Mr. Martino De Ciccio reports

MONTAGE GOLD ANNOUNCES APPOINTMENT OF CONSTANT TIA AS CHIEF FINANCIAL OFFICER

Montage Gold Corp. has strengthened its leadership team with the appointment of Constant Tia to the position of chief financial officer, effective July 1, 2024.

Highlights:

• Constant Tia was formerly regional chief financial officer at Kinross Gold Corp., overseeing several regions, including Africa:
• • He has a strong record of establishing and leading the finance function across several operations.
  • He has strong experience in managing large-capital projects as he played a key role in the execution of a plus-$4-billion capital projects at the Tasiast gold mine in Mauritania.
  • As an Ivorian national, he has a profound understanding of the West African region and a strong local network.
• He will be based in Abidjan, Ivory Coast, and will play a key role in overseeing the finance function and engaging with both local stakeholders and West African lending banks.

Mr. Tia will succeed Glenn Kondo, current chief financial officer of Montage, who as announced on Nov. 28, 2023, accepted the role of chief financial officer of Lucara Diamond Corp., also within the Lundin Group of Companies. In order to ensure a smooth transition, Mr. Kondo has agreed to support Mr. Tia over the next few months.

Mr. Tia will be based in Abidjan, Ivory Coast, and will lead the finance function while playing a key role in engaging with both local stakeholder and West African lending banks. Mr. Tia has over 18 years of experience in the mining industry with a strong record of establishing and leading the finance function across various operations and overseeing major capital projects, notably in West Africa. Prior to joining Montage, Mr. Tia held the position of regional chief financial officer for Kinross Gold, responsible for overseeing the Africa and Chile regions and previously also the Russian region. His 14-year tenure at Kinross Gold, which commenced in 2010, was marked by a progression of senior leadership roles at mine sites, regional offices and at the corporate office.

Martino De Ciccio, chief executive officer of Montage, commented: "Following the recent appointments of Peder Olsen as chief development officer and Silvia Bottero as executive vice-president of exploration, we're thrilled to complete Montage's senior executive team by welcoming Constant as chief financial officer. His experience in establishing a best-in-class finance function and executing large-capital projects will be invaluable as we progress our Kone project. Furthermore, aligning with our commitment to local content, we're extremely pleased to establish a strong presence in Cote d'Ivoire. Constant and other members of the management team will be based there, ensuring close proximity to our business and our local stakeholders as we progress our strategy of creating a premier African gold producer.

"Finally, I would like to thank Glenn Kondo for his ongoing commitment to Montage while he continues in the role of CFO during this transition phase."

Mr. Tia, incoming chief financial officer of Montage, commented: "I am thrilled to join Montage at such an exciting time as it embarks to create a premier African gold producer, with the high-quality Kone project at the forefront. Personally, I'm proud to contribute to such an important project in my home country as it will provide significant social and economic benefits. Given that the value chain commences at the financing stage, I will prioritize securing a significant portion of the Kone project financing from African regional banks, leveraging the strong financial capacity of the region to self-fund its economic growth and development."

About Mr. Tia, incoming chief financial officer

Mr. Tia has over 18 years of experience in the mining industry with a strong record of establishing and leading the finance function across various operations and overseeing major capital projects, notably in West Africa. He has strong expertise across financial reporting, treasury, tax, audit, budgeting, capital management and financial systems.

Prior to joining Montage, Mr. Tia held the position of regional chief financial officer for Kinross Gold and was responsible for overseeing the Africa and Chile regions, and previously also the Russian region. His 14-year tenure at Kinross, which commenced in 2010, was marked by a progression of senior leadership roles at mine sites, regional offices and at the corporate office. Mr. Tia played a key role in establishing and leading the finance function at the Tasiast gold mine in Mauritania, initially while at Red Back Mining and thereafter with Kinross. Constant notably had oversight of the execution of a plus-$4-billion expansion projects at Tasiast, which transformed the mine into a top-tier operation.

Before joining Kinross, Mr. Tia served as financial controller for Endeavour Mining in Burkina Faso in 2010 and audit supervisor at PricewaterhouseCoopers in Ivory Coast between 2005 and 2010, where he audited and consulted for numerous clients in the mining industry across West Africa (such as Barrick Exploration, Newcrest, First Quantum, Nordgold and the Ivorian state mining company (SODEMI)).

Mr. Tia holds a master of science in commerce from ESCA Business School (National Polytechnic Institute of Yamoussoukro, Ivory Coast) and is a certified public accountant (CPA) in New Hampshire, United States. His credentials include certifications as an internal auditor (CIA), fraud examiner (CFE) and project management professional (PMP). He is fluent in French, English, Spanish and several Ivorian dialects.

Stock-based compensation grants

The company has granted an aggregate one million 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 $1.17 per share.

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 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 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.

We seek Safe Harbor.