All amounts in US dollar, unless otherwise specified montagegold.com 1 MONTAGE GOLD CONTINUES TO RAPIDLY ADVANCE ITS KONÉ PROJECT WITH FIRST GOLD POUR EXPECTED IN LATE Q4-2026 On-budget with 63% of capital committed • Ball mill shell delivered to site • Continued strong exploration focus
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All amounts in US dollar,
unless otherwise specified
montagegold.com 1
MONTAGE GOLD CONTINUES TO RAPIDLY ADVANCE ITS KONÉ
PROJECT WITH FIRST GOLD POUR EXPECTED IN LATE Q4-2026
On-budget with 63% of capital committed • Ball mill shell delivered to site • Continued strong exploration focus
HIGHLIGHTS:
› Rapid progress achieved with over 7.2 million hours worked and more than 3,000 employees and contractors on-site
› Key process plant achievements include the erection of all 14 CIL tanks, completion of the oxide sizer, and delivery of
the ball mill shell to site with all preparatory works completed in time for installation, marking a significant milestone
› Other key workstreams completed include site water storage infrastructure and the resettlement village, whilst other
key workstreams such as the HDPE lining of the TSF and grid connection are well advanced
› Construction remains on-budget with more than $545m of capital committed, representing approximately 63% of the
total upfront capital expenditure, with prices in-line with expectations
› Given the strong advancement, the first gold pour is anticipated in late Q4-2026 through the oxide circuit, whilst the
hard-rock comminution circuit remains well on schedule for completion in Q2-2027
› Exploration remains a strong focus at Koné with another initial 90,000-meter drill programme launched for 2026, in
addition to 9,000 meters of drilling planned for the recently awarded Wendé advanced greenfield property
Abidjan, Côte d'Ivoire — January 19, 2026 — Montage Gold Corp. (“Montage” or the “Company”) (TSX: MAU, OTCQX: MAUTF)
is pleased to announce that rapid construction progress continues to be made at its Koné project, in Côte d’Ivoire, where the
first gold pour through the oxide circuit is anticipated in late Q4-2026.
A total of over 7.2 million construction hours ha ve been worked since the commencement of the project with key milestones
achieved including the erection of all 14 CIL tanks, piperack and grid mesh walkway s, completion of the oxide sizer and the
delivery of the ball mill to site. Given the strong advancement, the first gold pour is anticipated in late Q4-2026 through an oxide
circuit startup, whilst the hard -rock comminution circuit remains well on track for completion in Q2 -2027. A total of
approximately $545 million of capital has been committed to date, representing approximately 63% of the total upfront capital
expenditure, with prices in-line with expectations.
In parallel, the Company continues to be focused on unlocking value through its exploration programme with approximately
115,000 meters drilled in 2025, compared to its initial budget of 90,000 meters, in addition to 56,000 meters of pre-production
drilling conducted at the Koné and Gbongogo Main deposits. Based on the drilling completed last year, the Company expects to
publish updated Mineral Resource Estimate s in Q1-2026 for several satellite targets, in addition to updated resources for the
Koné and Gbongogo Main deposits along with the results of the pre-production drilling programme which confirmed both the
grade and continuity of the mineralized envelopes and identified high -grade zones. Following on from last year’s success, t he
Company recently launched an initial $16 million drill programme for 2026, comprising 90,000 meters of drilling at the Kon é
project and 9,000 meters for the recently awarded Wendé advanced greenfield property.
Martino De Ciccio, Chief Executive Officer of Montage, commented: “We are very pleased with the momentum generated thus
far to advance our strategy of creating a premier multi-asset African gold producer and delivering value for all our stakeholders.
Construction at our flagship Koné project in Côte d’Ivoire continues to progress at a rapid pace with a number of key milestones
achieved including completion of the oxide sizer and delivery of the ball mill shell on site, which positions us to target a first gold
pour through an oxide circuit start -up in late Q4-2026. Moreover, we are continuing to enjoy significant exploration success at
the Koné project given the discovery of higher-grade satellites, with notably the Petit Yao discovery announced late last year.
Looking ahead, we are also pleased to be consolidating a project pipeline through the acquisition of African Gold, where recently
published drill results continue to confirm the prospectivity of the Didievi project in Côte d’Ivoire. We are also excited to commence
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drilling this year at our newly awarded Wendé advanced greenfield property i n Côte d’Ivoire with the goal of sourcing the next
project through our ability to stake prospective grounds and explore.
I’d like to take this opportunity to thank our employees, contractors, financiers, local stakeholders, and wider partners for their
strong dedication and support as we continue to deliver on our collective goals.”
Peder Olsen, President and Chief Development Officer of Montage, commented: “Construction activities at our Kon é project
continue to progress at a rapid pace , with more than 7.2 million hours worked to date and number of key milestones achieved
several months early. Notable progress includes the completion of the oxide sizer, erection of 14 CIL tanks and significant progress
on the installation of s tructural steel and piperacks , the commencement of pipework installation , as well as significant progress
on the TSF, with the dam wall completed 3 months ahead of schedule , construction and internal fit out of the 225kV substation
and assembly of transmission line towers.
The delivery of the ball mill shell on site marks a critical milestone on our journey and together with our construction achievements,
positions us to target first gold pour through an oxide circuit start-up in late Q4-2026. Concurrently, we continue to make rapid
progress on the hard-rock comminution circuit which remains on-budget and well on-schedule for completion in Q2-2027.
The resettlement village has been successfully completed and is now fully occupied following the opening ceremony for the village,
which was attended by more than 1,000 people and is a reflection of our strong partnerships with our local stakeholders given
our win-win partnership approach.
In parallel to our construction efforts, we are making good progress on executing our operational readiness plan, with the
mobilisation of high calibre operating teams and mining equipment scheduled to occur over the coming quarters.
Looking ahead, we are excited with the ongoing efforts to build a project pipeline with the goal of leveraging our in -house
construction expertise to unlock further value for our stakeholders.”
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KONÉ PROJECT UPDATE
Construction continues to progress on -budget with rapid progress made across a number of key workstreams as summarized
below:
› On-site workforce now exceeds 3,000 employees and contractors, with over 7.2 million hours worked, and with over 90% local
employment, demonstrating the Company’s commitment to local content.
› Process plant construction continues to rapidly advance:
– CIL tank construction has progressed rapidly, with all tanks on train 1 having been completed and hydro-tested, whilst all
tanks on train 2 are either complete or entering final stages of testing.
– Oxide sizer construction has largely been completed, approximately 4 months ahead of schedule , with final electrical
works taking place.
– Ball mill civil works have been completed, and all concrete has been poured, with the focus now shifting to the installation
of structural steel, piperacks and grid mesh ahead of the ball mill installation.
– Piperack installation in the mill classification area has largely been completed, whilst installation in the CIL trains remains
ongoing in parallel to CIL tank completion, all tracking ahead of schedule.
– Pre-leach and tailings thickener areas are undergoing slab and kerb construction, following the completion of foundations.
– Hard-rock comminution circuit earthworks are progressing rapidly, with structural fill and concrete placement ongoing at
the primary crusher.
– Reagent foundations have been completed with concrete pours for the oxide startup expected to be complete d by the
end of January 2026.
– Gold room concrete vault walls were poured, and the gold safe was installed with roof works now ongoing.
– Foundations have been completed for ancillary buildings in the process plant.
Figure 1: Koné process plant overview
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Figure 2: Key processing plant infrastructure
› Fabrication of long-lead items is progressing on schedule, with the ball mill shell delivered to site in mid-January. Fabrication
of the pre-leach and tailings thickener and HPGR steel remains on schedule.
Figure 3: Ball mill shell delivery to site
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› Water storage infrastructure was completed in Q3-2025 alongside the river abstraction, booster stations and water treatment
plants, which were all successfully commissioned and operational last year.
Figure 4: Water storage facility
› Grid connection is progressing rapidly with power line construction of the 33 kV overhead line to the cam p, river abstraction
and processing plant main area nearing completion. The 225kV substation construction is progressing on-schedule with cable
trench excavation nearing completion and internal fit -out of the substation buildings largely completed. Earthworks and
foundations for the 225kV overhead powerline tower settings have been completed, and the tower assembly is now 95%
complete. Erection of 225kV powerline towers is underway.
Figure 5: Electrical substation and high-voltage grid connection preparation
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› Gbongogo haul road construction has been completed between Koné processing plant and the Marahoué river. Earthworks
and construction of the Marahoué river bridge have commenced on schedule.
Figure 6: Marahoué river bridge construction
› Tailings Storage Facility (“TSF”) embankment wall construction has been completed 3 months ahead of schedule. All deliveries
of TSF liners have been received on site and installation is ongoing.
Figure 7: TSF HDPE liner installation
› Airstrip has been completed and is expected to be operational in Q1-2026 pending final permitting approvals.
› The permanent camp construction is nearing completion, with all permanent rooms fully fitted and available for use.
Remaining workstreams include landscaping and completion of sport facilities.
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Figure 8: Permanent camp
› The r esettlement village was completed in November 2025 and subsequently officially inaugurated with more than 1,000
people attending the opening ceremony. During the event, the village which includes new houses, a school, a pharmacy, a
maternity hospital, a market, a community centre and religious buildings, was inaugurated in the presence of regional prefects,
sub-prefects, the director general of mines, the deputy director of industrial mines and technical advisors of the Ministry of
Mines, and other gov ernment officials. The construction of the village enabled 18 local businesses to create more than 490
jobs in the community, empowering local entrepreneurs and providing numerous skills development opportunities.
Figure 9: Resettlement village and official opening ceremony
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Timeline to first gold pour
The Company remains on -budget and is targeting first gold pour in late Q4-2026 through the oxide circuit start -up, whilst the
hard-rock comminution circuit remains well on-schedule for completion in Q2-2027, with key upcoming milestones presented
in Table 1 below.
Table 1: Koné project timeline to first gold pour
Work Stream Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 Q4-2026 Q1-2027 Q2-2027
Tailings Dam & Water Dams
Tailings Dam * * * *
Water Storage & Dam * *
Construction
Power Supply * * * * *
Site Infrastructure * * * * * * *
Earth works & Concrete Works * * * * * *
Structural, Mechanical, Piping * * * * * *
Electrical * * * *
Process Plant Commissioning * * *
First Gold – Oxide Circuit *
First Gold – Hard-Rock Circuit *
EXPLORATION PROGRAMME
In 2025, a total of approximately 115,000 meters were drilled at the Koné project with efforts focused on delineating higher-
grade satellite resources. The programme resulted in the publication of increased resources at Koban North, Gbongogo South
and ANV, with further resource update s expected to be published in the coming months , along with maiden resources other
targets such as Soman 1 & 2 and Petit Yao. In addition, a resource update is also expected to be published for the Koné and
Gbongogo Main deposits along with the results of the 56,000 meters of pre-production drilling which confirmed both the grade
and continuity of the mineralized envelopes and identified high-grade zones.
Following on from last year’s success, the Company recently launched an initial $16 million drill programme for 2026, comprising
90,000 meters of drilling amounting to $14 million for the Koné project and 9,000 meters amounting to $2 million for the recently
awarded Wendé advanced greenfield property, with details by area detailed in Table 2 below.
Table 2: 2026 drill programme – budgeted meterage by trend and target
Trend Name Target Name Drilling (%)
Koné Koné deposit; Petit Yao 24,600m 25%
Gbongogo-Korotou Gbongogo Main; Gbongogo South; Diouma North; Koban North; Koban
Main; Sena; Soman 1 &2; Gbongogo West; Korotou; Malibou; Espoir; Matiko 44,400m 45%
Lokolo Lokolo Main; Lokolo Main North; Lokolo South; Lokolo South 2; Lokolo NW;
Lokolo West 3,500m 3.5%
Bafretou-Niondje Bafretou; Resi West 5,000m 5%
Sissédougou ANV; ANIII; ANV West; ANV North; Kagon 10,000m 10%
Yeré Yeré North, Yeré Trend 2,500m 2.5%
Total Koné Project Area 90,000m 91%
Wendé advanced greenfield property Bobosso; Wendé Hill 9,000m 9%
Total Montage Budget 99,000m 100%
The 2026 exploration programme is focused on three parallel tracks:
› Infill and extension drilling of previously delineated starter deposits, including the more advanced Gbongogo South, Koban
North and ANV deposits, as well as other previously delineated deposits;
› Advancing pre-resource targets toward maiden resource definition , including the Petit Yao target which has the potential
to be delineated into a high-grade satellite of scale; and