Mr. Martino De Ciccio reports

MONTAGE GOLD ANNOUNCES EXECUTIVE INCENTIVE PLAN MILESTONES

Montage Gold Corp. has provided an update on the milestones linked to its 2024 executive short-term incentive plan (STIP) and long-term incentive plan (LTIP).

Following the Annual General and Special Meeting of Shareholders held in June 2024, the newly formed Compensation Committee designed the incentive programme with the goal of aligning executive compensation with corporate achievements that will drive stakeholder value creation.

The 2024 STIP corporate objectives focus on achieving the critical milestones necessary to launch the construction of Montage's flagship Kone project by Q1-2025, in addition to further enhancing the project's economics through exploration success, as summarized below:

Project Development (35%): Completion of the Front-End Engineering Design (FEED) study and all other necessary works to allow for a construction launch for Q1-2025;

Permitting (25%): Obtaining environmental and mining permits;

Financing (20%): Securing funding for the launch of the Kone project;

Exploration (20%): Advancing exploration on higher grade satellite deposits with the goal of delineating resources by year-end;

In line with Montage's focus on Health and Safety, a reduction of 25% will be applied in the event of a serious incident resulting in multiple injuries or a fatality.

The 2024 performance-based objectives provide clear, measurable, and transparent targets, which will be further detailed in next year's Management Information Circular. The potential payout multiplier ranges from 0% to 200% of the targeted bonus based on achievement.

As part of the 2024 LTIP programme, senior executives will receive Performance Share Units ("PSUs") which strongly aligns management's interests with those of shareholders and rewards for good performance against the Company's peers. A sliding scale determines the payout factor for vested PSUs based on Total Shareholder Return ("TSR") performance relative to its peer group, with a maximum payout of 200% and a minimum of 0%, over four weighted performance periods, as follows:

Years 1, 2, and 3: 10% of PSUs vest annually based on the relative TSR performance in each year.

Cumulative Three Years: 70% of PSUs vest based on cumulative TSR performance over the entire three-year period.

Regardless of performance against the peer group, if the Company has a negative TSR in any performance period, the multiplier for that period is capped at 100%.

In line with the 2024 LTIP programme stated above, the Company has granted a total of 1,636,200 PSUs to senior executive, based on their pro-rata involvement with the Company for 2024. The PSUs are subject to a three-year vesting period and are subject to the performance-based achievements as stated above.

While senior executives will receive PSUs, the Company has also granted an aggregate 983,680 incentive stock options to certain employees and other eligible persons of the Company. The options are exercisable, subject to a three-year vesting period, over a period of five years at a price of C$1.32 per share. The PSUs and options granted are in accordance with the Company's omnibus equity incentive plan.

ABOUT MONTAGE GOLD CORP.

Montage Gold Corp. (TSXV: MAU) is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Kone project, located in Cote d'Ivoire, 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 of $998/oz over its life of mine, and sizeable annual production of +300koz of gold over the first 8 years. Over the course of 2024, the Montage management team will be leveraging their extensive track record in developing projects in Africa to progress the Kone project towards a construction launch, thereby unlocking significant value for all its stakeholders.

QUALIFIED PERSONS STATEMENT

The scientific and technical contents of this press release have been approved by Silvia Bottero, BSc, MSc, a Qualified Person pursuant to NI 43-101. Mrs. Bottero is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (SACNASP), a member of the Geological Society of South Africa and a Member of AusIMM.

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