company looks to announce project financing in 2024.

Establishing headquarters in Toronto

To support the corporate development, administrative, financing and legal requirements necessary to advance the KGP through construction and operations, and to better accommodate stakeholder relations, Montage has opened a corporate head office in Toronto.

Multiple targets within KGP identified for future exploration

In late 2022 Montage began its first district exploration program on the expanded KGP project area which now covers 1,800 square kilometres, all of which is within haulage distance of the Kone orebody. A total of 20 target areas were tested with a variety of exploration methods including soil sampling, shallow reconnaissance drilling, RC drilling and ground geophysics.

The priorities for the next phase of exploration will be the Yere North target where RC drilling intersected 23 m at 12.91 g/t YERNRC010 and the Diouma-Gbongogo-Korotou shear zone. This extensive target area extends for 14 km and hosts the Gbongogo Main resource, large-scale gold-in-soil anomalies and extensive artisanal workings in an area where any resources defined will benefit from the dedicated haul road and associated infrastructure that will be part of the development of the Gbongogo Main deposit.

The company has recently completed an induced polarization (IP) and ground magnetic survey over this trend and Yere North and follow-up of the Diouma, Gbongogo North and South, Sena, Koban, and Korotou targets will commence at the end of the wet season. Several other prospects will also receive follow-up in due course and represent opportunities to define further satellite resources that can contribute to production from the KGP.

Yere North: Following a successful reconnaissance program, Montage completed seven RC holes (842 m) at Yere North. This drilling confirmed mineralization on all sections, most notably to the south where two zones of mineralization were identified. A high-grade reconnaissance drilling intercept (hole MMKAC141, three m composite samples) was twinned for confirmation with one m samples and returned a significantly better intercept, in hole YERNRC010, 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).

An IP survey has now been completed over the area to better understand geology and structure. A priority follow-up drill program will commence at the end of the wet season.

Petit Yao: Drilling in 2020 and 2021 identified bedrock mineralization over a strike length of 500 m including intercepts of 12 m of 4.15 g/t, 15 m at 1.71 g/t and six m of 10.82 g/t (MRCAC128, MRCAC118 and MRPYRC030A).

Lokolo North: Montage completed five RC drill holes in an area with active artisanal mining. Highlight intercepts include 13 m at 1.75 g/t and 20 m at 1.74 g/t (LOKRC020 and LOKRC021).

Sissedougou: Montage completed four lines of shallow RC drilling north of historic drilling to test for extensions of mineralization. Intercepts at the end of two lines intersected good grades and widths over a strike length of 400 m, including 15 m at 1.02 g/t, 30 m at 1.28 g/t and 24 m at 1.11 g/t (MMKAC529, MMKAC530 and MMKAC542).

Niondje: Montage completed a single line of shallow RC drilling across a strong soil anomaly (over 100 parts per billion) and intersected mineralization close to surface, with results of nine m at 1.41 g/t and nine m at 1.96 g/t (MMKAC794 and MMKAC795).

Bafritou: This target area sits within a large soil anomaly on strike and six km north of the Kone orebody with an historic aircore intercept of 17 m at 3.28 g/t (BFSAC106). This result has seen no follow-up work to date.

TZ_2: Montage completed five lines of shallow RC drilling across a large 100-plus ppb soil anomaly, intersecting good grades and widths over a strike length of 450 m, including 12 m at 3.75 g/t, 15 m at 1.98 g/t, nine m at 2.36 g/t and six m at 2.82 g/t (MOCAC099, MOCAC113, MOCAC114 and MOCAC109).

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 northwestern Ivory Coast, covering a total area of 2,258 square km and which now hosts an indicated mineral resource of 4.83 Moz of gold, plus an inferred mineral resource of 320,000 ounces. The company released the results of a definitive feasibility study on the KGP on Feb. 14, 2022, which included a probable mineral reserve of 161.1 Mt grading 0.66 g/t for 3.42 Moz of gold, supporting a 15-year gold project producing an estimated 3.06 Moz of gold over life of mine, with average annual production of 207,000 oz, and estimated peak production of 320,000 oz. The company is looking to deliver an updated definitive feasibility study by year-end 2023 which will incorporate the new indicated mineral resource from Gbongogo Main.

The pit shell constraining the estimates extends over approximately 610 m of strike to a maximum depth of around 285 m.

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 National Instrument 43-101.

The mineral resource estimates for the Kone deposit have an effective date of Aug. 12, 2021, and were carried out by Jonathon Abbott of Matrix 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, entitled "Kone Gold Project, Cote d'Ivoire 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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