Mr. Martino De Ciccio reports

MONTAGE GOLD REPURCHASES 1% NSR ROYALTY ON ITS KONE PROJECT

Montage Gold Corp. has repurchased a 1-per-cent net smelter return royalty on its Kone project in Ivory Coast for a total cash consideration of $10-million (U.S.).

Martino De Ciccio, chief executive officer of Montage, commented: "Given the strong liquidity sources recently secured, we are pleased to have the strategic and financial flexibility to exercise our right to repurchase a 1-per-cent royalty on our Kone project as part of our prudent capital allocation strategy. We believe that this investment offers the ability to significantly enhance the value unlocked by our exploration efforts as many identified exploration targets are covered by the royalty repurchased.

"Moreover, we are delighted with the results of the ongoing 60,000-metre drilling program as it provides confidence in our ability to deliver on our recently announced measured and indicated resource discovery target of at least one million ounces at a grade of more than one gram per tonne gold, which would be 50 per cent higher compared to the current Kone deposit grade, to be achieved before the commencement of production. This would represent significant returns on our exploration investment and aligns with our strategic objective of boosting production from the commencement of production while maintaining an annual production of at least 300,000 ounces for more than 10 years.

"We are excited with the momentum generated across our business and look forward to continuing to rapidly progress our strategy of creating a premier African gold producer while delivering value for all our stakeholders."

The royalty covers the properties previously held under Mankono Exploration Ltd., which Montage purchased from Barrick Gold Corp. and Endeavour Gold Corp. in November, 2022. As part of the acquisition, Barrick and Endeavour were granted a 1.4-per-cent NSR royalty and a 0.6-per-cent NSR royalty, respectively, based on their relative ownership interest in the property. The combined 2-per-cent royalty was subject to a 50-per-cent buyback option for a fixed cash consideration of $10-million (U.S.), to be exercised by the second anniversary of the acquisition of Mankono. Consequently, the transaction reduces the royalty on the property from 2.0 per cent to 1.0 per cent, with Barrick and Endeavour retaining a 0.7-per-cent NSR royalty and a 0.3-per-cent NSR royalty, respectively.

The property initially comprised 893 square kilometres, covering the original Gbongogo, Sissedougou and Sisseple exploration licences. The majority of the Gbongogo permit is now captured under the Kone project's mining permit, as announced on July 10, 2024, with the remaining retained under exploration licences. The area hosts significant exploration potential as it encompasses the Gbongogo deposit, along with a number of advanced exploration targets, including Gbongogo South, Diouma North, Lokolo Main, Sean, Koban North, ANV and Yere North. Many of these targets support the company's short-term strategic objective, as announced on Oct. 7, 2024, of discovering more than one million ounces of higher-grade measured and indicated resources at a grade 50-per-cent higher than the Kone deposit, to be achieved before the commencement of production.

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 more 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 financing and developing projects in Africa to progress the Kone project toward a construction launch.

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 National Instrument 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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