Mr. Rick Clark reports

MONTAGE ANNOUNCES UPDATED FEASIBILITY STUDY AT KONE GOLD PROJECT

Montage Gold Corp. has released the results of the updated definitive feasibility study (UFS) for the Kone gold project (KGP) located in Ivory Coast, which now incorporates ore from the Gbongogo Main satellite deposit. The UFS was prepared by Lycopodium Minerals Pty. Ltd. in accordance with Canadian Securities Administrators' National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Please note that all financial figures in this press release are in United States dollars, unless otherwise noted.

Highlights:

• Significant reserves and production -- a new gold district in Ivory Coast:
  • 4.01 million ounces (Moz) of probable mineral reserves;
  • 3.57 Moz of gold produced over a 16-year mine life;
  • Years 1 to 3: average annual production of 349,000 oz at 1.15 grams per tonne (g/t) average head grade;
  • Years 1 to 8: average annual production of 301,000 oz at 0.96 g/t average head grade;
  • Peak production of 378,000 oz in year 3.
• Strong financial metrics -- in an increasing cost environment:
  • $1,089-million after-tax NPV (net present value) at a 5-per-cent discount and 31-per-cent IRR (internal rate of return) at base case $1,850/oz gold price;
  • $1,456-million after-tax NPV at a 5-per-cent discount and 39-per-cent IRR at spot $2,050/oz gold price;
  • Years 1 to 3: average AISC (all-in sustaining cost) of $899/oz;
  • LOM AISC of $998/oz;
  • Capital payback period of 2.6 years.
• Optimizations maintain capital efficiency -- further improvements expected:
  • Preproduction capital requirement of $712-million (versus $544-million from 2022 DFS (definitive feasibility study));
  • $126-million reduction in sustaining capital versus 2022 DFS;
  • Net increase in LOM total capital requirements of 5 per cent compared with 2022 DFS;
  • Several areas identified to optimize preproduction capital.
• Impact of Gbongogo Main deposit:
  • Gbongogo Main represents 12 per cent of probable reserves and contributes $350-million in pretax net cash flow in first three years of operations;
  • Optimizes capital payback -- demonstrates impact of satellite deposits;
  • Planned haul road opens 38-kilometre corridor for priority exploration.
• KGP construction planned for Q4 2024:
  • Permitting process continuing, with all requisite approvals expected in Q3 2024;
  • Project financing process under way.
• Drilling to continue in January on next satellite deposit targets -- Diouma North and Petit Yao:
  • Diouma North is located two km south of Gbongogo Main and less than 500 metres from planned haul road;
  • Recent Diouma North drilling included: 17.45 m at 2.75 g/t, 11 m at 2.21 g/t and 14 m at 2.16 g/t;
  • Petit Yao is located three km from planned haul road;
  • Previous Petit Yao results included: 12 m at 4.15 g/t, six m at 10.82 g/t and three m at 15.51 g/t.

Rick Clark, Montage's chief executive officer, commented:

"The completion of the UFS for the Kone gold project is the culmination of a business plan of target identification, exploration, economic analysis and development assessment, and represents the hard work, dedication and expertise, since 2009, of what is now the Montage team. I am extremely proud of what this team has accomplished at the KGP since this opportunity was first recognized by Hugh Stuart (president of Montage) while investigating growth projects for Red Back Mining in 2008 to 2009.

"In the three years since Montage went public, we have evolved from an exploration company with a 1.5 Moz inferred mineral resource into a development company with probable mineral reserves of plus four Moz and total indicated mineral resources of nearly five Moz. The KGP is now positioned to become the largest gold mine in Cote d'Ivoire, with an expected average gold production of 349,000 oz per year during the initial three years of operations at an AISC of less than $1,000/oz, leading to a short payback on capital of 2.6 years.

"The primary objective of the UFS was to optimize the economics of the Kone gold project by incorporating higher-grade tonnes from Gbongogo Main. This change has materially derisked the financial parameters of the project and demonstrates the significant impact of discovering higher-grade satellite deposits within the broad 2,259 square km property package held 100 per cent by Montage. We will now focus on repeating this success as we advance the next near-term satellite deposits within the KGP, notably Diouma North and Petit Yao, both of which are in close proximity to the planned haul road.

"The success we have achieved to date with the Kone gold project highlights Cote d'Ivoire as a premier jurisdiction for gold exploration and development. The combination of the geological endowment of Cote d'Ivoire and the business-focused political will of the government of Cote d'Ivoire represents a formula for mining success. Cote d'Ivoire is a partner, in every respect, in the development of its natural resources, and the Kone gold project is a perfect example of this. The construction of the KGP will be the largest investment in a gold project in Cote d'Ivoire to date and we look forward to working with the government of Cote d'Ivoire to realize success for all stakeholders."

A summary of operating and financial metrics from the UFS is presented in the table entitled "UFS summary metrics," along with a comparison with the 2022 DFS. A summary model with annual projections over the project life has been included in the table entitled "Summary production and financial model."

Details

Kone gold project overview

The Kone gold project is located approximately 470 km northwest of Abidjan, the commercial capital of Ivory Coast. The project comprises six exploration permits (PR262, PR748, PR842, PR879b, PR919 and PR920) covering 1,801 square km and two applications covering a further 456 square km, for a combined total of 2,259 square km.

The communities of Fadiadougou and Batogo lie five km east and west, respectively, of the Kone resource area, and the village of Gbongogo is located four km northwest of the Gbongogo Main resource. The village of Dolourogoukaha will be impacted by the development pf the Gbongogo Main pit and will be resettled outside the affected area. Beyond this, the project area is largely devoid of habitation, with subsistence farming and cashew plantations being the dominant land use.

The nearest major centre is Seguela, 80 km to the south. The project area is accessible year-round with an asphalt highway within 300 m of the proposed plant location.

Drilling to start in January at next satellite deposit targets

Exploration during Q4 2023 focused on continued assessment of the numerous targets within the KGP covered by the program in H1 2023, and several new areas of artisanal mining activity.

A key priority area is the Diouma-Gbongogo-Korotou shear zone, a 15 km strike length of soil anomalism, artisanal mining and nine targets drilled to some degree, with the Gbongogo Main pit and planned haul road located at the south end.

In addition, Montage will be restarting exploration at the Petit Yao target, which sits seven km east of Kone and just three km southeast of the planned haul road.

The Diouma North prospect is located two km south of Gbongogo Main, and less than 500 m from the planned haul road. As follow-up to reconnaissance and RC (reverse circulation) drilling in early 2023, Montage completed three diamond core holes, with highlight intercepts including: 14 m at 2.16 g/t from 58 m (GBDDH062); and 17.45 m at 2.74 g/t from 79 m and 11 m at 2.21 g/t from 127 m (GBDDH064). Diamond drilling at Diouma will recommence by the end of January with an initial core program which, if successful, will be followed up with an RC program with the aim of defining an initial resource by mid-2024. Results presented in the table entitled "Highlight drill results from Diouma North" represent intercepts that have intersected the targeted mineralized area. A complete set of previously unreleased results is included in the table entitled "Listing of intercept detail for Diouma North."

The Petit Yao target sits approximately seven km east of the Kone deposit and three km southeast of the planned haul road. It was first identified in late 2019 by Montage geologists recognizing prospective volcanic rocks in an area previously assumed to be unprospective. Drilling completed at Petit Yao includes 3,392 m of RC and 681 m of shallow aircore, with highlight intercepts shown in the table entitled "Highlight drill results from Petit Yao."

In H1 2022, an IP (induced polarization) survey was completed over Petit Yao, which clarified a strong northwest trend to the underlying geology and has resulted in a renterpretation which now extends over a strike of approximately 900 m. This new interpretation will be drill tested in Q1 2024.

Mineral resources and reserves estimates

Recoverable mineral resources were estimated for the Kone and Gbongogo Main deposits by Matrix Resource Consultants Pty. Ltd. using multiple indicator kriging (MIK).

Kone deposit

The mineral resource estimate (MRE) for the Kone deposit has been restated based on an optimal pit shell generated using cost inputs in line with the UFS and a gold price of $1,800/oz, with an effective date of Dec. 19, 2023.

The table entitled "Kone mineral resource estimate" shows the indicated and inferred mineral resource estimates at a range of cut-off grades.

Gbongogo Main deposit

The mineral resource estimate for the Gbongogo Main deposit is constrained within an optimal pit shell generated using cost inputs in line with the UFS and at a gold price of $1,800/oz, with an effective date of Dec. 19, 2023.

The table entitled "Gbongogo Main indicated mineral resource estimate" shows the indicated and inferred mineral resource estimates at a range of cut-off grades.

Combined resources

The table entitled "Combined resources" shows the combined resources based on the preferred cut-off grades for each deposit.

The mineral reserve estimate was prepared by Carci Mining Consultants Ltd., dated as of Jan. 15, 2024, and is presented in the table entitled "Mineral reserve estimate."

Updated definitive feasibility study overview

The UFS is based on three open-pit gold deposits feeding a central gold processing facility. The project will produce an average of 223,000 ounces of gold per year over the life of the mine. The initial life of the project is 16.0 years. There is upside potential through regional exploration and identification of satellite pits, similar to Gbongogo Main, that could be mined and trucked to a central processing facility.

Initial capital to finance construction and commissioning is estimated at $712.1-million, with total capital estimated at $877.5-million over the LOM, including closure costs. All-in sustaining costs are estimated at $899 per ounce during the first three years of the project, well below the current industry average, and $998 per ounce over the life of the project. Processing costs of $8.35/tonne position the project to be able to take advantage of mining satellite pits identified through continuing exploration.

The financial analysis performed from the results of this UFS demonstrates the economic viability of the Kone gold project using the base case gold price assumption of $1,850 per ounce. This results in an after-tax net present value cash flow at a 5-per-cent discount rate of $1,089-million and an after-tax IRR of 31 per cent (both on a 100-per-cent basis) with a 2.6 year payback.

The company is highly confident that there are additional opportunities to further strengthen the project through the continued drilling and testing of satellite targets, and optimizing efficiencies on select capital costs.

The study was prepared for Montage by Lycopodium Minerals. Other discipline-specific consultants were:

• Mineral resource estimate: Matrix Resource Consultants;
• Metallurgical test work: SGS Lakefield;
• Metallurgical oversight: MPH Minerals Consultancy Ltd.;
• Tailings and water storage: Knight Piesold Pty. Ltd.;
• Hydrogeology: Australasian Groundwater & Environmental Consultants;
• Environment: Mineesia Ltd.;
• Mineral reserve estimate and mining: Carci Mining Consultants Ltd.

Key differences in project scope compared with 2022 DFS

As part of the recent feasibility review and process, several areas of the project were re-evaluated:

• The mine plan now incorporates the mining of the Kone South and Gbongogo Main pits simultaneously at the start of operations, to maximize grade and economics during the payback period;
• The power will now be supplied via a grid connection. This change was made due to the lack of reliable LNG (liquified natural gas) supplies in the country and the high cost of importing LNG.

Mining

Mining operations will be carried out by a contractor on a unit-cost-per-tonne basis, utilizing a mining fleet composed of 90-tonne rigid-body haul trucks with suitably sized loading units, at a rate of 39 million tonnes per annum (Mtpa) at Kone and 15 Mtpa at Gbongogo Main, respectively. The grade of the processed material in the first eight years is enhanced by using an elevated cut-off grade to the plant and stockpiling the lower-grade material for later processing.

Pit optimizations were completed based on slope angle recommendations from SRK Consulting:

• For Kone South, 48 degrees for oxide, 68 degrees for transition and 68 degrees for fresh rock -- the overall slope angle inclusive of ramps and berms is approximately 55 degrees;
• For Gbongogo Main, 32 degrees for oxide, 40 degrees for transition and from 43 degrees to 55 degrees for fresh rock, which is reduced in areas of unfavourable bedding to 35 degrees -- the overall slope angle inclusive of ramps and berms is approximately 43 degrees.

The optimizations were run using estimates of processing cost and recovery data for each domain. Mining costs were broken into base and incremental mining costs, derived from competitive bids received from West African mining contractors.

A gold price of $1,550/oz was used for the optimization along with the following royalty assumptions: i) a sliding-scale royalty payable to the government of Ivory Coast, 4 per cent at $1,550/oz Au; ii) a 2-per-cent property royalty; and iii) a 0.5-per-cent community development fund royalty.

Pit designs were completed for the Kone and Gbongogo Main deposits, which will be exploited through three pits, a smaller northern pit which reaches a depth of 70 m, a larger southern pit which extends to a depth of 495 m and the Gbongogo Main pit which extends to a depth of 220 m.

The overall strip ratio of the project is 1.18:1: the Kone South, Kone North and Gbongogo Main pits have strip ratios of 1.01, 1.19 and 3.77, respectively.

Metallurgy

A comprehensive test work program was carried out by SGS Lakefield on 68 comminution, and 146 leach optimization and variability samples, representing a range of material and rock types at the Kone and Gbongogo Main deposits.

The test work program demonstrated that the mineralization 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 table entitled "Metallurgical testwork summary" shows the forecast gold recoveries and reagent consumptions at the average LOM grades. Forecast gold recoveries were estimated based on variable residue grades related to feed grade, a solution loss of 0.005 milligram per litre (mg/L) 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 (90 per cent), but higher for the less dominant transition (4 per cent) and oxide (6 per cent) zones.

The table entitled "Comminution testwork for fresh rock" shows the comminution results. The fresh mineralization is soft in terms of resistance to ball milling and crushing with medium abrasivity. A full suite of high-pressure grinding rolls (HPGR) testing has been completed on a Kone fresh ore sample and static pressure testing (SPT) two Kone footwall fresh ore samples. The (HPGR) investigation included: batch testing and a locked-cycle test, the bond ball mill grindability test on both the HPGR feed and HPGR product, and the SPT test. The HPGR test results have been supplemented by semi-autogenous grinding (SAG) mill test data in the design of the HPGR.

Process plant

The process plant design is based on a simple and robust metallurgical flowsheet designed for optimal precious metal recovery. The key design criteria for the plant are:

• Nominal throughput of 11 Mtpa with a grind size of 80 per cent passing (P80) 75 micrometres;
• Process plant availability of 91.3 per cent supported by the selection of standby equipment in critical areas;
• The treatment plant design incorporates the following unit process operations:
  • Primary and closed-circuit secondary crushing using a gyratory crusher and two cone crushers to produce a crushed product size P80, approximately 31 millimetres (mm);
  • A crushed feed stockpile with a nominal live capacity of 22,000 wet tonnes, providing buffer storage of crushed ore with continuous reclaim feeders for the HPGR-ball mill comminution circuit;
  • Two parallel HPGRs in closed circuit with wet sizing screens, with undersize slurry reporting to the milling circuit via the cyclone feed hopper. Two parallel trains of ball mills in closed circuit with hydrocyclones to produce a grind size of P8075 micrometres;
  • Preleach thickening to increase the slurry density feeding the leach and carbon-in-pulp (CIP) circuit to minimize tankage and reduce overall reagent consumption;
  • Leach circuit incorporating 14 leach tanks, arranged in two parallel trains of seven each in series, to provide 36 hours leach residence time, and equipped with external oxygen contactors;
  • A Kemix Pumpcell CIP circuit consisting of eight tanks for recovery of gold onto carbon, to minimize carbon inventory, gold in circuit and operating costs. The CIP and elution circuit design is based on daily carbon harvesting;
  • 20-tonne elution circuit, electrowinning and gold smelting to recover gold from the loaded carbon to produce a gold/silver dore;
  • Tailings thickening to recover and recycle process water from the CIP tailings;
  • Tailings pumping to the tailings storage facility (TSF).

Project infrastructure

Haul road from Gbongogo Main to Kone

The Gbongogo haul road is 38.1 km in length and transverses a sparsely populated area between the two sites, and has been designed to avoid villages, defined forest areas and minimize interactions with existing public roads. The road incorporates a pedestrian corridor leading to underpasses along the alignment. Access to the road will be restricted by construction of safety berms along the entire length of the road. Traffic control will be provided at all intersections with the public roads.

The haul road alignment has been designed to limit the number of water courses impacted by the road, with culverts provided at all main water intersections and a bridge to be constructed at the crossing of the Marahoue River.

Water

Water will be sourced from the nearby Marahoue River, from pit dewatering and a supplementary borefield.

The river abstraction facility will be constructed adjacent to the Marahoue River bridge approximately 26 km north of the water storage facility (WSF). The extraction facility will comprise a sump to allow for harvesting of water by a pump mounted on a bridge support column. Pumping will only take place in the wet season, normally from June to December, provided minimum flows are met. Hydrological assessment of the river catchment indicates that the river will have sufficient excess flow during this period and will not affect downstream users.

Harvested river water and pit dewatering will be pumped to an off-stream WSF. Surface runoff from the Kone mining area, ROM pad and stockpiles will gravity flow to the WSF. The WSF will have a capacity of approximately 7.2 million cubic metres and will enable accumulation of water during the wet season and a gradual drawdown in the dry season. In addition, water will be recycled from the tailings storage facility to the process water pond. Surface runoff from the Gbongogo mining area will be collected in two sediment ponds and overflow to the Marahoue river following sediment settling.

Tailings

The TSF will comprise a single cell confined by a cross-valley embankment, which will be raised annually until the mining in Kone South pit is completed early in year 9.

The TSF basin will be lined with HDPE (high-density polyethylene) within the normal operating pond areas, and a compacted soil liner elsewhere to reduce seepage. In addition, a system of under drainage, embankment drainage and subliner drainage will be constructed to reduce seepage and aid consolidation of the tailings. Tailings will be deposited subaerially with the supernatant pond located away from the embankment. Water will be recovered from the supernatant pond by a suction pump with floating intake located in a channel excavated adjacent to an access causeway.

Following the completion of the mining early in year 9, tailings will be deposited into the Kone South pit via four spigots located around the perimeter of the pit. Water will be extracted from the decant pond using floating intake lines to position the pumps above the pond elevation. The pond volume will be at its highest at the first year, as the TSF pond will be pumped to the pit to let the TSF commence the closure process.

The TSF will be closed and rehabilitated after deposition is transferred to the pit. Closure spillways will be formed to prevent water accumulating on the facilities, and a waste rock cover will be placed over the tailings prior to topsoiling and revegetation.

Power

The UFS evaluated hybrid power supply options from proposals received from West African power providers. However, local supplies of LNG cannot be guaranteed, and so power will now be supplied from the national grid via a new 225-kilovolt (kV) transmission line.

The Kone gold project process plant is estimated to have a maximum demand of 44.8 megawatts (MW) and an average annual demand of 37 MW, with an expected energy consumption of 303 gigawatt-hours per year (GWhr/yr).

The capital cost estimate for grid connection is estimated to be $26-million (before contingency). The operating cost is estimated at 11.49 cents/kilowatt-hour (kWhr).

Environmental

Under the mining code, all applicants for an exploitation licence must submit an environmental and social impact assessment (ESIA) to the Agence Nationale de L'Environment (ANDE), the authority in charge of supervising, validating and controlling environmental impact studies. Montage submitted the ESIA in December, 2023. There are currently no objections to the development of the project.

Mining of the Kone North pit will affect less than 10 per cent of the Toudian Forest Reserve, and discussions with the Ministry of Water and Forests have commenced to obtain authorization. The impact of the project on the forest reserve has been assessed during the ESIA. The UFS includes provision for the backfilling and rehabilitation of all but 14 hectares (ha) during operations. This will be complemented by a forest management plan in collaboration with relevant government agencies to ensure the upgrade and protection of the forest reserve.

Permitting

The development of the project will be subject to the following permitting process:

1. Approval of the ESIA by ANDE;
2. Receipt of environmental approval of its design and environmental management program;
3. Application for and receipt of a mining permit (valid for 10 years and then renewable);
4. Negotiation of a mining convention.

ANDE hosted a public enquiry in late December, 2023, and expects environmental validation of the project to be completed in Q1 2024. In parallel with this process, Montage is preparing the mining permit application and initiating discussions in respect of the mining convention, all with assistance from local advisers. Based on current expectations, Montage believes it will receive final permits and approvals in Q3 of 2024.

Capital costs summary

Capital cost estimates are summarized in the tables entitled "Preproduction capital cost estimate summary" and "Sustaining capital cost estimate summary." The initial project capital cost is estimated at $712.1-million, including a contingency allowance of $65.3-million.

Compared with the 2022 DFS, and excluding capital costs associated with Gbongogo Main, the Kone preproduction capital cost has increased by $118.3-million (including contingency). The significant increases are in the following areas:

• Grid connection -- $28-million;
• HPGR and ball mills -- $24-million;
• Owners' costs -- $19-million;
• Reagent supply -- $7-million;
• EPCM (engineering, procurement and construction management) -- $7-million;
• WSF design upgrade -- $4-million;
• Feed preparation -- $3-million;
• General inflation -- $24-million.

The Gbongogo Main infrastructure costs add a further $50-million.

The duration of the detailed design and construction phase of the project has been estimated to be 31 months, commencing with the construction of the Marahoue bridge, road and pump station, and the WSF. The plant is estimated to take 27 months to construct. Mining will commence 12 months prior to start of processing.

The total LOM capital cost is estimated at $877.4-million, including sustaining capital and closure costs of $165.3-million, as shown in the table entitled "Sustaining capital cost estimate summary."

Sustaining capital estimates have decreased by $126.4-million compared with the 2022 DFS, primarily due to the change in power supply from LNG to a grid connection.

Taken as a whole, these changes have resulted in a $65/oz increase in LOM AISC versus the 2022 DFS.

Operating costs summary

Contract open-pit mining costs were derived from a tender process involving several West African mining contractors that were provided a detailed mining plan for the Kone and Gbongogo Main deposits. The average open-pit operating cost (cost/tonne mined) is shown in the table entitled "Mining costs." A diesel price of $1/litre was used.

Process operating costs have been developed for each major domain. Operating costs were developed using the plant parameters specified in the process design criteria. The table entitled "Process operating cost per material type" presents the operating cost summary by material type. In addition to the processing costs, rehandle costs equate to 59 cents/tonne processed when averaged over the LOM.

Total fixed mine-level general and administration (G&A) costs are estimated at $12.1-million annually, which are in addition to the $19.3-million in annual fixed processing costs shown in the table entitled "Process operating cost per material type."

The table entitled "Cash cost and unit cost summary" shows the LOM total cash cost and all-in sustaining costs calculated both on a cost/payable ounce and cost/tonne processed basis. Preproduction capitalized mining costs are excluded from these calculations.

Financial analysis

An economic analysis has been carried out for the project using a cash flow model. The model has been constructed using annual cash flows taking into account annual processed tonnages and grades for the CIP feed, process recoveries, metal prices, operating costs and refining charges, royalties, and capital expenditures (both initial and sustaining). A payable factor of 99.90 per cent has been assumed for purposes of gold sales.

The financial analysis used a base price of $1,850 per ounce. The financial assessment of the project is carried out on a 100-per-cent-equity basis, and the debt and equity sources of capital funds are ignored. No provision has been made for the effects of inflation. Ivory Coast tax regulations are applied to assess the tax liabilities (corporate tax rate of 25 per cent), duties and other levies. Discounting and IRR calculations has been applied from the first year of operations using a 5-per-cent discount rate and preproduction capital is deducted on an undiscounted basis. A detailed annual summary cash flow model is provided in the table entitled "Summary production and financial model."

Sensitivity analysis

The table entitled "Project sensitivity" shows the project sensitivity of the NPV, IRR, cash cost and AISC with gold price.

Opportunities

Potential opportunities to improve the economics of the Kone gold project have been identified:

• The wider Kone gold project of 2,259 square km hosts over 100 km strike extent of regional-scale mineralized structures which are under explored. These areas have the potential through further exploration to add satellite deposits to the current mine life;
• Continue discussions with contractors to look to achieve capital cost reductions;
• Continue to engage with stakeholders to maintain ease of project implementation.

Kone gold UFS live webcast

A conference call and webcast will be held on Friday, Jan. 19, 2024, starting at 11 a.m. ET to discuss the updated feasibility study on the Kone gold project. To participate in the conference call, use the following dial-in numbers and conference ID, or join the webcast on-line.

International:  1-416-764-8659

North American toll-free:  1-888-664-6392

Conference ID:  39004138

Webcast:  access on-line

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, which currently hosts a probable mineral reserve of 174.3 million tonnes grading 0.72 g/t for 4.01 Moz of gold. The company released the results of a UFS on the Kone gold project on Jan. 16, 2024, outlining a 16-year gold project producing 3.57 Moz of gold at AISC of $998 per ounce over the life of mine, with average annual production of 223,000 oz, and peak annual production of 378,000 oz. Montage has a management team and board with significant experience in discovering and developing gold deposits in Africa.

The Kone and Gbongogo Main mineral resource estimates were carried out by Jonathon Abbott of Matrix Resource 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 Instrment 43-101.

The mineral reserve estimate was carried out by Joeline McGrath of Carci Mining Consultants, who is considered to be independent of Montage Gold. 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.

Qualified persons statement

The technical contents of this release have been approved by the following qualified persons, pursuant to National Instrument 43-101:

• Sandy Hunter: Lycopodium Minerals;
• Mr. Abbott: consulting geologist, Matrix Resource Consultants;
• Mike Hallewell: consultant, MPH Minerals Consultancy;
• Pieter Labuschagne: consultant, Australasian Groundwater & Environmental Consultants;
• Carl Nicholas: consultant, Mineesia;
• Ms. McGrath: consultant, Carci Mining Consultants;
• Tim Rowles: consultant, Knight Piesold.

Technical disclosure

Data verification programs have included review of quality assurance/quality control (QA/QC) data, resampling and sample analysis programs, and database verification. Validation checks were performed on data, and comprise checks on surveys, collar co-ordinates and assay data. Sufficient verification checks were undertaken on the database to provide confidence that the database is virtually error free, and appropriate to support mineral resource and reserve estimation.

A technical report for the Kone gold project will be prepared in accordance with National Instrument 43-101 and will be filed on SEDAR+ and on the company's website within 45 days of this press release. Readers are encouraged to read the technical report in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this press release. The technical report 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

The technical contents of this press release relating to exploration results have been approved by Mr. 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.

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 by the qualified person.

We seek Safe Harbor.