Montage GOLD Announces Executive Incentive Plan Milestones
Press
Release
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MONTAGE GOLD ANNOUNCES EXECUTIVE INCENTIVE PLAN MILESTONES
Vancouver, Canada — July 2, 2024 — Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU, OTCQX: MAUTF) is
pleased to announce the milestones linked to its 2024 Executive Short-Term Incentive Plan ( “STIP”) and Long -Term Incentive
Plan (“LTIP”).
Following the Annual General and Special Meeting of Shareholders held in June 2024, the newly formed Compensation
Committee designed the incentive programme with the goal of aligning executive compensation with corporate achievements
that will drive stakeholder value creation.
The 2024 STIP corporate objectives focus on achieving the critical milestones necessary to launch the construction of Montage’s
flagship Koné project by Q1-2025, in addition to further enhancing the project ’s economics through exploration success, as
summarized below:
− Project Development (35%): Completion of the Front -End Engineering Design (FEED) study and all other necessary works
to allow for a construction launch for Q1-2025;
− Permitting (25%): Obtaining environmental and mining permits;
− Financing (20%): Securing funding for the launch of the Koné project;
− Exploration (20%): Advancing exploration on higher grade satellite deposits with the goal of delineating resources by year-
end;
− In line with Montage’s focus on Health and Safety, a reduction of 25% will be applied in the event of a serious incident
resulting in multiple injuries or a fatality.
The 2024 performance-based objectives provide clear, measurable, and transparent targets , which will be further detailed in
next year’s Management Information Circular. The potential payout multiplier ranges from 0% to 200% of the targeted bonus
based on achievement.
As part of the 2024 LTIP program me, senior executives will receive P erformance Share Units ( “PSUs”) which strongly a ligns
management’s interests with those of s hareholders and rewards for good performance against the Company’s peers. A sliding
scale determines the payout factor for vested PSUs based on Total Shareholder Return (“TSR”) performance relative to its peer
group, with a maximum payout of 200% and a minimum of 0%, over four weighted performance periods, as follows:
− Years 1, 2, and 3: 10% of PSUs vest annually based on the relative TSR performance in each year.
− Cumulative Three Years: 70% of PSUs vest based on cumulative TSR performance over the entire three -year period.
− Regardless of performance against the peer group , if the Company has a negative TSR in any performance period, the
multiplier for that period is capped at 100%.
In line with the 2024 LTIP programme stated above, t he Company has granted a total of 1,636,200 PSUs to senior executive,
based on their pro -rata involvement with the Company for 2024. The PSUs are subject to a three- year vesting period and are
subject to the performance-based achievements as stated above.
While senior executives will receive PSUs, the Company has also granted an aggregate 983,680 incentive stock options to certain
employees and other eligible persons of the Company. The options are exercisable, subject to a three-year vesting period, over
a period of five years at a price of C$1.32 per share. The PSUs and options granted are in accordance with the Company’s omnibus
equity incentive plan.
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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 publishe d 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 a construction launch, thereby unlocking significant value for all its stakeholders.
QUALIFIED PERSONS STATEMENT
The scientific and technical contents of this press release have been approved by Silvia Bottero, BSc, MSc, a Qualified Perso n
pursuant to NI 43 -101. Mrs. Bottero 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.
CONTACT INFORMATION
Martino De Ciccio
Chief Executive Officer
For Media Inquiries:
John Vincic
Oakstrom Advisors
+1 (647) 402 6375
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 stated milestones and objectives including project development, permitting, financing and exploration results;
the timing and amount of future production from the Koné Gold Project; expectations with respect to the costs of the Koné Gold
Project; anticipated mine life of the Koné Gold Project; and timing for permits and concessions. 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
MRE 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, unantici pated
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commodity price and exchange rate fluctuations, delays in or failure to receive access agreements or amended permits, the
ability to secure financing, political issues and other risk factors set forth in the Company’s final prospectus 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 fa ctor,
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 per payable ounce of gold sold and per
tonne processed. 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 “all -in sustaining costs” (ASIC)
because it understands that certain investors use this information to determine the Company’s ability to generate earnings an d
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 are considered to be key indicators of a project’s ability to generate operating earnings and cash flows. No n-
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.sedar.com
for a more detailed discussion of how we calculate such measures.