Mr. Ron Hochstein reports

MONTAGE GOLD REPORTS ON EXECUTIVE INCENTIVE PLAN MILESTONES

Montage Gold Corp. has provided an update on its 2024 achievements, compared with the previously published milestones for the period, and provided the 2025 targets linked to its executive incentive plan.

Ron Hochstein, chair of the board of Montage, commented: "On behalf of the board of directors and all our stakeholders, I would like to congratulate the management team for the significant success achieved in 2024, culminating in the launch of construction at our Kone project in Cote d'Ivoire. The board is excited to continue to support management as they rapidly progress on delivering our strategy of creating a premier African gold producer."

The compensation committee designed the executive incentive program with the goal of aligning compensation with corporate achievements that will drive stakeholder value creation. In line with the company's commitment to transparency and accountability, the performance-based objectives provide clear, measurable and transparent targets.

The 2024 short-term incentive plan (STIP) objectives focused on achieving the critical milestones necessary to launch the construction of the Kone project by Q1 2025, including permitting, financing, engineering, creating a team and securing land access. In addition, the objectives focused on further enhancing the project's economics through exploration success. The STIP targets were overachieved, with notably the construction having been launched ahead of schedule in Q4 2024, as summarized in Table 1 below, which will be further detailed in the company's coming management information circular (MIC).

In light of the above achievements, Montage was one of the top-performing stocks on both the TSX Venture Exchange and the OTCQX for the 12-month period ended Dec. 31, 2024.

The 2025 STIP objectives are centred on the successful advancement of the Kone project construction to meet the scheduled first gold pour in Q2 2027, in addition to further enhancing the project's economics through the delineation of higher-grade resources, as summarized below:

• Project development (60 per cent) -- Kone project remaining on budget and on track for first gold pour in Q2 2027;
• Exploration (30 per cent) -- remains on track for the discovery of one million ounces of M&I (measured and indicated) resources, at a 50-per-cent-higher grade than the Kone deposit, to be achieved before the commencement of production;
• ESG (environmental, social and governance) (10 per cent) -- strong focus on local content with over 85 per cent of employees for the construction being locally sourced, with the majority from the area surrounding the mine;
• In line with Montage's focus on health and safety, a reduction of 25 per cent will be applied in the event of a serious incident resulting in multiple injuries or a fatality.

As part of the 2025 LTIP (long-term incentive plan) program, senior executives and employees received performance share units (PSUs) and options; this strongly aligns management's interests with those of shareholders and rewards for good performance against the company's peers. A total of 1,333,839 PSUs and 3,750,741 incentive stock options were granted to senior executives, directors, certain employees and other eligible persons of the company. The PSUs and options granted are in accordance with the company's omnibus equity incentive plan. The PSUs are subject to a three-year vesting period and are subject to the performance-based achievements as stated above. The options are exercisable, subject to a three-year vesting period, over a period of five years at a price of $2.40 per share.

Montage has 351,366,246 common share outstanding and will have 380,138,917 shares on a fully diluted basis as of today; this includes the 1.35 million restricted share units (RSUs) granted to senior management on July 1, 2024. The RSUs were granted in accordance with the company's omnibus equity incentive plan and are subject to vesting provisions and are included in Montage's fully diluted share amounts.

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 and currently under construction, with first gold pour expected in Q2 2027. 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 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.

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. Mrs. 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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