Mr. Martino De Ciccio reports

MONTAGE GOLD IMPLEMENTS REVENUE PROTECTION PROGRAMME

Montage Gold Corp. has implemented a revenue protection program with the goal of securing significant margins to enhance its financial flexibility and achieve its strategic objectives at the onset of production from its Kone project.

Martino De Ciccio, chief executive officer of Montage, commented: "We are pleased to complement our recently secured financing package with the successful execution of our revenue protection program which takes advantage of unprecedented put option pricing. By entering into put options, we have secured a minimum gold price of $2,500 (U.S.) on 400,000 ounces over the 2027-2028 period while retaining full upside to the gold price. As prudent allocators of capital, this program positions us well to generate significant margins and deliver on our strategic objectives for the benefit of all stakeholders."

The voluntary revenue protection program consists of the purchase of 400,000 ounces of put options at a strike price of $2,500 (U.S.), for a total cash consideration of $52.7-million (U.S.), equally spread every month across the January, 2027, to September, 2028, period, which can be cash or physically settled.

The program has been designed to protect Montage's margins during its peak reimbursement phase as it has committed to deliver 19.5 per cent of its payable gold to Wheaton Precious Metal at a transfer price of approximately 20 per cent of the spot price until 400,000 ounces of gold have been delivered (the first dropdown threshold), thereafter dropping to 10.8 per cent until an additional 130,000 ounces of gold have been delivered (the second dropdown threshold).

Securing strong margins during the first dropdown threshold is expected to provide the company optionality to accelerate its deleveraging by delivering more than its minimum required commitments under the Wheaton stream and by exercising its buyback options under the Zijin fully redeemable stream. Furthermore, as the program consists solely of put options, Montage retains the financial flexibility to later offset its initial cash outlay by converting the program into a zero-cost collar or through the early monetization of the put options, based on its assessment of market conditions and its capital allocation priorities.

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 has an estimated 16-year mine life 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 their extensive record in developing projects in Africa to progress the Kone project toward a construction launch.

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 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.

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