Mr. Rick Clark reports

MONTAGE PROVIDES PROJECT AND CORPORATE UPDATES

Montage Gold Corp. has provided an update on exploration and development activities at the Kone gold project (KGP), along with a corporate update regarding executive transition in the chief financial officer role.

Montage is nearing completion of the environmental and social impact assessment (ESIA) for the KGP, which is expected to be formally submitted in December, 2023, initiating the environmental validation process for the KGP. Montage expects to complete this process and receive environmental approvals in Q1 2024. Montage is also in the late stages of the updated definitive feasibility study (DFS) for the KGP and expects to release results of the study in January, 2024.

Initial discussions in respect of financing for the development of the KGP are continuing and management is very encouraged with the early interest Montage is receiving. Upon the release of the DFS in January a formal project financing process will be initiated.

Exploration at the KGP is continuing and currently focused on high-priority targets, including at Yere North and Diouma North, both of which areas are showing potential to be the next satellite deposits within the KGP. The company looks forward to providing further updates and drill results in the new year.

The company also discloses that Glenn Kondo, chief financial officer of Montage, has been appointed to the role CFO of Lucara Diamond Corp. (Lucara), as part of a series of management changes at Lucara. Mr. Kondo will also continue to serve as CFO of Montage until the end of Q1 2024 as part of an agreement with Lucara to ensure an orderly transition within the Lundin Group and to allow Montage sufficient time to appoint a new CFO. Mr. Kondo previously served as CFO of Lucara from 2011 to 2018, during which time Lucara successfully entered production at its Karowe diamond mine in Botswana.

Rick Clark, Montage chief executive officer, commented: "We are very pleased with the continued progress at the KGP. The near-term submission of the ESIA is a key milestone for the project and positions Montage to make a development decision in early 2024. We are also very excited with our ongoing drilling campaign to identify further high-grade deposits to add to the KGP mine plan. We look forward to updating shareholders on this progress in early 2024.

"Finally, I would like to thank Mr. Glenn Kondo for his contributions to Montage over the past four years since its creation as a junior private company in 2019 and its transition to a public West African gold exploration and development company poised to develop the exciting KGP. Mr. Kondo has worked within the Lundin Group of Companies for 13 years, many of which were at Lucara and we wish him well in his return to Lucara and thank him for his continued support of Montage."

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.

In addition to the growing resource and reserve base at the KGP, the company has an extensive exploration target pipeline all sitting within trucking distance of the planned central milling facility that positions the KGP for significant long-term upside.

Montage is progressing the KGP toward a development decision in early 2024 with permitting and project financing activities commencing in Q4 2023. Montage has a management team and board with significant experience in discovering and developing gold deposits in Africa, including the successful sale of Red Back Mining Inc. and Orca Gold Inc.

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