MONTAGE GOLD CORP - MAUTF STOCK NEWS

Montage Gold Corp. (TSXV: MAU) (OTCQX: MAUTF) announces significant progress in its exploration efforts at the Koné project in Côte d'Ivoire. The company has completed a 30,170m drill campaign and launched a second 60,000m programme aimed at delineating resources by year-end. Highlights include:

- Confirmation of mineralization at all 14 targets drilled
- Identification of 52 exploration targets, up from 35 in July 2024
- Promising drill results from Gbongogo, ANV, Lokolo Main, and Diouma North targets
- Setting a discovery target of over 1 million ounces of M&I resources at a grade 50% higher than the Koné deposit

The company aims to improve the production profile from the start of operations and maintain annual production of at least 300koz for over 10 years.

Montage Gold Corp. (TSXV: MAU) (OTCQX: MAUTF) has upsized its brokered private placement to C$180 million, offering 102,857,143 common shares at C$1.75 per share. The Lundin Family Trusts and Zijin Mining Group have agreed to subscribe for shares resulting in 19.9% and 9.9% ownership interests, respectively. The net proceeds will fund development of the Koné Project, exploration, and working capital. The offering is expected to close around August 12, 2024, subject to regulatory approvals. The shares will have a four-month hold period and will not be registered under the U.S. Securities Act, limiting their offer and sale in the United States.

Montage Gold has received the final approval for its flagship Koné project in Côte d'Ivoire with the awarding of a mining permit. This significant milestone allows the company to commence construction and operational activities. The permit covers a vast area of 357km2, including advanced high-grade exploration targets. The company has also reached a land compensation agreement with local communities, underlining strong local support. Montage is planning to start construction by Q1-2025 and is advancing a 30,000-meter drill program, with high-grade intercepts already reported. Furthermore, a second 60,000-meter drill program is slated for late Q3-2024.

Montage Gold has provided an update on its exploration activities at the Koné Project in Côte d'Ivoire. The project covers a vast 2,259km2 land package with significant gold potential. Over 150km of mineralized structures have been identified across 35 targets within 7 trends. As of June 30, 21,175 meters have been drilled, returning high-grade intercepts at multiple sites, including Diouma North and Lokolo Main. A 30,000-meter drill program is set to conclude by July 2024, followed by a second 60,000-meter program in Q3 2024. The goal is to delineate high-grade satellite targets to supplement initial production, with top priority targets near Koné and Gbongogo Main deposits.

Montage Gold Corp. (TSXV: MAU, OTCQX: MAUTF) has announced key milestones for its 2024 Executive Short-Term and Long-Term Incentive Plans (STIP and LTIP). Following its June 2024 Annual General and Special Meeting, the Compensation Committee set objectives to align executive compensation with corporate achievements to drive stakeholder value. The 2024 STIP focuses on critical milestones for the Koné project, aiming for a Q1-2025 construction launch. Key targets include completing the Front-End Engineering Design (35%), obtaining permits (25%), securing financing (20%), and advancing exploration (20%). Performance-based objectives offer a payout multiplier from 0% to 200% based on results, with a 25% reduction for serious incidents. The LTIP awards Performance Share Units (PSUs) aligned with shareholder interests, vesting over three years based on Total Shareholder Return (TSR) performance, with caps on payouts during negative TSR periods. A total of 1,636,200 PSUs and 983,680 stock options have been granted under these programs.

On June 10, 2024, Montage Gold announced the results of its Annual General and Special Meeting held on June 7, 2024. All resolutions from the management information circular dated April 26, 2024, were passed. Directors elected include Ron Hochstein, Richard P. Clark, David Field, Alessandro Bitelli, Anu Dhir, and Martino De Ciccio. Key officer appointments were also made. Shareholders reappointed PricewaterhouseCoopers as the company's auditors and approved the Omnibus Equity Incentive Plan. A total of 102,881,471 common shares were voted, representing 43.03% of the outstanding shares. Detailed voting results are available on SEDAR.

Montage Gold has announced its Annual General and Special Meeting (AGM) scheduled for June 7, 2024. The meeting will see a slate of six director nominees: Ron Hochstein, Richard P. Clark, Anu Dhir, David Field, Alessandro Bitelli, and Martino De Ciccio. Ron Hochstein is proposed as the new Chair of the Board, replacing Peter Mitchell. Directors Sasha Bukacheva and Hugh Stuart will not be standing for re-election, and executives Hugh Stuart, Kevin Ross, and Adam Spencer will be stepping down following management transition. Shareholders as of April 26, 2024, are eligible to vote, and proxies must be submitted by June 5, 2024, 10:00 a.m. Vancouver Time.

Montage Gold Corp. has received an Environmental Permit for its Koné project in Côte d'Ivoire, with President Alassane Ouattara expressing support. The company is set to receive all approvals by H2-2024, aiming to become a leading African gold producer.

Montage Gold Corp. appoints Constant Tia as the new Chief Financial Officer, bringing in 18 years of mining industry experience with a focus on finance and major capital projects in West Africa. Tia's background at Kinross Gold and expertise in establishing finance functions will be crucial for Montage's growth and the Koné project. The company aims to become a premier African gold producer with a strong local presence in Côte d'Ivoire.