Short-Term Discovery Target Of More Than 1 Million Ounces Of Higher-Grade M&I Resources

COTE D’IVOIRE - Montage Gold Corp. is continuing to make rapid progress to discover and delineate higher grade exploration targets at its Koné project in Côte d'Ivoire, with the goal of further improving the production profile from the commencement of the operation. 2024's first drill campaign was completed at the end of July, totalling 30,170 metres with the goal of prioritizing key targets for the next drill programme. The drill programme successfully confirmed mineralisation at all 14 targets which were drilled. A second 2024 drilling campaign, totalling 60,000 metres at an approximate cost of US$8 million, commenced mid-September with the goal of delineating resources at selected advanced targets by year-end, in addition to continuing to drill test and progress other targets.

Martino De Ciccio, CEO, said, "We are very pleased with the rapid progress that we are making to accelerate our Koné project towards a construction launch, while seeking to further unlock value by investing in exploration. The drill results published today, along with the exhaustive review of historical geological data, confirm the prospectivity of the Koné area and provide confidence in our ability to quickly add higher grade satellites.

Moreover, in line with our commitment to accountability and transparency, we are pleased to set an aggressive Measured and Indicated Resource discovery target of at least 1 million ounces at a grade of more than 1 g/t Au, which would be 50% higher compared to the current Koné deposit grade, to be achieved before the commencement of production. This would represent significant returns on our exploration investment and aligns with our strategic objective of boosting production from the commencement of production while maintaining an annual production of at least 300koz for more than 10 years.

Following the recent award of our mining permit, we now look forward to further derisking the Koné project with the advancement of detailed engineering and concluding our financing process. This would further build on the momentum generated to progress our strategy of creating a premier African gold producer and delivering value for all our stakeholders."