Mr. Martino De Ciccio reports

MONTAGE GOLD ANNOUNCES APPOINTMENT OF SILVIA BOTTERO AS EXECUTIVE VICE PRESIDENT OF EXPLORATION

Montage Gold Corp. has strengthened its leadership team with the appointment of Silvia Bottero to the position of executive vice-president of exploration, effective July 1, 2024.

Highlights:

• Ms. Bottero, formerly senior vice-president of exploration at Endeavour Mining, has a proven exploration record.
• She was directly responsible for the discovery of greater than 15 million ounces of measured and indicated gold resources in Ivory Coast over the last decade and played a pivotal role in the discovery of greater than 18 million ounces of measured and indicated gold resources over her eight-year tenure at Endeavour.
• She has a deep understanding of Montage's Kone project and its exploration potential, having tracked its development closely as some of its grounds were previously held by the Endeavour and Barrick joint venture.
• She brings extensive permitting and public affairs experience in Ivory Coast, with strong established local stakeholder relationships.
• She will play a critical role in executing the Montage strategic objectives of further enhancing the Kone project with the discovery of higher-grade satellite deposits and building an attractive greenfield exploration portfolio across Africa.

Ms. Bottero is an accomplished business-minded geologist, with a proven record of making high-quality brownfield and greenfield discoveries with the goal of quickly attaining reserve status. Having been based in Abidjan, Ivory Coast, since 2013, through her positions with La Mancha and subsequently with Endeavour Mining, Ms. Bottero has developed a deep understanding of the region's geological setting and established strong relations with local stakeholders. She most recently held the position of senior vice-president of exploration at Endeavour Mining, overseeing all its African exploration activities. Over the past decade, she has been credited with the discovery of over 15 million ounces of measured and indicated gold resources in Ivory Coast, with notably the discovery of greater than eight million ounces of measured and indicated gold resources at the Ity mine, which transformed the asset from a 50,000-ounce-per-annum heap leach operation to a greater-than-300,000-ounce-per-annum CIL (carbon in leach) operation, the discovery of over three million ounces of measured and indicated gold resources at Lafigue, which led to a construction decision, and, most recently, the discovery of approximately 4.5 million ounces of measured and indicated gold resources at the Tanda-Iguela greenfield property, which has the potential to be a Tier 1 asset.

Martino De Ciccio, chief executive officer, commented: "I've had the pleasure of working with Silvia for over a decade and I am thrilled to welcome her to Montage, where her extensive experience in Africa and most notably in Cote d'Ivoire will be instrumental to delivering our strategy of becoming a premier African gold mining company. Silvia's ability to set an exploration strategy based on effectively screening and ranking both near-mine and greenfield targets will be invaluable as we embark on our exploration efforts to delineated more higher-grade deposits in proximity to Kone and to develop a greenfield exploration pipeline to fuel our future growth."

Ms. Bottero, incoming executive vice-president of exploration, commented: "I am thrilled to join Montage at this exciting stage in the company's growth. While the Kone project already ranks as one of the highest-quality gold projects in Africa given its sizable low-cost production and long mine life, I am very excited with its exploration potential due to the many identified targets on its extensive tenement holding. I've tracked closely the development of the Kone project as some of its grounds were previously held by the Endeavour Mining and Barrick joint venture, and I look forward to working with the team to screen and rank the satellite targets to prioritize those with higher grade. I am equally excited with the opportunity to build a greenfield development pipeline in Africa with the goal of sourcing our next project through our exploration success."

About Ms. Bottero, incoming executive vice-president of exploration

Ms. Bottero has more than 20 years of experience in the mining industry with a proven record of making highly economic greenfield discoveries and in developing brownfield projects up to DFS (definitive feasibility study), notably in Africa. Prior to joining Montage, she held the position of senior vice-president of exploration at Endeavour Mining, overseeing all its African exploration activities. Ms. Bottero joined Endeavour in 2016 and played a pivotal role in the discovery of greater than 18 million ounces of measured and indicated gold resources over her eight-year tenure.

Having been based in Abidjan, Ivory Coast, since 2013 through her positions with Endeavour Mining and previously with La Mancha, she has developed a deep understanding of the region's geological setting and established strong relations with local stakeholders. Over the past decade, she has been credited with the discovery of over 15 million ounces of measured and indicated gold resources in Ivory Coast, with notably the discovery of greater than eight million ounces of measured and indicated gold resources at the Ity mine, which transformed the asset from a 50,000-ounce-per-annum heap leach operation to a greater-than-300,000-ounce-per-annum CIL operation, the discovery of over three million ounces of measured and indicated gold resources at Lafigue, which led to a construction decision, and, most recently, the discovery of approximately 4.5 million ounces of measured and indicated gold resources at the Tanda-Iguela greenfield property, which has the potential to be a Tier 1 asset. In her roles, Ms Bottero was responsible for overseeing all exploration activities ranging from exploration permit identification and grant application, drill programs (grassroots, brownfield, near-mine, and resource infill drilling), and activities linked to studies (PEA, PFS and DFS). In addition, Ms. Bottero played a key role in the mine permitting process and in ensuring high ESG (environmental, social and governance) standards given her involvement with Endeavour's economic development fund and its steering committee.

Prior to her exploration manager position at La Mancha, she held the position of exploration manager for West African Minerals in Sierra Leone and Cameroon. Prior to this, she held various positions at Areva, working across Niger, Namibia, South Africa, Central African Republic, Kazakhstan, Wyoming and France.

Ms. Bottero holds a master in geology from the Universita degli Studi di Genova, Italy, a postmaster's degree in geosciences from Universite Joseph Fournier in Grenoble, France and a master of business administration degree from Walden University in Minneapolis, United States. Ms. Bottero is fluent in English, French and Italian.

Stock-based compensation grants

The company has granted an aggregate 2,813,334 incentive stock options to certain officers, directors and other eligible persons of the company. The options are exercisable, subject to vesting provisions, over a period of five years at a price of 91 cents per share. In connection with the appointment of Ms. Bottero as executive vice-president, exploration, the company has agreed to issue an aggregate of 1,186,656 common shares as an inducement to full-time employment with the company. Such common shares will be subject to a three-year contractual escrow. The issuance of the inducement shares is subject to the approval of the TSX Venture Exchange.

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 cash cost) of $998 per ounce over its life of mine and sizable annual production of greater than 300,000 ounces of gold over the first eight years. Over the course of 2024, the Montage management team will be leveraging its extensive record in developing projects in Africa to progress the Kone project toward an investment decision, 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 that 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 that 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, associated 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 updated feasibility study, 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 updated feasibility study in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release. The updated feasibility study is intended to be read as a whole, and sections should not be read or relied upon out of context.

Qualified person 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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