Montage GOLD Achieves Key Construction Milestone at Its Koné Project as Process Plant Concrete Works Commenced
Press
Release
montagegold.com 1
MONTAGE GOLD ACHIEVES KEY CONSTRUCTION MILESTONE AT ITS KONÉ
PROJECT AS PROCESS PLANT CONCRETE WORKS COMMENCED
Abidjan, Côte d’Ivoire — March 24, 2025 — Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU, OTCQX: MAUTF) is
pleased to announce that rapid construction progress is being achieved at its Koné project in Côte d’Ivoire, where process plant
concrete works, including the ahead -of-schedule pouring of Carbon -in-Leach tank foundations, have commenced, marking an
important milestone.
Since the mid-December 2024 groundbreaking ceremony, construction activities at the Koné project have significantly ramped up,
with the on-site workforce increasing from approximately 350 to 1,700 employees and contractors. Strong progress has been made
to take advantage of the dry season, with process plant earthworks and foundations preparation, water storage facility preparation,
camp construction and process plant engineering, all advancing at a rapid pace . The project remains on track to pour gold in Q2 -
2027 and on budget with a pproximately 25% of the US$835 million capital spend committed thus far , with prices in line with
expectations.
Martino De Ciccio, Chief Executive Officer of Montage, commented: “We are very pleased with the rapid construction progress being
made at our Koné project in Côte d’Ivoire which builds on the momentum generated over recent quarters to progress our strategy of
creating a premier African gold producer and delivering value for all our stakeholders.
We are equally pleased with our ongoing exploration success and look forward to publishing maiden resources in the coming weeks
as we deliver against our previously published target of discovering at least 1 million ounces of Measured and Indicated Resources
at a grade which is 50% higher compared to the current Koné deposit grade, to be achieved before the commencement of
production1.”
Peder Olsen, President and Chief Development Officer of Montage, commented: “We are extremely pleased with the ramp-up of
our construction activities as it positions us to take full advantage of the dry season. We are benefiting from last year’s rapid success
achieved in securing our mining permit and financing, while commencing training programmes, conducting land compensation, and
ordering long-lead items.
Given this planning, we now have more than 100 machines on-site and our construction team has grown from 350 to 1,700 people
over the last three months, resulting in 730,000 hours worked without a lost-time injury, reflecting our strong focus on health and
safety. We are equally pleased with the advancement of the fabrication of long lead time items and in particular the mill.
I would like to thank our team for their strong efforts and dedication thus far, which places us in a strong position as construction
progresses”.
1For further information on the discovery target please refer to the Company’s news release dated October 7, 2024, and for information regarding the Koné deposit
please refer to the Updated Feasibility Study press release dated January 16, 2024 available on Montage’s website and on SEDAR+.
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KONÉ PROJECT CONSTRUCTION UPDATE
Construction is progressing on-budget and on-schedule for first gold pour in Q2-2027, with key highlights summarized below:
› On-site workforce now comprises approximately 1,200 Montage employees and 500 contractors, both of which comprise over
90% Ivorian nationals. Demonstrating its commitment to local content, Montage partnered with the government -accredited
Lycée Technique de Mankono to provide practical vocational training programs tailored to the Koné project. Training
encompasses steel fixing, building , electricity, masonry, carpentry, plumbing, firefighting, working at heights, environmental
management, and heavy equipment operation.
› Strong continued safety record with no Lost Time Injury (“LTI”) with more than 730,000 man-hours worked.
› Treatment plant earthworks are more than 30% com plete and progressing well as the concrete pouring for the ring beams of
the Carbon-in-Leach tanks commenced 3-weeks ahead of schedule, as shown in Figure 1 below.
Figure 1: Process plant area overview and CIL ring beams
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› Long-lead items are all ordered and fabrication commenced , including the ball mill, gyratory crusher, cone crushers, HPGR,
thickeners, CIL bolted tanks, and reagent storage building.
Figure 2: Mill gear casting and shell being fabricated
› Engineering, design, and procurement is being conducted by Lycopodium Minerals Pty Ltd (“Lycopodium”), along with
Montage’s in-house construction team, following the award of the engineering, procurement and construction management
(“EPCM”) contract given their involvement in the project sinc e 2018 and their strong track record in West Africa. Infrastructure
detailed design is scheduled to be completed in Q2 -2025, and process plant engineering and procurement is 30% complete
compared to the 17% target within the baseline schedule. Key civil design areas such as that for the CIL ring beams, the mill raft,
and the reagent foundation have been issued for construction. Detailed design of the steel work for the CIL trains, main pipe
racks, thickeners and the elution building are nearing completion, while the steel and platework fabrication contracts have been
awarded.
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› Earthworks equipment has been received, comprising 35 dump trucks, eight 20-tonne vibrating compactors, 10 excavators, 4
bulldozers, 3 graders, 8 concrete trucks, 5 telehandlers, 2 container loaders, and 4 90-tonne rough terrain cranes , as shown in
Figure 3 below.
Figure 3: Major earthworks and construction equipment on-site
› Water Storage Facility is more than 35% complete and ahead of schedule, with trench excavation and backfilling preparation for
final lining and dam wall construction underway, as shown in Figure 4 below.
Figure 4: Water Storage Facility preparation
› Access roads and laydown yard is more than 60% complete, with key drainage infrastructure installed.
› Tailings Storage Facility (“TSF”) key equipment is on schedule to be delivered in Q3 -2025, while the TSF haul road is more than
35% complete.
› Power will be drawn from the national grid operator, Compagnie Ivoirienne d’Electricite (“CIE”), via a new 225kV transmission
line connecting to existing power lines located approximately 20km from the processing plant area. The CIE has confirmed
capacity to mee t the demand requirements for the Koné project and Montage has conducted a power system study with CIE
which supports the delivery of high -quality power. A project management agreement has been executed with CIE and works
commenced on-site with clearing for the sub-station.
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› Permanent camp construction is well advanced with 80 rooms now complete, with a further 160 prefabricated rooms under
assembly, as shown in Figure 5 below.
Figure 5: Permanant camp construction progress
› Gbongogo haul road construction is nearing completion with final grading and windrow installations underway to ensure
efficient access to mining zones.
Figure 6: Gbongogo haul road nearing completion
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› Resettlement Action Plan is progressing well, with compensation agreements signed with landowners in priority construction
areas.
Figure 7: Resettlement area preparation and early works
› Livelihood Restoration Plan is underway with projects launched focusing on agricultural development and financial literacy
programs. A total of 130 individuals from affected villages were also trained in civil construction works at accredited institutions,
enhancing employability and aligning with our local employment policy. In addition, over 450 individuals from impacted
communities received free literacy training providing empowerment and employment opportunities.
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Timeline to first gold pour
The Company remains on track for first gold pour in Q2-2027, based on a 27-month construction period for the process plant , with
key upcoming milestones presented in Table 1 belo w. As noted above, major construction works for the water storage dam , site
infrastructure, and earth and concrete works are well underway . Approximately 25% of the US$835 million capital has been
committed thus far, with prices in line with expectations.
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 *
Exploration activities
Montage remains on track to achieving its short-term exploration target, as published on October 7, 2024, of discovering more than
1Moz of Measured and Indicated Resources, at a grade 50% higher than the Koné deposit, to be achieved before the commencement
of production. Achieving the set exploration target would represent a significant return on the exploration investment and aligns
with the Company’s strategic objective of boosting production from the commencement of production while maintaining an annual
production of at least 300koz for more than 10 years1.
The 2024 drilling campaign comprised a total of over 81,000 meters across the Koné project for a total expenditure of approximately
US$13 million. Given the success of the drill programme, Montage expects to publish maiden resources in the coming weeks for
notably the new discoveries made.
The 2025 drilling campaign is well underway, comprising 90,000 meters of drilling at an approximate cost of US$14 million, focused
on both resource delineation of existing deposits and testing new targets.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this
release.
ABOUT MONTAGE
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 Updated Feasibility Study published in 2024
(the “UFS”), the Koné project has an estimated 16 -year mine life and sizeable annual production of +300koz of gold over the first 8
years and is expected to enter production in Q2-2027.
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TECHNICAL DISCLOSURE
Mineral Resource and Reserve Estimates
The Koné and Gbongogo Main Mineral Resource Estimates were carried out by Mr. Jonathon Abbott of Matrix Resource Consultants
of Perth, Western Australia, who is considered to be independent of Montage. Mr. Abbott is a member in good standing of the
Australian Institute of Geoscientists and has sufficient experience which is relevant to the commodity, style of mineralisation under
consideration and activity which he is undertaking to qualify as a Qualified Person under NI 43 –101.
The Mineral Reserve Estimate was carried out by Ms. Joeline McGrath of Carci Mining Consultants Ltd., who is considered to be
independent of Montage. Ms. McGrath is a member in good standing of the Australian Institute of Mining and Metallurgy and has
sufficient experience which is relevant to the work which she is undertaking to qualify as a Qualified Person under NI 43 –101.
QUALIFIED PERSONS STATEMENT
The scientific and technical contents of this press release have been verified and approved by Mr. Peder Olsen, a Qualified Person
pursuant to NI 43 -101. Mr. Olsen, President and Chief Development Officer o f Montage, is a registered Fellow of the Australasian
Institute of Mining and Metallurgy (AusIMM).
CONTACT INFORMATION
For Investor Relations Inquiries:
Jake Cain
Strategy & Investor Relations Manager
+44-7788-687-567
For Media Inquiries:
John Vincic
Oakstrom Advisors
+1-647-402-6375
For Regulatory Inquiries:
Kathy Love
Corporate Secretary
+1-604-512-2959
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 Company’s
objectives of achieving first gold pour in the second quarter of 2027; timing for various parts of the construction at the Koné Project;
the Company’s mineral reserve and resource estimates; timing for various parts of the construction at the Koné Project; the timing
and amount of future production from the Koné Project; anticipated mining and processing methods of the Koné Project; anticipated
mine life of the Koné Project.
Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There is no
assurance that any economic satellite deposits will be discovered, and if discovered ever developed or mined. There can be no
assurance that any Forward-looking Statements will prove to be accurate, and actual results and future events could differ materially
from those anticipated in such statements. In particular, there is no assurance that any economic satellite deposits contai ning
additional resources will be discovered, and if discovered ever developed or mined. 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 Reserv e Estimate and the UFS, and in delineating new
mineral reserve and resource estimates, including but not limited to, assumptions underlying the production estimates no t being
realized, incorrect cost assumptions, unexpected variations in quantity of mineralized material, grade or recovery rates being lower
than expected, unexpected adverse changes to geotechnical or hydrogeological considerations, or expectations in tha t regard not
being met, unexpected failures of plant, equipment or processes (including construction equipment), delays in or increased co sts
for the delivery of construction equipment and services, or supplies for operation of the mine, labour shortages o r disruptions,
unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expecte d
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,