Montage GOLD Announces Grade Control Results and Resource Increase FOR Its Koné and Gbongogo Main Deposits at Its Koné Project
Press
Release
montagegold.com 1
MONTAGE GOLD ANNOUNCES GRADE CONTROL RESULTS AND RESOURCE INCREASE
FOR ITS KONÉ AND GBONGOGO MAIN DEPOSITS AT ITS KONÉ PROJECT
HIGHLIGHTS:
› 174,000 meters of exploration and grade control drilling conducted in 2025, with 36% directed towards the Koné and
Gbongogo Main deposits, in addition to delineating new higher-grade satellites
─ 59,873m of grade control and exploration drilling completed on the Koné deposit in 2025, increasing the total drilling
conducted on the deposit to 171,050m compared to 100,249m prior to the 2024 Updated Feasibility Study (“UFS”)
─ 7,292m of infill drilling and exploration drilling completed on the Gbongogo Main deposit since the beginning of 2025,
increasing the total drilling conducted on the deposit to 32,002m compared to 18,276m prior to the 2024 UFS
› In-fill and step-out drilling at the Koné and Gbongogo Main deposits resulted in better definition of higher-grade areas
while improving the continuity and extension of the mineralization:
─ Koné deposit M&I Resources increased by 142koz to 4.63Moz while grade increased by 21% to 0.69 g/t Au and Inferred
Resources increased by 749koz to 1.26Moz while grade increased by 21% to 0.52 g/t Au , over last year; Koné deposit
maiden Measured Resources of 229koz at 0.83 g/t Au demonstrates higher resource confidence level
─ Gbongogo Main deposit Indicated Resources increased by 223koz to 783koz while grade increased by 3% to 1.51 g/t Au
and Inferred Resources increased by 39koz to 41koz while grade increased by 21% to 1.08 g/t Au, over last year
› Koné project overall M&I Resources increased by 671koz to 5.88Moz while the grade increased by 24% to 0.77 g/t Au
and Inferred Resources increased by 782koz to 1.56Moz while the grade increased by 7% to 0.58 g/t Au, over last year,
inclusive of resources for additional satellites published last year
› Indicated and Inferred Resources for higher grade satellite deposits now stand at 1.25Moz at 1.34 g/t Au and 303koz at
1.07 g/t Au, respectively, highlighting the effectiveness of the exploration programme
› Updated resources for satellite deposits, including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena
and Diouma North are expected to be published in the coming weeks, while maiden resources for new discoveries,
such as Petit Yao and Soman 1 & 2, are expected to be published over the course of 2026
› Exploration remains a strong focus at the Koné project with a 90,000-meter drill programme launched in early 2026
› Koné project construction continues to rapidly advance on-budget and ahead of schedule with a first gold pour through
the oxide circuit anticipated in late Q4-2026
Abidjan, Côte d’Ivoire — March 30, 2026 — Montage Gold Corp. (“Montage” or the “Company”) (TSX: MAU, OTCQX: MAUTF)
is pleased to report an updated Mineral Resource Estimate (“MRE”) for its Koné and Gbongogo Main deposits, at the Company’s
flagship Koné project, located in Côte d’Ivoire, where construction continues to rapidly advance on-budget and ahead of schedule
with first gold pour anticipated through the oxide circuit in late Q4-2026.
A total of 174,000 meters of exploration , advance grade control and grade control drilling were conducted in 2025, with 36%
directed towards the Koné and Gbongogo Main deposits, in addition to delineating new higher -grade satellite deposits. A total
of 59,873 meters of grade control and exploration drilling was completed on the Koné deposit in 2025, increasing the cumulative
drilling to 171,050 meters, compared to 100,249 meters prior to the 2024 Updated Feasibility Study (“ UFS”). At the Gbongogo
Main deposit, 7,292 meters of grade control and exploration drilling have been completed since the beginning of 2025, bringing
total drilling to 32,002 meters, compared to 18,276 prior to the 2024 UFS. In-fill and step-out drilling at the Koné and Gbongogo
Main deposits, and application of Ordinary Kriging methodology, have enabled better definition of higher-grade zones, improved
mineralization continuity, and extended the overall mineralized envelopes.
TSX MAU OTCQX MAUTF
montagegold.com 2
As shown in Table 1 below, the Koné deposit Measured and Indicated (“M&I”) Resources increased by 142koz to 4.63Moz, with
grade increasing by 21% to 0.69 g/t Au, while Inferred Resources increased by 749koz to 1.26Moz, with grade increasing by 21%
to 0.52 g/t Au, compared to last year. Furthermore, the Koné deposit maiden Measured Resource of 229koz at 0. 83 g/t Au
demonstrates a higher level of resource confidence. At the Gbongogo Main deposit, Indicated Resources increased by 223koz to
783koz, with grade increasing by 3% to 1.51 g/t Au, while Inferred Resources increased by 39koz to 41koz, with grade increasing
by 21% to 1.08 g/t Au, compared to last year.
The updated MRE for the Koné project’s (“Updated MRE”) overall M&I Resources increased by 671koz to 5.88Moz, with grade
increasing by 24% to 0.77 g/t Au, while Inferred Resources increased by 782koz to 1.56Moz, with grade increasing by 7% to 0.58
g/t Au, compared to last year, inclusive of resources for additional satellite deposits published last year. Moreover, Indicated and
Inferred Resources for higher -grade satellite deposits now stand at 1.25Moz at 1.34 g/t Au and 303koz at 1.07 g/t Au,
respectively, highlighting the effectiveness of the exploration programme.
Updated resources for satellite deposits , including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and
Diouma North, are expected to be published in the coming weeks, while maiden resources for new discoveries such as Petit Yao
and Soman 1 & 2 are expected to be released throughout the year, following the completion of phased exploration programmes.
Exploration remains a strong focus at the Koné project, with a 90,000-meter drill programme launched in early 2026, supporting
the continued expansion of the resource base.
Table 1: Koné project Mineral Resource Estimate variance year-over-year
PREVIOUS MRE1
(Published April 2025) UPDATED MRE2
(Published March 2026) YoY
Resources shown on a
100% basis
Tonnage Grade Content Tonnage Grade Content Variance
(Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
Koné deposit
Measured - - - 8.6 0.83 229 +229
Indicated 245 0.57 4,490 200 0.68 4,404 (86)
Measured & Indicated 245 0.57 4,490 209 0.69 4,632 +142
Inferred 37 0.43 510 75 0.52 1,259 +749
Satellite deposits (incl. Gbongogo Main)
Measured - - - - - - -
Indicated 16 1.38 720 29 1.34 1,249 +529
Measured & Indicated 16 1.38 720 29 1.34 1,249 +529
Inferred 8.4 1.00 270 8.8 1.07 303 +33
Total Koné project
Measured - - - 8.6 0.83 229 +229
Indicated 261 0.62 5,210 229 0.77 5,652 +442
Measured & Indicated 261 0.62 5,210 238 0.77 5,881 +671
Inferred 45 0.54 780 84 0.58 1,562 +782
1) Previous MRE as disclosed in the Company’s press release dated April 8, 2025, available on Montage’s website and on SEDAR+. 2) Updated MRE is reported in accordance with
National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43 -101”) and follows the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition
Standards for Mineral Resources. The Updated MRE for the Koné deposit (“Updated Koné MRE”) has an effective date of December 31, 2025, and is reported at a gold cut-off grade
of 0.20 g/t Au and the updated MRE for the Gbongogo Main deposit (“Updated Gbongogo Main MRE”) has an effective date of March 3, 2026, and is reported at a gold cut -off
grade of 0.50 g/t Au. The Updated Koné MRE and Updated Gbongogo Main MRE was prepared by Mr. Rolly Wasonga, Qualified Person and employee of Montage, and reviewed
and approved by Dr. Gregory Zhang, employee of Snowden Optiro, Australia, who is independent from Montage and a Qualified Person as defined by NI 43-101. The Updated Koné
MRE and the Updated Gbongogo Main MRE are constrained within an optimized open-pit shell generated using a gold price of US$2,500 per ounce. The Updated MRE accounts for
a change in the constrained optimized open-pit shell generated using a gold price of US$2,500 per ounce on the Gbongogo South and Koban North deposits (as previously published
on July 21, 2025) and the ANV deposit (as previously published on November 6, 2025). All other deposits are unchanged from the previous mineral resource estimate disclosed on
April 8, 2025, and all previous estimates are available on Montage’s website and on SEDAR+. The Updated Koné MRE is reported on a 100% basis. Rounding errors are appa rent.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See Table A1 in Appendix A and “Technical Disclosure” below for details.
The Company expects to publish an updated life of mine plan (“LOM”) later this year to incorporate the updated MRE for the
Koné and Gbongogo Main deposits, along with the addition of several higher-grade satellite deposits. In addition, the LOM is
expected to reflect other value enhancement initiatives such as the addition of the oxide circuit, the process plant design
enhancements previously announced, and the previously announced shift to an owner-operated mining model.
TSX MAU OTCQX MAUTF
montagegold.com 3
Martino De Ciccio, Chief Executive Officer of Montage, commented: “We are pleased with our continued progress to unlock
exploration value at the Koné project, where construction remains on-budget and ahead of schedule with the first gold pour
expected in late Q4-2026 through the oxide circuit.
The updated Mineral Resource Estimate published today for the Koné and Gbongogo Main deposits further enhances the quality
of the project . Moreover, the extensive 56,000-meter grade control programm e, which represents approximately the first 18
months of production from the Koné deposit and covers a significant portion of oxide mineralisation, further derisks our
production start-up.
We are also pleased to be executing against our goal of discovering high grade satellites with the aim of supplementing
production from the onset. Over the coming weeks, we expect to publish updated resource estimates for other satellite deposits,
including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North, while we also expect the
ongoing 90,000 -meter drill programme to yield maiden resources for new targets such as Petit Yao and Soman 1 & 2 . This
exploration success builds on the momentum generated thus far as we continue on our journey of creating a premier multi-asset
African gold producer and unlocking value for all stakeholders.”
Silvia Bottero, EVP Exploration of Montage commented: “We continue to be very excited about the exploration potential at our
Koné project, in Côte d’Ivoire, driven by the ongoing success of our exploration programme. Our 2025 programme focused on
three parallel tracks: infill and step -out drilling of previously delineated deposits, advancing targets toward maiden resource
status, and testing new targets through regional scout drilling. As a result, we have improved the quality, grade, and size of the
Koné a nd Gbongogo Main deposits while increasing its confidence, expanded the other higher-grade satellite deposits, and
generated new targets for which we expect to publish maiden resources this year.
The grade control programme, with tighter drill spacing, has delivered significant improvements in the definition of higher-grade
shoots, including structures not evident in the broader resource drilling dataset. This has enhanced our understanding of gra de
continuity and will support more accurate production forecasting with improved control over mining dilution. In addition,
mineralized extensions continue to highlight the upside potential of both deposits.
We have also made strong progress in expanding resources for the other higher -grade satellites and look forward to publishing
updated resources in the coming weeks. Exploration remains a key focus, with a 90,000 -meter programme underway in 2026,
aimed at further growing known deposits and delineating maiden resources across new targets.
I would like to thank our exploration teams for their continued dedication and commitment. Their efforts reflect the strength of
our team, and we look forward to unlocking further value together for all our stakeholders.”
TSX MAU OTCQX MAUTF
montagegold.com 4
KONÉ PROJECT MINERAL RESOURCE UPDATE
Table 2 below presents the evolution of the MRE for the Koné project, following the publication of the 2024 Updated Feasibility
Study (“UFS”).
› In April 2025, the Company published an increase in the MRE on the Koné deposit, as well as initial maiden MREs for 7 new
deposits (Gbongogo South, Koban North, ANV, Lokolo Main, Yeré North, Sena, and Diouma North) with all deposits remaining
open, given that they are data constrained , as the focus was to outline only a portion of the orebodies to assess the grade
profiles in order to prioritize 2025 drill efforts.
› In July 2025, the Company published a n increase in the MREs for both the Gbongogo South and Koban North deposits , with
a high rate of conversion from Inferred to Indicated Resources exhibited. It was noted that both deposits were expected to
continue to grow given the ongoing drill programme and that certain drill results were not yet incorporated in to the then
published MREs.
› In November 2025, the Company published an updated MRE for the ANV deposit where both Indicated and Inferred
Resources increased . In addition, the Company indicated that exploration results in the vicinity of the ANV deposit
demonstrate its upside, as it remains open down dip and along strike, with further potential across parallel lineaments within
150 meters of the existing deposit.
› Today’s publ ished Updated MRE includes updates for the Koné and Gbongogo Main deposits, as described in the below
section, along with minor changes to the Gbongogo South, Koban North and ANV deposit to align optimized pit shell
parameters using a gold price of US$2,500/oz.
Table 2: Koné project Mineral Resource Estimate variance since publication of the UFS
Measured & Indicated Inferred
Resources shown on Tonnage Grade Content Tonnage Grade Content
a 100% basis (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz)
2024 UFS MRE as published on January 16, 20241
Koné deposit 229 0.59 4,340 25 0.50 400
Gbongogo Main deposit 11 1.47 520 - - -
Other satellite deposits - - - - - -
Total 240 0.63 4,860 25 0.50 400
MRE as published on April 8, 20252
Koné deposit 245 0.57 4,490 37 0.43 510
Gbongogo Main deposit 12 1.46 560 0.1 0.89 2.0
Other satellite deposits 4.2 1.17 160 8.4 1.00 270
Total 261 0.62 5,210 45 0.54 780
MRE as published on July 21, 20253
Koné deposit 245 0.57 4,490 37 0.43 510
Gbongogo Main deposit 12 1.46 560 0.1 0.89 2.0
Other satellite deposits 9.8 1.15 364 4.0 1.07 138
Total 267 0.63 5,414 41 0.49 650
MRE as published on November 6, 20264
Koné deposit 245 0.57 4,490 37 0.43 510
Gbongogo Main deposit 12 1.46 560 0.1 0.89 2.0
Other satellite deposits 12 1.13 436 5.4 1.10 192
Total 269 0.63 5,486 43 0.51 704
MRE as published March 30, 20265
Koné deposit 209 0.69 4,632 75 0.52 1,259
Gbongogo Main deposit 16 1.51 783 1.2 1.08 41
Other satellite deposits 13 1.12 466 7.6 1.07 262
Total 238 0.77 5,881 84 0.58 1,562
1) Updated Feasibility Study available on Montage’s website and on SEDAR+. 2) 2024 MRE as disclosed in the Company’s press re lease dated April 8, 2025. 3) MRE update as
disclosed in the Company’s press releases dated July 21, 2025, which includes MRE updat es to the Gbongogo South and Koban North deposits. 4) MRE update for the ANV
deposit as disclosed in the Company’s press releases dated November 6, 2025. 5) See Note 2 on Table 1 and “Technical Disclosure” below for details.
TSX MAU OTCQX MAUTF
montagegold.com 5
Table 3 below presents the year-over-year evolution of the MRE for the Koné project. The Koné project’s overall M&I Resources
increased by 671koz to 5.88Moz, with grade increasing by 24% to 0.77 g/t Au, while the Inferred Resource increased by 782koz
to 1.56Moz, with grade increasing by 7% to 0.58 g/t Au, compared to last year, inclusive of resources for additional satellite
deposits published last year. Moreover, Indicated and Inferred Resources for higher -grade satellite deposits now stand at
1.25Moz at 1.34 g/t Au and 303koz at 1.07 g/t Au, respectively, highlighting the effectiveness of the exploration programme.
The grade control (“GC”) and advanced grade control (“AGC”) drilling programmes have significantly enhanced grade distribution
resolution relative to the Previous MRE whilst providing greater definition of the continuity of mineralised envelopes across the
Koné and Gbongogo Main deposits. Additionally, the transition from a Multiple Indicator Kriging (“MIK”) estimation model to
Ordinary Kriging (“OK”) for the Koné and Gbongogo Main deposits enabled improved resolution in the modelling of individual
mineralisation packages and vein sets. As a result, the Company has defined higher-grade zones within both deposits and expects
improved controls on mine dilution, and stronger predictability for p roduction planning, with significant coverage of oxide
mineralisation. The tighter drill spacing has also led to an inaugural Measured Resource for the Koné deposit, demonstrating a
higher level of resource confidence. The significant increase in Inferred Resources at the Koné deposit reflects the delineation of
mineralised extensions identified towards the southeast and southwest extents of the Kon é deposit, which remain open.
Table 3: Koné project Mineral Resource Estimate variance year-over-year
PREVIOUS MRE1
(Published April 2025)
UPDATED MRE2
(Published March 2026)
YOY
VARIANCE Resources shown Tonnage Grade Content Tonnage Grade Content
on a 100% basis (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
Koné deposit
Measured - - - 8.6 0.83 229 +229
Indicated 245 0.57 4,490
200 0.68 4,404
(86)
Measured & Indicated 245 0.57 4,490 209 0.69 4,632 +142
Inferred 37 0.43 510
75 0.52 1,259
+749
Gbongogo Main deposit
Measured - - - - - - -
Indicated 12 1.46 560 16 1.51 783 +223
Measured & Indicated 12 1.46 560 16 1.51 783 +223
Inferred 0.1 0.89 2.0 1.2 1.08 41 +39
Other satellite deposits
Measured - - - - - - -
Indicated 4.2 1.17 160 13 1.12 466 +306
Measured & Indicated 4.2 1.17 160 13 1.12 466 +306
Inferred 8.4 1.00 269 7.6 1.07 262 (7)
Sub-total satellite deposits
Measured - - - - - - -
Indicated 16 1.38 720 29 1.34 1,249 +529
Measured & Indicated 16 1.38 720 29 1.34 1,249 +529
Inferred 8.4 1.00 270 8.8 1.07 303 +33
Total
Measured - - - 8.6 0.83 229 +229
Indicated 261 0.62 5,210
229 0.77 5,652
+445
Measured & Indicated 261 0.62 5,210 238 0.77 5,881 +671
Inferred 45 0.54 780
84 0.58 1,562
+782
1) Previous MRE as disclosed in the Company’s press release dated April 8, 2025, available on Montage’s website and on SEDAR+. 2) See Note 2 on Table 1, Table A1 in Appendix A
and “Technical Disclosure” below for details.
Table 4 below presents the evolution of the MRE for the Koné project since the UFS published on January 16, 2024. M&I
Resources for the Koné project have increased by 1.02Moz to 5.88Moz at 0.77 g/t Au, representing a 22% increase in grade and
21% increase in ounces. Inferred Resources have increased by 1.16Moz to 1.56Moz at 0.58 g/t, representing a 1 6% increase in
grade and 290% increase in ounces.
TSX MAU OTCQX MAUTF
montagegold.com 6
Table 4: Koné project Mineral Resource Estimate variance as compared to the UFS
2024 UPDATED FEASIBILITY STUDY1
(Published January 2024)
UPDATED MRE2
(Published March 2026)
Resources shown Tonnage Grade Content Tonnage Grade Content Variance
on a 100% basis (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
Koné deposit
Measured - - - 8.6 0.83 229 +229
Indicated 229 0.59 4,340 200 0.68 4,404 +64
Measured & Indicated 229 0.59 4,340 209 0.69 4,632 +292
Inferred 25 0.50 400 75 0.52 1,259 +859
Gbongogo Main deposit
Measured - - - - - - -
Indicated 11 1.47 520 16 1.51 783 +263
Measured & Indicated 11 1.47 520 16 1.51 783 +263
Inferred - - - 1.2 1.08 41 +41
Other satellite deposits
Measured - - - - - - -
Indicated - - -
13 1.12 466
+466
Measured & Indicated - - - 13 1.12 466 +466
Inferred - - -
7.6 1.07 262
+262
Total
Measured - - - 8.6 0.83 229 +229
Indicated 240 0.63 4,860 229 0.77 5,652 +792
Measured & Indicated 240 0.63 4,860 238 0.77 5,881 +1,021
Inferred 25 0.50 400 84 0.58 1,562 +1,162
1) Updated Feasibility Study available on Montage’s website and on SEDAR+. 2) See Note 2 on Table 1, Table A2 in Appendix A and “Technical Disclosure” below for details.
TSX MAU OTCQX MAUTF
montagegold.com 7
KONÉ DEPOSIT DRILLING PROGRAMME
Advanced Grade Control, Grade Control and Resource Drilling Programmes
As shown in Table 5, a total of 59,873 meters were drilled in 2025, incorporating 56,487 meters of GC and AGC drilling data
covering approximately the first 18 months of production from the Koné deposit, and a further 3,386 meters of resource drilling.
Following t he 2025 programme , the total amount of meters drilled at the Koné deposit now stands at 171,050 meters,
incorporating 114,563 meters of resource drilling and 56,487 meters of GC and AGC drilling compared to 100,249 meters of
resource drilling supporting the 2024 UFS.
Table 5: Koné deposit drill statistics
2025 PROGRAMME CUMULATIVE TOTAL DRILLING
Holes Meterage Holes Meterage
(#) (m) (#) (m)
Programme Drill Type
AGC │ 50m/25m RC 92 10,587 92 10,587
AGC │ 25m/25m RC 97 6,710 97 6,710
AGC Total 189 17,297 189 17,297
GC │ 12.5m/12.5m RC 1,177 39,190 1,177 39,190
Programme Sub-Total 1,366 56,487 1,366 56,487
Resource Drilling
AC - - 97 4,053
RC 15 1,399 354 47,898
RD - - 7 2,530
DD 4 1,987 153 60,082
Programme Sub-Total 19 3,386 611 114,563
Programme Total 1,385 59,873 1,977 171,050
All the assays from the 2025 programme have now been successfully obtained and integrated into the geological and resource
models, as follows:
› AGC drilling consisted of 189 reverse circulation (“RC”) drill holes totalling 17,297 meters, conducted on a 50 x 25 meter centred
grid followed by a 25 x 25 meter grid. The objective of the AGC programme was to improve the geological model and develop
greater resolution of the continuity of mineralisation across the Koné deposit, with drill holes generally deeper than GC holes.
› GC drilling consisted of 1,177 RC holes at an average depth of 33 meters, for a total of 39,19 0 meters, with the core objective
targeting a robust definition of grade continuity and structural controls on the Koné deposit.
› Resource drilling consisted of 15 RC holes for a total of 1,399 meters and 4 diamond drill (“DD”) holes for a total of 1,987
meters, for a total of 19 holes totalling 3,386 meters, aiming to extend the extent of mineralisation towards the southeast and
southwest of the deposit, respectively.
The assayed results have significantly increased confidence in the grade distribution and structural controls of the Koné deposit.
The gold mineralisation continuity informs an improved understanding of the mineralisation to support mining activities, whilst
also demonstrating the extension potential of the deposit to the southwest , southeast and at depth. Best intercepts across the
2025 resource drilling, AGC and GC programmes are shown in Figure 1 below.
TSX MAU OTCQX MAUTF
montagegold.com 8
Figure 1: Koné deposit drilling highlighting resource drilling, Grade Control and Advanced Grade Control best intercepts
Koné deposit geology and structural interpretation
The Koné deposit is hosted within a north -south trending package of diorite intrusions which have been emplaced by multiple
intrusive pulses during the later stages of the Eburnean orogeny (2,200 to 2,100 Ma). The diorite package at the Koné deposit
has been identified up to 330 meters in true thickness, whilst extending over a 2.5 km strike length and currently defined to a
depth > 500 m eters. The diorite package has intruded into the contact zone between two different sequences of mafic
volcaniclastic rocks which form the hanging wall and footwall of the deposit , as demonstrated in Figure 2 below.
Gold mineralisation is associated with quartz, quartz -carbonate and sulphide veins of various thicknesses, as well as finely
disseminated pyrite and biotite alteration within the diorite intrusions.