MONTAGE GOLD ANNOUNCES ANNUAL GENERAL AND SPECIAL MEETING RESULTS
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.
- All resolutions were passed during the Annual General and Special Meeting.
- Key leadership appointments include Ron Hochstein as Non-Executive Chairman, Martino De Ciccio as CEO, Peder Olsen as President & Chief Development Officer, Glenn Kondo as CFO, and Constant Tia as incoming CFO effective July 1, 2024.
- PricewaterhouseCoopers was reappointed as auditors with the Board authorized to fix their remuneration.
- The Omnibus Equity Incentive Plan was approved with 94.09% votes in favor.
- A significant 43.03% of issued and outstanding common shares were voted.
- The approval of the Omnibus Equity Incentive Plan saw 5.91% votes against it, indicating some shareholder dissent.
As per the nominees set forth, Ron Hochstein, Richard P. Clark, David Field, Alessandro Bitelli, Anu Dhir and Martino De Ciccio were elected as directors of the Company. After the Meeting the following officers were appointed by the Board of Directors:
Non-Executive Chairman | Ron Hochstein |
Chief Executive Officer | Martino De Ciccio |
President & Chief Development Officer | Peder Olsen |
Chief Financial Officer | Glenn Kondo |
Incoming Chief Financial Officer, effective | Constant Tia |
Corporate Secretary | Kathy Love |
At the Meeting the shareholders also approved the reappointment of PricewaterhouseCoopers, LLP as the auditors of the Company and the authorization of the Company's Board of Directors to fix the auditors remunerations. The shareholders also approved the Omnibus Equity Incentive Plan.
A total of 102,881,471 common shares were voted, representing
Actual Votes | Actual Votes | Percentage | Percentage | |
Appointment of Auditor | 102,881,371 | 100 | 99.9999 % | 0.0001 % |
Election of Directors: | ||||
i) Richard P. Clark | 102,881,471 | - | 100.00 % | 0.00 % |
ii) David Field | 102,866,471 | 15,000 | 99.99 % | 0.01 % |
iii) Alessandro Bitelli | 102,881,470 | 1 | 99.999999 % | 0.000001 % |
iv) Anu Dhir | 102,866,471 | 15,000 | 99.99 % | 0.01 % |
v) Ron Hochstein | 102,881,471 | - | 100.00 % | 0.00 % |
vi) Martino De Ciccio | 102,881,471 | - | 100.00 % | 0.00 % |
Approval of Omnibus Equity Incentive Plan | 96,803,044 | 6,078,427 | 94.09 % | 5.91 % |
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
ABOUT MONTAGE GOLD CORP.
Montage Gold Corp. (TSXV: MAU) is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Koné project, located in Côte d'Ivoire, at the forefront. Based on the Feasibility Study published in 2024, the Koné project ranks as one of the highest quality gold projects in
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, "Forward-looking Statements"). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as "will", "intends", "proposed" and "expects" or similar expressions are intended to identify Forward-looking Statements. Forward looking Statements in this press release include statements related to the use of proceeds from the Offering; the final acceptance of the TSX Venture Exchange; the Company's mineral reserve and mineral resource estimates; the timing and amount of future production from the Koné project; expectations with respect AISC of the Koné project; anticipated mine life of the Koné project; and expected recoveries and grades of the Koné project. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies such as the Mineral Reserve Estimate and the UFS, including but not limited to, assumptions underlying the production estimates not being realized, incorrect cost assumptions, unexpected variations in quantity of mineralized material, grade or recovery rates, unexpected changes to geotechnical or hydrogeological considerations, unexpected failures of plant, equipment or processes, unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in project parameters, unanticipated delays and costs of consulting and accommodating rights of local communities, environmental risks inherent in the Côte d'Ivoire, title risks, including failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure to receive access agreements or amended permits, and other risk factors set forth in the Company's 2023 AIF under the heading "Risk Factors". The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Montage to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.
NON-GAAP MEASURES
This press release includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including cash costs and AISC (or "all-in sustaining costs") per payable ounce of gold sold and per tonne processed and mining, processing and operating costs reported on a unit basis. Non-GAAP measures do not have any standardized meaning prescribed under IFRS and, therefore, they may not be comparable to similar measures employed by other companies. The Company discloses "cash costs" and "all-in sustaining costs" and other unit costs because it understands that certain investors use this information to determine the Company's ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with IFRS, do not fully illustrate the ability of mines to generate cash flows. The measures, as determined under IFRS, are not necessarily indicative of operating profit or cash flows from operating activities. The measures cash costs and all-in sustaining costs and unit costs are considered to be key indicators of a project's ability to generate operating earnings and cash flows. Non-GAAP financial measures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating profit or cash flows presented under IFRS. Readers should also refer to our management's discussion and analysis, available under our corporate profile at www.sedarplus.ca for a more detailed discussion of how we calculate such measures.
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SOURCE Montage Gold Corp.
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