Montage GOLD Delineates Higher Grade Satellite Deposits at Its Koné Project Where Construction Continues to Rapidly Advance
Press
Release
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MONTAGE GOLD DELINEATES HIGHER GRADE SATELLITE DEPOSITS
AT ITS KONÉ PROJECT WHERE CONSTRUCTION CONTINUES TO RAPIDLY ADVANCE
HIGHLIGHTS:
› Over 81,000 meters were drilled in 2024, focused on identifying higher grade satellite targets, with the goal of
supplementing production from the commencement of operations
› Results provide significant confidence in achieving the previously published short-term objective of discovering over
1Moz of M&I resources for satellites at a 50% higher grade compared to the Koné deposit
− Mineralisation was confirmed at all 18 targets drilled in 2024 out of the 52 exploration targets identified
− Starter maiden resources delineated for 7 new higher grade satellites, with grades ranging between 0.9 and 1.6 g/t Au,
or between approximately 60% to 180% higher than the Koné deposit
− Efforts on the satellite deposits have added 160koz at 1.16 g/t Au and 270koz at 1.0 g/t Au of Indicated and Inferred
Resources, respectively, with deposits remaining open as the focus was to delineate only a small portion of the
orebodies to assess the grade profiles in order to prioritize 2025 drill efforts
− 6 other targets were progressed to pre-resource definition stage, which are currently being pursued given the high
grade intercepts received (11.0m at 4.4 g/t Au and 15.0m at 2.17 g/t Au at Soman 1 & 2; 7.0m at 9.20 g/t Au at ANVIII)
› Koné deposit Indicated resource increased by 150koz to 4.49Moz at 0.57 g/t Au and Inferred Resource increased by
110koz to 0.51Moz at 0.43 g/t Au
› Koné project overall Indicated Resource grew by 340koz to 5.21Moz at 0.62 g/t Au and Inferred Resource grew by
380koz to 780koz at 0.54 g/t Au following the first drill campaign under the leadership of the new management team
› 90,000-meter drill programme was launched in early 2025 with the goal of continuing to delineate and test higher-
grade satellites
Abidjan, Côte d’Ivoire — April 8, 2025 — Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU, OTCQX: MAUTF) is
pleased to announce that the results of its 2024 Koné project exploration programme , in C ôte d’Ivoire, provide significant
confidence in achieving its previously published short-term exploration target of discovering more than 1Moz of Measured and
Indicated Resources, at a grade 50% higher than the Koné deposit, with the goal of further improving the production profile from
the commencement of production in Q2-2027.
A total of 81,815 meters were drilled in 2024, amounting to US$13 million, under the leadership of the new management team,
with the goal of delineating resources at selected advanced targets, in addition to continuing to drill test and progress oth er
targets. Given the extensive 2,138km2 land package encompassing over 5 2 identified targets, the approach undertaken is to
systematically drill test best selected targets to confirm their potential and define starter resources to validate their high-grade
content before undertaking larger step-out drilling campaigns. Consequently, 18 targets were drill tested last year , which
successfully delineated starter resources for 7 higher grade satellite deposits, while another 6 targets have advanced to the pre-
resource definition stage and are currently being followed up.
As a result, the Koné project now hosts 8 satellite deposits, inclusive of the Gbongogo Main deposit. Efforts on the new satellite
deposits have added 160koz at 1.16 g/t Au and 270koz at 1.0 g/t Au of Indicated and Inferred Resources, respectively, at grades
ranging between 0.9 and 1.6 g/t Au , or between approximately 60% and 180% higher than the Koné deposit , as summarised in
Tables 1 and 2 below. All deposits delineated remain open as the focus was to delineate only a small portion of the orebodies to
assess the grade profiles in order to prioritize 2025 drill efforts.
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In addition, exploration efforts at the Koné deposit resulted in adding near-surface mineralization and confirming mineralization
at depth. As shown in Table 1 below, the Koné deposit Indicated Resource increased by 150koz to 4.49Moz at 0.57 g/t Au while
the Inferred Resource increas ed by 110koz to 0.5 1Moz at 0.43 g/t Au . Coupled with the resource additions for the satellite
deposit, the Koné project’s Indicated Resources grew by 340koz to 5.21Moz at 0.62 g/t Au and Inferred Resources grew by 380koz
to 780koz at 0.54 g/t Au.
Table 1: Koné project resource update variance
PREVIOUS RESOURCE ESTIMATE1 UPDATED RESOURCE ESTIMATE2
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
Indicated Resources 229 0.59 4,340 245 0.57 4,490 +150
Inferred Resources 25 0.5 400 37 0.43 510 +110
Satellite deposits (including Gbongogo)
Indicated Resources 11 1.48 520 16 1.38 720 +200
Inferred Resources - - - 8.4 1.00 270 +270
Total
Indicated Resources 240 0.63 4,870 261 0.62 5,210 +340
Inferred Resources 25 0.5 400 45 0.54 780 +380
1) Updated Feasibility Study available on Montage’s website and on SEDAR+. See “Technical Disclosure” below. 2) Updated Mineral Resource Estimates (the “2025 MRE”) are reported
in accordance with National Instrument 43 -101 Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of January 31, 2025 for satellite deposits and the
Gbongogo deposit, and February 20, 2025 for the Koné deposit. Mineral Resource Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definitions
Standards for Mineral Resources and have been completed in accordance NI 43-101. This 2025 MRE was prepared by Mr. Jonathon Abbott of Matrix Resource Consultants of Perth,
Australia who is a Qualified Person as defined by NI 43 -101. Rounding errors are apparent. The 2025 MRE are reported on a 100% basis and are constrained within optimal pit shells
generated at a gold price of US$2,000/ounce. The estimates at are reported at gold cut-off grades of 0.20 g/t (Kone), 0.50g/t (Gbongogo, Koban North, Sena, Gbongogo South, Diouma
North and Lokolo Main) and 0.60g/t (Yere North and ANV) Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. No Measured Resources have
been estimated. See “Technical Disclosure” below for details.
A subsequent 90,000-meter drill programme , for US$14 million , was launched in early 2025 with the goal of continuing to
delineate and test higher-grade satellites. As part of the programme, significant infill and step out drilling has been planned on
the 7 maiden higher-grade satellite deposits delineated in 2024 . In addition, infill drilling is planned on the newly identified
advanced targets that have shown significant potential through reconnaissance drilling during 2024.
Martino De Ciccio, CEO of Montage, commented: “We are very pleased with the progress being made to unlock value at our
Koné project in Côte d’Ivoire by aggressively exploring while construction continues to rapidly advance.
Today’s published updated resource estimate demonstrates the project's large scale and confirms our belief in the potential f or
numerous high-grade satellite deposits, with eight already identified. Moreover, it provides significant confidence in achieving
our previously published short-term objective of discovering at least 1 million ounces of Measured and Indicated Resources for
satellite deposits at a 50% higher grade compared to the Koné deposit, to be achieved prior to production commencing in Q2-
2027. This would represent significant returns on our exploration investment and aligns with our strategic objective of boosting
production from the onset while maintaining an annual production of at least 300koz for more than 10 years.
I would like to thank our exploration team for their strong efforts and congratulate them on the rapid success achieved, especially
considering most of the drilling took place in the latter part of the year, following the end of the rainy season and the ra mp-up
of the exploration team, which now totals more than 150 people.
The success achieved thus far positions us well to continue unlocking exploration value and further build on the momentum
generated to advance our strategy of creating a premier African gold producer and delivering value for all our stakeholders.”
Silvia Bottero, EVP Exploration of Montage, stated: “We are very pleased with the rapid exploration progress achieved, as it
significantly boosts our confidence in reaching our ambitious target of discovering at least one million ounces of higher -grade
satellite resources before production commences in Q2-2027.
With our extensive land package encompassing over 50 identified targets, our approach is to systematically drill test best selected
targets to define starter resources and validate their higher-grade content before undertaking larger step-out drilling campaigns.
Consequently, last year we drilled over 18 targets, successfully delineating resources for seven deposits, while another six targets
have advanced to the pre-resource definition stage and are currently being followed up.
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Building upon this approach to enhance our understanding of the project's potential, we launched a larger 90,000-meter drilling
program earlier this year. Half of this program is dedicated to infill and extension drilling of recent discoveries, while th e other
half will focus on drill testing and generating new targets. As a result, t his year we anticipate growing the newly de lineated
deposits while also delineating initial maiden resources for additional targets, enabling us to prioritize infill and step -out drilling
for 2026 as we approach production.
Given our recent successes and our rapidly evolving understanding of the geological potential, we are highly enthusiastic abo ut
continuing our exploration efforts to unlock further value.”
ABOUT THE EXPLORATION PROGRAMME
Exploration Outlook and Objectives
The 2024 exploration programme results validate management’s conviction that significant potential exists to add further higher-
grade satellites, with the aim of enhancing the profile of the Koné project by slotting these discoveries early in the mine plan. In
line with its commitment to accountability and transparency, on October 7, 2024, Montage published an aggressive target of
discovering of at least 1 million ounces of Measured and Indicated Resources at a grade of over 1 g/t Au, which would be 50%
higher compared to the current Koné deposit grade1, 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 years. As shown in Figure 1 below, the objective is to replicate the explorati on
success that resulted in the addition of the Gbongogo Main higher grade satellite deposit which is to be blended with the Koné
deposit ore feed over the first three years of oper ations, resulting in an average gold production of 349,000 ounces per year
during this period given that the Gbongogo Main deposit reserve grade is approximately 95% higher than that of the Koné deposit
ore feed over the life of mine1.
Figure 1: Current production profile1
1Source: For further information on the discovery target please refer to the Company’s news release dated October 7, 2024, and for inf ormation regarding the Koné deposit please
refer to the Updated Feasibility Study available on Montage’s website and on SEDAR+. See “Technical Disclosure”.
Overview of the exploration potential and programme
The Koné project is endowed with significant exploration potential across a 1,679.3km2 existing land package where the Company
has, to date, identified a total of 52 exploration targets across 7 mineralised trends , as shown in Figure 2 below . The Company
has a further 458.5km 2 of additional adjacent exploration properties currently under permit application, which would increase
its total land package to 2,138km2.
In total, 26 exploration targets are located within the permitted mining area within 3 major trends (Gbongogo -Korotou Trend,
Lokolo Trend and Bafretou -Niondje Trend) which are located near the planned haul road, and host potential for higher grade
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discoveries. On the exploration permits, a further 26 targets have been identified across 4 major trends (Gbongogo -Korotou
Trend, Sissédougou Trend, Yere Trend and TZ4 Trend), which also hosts the potential for higher grade mineralisation. Exploration
efforts are focused on both the permitted mining area, due to its potential immediate benefits, as well as on the exploration
permit to the north given the lead time required from discovery to permitting. Management anticipates that a trucking distance
of 75km would result in an increase of approximately 0.2 g/t Au on the cut-off grade, thereby supporting its strategy of targeting
over 1 g/t Au discoveries that would therefore have the potential to displace 0.7 g/t Au material sourced from the Koné deposit.
Following the delineation of a maiden resource on the Sissédougou exploration permit (PR842) , Montage has launched the
environmental studies in support of an Environmental, Social Impact Assessment on the Sissédougou exploration permit.
Figure 2: Koné project map illustrating the 7 mineralised trends
As detailed in Table 2 below, a total of 81,815 meters were drilled in 2024, amounting to US$13 million, completed across 1,995
holes, which comprised 80 Diamond Drilling (“DD”) holes for 12,682 meters, 566 Reverse Circulation (“RC”) holes for 50,059
meters, 8 RC -DD for 1,23 3 meters, 342 Aircore holes for 11,872 meters, and 999 Auger holes for 5,969 meters. The first drill
campaign of 2024, totalling 30,170 meters with results previously announced on October 7, 2024, was supplemented with a
further 51,645 meters drilled from mid-September until the end of the year.
Priority was attributed to targets along the Gbongogo -Korotou Trend, given their proximity to the already identified Gbongogo
Main deposit and its infrastructure, along with targets along the Lokolo trend and within the Sissédougou Trend (PR842).
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Table 2: 2024 drill program breakdown by trend and targets
Trend Name Target Name Drilling
Koné Koné deposit; Petit Yao 2,921 m
Gbongogo-Korotou
Gbongogo Main deposit; Gbongogo South; Diouma North; Koban North; Sena;
Koban Main; Soman 1 &2; Gbongogo West; Dokeka; Marahoué Gap; Kagon NE; Matiko
45,906 m
Lokolo
Lokolo Main; Lokolo Main-North; Lokolo Northwest; Lokolo South; Lokolo East; Lokolo West;
Lokolo W-N; Lokolo South 2; Lokolo North
12,188 m
Bafretou-Niondje Niondje; Bafretou 1; Bafretou 2; Bafretou 3 3,297 m
Sissédougou ANV; ANIII 11,641 m
Yere Yere North , Yere Trend 5,862 m
TZ TZ2; TZ4 -
Total Drilled Meters 81,815 m
The 2024 exploration programme resulted in the delineation of 7 new deposits, which are further detailed in the next section,
and the discovery of 5 new targets (Soman 1, Soman 2 , Gbongogo West, Lokolo Northwest, and ANIII) that were promoted to
pre-resource definition stage and will be followed up in 2025, with best selected drill results shown in Figure 3 below.
Figure 3: Map with notable intercepts for new discoveries made
Notable results are further detailed in Appendix 2.
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Figure 4 below illustrates the significant progress made, since the last exploration update published in October 2024, to advance
targets from early-stage target to resource and pre-resource definition stage. The approach undertaken is to systematically drill
test best selected targets to define starter resources and validate their high -grade content before undertaking larger step -out
drilling campaigns.
Figure 4: Koné project exploration targets evolution
Note: Refer to press release dated October 7, 2024, for further details on target definitions.
A subsequent 90,000-meter drill programme, amounting to US$14 million, was launched in early 2025 with the goal of continuing
to delineate and test higher-grade satellites, detailed as follows:
› 25,000 meters for resource extension, conversion and geotechnical drilling on known deposits
› 20,000 meters of infill drilling on new advanced targets to delineate additional maiden resources
› 45,000 meters of exploration drilling to test and generate new targets
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Updated resource estimate
As shown in Table 3 below, an initial maiden resource for 7 new deposits was delineated with all deposits remaining significantly
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 addition, exploration efforts at the Koné deposit resulted in adding near -surface
mineralization and confirming mineralization at depth. Results for both the satellite deposits identified and the Koné deposit are
further detailed in the following section below.
Table 3: Koné project resource update variance by deposit
PREVIOUS RESOURCE ESTIMATE1
UPDATED RESOURCE ESTIMATE2
Resources shown on a Tonnage Grade Content Tonnage Grade Content Variance
100% basis (Mt) (Au g/t) (Au koz) (Mt) (Au g/t) (Au koz) (Au koz)
Koné deposit
Indicated Resources 229 0.59 4,340 245 0.57 4,490 +150
Inferred Resources 25 0.5 400 37 0.43 510 +110
Satellite deposits:
Gbongogo Main deposit
Indicated Resources 11 1.48 520 12 1.46 560 +40
Inferred Resources - - - 0.07 0.89 2.0 +2
Gbongogo South deposit
Indicated Resources - - - 1.7 1.20 66 +66
Inferred Resources - - - 2.6 1.1 92 +92
Koban North deposit
Indicated Resources - - - - - - -
Inferred Resources - - - 3.9 0.9 113 +113
ANV (Sissédougou) deposit
Indicated Resources - - - 1.6 1.10 57 +57
Inferred Resources - - - 0.88 1.1 31 +31
Yere North deposit
Indicated Resources - - - 0.19 1.05 6.4 +6
Inferred Resources - - - 0.43 1.1 15 +15
Lokolo Main deposit
Indicated Resources - - - 0.30 1.61 16 +16
Inferred Resources - - - 0.1 1 1.1 3.9 +4
Sena deposit
Indicated Resources - - - - - - -
Inferred Resources - - - 0.42 1.0 14 +14
Diouma North deposit
Indicated Resources - - - 0.38 0.95 12 +12
Inferred Resources - - - 0.01 1.0 0.3 +1
Sub-total Satellites deposits
Indicated Resources - - - 4.2 1.16 160 +160
Inferred Resources - - - 8.4 1.0 270 +270
Total
Indicated Resources 240 0.63 4,870 261 0.62 5,210 +340
Inferred Resources 25 0.5 400 45 0.54 780 +380
1)Updated Feasibility Study available on Montage’s website and on SEDAR+. See “Technical Disclosure”. 2 ) Updated Mineral Resource Estimates (the “2025 MRE”) are reported in
accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) with an effective date of January 31, 2025 for satellite deposits and the Gbongogo
deposit, and February 20, 2025 for the Koné deposit. Mineral Resource Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definitions Standards fo r
Mineral Resources in accordance with the NI-43-101. The 2025 MRE was prepared by Mr. Jonathon Abbott of Matrix Resource Consultants of Perth, Australia who is a Qualified Person
as defined by NI 43 -101. Rounding errors are apparent. The 2025 MRE are reported on a 100% basis and are constrained within optimal pit shells generated at a gold price of
US$2,000/ounce. The estimates at are reported at gold cut-off grades of 0.20 g/t (Kone), 0.50g/t (Gbongogo, Koban North, Sena, Gbongogo South, Diouma North and Lokolo Main) and
0.60g/t (Yere North and ANV ) Mineral Resources th at are not Mineral Reserves do not have demonstrated economic viability . No Measured Resources have been estimated. See
“Technical Disclosure” below for additional details.
Preliminary metallurgical test results on the 7 new satellite deposits confirmed that the nature of gold on additional satellites
deposits is no n-refractory with indicative recoveries in excess of 90%. No presence of arsenopyrite, graphite or other
carbonaceous material was observed that could impact recoveries. Further recovery testwork is ongoing.
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Table 4 below presents the 2025 MRE by rock type. Saprolite and transitional Indicated Resources increased by 80Koz over the
previous estimate while saprolite and transitional Inferred Resources increased by 114koz.
Table 4: Koné project 2025 MRE by weathering zone
Resources shown
on a 100% basis
Weathering
Zone
Indicated Inferred
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Tonnage
(Mt)
Grade
(Au g/t)
Content
(Au koz)
Koné deposit Saprolite 14 0.53 240 0.8 0.36 9.3
Transition 10 0.55 180 0.3 0.34 3.3
Fresh 221 0.58 4,120 36 0.43 500
Subtotal 245 0.57 4,490 37 0.43 510
Satellites deposits
(including Gbongogo)
Saprolite 2.3 1.22 90 2.5 0.97 76
Transition 0.9 1.23 35 1.0 0.92 31
Fresh 13 1.42 580 4.8 1.03 160
Subtotal 16 1.38 720 8.4 1.00 270
Total Saprolite 16 0.63 330 3.2 0.83 86
Transition 11 0.61 210 1.3 0.79 34
Fresh 223 0.59 4,700 41 0.50 660
Total 249 0.58 5,210 45 0.54 780
Updated Mineral Resource Estimates (the “2025 MRE”) are reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) with an
effective date of January 31, 2025 for satellite deposits and the Gbongogo deposit, and February 20, 2025 for the Koné deposit. Mineral Resource Estimates follow the Canadian Institute
of Mining, Metallurgy and Petroleum (“CIM”) Definitions Standards for Mineral Resources in accordance with the NI-43-101. The 2025 MRE was prepared by Mr. Jonathon Abbott of
Matrix Resource Consultants of Perth, Australia who is a Qualified Person as defined by NI 43 -101. Rounding errors are apparent. The 2025 MRE ar e reported on a 100% basis and are
constrained within optimal pit shells generated at a gold price of US$2,000/ounce. The estimates at are reported at gold cut -off grades of 0.20 g/t (Kone), 0.50g/t (Gbongogo , Koban
North, Sena, Gbongogo South, Diouma North and Lokolo Main) and 0.60g/t (Yere North and ANV) Mineral Resources that are not Mineral Reserves do not have demonstrated economic
viability. No Measured Resources have been estimated. See “Technical Disclosure” below for additional details.
Given that the Koné deposit is mainly fresh rock, the current design (which is mainly based on the Koné deposit) limits oxide
material to 10% of total feed, and requires 18.8Mt of pre-stripping, stockpiling, and gradual reintroduction of oxide material into
the feed over the first eight years of production . The delineation of satellite deposits has however increased the availability of
oxide and transitional material, and as such the Company continues to engineer and contemplate the potential addition of an
oxide circuit consisting of a sizer and conveyor to directly feed the mill with oxide and transitional material, bypassing the hard
rock comminution and high-pressure grinding rolls . An oxide circuit , for a minimal incremental investment, would enable an
earlier first gold pour while the hard rock comminution is being commissioned, reduce rehandling costs for oxide ore mined in
pre-production, provide significant operational flexibility to continue production during maintenance of the sulphide crushing
circuit and would improve blending optionality.