Ms. Silvia Bottero reports

MONTAGE GOLD CLOSES INVESTMENT IN SANU GOLD

Montage Gold Corp. has closed its previously announced strategic partnership with Sanu Gold Corp., obtaining a 19.9-per-cent interest in Sanu.

The strategic partnership transaction consists of a share exchange transaction between Montage and Sanu consisting of the issuance to Montage of 76,307,155 common shares of Sanu at price of 7.2 cents per Sanu common share, and the issuance to Sanu of 2,337,921 common shares of Montage at a price per share of $2.35 per Montage common share. Concurrently, Sanu completed a non-brokered private placement of 63,351,344 Sanu common shares (including pursuant to participation rights of AngloGold Ashanti PLC) for gross proceeds of $4,561,297. The Montage common shares issued to Sanu and the Sanu common shares issued to Montage in the exchange transaction are subject to a four-month hold period that expires on May 1, 2025.

Sanu expects to use the net proceeds of the offering to advance exploration, including geophysics and drilling on Sanu's Daina, Diguifara and Bantabaye gold exploration permits in Guinea, West Africa, and for general and administrative purposes.

In connection with the share exchange transaction, Montage and Sanu have entered into an investor rights agreement, pursuant to which Montage is entitled to certain rights, provided that Montage maintains a 10-per-cent ownership threshold in Sanu, as stated in the press release dated Dec. 1, 2024.

Early warning disclosures

Prior to the share exchange transaction, Montage did not own, or exercise control or direction over, any Sanu common shares. Following the share exchange transaction and the offering, and following the issuance of Sanu common shares to a finder of Sanu in connection with the share exchange transaction and the offering, Montage indirectly owns, or exercises control or direction over, 76,307,155 Sanu common shares, representing approximately 19.9 per cent of the issued and outstanding Sanu common shares (based upon 383,453,038 issued and outstanding Sanu common shares as at the date hereto).

Other than as described in the press release dated Dec. 1, 2024, with respect to its investor rights agreement with Sanu, at this time Montage does not have any plans that would result in any of the following: (i) the acquisition of additional securities of Sanu, or the disposition of securities of Sanu; (ii) a corporate transaction, such as a merger, reorganization or liquidation, involving Sanu or any of its subsidiaries; (iii) a sale or transfer of a material amount of the assets of Sanu or any of its subsidiaries; (iv) a change in the board of directors or management of Sanu, including any plans or intentions to change the number or term of directors or to fill any existing vacancy on the board; (v) a material change in the present capitalization or dividend policy of Sanu; (vi) a material change in Sanu's business or corporate structure; (vii) a change in Sanu's charter, bylaws or similar instruments or another action which might impede the acquisition of control of Sanu by any person or company; (viii) a class of securities of Sanu being delisted from, or ceasing to be authorized to be quoted on, a marketplace; (ix) Sanu ceasing to be a reporting issuer in any jurisdiction of Canada; (x) a solicitation of proxies from securityholders; or (xi) an action similar to any of those enumerated herein.

The Sanu common shares were acquired for investment purposes. Subject to various factors, including market conditions, Montage's determinations from time to time as to whether the trading price of the Sanu common shares adequately reflects the value of the Sanu common shares in relation to Sanu's activities and future prospects, and other factors and conditions Montage deems appropriate, Montage (or an affiliate or associate thereof) may acquire additional Sanu common shares or may dispose of any or all of its Sanu common shares, from time to time through, among other things, the purchase or sale of Sanu common shares on the open market or in private transactions or otherwise, on such terms and at such times as Montage may deem advisable.

This press release is being issued pursuant to National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Sanu is a reporting issuer containing information with respect to the foregoing matters. A copy of the early warning report will appear with Sanu's filings on SEDAR+. A copy may be obtained from the corporate secretary of Montage. Sanu's head office is located at suite 918, 1030 West Georgia St., Vancouver, B.C., Canada, V6E 2Y3.

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 greater than 300,000 ounces of gold over the first eight years and is expected to enter production in the second quarter of 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, executive vice-president of exploration of Montage, a qualified person pursuant to NI 43-101. Ms. 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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