Montage GOLD is Awarded Its Mining Permit FOR Its Flagship Koné Project IN Cote D’Ivoire
Press
Release
montagegoldcorp.com 1
MONTAGE GOLD IS AWARDED ITS MINING PERMIT
FOR ITS FLAGSHIP KONÉ PROJECT IN COTE D’IVOIRE
HIGHLIGHTS:
▪ Mining permit award marks final approval required to launch construction and operating activities for the Koné project
▪ Agreement on land compensation completed, which demonstrates the support received from local stakeholders
▪ Permitted area includes several advanced high grade exploration targets, located near the haulage road, which are
being prioritized given their potential to be slotted into the mine plan from the commencement of the operation
Abidjan, Cote d’Ivoire — July 10, 2024 — Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU, OTCQX: MAUTF) is
pleased to report that the Council of Ministers of Côte d’Ivoire has today announced that it has awarded the mining permit for
the Koné project to Montage.
Martino De Ciccio, CEO of Montage, commented: “ We are delighted to be awarded our mining permit which represents a
significant milestone in the development of our Koné project and reflects the strong support received from our local stakeholders
given our win-win approach focused on local content. In addition, we are also pleased to have reached an agreement on land
compensation with our local communities which further demonstrates the support for the advancement of our project given the
significant social and economic benefits that it will unlock for our host communities and government.
We look forward to rapidly continuing to unlock value for our stakeholders by progressing the Koné project towards a n
anticipated construction launch by Q1 -2025, while continuing to progress our exploration strategy of delineating higher-grade
targets that can be slotted into the mine plan from the commencement of the operation.
We are excited with the momentum created across our business which positions us to deliver our strategy of creating a premier
African gold producer, beginning in Côte d’Ivoire given the country’s highly favourable investment climate, significant geological
potential, and our extensive experience in the region.”
Montage was awarded mining permit s for both its Koné and Gbongogo deposits , which are valid for 20 years and 8 years,
respectively, with opportunities to extend as further mine life is added through exploration success. The awarding of mining
permits represents the last governmental authorisation required to enable the development and operation of the Koné project
with the official decree to be received shortly following today’s Council of Ministers’ meeting.
As shown in Figure 1 below, the mining permits cover a large total area of 35 7km2 which encompasses both the Koné and the
Gbongogo deposits, in addition to several advanced high grade exploration targets, located near the haulage road, which are
being prioritized given their potential to be slotted in to the mine plan from the commencement of the operation. Montage is
therefore rapidly advancing exploration at the Koné project with a 30,000-meter drill programme expected to be completed in
late July 2024 . High grade intercepts have already been received, as published on July 9, 2024 , at several targets. A second
60,000-meter drill programme is expected to be launched in late Q3-2024 with the goal of delineating resources at top priority
targets, in addition to continuing to drill test other targets.
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Figure 1: Mining permit area with deposits and exploration targets
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.
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 Au stralian 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
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and has sufficient experience which is relevant to the work which she is undertaking to qualify as a Qualified Person under N I
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 qualific ations, 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.
Samples used for the results described above come from diamond Drilling Holes and are based on 1 metre composite sample.
Core samples have been cut in two by core blade at the camp facilities then shipped by road to Bureau Veritas facility in Abidjan,
Côte d’Ivoire. They have been crushed to 2 mm (70% passing) with 1 kilogram split out for pulverization to 75μm (85% passing)
then analysed by fire assay using a 50-gram charge.
Field duplicate samples are taken, and blanks and standards are added to every batch submitted. QA/QC has been approved in
line with industry standards and interpretations reviewed by the Qualified Person.
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.
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 receipt of the mining permit decree, the Company’s mineral reserve and resource estimates; the timing and amount of
future production from the Koné Gold Project; expectations with respect to the IRR, NPV, payback and costs of the Koné Gold
Project; anticipated mining and processing methods o f the Koné Gold Project; anticipated mine life of the Koné Gold Project;
expected recoveries and grades of the Koné Gold Project; and timing for permits and concessions , including that the Company
will receive all approvals in H2-2024 necessary to build the project, and exploration plans for 2024. 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 geotechnic al or hydrogeological considerations, unexpected failures of plant, equipment or processes,
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unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expecte d
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 concessio ns,
unanticipated commodity price and exchange rate fluctuations, risks relating to COVID -19, delays in or failure to receive acces s
agreements or amended permits, and other risk factors set forth in the Company’s 2023 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 t o 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 fact ors, 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 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 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 s hould 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.