Montage GOLD Announces Close and Drawdown of US$75M Fully Redeemable Subordinated GOLD Stream with Zijin
Press
Release
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MONTAGE GOLD ANNOUNCES CLOSE AND DRAWDOWN OF US$75M FULLY
REDEEMABLE SUBORDINATED GOLD STREAM WITH ZIJIN
Vancouver, Canada — December 27, 2024 — Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU, OTCQX: MAUTF)
is pleased to announce that it has closed and subsequently drawn the US$75 million fully redeemable subordinated gold stream
(the “Zijin Stream”) with Zijin Mining Group Co. Ltd. (through its subsidiary and non-operating division, together with its affiliates,
“Zijin”).
The Zijin Stream forms part of the US$825 million financing package announced on October 23, 2024. The Zijin Stream proceeds
will be allocated to ward the construction of Montage’s Koné project in Côte d’Ivoire , for which the construction launch wa s
announced on December 18, 2024. The first gold production is scheduled for Q2 -2027, with significant progress already being
made as early works are well underway and major construction works are set to commence in the coming weeks, once further
construction equipment arrives to site.
Following the drawdown of the Zijin Stream, Montage expects to draw, over the course of construction of the project, the US$700
million gold stream and loan provided by Wheaton Precious Metals International Ltd . (the “Wheaton Facilities”) and the US$50
million Zijin loan (the “Zijin Loan”) . As a condition precedent to closing the financing, t he intercreditor agreement has been
finalized and signed by all parties , including Wheaton Precious Metals International Ltd ., Zijin, and Montage. Other necessary
conditions precedent to the Zijin Stream have been satisfied or waived . The waiver of certain conditions requires Montage to
provide additional covenants and deliver certain security and related documents in favour of Zijin in due course. The Zijin Stream
closing was approved by all directors of the Company, including all independent directors.
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 Updated Feasibility Study
published in 2024, 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.
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 Gold. Mr. Abbott is a member in good
standing of the Au stralian 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 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.
QUALIFIED PERSONS STATEMENT
The scientific and technical contents of this press release have been verified and approved by Silvia Bottero, BSc, MSc, a Qualified
Person pursuant to NI 43 -101. Mrs. Bottero, EVP Exploration of Montage, is a registered Professional Natural Scientist with the
South African Council for Natural Scientific Professions (SACNASP), a member of the Geological Society of South Africa and a
Member of AusIMM.
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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 closing of the Zijin Loan and the Wheaton Facilities; use of proceeds of the Zijin Stream, Zijin Loan and the Wheaton Facilities;
timing and order of draws on each of the Zijin Loan and the Wheaton F acilities ; the Company’s ability to enhance its financial
flexibility, achieve its strategic objectives and deleverage more quickly; securing significant margins; the delivery of certain
security and related documents; the Company’s compliance with covenants; the Company’s compliance with certain ESG
matters; the Company’s mineral reserve and resource estimates; the Company being on track to deliver stellar results; the timing
and amount of future production from the Koné Gold Project; anticipated mining and processing methods of the Koné Gold
Project; anticipated mine life of the Koné Gold Project; targeted improvements in the production profile; expected timing of
commencement and completion of our stated drill programs in 2024; results of the drill programs including targeted additions
to the estimated mineral resources at the Koné Gold Project, and the timing thereof; the establishment of satellite deposits and
the development of these deposits; expected recoveries and grades of the Koné Gold Project; timing in respect of the
commencement of construction, and the length of construction, of the mining operations at the Koné Gold Project; timing and
amount of necessary financing related to the mining operations at the Koné Gold 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. 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, and in delineating new mineral reserve and
resource estimates, 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 being lower than expected,
unexpected adverse changes to geotechnical or hydrogeological considerations, or expectations in that regard not being met,
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, in cluding failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, delays in or
failure to receive access agreements or amended permits, and other risk factors set forth in the Company’s 2023 Annual
Information form available at www.sedarplus.ca, under the heading “10. Risks and Uncertainties”. 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.