Mr. Jake Cain reports

MONTAGE GOLD COMPLETES THE ACQUISITION OF AFRICAN GOLD

Montage Gold Corp. has completed the acquisition of African Gold Ltd. as previously announced on Nov. 28, 2025.

The transaction adds the high-quality resource-stage Didievi project, in Ivory Coast, to Montage's portfolio and strengthens its footprint in a country where it has established a strong presence through its continuing build of its Kone project, which remains on budget and ahead of schedule with first gold pour targeted in late Q4 2026.

Pursuant to the transaction, African Gold has become a wholly owned subsidiary of Montage. Eligible African Gold shareholders have now been issued 0.0628 new Montage shares for each African Gold share. Shares that ineligible African Gold shareholders would have otherwise been entitled to receive have been issued to a nominee who has been appointed to sell those Montage shares on the Toronto Stock Exchange so that the net proceeds of sale can be distributed to such ineligible shareholders in accordance with the process set out in the scheme booklet filed by African Gold. The acquisition results in the issuance of 29,957,800 Montage shares, with Montage now having a total of 402,875,311 Montage ordinary shares outstanding. All of the outstanding options in African Gold have been cancelled and African Gold optionholders have now been issued 0.0628 new Montage options for each African Gold option held on substantially the same economic terms. The acquisition results in the issuance of 2,951,600 Montage options.

About Montage Gold Corp.

Montage Gold is a Canadian-listed company focused on becoming a premier 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 300,000-plus ounces of gold over the first 8 years and is expected to enter production in late Q4 2026.

Qualified persons 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. Mr. Olsen, president and chief development officer of Montage, is a registered fellow of the Australasian Institute of Mining and Metallurgy (AusIMM).

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