Mr. Martino De Ciccio reports

MONTAGE GOLD IS AWARDED ITS MINING PERMIT FOR ITS FLAGSHIP KONE PROJECT IN COTE D'IVOIRE

The Council of Ministers of Ivory Coast has awarded the mining permit for the Kone project to Montage Gold Corp.

Highlights:

• Mining permit award marks final approval required to launch construction and operating activities for the Kone project;
• Agreement on land compensation completed, which demonstrates the support received from local stakeholders;
• Permitted area includes several advanced high-grade exploration targets, located near the haulage road, which are being prioritized given their potential to be slotted into the mine plan from the commencement of the operation.

Martino De Ciccio, chief executive officer of Montage, commented: "We are delighted to be awarded our mining permit, which represents a significant milestone in the development of our Kone project and reflects the strong support received from our local stakeholders given our win-win approach focused on local content. In addition, we are also pleased to have reached an agreement on land compensation with our local communities, which further demonstrates the support for the advancement of our project given the significant social and economic benefits that it will unlock for our host communities and government.

"We look forward to rapidly continuing to unlock value for our stakeholders by progressing the Kone project towards an anticipated construction launch by Q1 2025 while continuing to progress our exploration strategy of delineating higher-grade targets that can be slotted into the mine plan from the commencement of the operation.

"We are excited with the momentum created across our business, which positions us to deliver our strategy of creating a premier African gold producer, beginning in Cote d'Ivoire, given the country's highly favourable investment climate, significant geological potential and our extensive experience in the region."

Montage was awarded mining permits for both its Kone and Gbongogo deposits, which are valid for 20 years and eight years, respectively, with opportunities to extend as further mine life is added through exploration success. The awarding of mining permits represents the last governmental authorization required to enable the development and operation of the Kone project with the official decree to be received shortly following today's Council of Ministers meeting.

The mining permits cover a large total area of 357 square kilometres, which encompasses both the Kone and Gbongogo deposits, in addition to several advanced high-grade exploration targets, located near the haulage road, which are being prioritized given their potential to be slotted into the mine plan from the commencement of the operation. Montage is therefore rapidly advancing exploration at the Kone project with a 30,000-metre drill programme expected to be completed in late July, 2024. High-grade intercepts have already been received, as published on July 9, 2024, at several targets. A second 60,000-metre drill program is expected to be launched in late Q3 2024, with the goal of delineating resources at top-priority targets, in addition to continuing to drill test other targets.

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 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 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 that is relevant to the commodity, style of mineralization under consideration and activity that 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 that 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, titled "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.

Samples used for the results described herein come from diamond drilling holes and are based on one-metre composite sample. Core samples have been cut in two by core blade at the camp facilities and then shipped by road to Bureau Veritas facility in Abidjan, Ivory Coast. They have been crushed to two millimetres (70 per cent passing), with one kilogram split out for pulverization to 75 micrometres (85 per cent passing) then analyzed by fire assay using a 50-gram charge.

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.

Qualified person statement

The scientific and technical contents of this press release have been verified and approved by Silvia Bottero, BSc, MSc, a qualified person pursuant to NI 43-101. Ms. Bottero, executive vice-president, exploration, of Montage, 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 (Australasian Institute of Mining and Metallurgy).

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