Montage GOLD Announces Appointment of Silvia Bottero as Executive Vice President of Exploration
Press
Release
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MONTAGE GOLD ANNOUNCES APPOINTMENT OF SILVIA BOTTERO
AS EXECUTIVE VICE PRESIDENT OF EXPLORATION
HIGHLIGHTS:
§ Silvia Bottero, formerly Senior Vice President of Exploration at Endeavour Mining, has a proven exploration track record
- She was directly responsible for the discovery of +15Moz of M&I gold resources in Côte d’Ivoire over the last decade
and played a pivotal role in the discovery of +18Moz of M&I gold resources over her eight-year tenure at Endeavour
- She has a deep understanding of Montage's Koné project and its exploration potential, having tracked its
development closely as some of its grounds were previously held by the Endeavour and Barrick joint-venture
- She brings extensive permitting and public affairs experience in Côte d’Ivoire, with strong established local
stakeholder relationships
§ She will play a critical role in executing the Montage strategic objectives of further enhancing the Koné project with
the discovery of higher-grade satellite deposits and building an attractive greenfield exploration portfolio across Africa
Abidjan, Côte d’Ivoire — March 18, 2024 — Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU, OTCQX: MAUTF)
is pleased to announce the strengthening of its leadership team with the appointment of Silvia Bottero to the position of Executive
Vice President of Exploration, effective July 1, 2024.
Silvia Bottero is an accomplished business-minded geologist, with a proven track record of making high quality brownfield and
greenfield discoveries with the goal of quickly attaining reserve status. Having been based in Abidjan, Côte d’Ivoire, since 2013
through her positions with La Mancha and subsequently with Endeavour Mining, she has developed a deep understanding of the
region’s geological setting and established strong relations with local stakeholders. She most recently held the position of Senior
Vice President of Exploration at Endeavour Mining, overseeing all its African exploration activities. Over the last decade, she has
been credited with the discovery of over 15Moz1 of Measured and Indicated (“M&I”) gold resources in Côte d’Ivoire, with notably
the discovery of over 8Moz1 M&I gold resources at the Ity mine which transformed the asset from a 50kozpa heap-leach operation
to a +300kozpa CIL operation, the discovery of over 3Moz1 of M&I gold resources at Lafigué which led to a construction decision,
and most recently the discovery of approximately 4.5Moz1 M&I gold resources at the Tanda-Iguela greenfield property which has
the potential to be a Tier 1 asset.
Martino De Ciccio, CEO commented, “I’ve had the pleasure of working with Silvia for over a decade and I am thrilled to welcome
her to Montage where her extensive experience in Africa, and most notably in Côte d'Ivoire, will be instrumental to delivering our
strategy of becoming a premier African gold mining company. Silvia’s ability to set an exploration strategy based on effectively
screening and ranking both near-mine and greenfield targets will be invaluable as we embark on our exploration efforts to
delineated more higher-grade deposits in proximity to Koné and to develop a greenfield exploration pipeline to fuel our future
growth.”
Silvia Bottero, incoming Executive Vice President of Exploration, commented: “I am thrilled to join Montage at this exciting stage
in the company’s growth. While the Koné project already ranks as one of the highest quality gold projects in Africa given its sizeable
low-cost production and long mine life, I am very excited with its exploration potential due to the many identified targets on its
extensive tenement holding. I’ve tracked closely the development of the Koné project, as some of its grounds were previously held
by the Endeavour Mining and Barrick joint-venture, and I look forward to working with the team to screen and rank the satellite
targets to prioritize those with higher grade. I am equally excited with the opportunity to build a greenfield development pipeline
in Africa with the goal of sourcing our next project through our exploration success.”
About Silvia Bottero: Incoming Executive Vice President of Exploration
Silvia Bottero has more than 20 years of experience in the mining industry with a proven track record of making highly economic
greenfield discoveries and in developing brownfield projects up to DFS, notably in Africa. Prior to joining Montage, she held the
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position of Senior Vice President of Exploration at Endeavour Mining, overseeing all its African exploration activities. Silvia joined
Endeavour in 2016 and played a pivotal role in the discovery of +18Moz1 of M&I gold resources over her eight-year tenure.
Having been based in Abidjan, Côte d’Ivoire, since 2013 through her positions with Endeavour Mining and previously with La
Mancha, she has developed a deep understanding of the region’s geological setting and established strong relations with local
stakeholders. Over the last decade, she has been credited with the discovery of over 15Moz of M&I gold resources in Côte d’Ivoire,
with notably the discovery of +8Moz of M&I gold resources at the Ity mine which transformed the asset from a 50kozpa heap-
leach operation to a +300kozpa CIL operation, the discovery of over 3Moz of M&I gold resources at Lafigué which led to a
construction decision within 2 years, and most recently the discovery of Tanda-Iguela greenfield property unlocking approximately
4.5Moz of M&I gold resources which has the potential to be a Tier 1 asset. In her roles, Silvia was responsible for overseeing all
exploration activities ranging from exploration permit identification and grant application, drill programmes (grassroots,
brownfield, near-mine, and resource infill drilling), and activities linked to studies (PEA, PFS and DFS). In addition, Silvia played a
key role in the mine permitting process and in ensuring high ESG standards given her involvement with Endeavour’s Economic
Development Fund and its Steering Committee.
Prior to her Exploration Manager position at La Mancha, she held the position of Exploration Manager for West African Minerals
in Sierra Leone and Cameroon. Prior to this, she held various positions at AREVA, working across Niger, Namibia, South Africa,
Central African Republic, Kazakhstan, Wyoming, and France.
Silvia holds a Masters in Geology from the Università degli Studi di Genova, Italy, a Post Masters degree in Geosciences from
Université Joseph Fournier in Grenoble, France, and a Master of Business Administration degree from Walden University in
Minneapolis, USA. Silvia is fluent in English, French and Italian.
Stock-Based Compensation Grants
The Company also announces that it has granted an aggregate 2,813,334 incentive stock options to certain officers, directors and
other eligible persons of the Company. The options are exercisable, subject to vesting provisions, over a period of five years at a
price of C$0.91 per share. In connection with the appointment of Silvia Bottero as Executive Vice President, Exploration, the
Company has agreed to issue an aggregate of 1,186,656 common shares (the “Inducement Shares”) as an inducement to full-time
employment with the Company. Such common shares will be subject to a three-year contractual escrow. The issuance of the
Inducement Shares is subject to the approval of the TSX Venture Exchange.
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 Africa with a long 16-year mine life, low AISC of $998/oz over its life of
mine, and sizeable annual production of +300koz of gold over the first 8 years. Over the course of 2024, the Montage management
team will be leveraging their extensive track record in developing projects in Africa to progress the Koné project towards an
investment decision, thereby unlocking significant value for all its stakeholders.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this
release.
1 See section titled “Source Data and References to Endeavour Mining Disclosure” for further details.
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CONTACT INFORMATION
Martino De Ciccio
Chief Executive Officer
Adam Spencer
Executive Vice President, Corporate Development
+1 (416) 804 9032
For Media Inquiries:
John Vincic
Oakstrom Advisors
+1 (647) 402 6375
TECHNICAL DISCLOSURE
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 Gold. 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
mineralization 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 Gold. 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.
For further details of the data verification undertaken, exploration undertaken and associated QA/QC programs, and the
interpretation thereof, and the assumptions, parameters and methods used to develop the Mineral Reserve Estimate for the Koné
Gold Project, please see the UFS, entitled "Koné Gold Project, Côte d'Ivoire Updated Feasibility Study National Instrument 43-101
Technical Report" and filed on SEDAR+ at www.sedarplus.ca. Readers are encouraged to read the UFS in its entirety, including all
qualifications, assumptions and exclusions that relate to the details summarized in this news release. The UFS is intended to be
read as a whole, and sections should not be read or relied upon out of context.
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SOURCE DATA AND REFERENCES TO ENDEAVOUR MINING DISCLOSURE
Lafigue (100% basis) Category Tonnage (Mt) Grade (Au g/t) Content (Au koz)
Mineral Resource and Reserves
Estimate effective as of
December 31, 2022
Proven Mineral Reserves - - -
Probable Mineral Reserves 49.8 1.69 2,714
P&P Reserves 49.8 1.69 2,714
Measured Resources (incl. reserves) - - -
Indicated Resources (incl. reserves) 46.2 2.04 3,026
M&I Resources (incl. reserves) 46.2 2.04 3,026
Inferred Resources 1.6 1.98 102
Note: See Endeavour Mining press release dated March 9, 2023 for full disclosures relating to the above Mineral Resource and Reserve Estimate
Tanda-Iguela (100% basis) Category Tonnage (Mt) Grade (Au g/t) Content (Au koz)
Mineral Resource and Reserves
Estimate effective as of
November 14, 2023
Measured Resources - - -
Indicated Resources 70.9 1.97 4,493
Inferred Resources 2.9 1.91 176
Note: See Endeavour Mining press release dated November 29, 2023 for full disclosures relating to the above Mineral Resource Estimate
Ity Mine (100% basis) Category Tonnage (Mt) Grade (Au g/t) Content (Au koz)
Mineral Resource and Reserves
Estimate effective as of
December 31, 2022
Proven Mineral Reserves 11.4 0.82 300
Probable Mineral Reserves 46.5 1.82 2,721
P&P Reserves 57.9 1.62 3,021
Measured Resources (incl. reserves) 11.7 0.79 298
Indicated Resources (incl. reserves) 85.3 1.70 4,673
M&I Resources (incl. reserves) 96.9 1.59 4,971
Inferred Resources 17.1 1.59 873
Cumulative Depletion of M&I Resources 2,800
Inclusive of historic heap leach operations
Note: See Endeavour Mining press release dated March 9, 2023 for full disclosures relating to the above Mineral Resource and Reserve Estimate. See Endeavour
Mining February 2024 Corporate Presentation slide 65 for disclosure of cumulative depletion at the Ity Mine
Endeavour Mining Company-wide
Discoveries since 2016 (100% basis)
M&I Resources (incl. Reserves) 18.4Moz
Note: See Endeavour Mining February 2024 Corporate Presentation slide 18 for disclosure of company-wide discoveries
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QUALIFIED PERSONS STATEMENT
The scientific and technical contents of this press release have been approved by Hugh Stuart, BSc, MSc, a Qualified Person
pursuant to NI 43-101. Mr. Stuart is the President and a Director of the Company, a Chartered Geologist and a Fellow of the
Geological Society of London.
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 Gold Project; expectations with respect
AISC of the Koné Gold Project; anticipated mine life of the Koné Gold Project; and expected recoveries and grades of the Koné
Gold 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 2022 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.