Mr. Jake Cain of Montage reports

MONTAGE GOLD EXERCISES PARTICIPATION RIGHTS IN SANU GOLD

Montage Gold Corp. has exercised its participation right to maintain its equity interest in Sanu Gold Corp. following Sanu's non-brokered private placement as announced on March 25, 2025.

As a result, Montage has been issued 7,664,294 common shares of Sanu at a price of 28 cents per share, paid for by way of the issuance of 848,222 common shares of Montage at a deemed price of $2.53 per share, representing the 30-day VWAP (volume-weighted average price) at the time of Sanu's announcement of the placement, for a deemed consideration of approximately $2.1-million, resulting in a 19.5-per-cent ownership in Sanu. Montage has rights to top up its equity interest to 19.9 per cent of Sanu Gold in a future financing. Montage shares were issued to Sanu under an exemption from the prospectus requirements of applicable Canadian securities laws and will be subject to a hold period of four months and one day from the date of issuance to Sanu. Any Sanu sale of Montage shares will be subject to certain notice rights to enable Montage Gold to designate a suitable purchaser(s), subject to the investor rights agreement threshold, as described in the company's press release dated Dec. 1, 2024.

AngloGold Ashanti PLC and the Lundin family and their associates have also participated in the placement to largely maintain each of their respective pro rata equity interests in the company, of approximately 10.0 per cent and 10.0 per cent, respectively.

The net proceeds from the placement will be allocated by Sanu to further exploration efforts, including ground geophysics and the expansion of drilling programs on Sanu's Daina and Diguifara gold exploration permits in Guinea, West Africa, as well as the Bantabaye exploration permit. Additionally, funds may support the acquisition of potential new exploration permits and will provide general working capital for Sanu.

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 UFS), the Kone project has an estimated 16-year mine life and sizeable annual production of plus 300,000 ounces of gold over the first eight years and is expected to enter production in Q2 2027.

Qualified persons statement

The scientific and technical contents of this press release related to Montage have been verified and approved by Silvia Bottero, BSc, MSc, a qualified person pursuant to National Instrument 43-101. Mrs. Bottero, executive vice-president of 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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