Mr. Martino De Ciccio reports

MONTAGE GOLD CLOSES C$35 MILLION PRIVATE PLACEMENT

Montage Gold Corp. has closed its previously announced non-brokered private placement, pursuant to which the company sold an aggregate of 50.3 million common shares of the company at a price of 70 cents per common share for gross proceeds of approximately $35.2-million, which was upsized from $20.0-million.

Martino De Ciccio, chief executive officer of Montage Gold, commented: "We are very pleased with the strong investor demand received for our upsized non-brokered private placement, led by a significant investment from the Lundin family along with notable investments from directors and officers of Montage. We look forward to progressing our strategy of building a premier multiasset African gold producer, with our Kone project at the forefront."

The net proceeds of the offering will be used to advance the Kone project toward construction decision, conduct further exploration on nearby targets, and for working capital and general corporate purposes.

As part of the private placement, a trust controlled by the Lundin family subscribed for approximately 50 per cent of the offering and certain directors and officers of Montage subscribed for an aggregate of 7.4 per cent the offering. The common shares issued pursuant to the offering are subject to a four-month hold period under applicable Canadian securities laws commencing on the date hereof and expiring on July 13, 2024. The offering remains subject to the final acceptance of the TSX Venture Exchange.

Insiders of the company participated in the offering. Pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, the offering constitutes a related party transaction given the fact that insiders of the company subscribed for common shares. The company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101, specifically: (i) the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5 (b), as the common shares are not listed on a market specified in MI 61-101, and (ii) the minority shareholder approval requirement of MI 61-101 by virtue of the exemption contained in Section 5.7 (1)(a) of MI 61- 101, as the fair market value of the common shares issued does not exceed 25 per cent of the company's market capitalization (as determined under MI 61-101). A material change report was not filed by the company at least 21 days before the closing of the offering, as the company was seeking to close expeditiously to confirm funds for the offering. In the view of the company, this approach is reasonable in the circumstances. The offering was approved by all of the independent directors of the company.

About Montage Gold Corp.

Montage Gold is a Canadian-listed company focused on becoming a premier multiasset African gold producer, with its flagship Kone project, located in Ivory Coast, at the forefront. Based on the feasibility study published in 2024, the Kone project ranks as one of the highest-quality gold projects in Africa with a long 16-year mine life, low AISC (all-in sustaining costs) of $998/ounce over its life of mine, and sizeable annual production of 300,000 ounces of gold over the first eight years. Over the course of 2024, the management team will be leveraging their extensive record in developing projects in Africa to progress the Kone project toward a construction launch, thereby unlocking significant value for all its stakeholders.

Technical disclosure

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 Instrument 43-101.

The mineral reserve estimate was carried out by Joeline McGrath of Carci Mining Consultants Ltd., 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.

For further details of the data verification undertaken, exploration undertaken and associated QA/QC (quality assurance/quality control) programs, and the interpretation thereof, and the assumptions, parameters and methods used to develop the mineral reserve estimate for the Kone gold project, please see the UFS, entitled "Kone Gold Project, Cote d'Ivoire Updated Feasibility Study National Instrument 43-101 Technical Report" and filed on SEDAR+. Readers are encouraged to read the UFS in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release. The UFS is intended to be read as a whole, and sections should not be read or relied upon out of context.

Qualified persons statement

The scientific and 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 and a director of the company, a chartered geologist and a fellow of the Geological Society of London.

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