Mr. Peder Olsen reports

MONTAGE GOLD CLOSES SECOND TRANCHE OF INVESTMENT IN AFRICAN GOLD

Montage Gold Corp. has closed the second tranche of its previously announced strategic investment in African Gold Ltd.

The strategic partnership consists of a share exchange transaction between Montage and African Gold, including the issuance to Montage of 92,377,787 fully paid ordinary shares of African Gold at a deemed issue price of seven Australian cents per African Gold ordinary share and the issuance to African Gold of 2,026,388 common shares of Montage at a deemed issue price of $2.87 per Montage common share. Montage and African Gold have closed tranche 2 of the share exchange transaction resulting in the issuance of 46,358,146 African Gold ordinary shares to Montage and the issuance to African Gold of 1,016,907 Montage common shares. The Montage common shares issued to African Gold are subject to a four-month hold period that expires on Oct. 13, 2025.

In conjunction with closing the second tranche of investment in African Gold, Montage has entered into a technical service agreement with African Gold in relation to the management of operations at the Didievi project, as well as a project rights agreement under which Montage is granted a right of first refusal in respect of African Gold's rights and interests in relation to the Didievi project and adjacent Angoda permit, including a right to acquire the minority interests in the Didievi project upon any future exercise of African Gold's existing right of first refusal.

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 300,000-plus ounces of gold over the first eight years, and is expected to enter production in second quarter 2027.

Qualified person statement

The scientific and technical contents of this press release have been verified and approved by Peder Olsen, a qualified person pursuant to National Instrument 43-101. Peder Olsen, president and chief development officer of Montage, is a registered fellow of the Australasian Institute of Mining and Metallurgy.

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