Mr. Jake Cain reports

MONTAGE GOLD ANNOUNCES CLOSE AND DRAWDOWN OF US$75M FULLY REDEEMABLE SUBORDINATED GOLD STREAM WITH ZIJIN

Montage Gold Corp. has closed and subsequently drawn the $75-million (U.S.) fully redeemable subordinated gold stream with Zijin Mining Group Co. Ltd. (through its subsidiary and non-operating division).

The Zijin stream forms part of the $825-million (U.S.) financing package announced on Oct. 23, 2024. The Zijin stream proceeds will be allocated toward the construction of Montage's Kone project in Ivory Coast, for which the construction launch was announced on Dec. 18, 2024. The first gold production is scheduled for Q2 2027, with significant progress already being made as early works are well under way and major construction works are set to commence in the coming weeks, once further construction equipment arrives to site.

Following the drawdown of the Zijin stream, Montage expects to draw, over the course of construction of the project, the $700-million (U.S.) gold stream and loan provided by Wheaton Precious Metals International Ltd. and the $50-million (U.S.) Zijin loan. As a condition precedent to closing the financing, the intercreditor agreement has been finalized and signed by all parties, including Wheaton Precious Metals International, Zijin and Montage. Other necessary conditions precedent to the Zijin stream have been satisfied or waived. The waiver of certain conditions requires Montage to provide additional covenants and deliver certain security and related documents in favour of Zijin in due course. The Zijin stream closing was approved by all directors of the company, including all independent directors.

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 updated 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 and is expected to enter production in Q2 2027.

Technical disclosure

Mineral resource and reserve estimates

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.

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).

We seek Safe Harbor.