Montage GOLD Provides Mid-Year Exploration Update FOR Its Koné Project Where Constuction Continues to Rapidly Advance
Press
Release
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MONTAGE GOLD PROVIDES MID-YEAR EXPLORATION UPDATE FOR ITS KONÉ
PROJECT WHERE CONSTUCTION CONTINUES TO RAPIDLY ADVANCE
HIGHLIGHTS:
› The Company remains well on track to achieve the previously published short -term objective of discovering over 1Moz
of M&I resources at a 50% higher grade compared to the Koné deposit as Indicated Resources for satellite deposits
have already grown by 404koz to 924koz at 1.32 g/t Au with an additional 140koz at 1.09 g/t Au of Inferred Resources
› 2025 exploration programme increased from 90,000 to 120,000 meters, with 83,280 meters already drilled in H1-2025,
focused on delineating higher-grade resources with the goal of supplementing production from the onset
› Mineralization confirmed at all 23 targets tested to date, up from 18 targets in 2024, out of a total of 52 identified
› Step-out and in-fill drilling is already underway at all 7 new higher-grade satellite deposits for which starter maiden
resources were published in early 2025, showing a high conversion rate from Inferred to Indicated Resources
─ Gbongogo South deposit: Indicated Resources increased by 74koz to 140koz at 1.26 g/t Au, with an additional 46koz at
1.28 g/t Au of Inferred Resources; further resource growth is expected as drilling remains ongoing
─ Koban North deposit: Maiden Indicated Resource of 133koz at 1.07 g/t Au , with an additional 28koz at 0.90 g/t Au of
Inferred Resources; further resource growth is also expected as drilling remains ongoing
─ ANV deposit: An update to the previously published Indicated Resource of 57koz at 1.10 g/t Au and Inferred Resource
of 31koz at 1.10 g/t Au is expected to be published in late Q3-2025 given the success of the ongoing drill programme
─ Further exploration is also underway at the other 4 deposits for which starter maiden resources were delineated, with
updated resources planned for year-end
› Exploration also progressed on the 6 targets which were advanced to pre-resource stage last year, with the goal of
delineating starter resources to access the grade profiles in order to prioritize upcoming drill efforts
› Koné project construction continues to rapidly progress on-budget and well on-schedule
Abidjan, Côte d’Ivoire — July 21, 2025 — Montage Gold Corp. (“Montage” or the “Company”) (TSX: MAU, OTCQX: MAUTF) is
pleased to announce that the results of its H1-2025 Koné exploration programme, in Côte d’Ivoire, continue to 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 Q2-20271.
Since the start of the year, a total of 83,280 meters have been drilled, already exceeding the 81,815 meters completed during
the full year of 2024. Due to the ongoing successful results and drilling efficiency, the 2025 exploration programme has been
increased from 90,000 meters to 120,000 meters, with a corresponding budget increase of US$4 million to US$18 million.
Given the extensive land package encompassing over 52 identified targets, the approach undertaken is to systematically drill test
best selected targets to confirm their potential and define starter resources to validate their grade profiles before undertaking
larger step-out drilling campaigns. As such, 18 targets were drill tested last year, which successfully delineated starter resources
for 7 higher grade satellite deposits, while another 6 targets were advanced to the pre-resource definition stage. Building on this
success, the H1-2025 efforts have focused on three parallel tracks: infill and extension drilling of previously delineated starter
deposits, advancing pre -resource targets toward maiden resource definition, and testing new targets. In total, 23 targets have
been drill tested since the start of the year, with mineralization confirmed at all targets.
1 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” below for details.
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In order to rapidly advance deposits to reserve status ahead of production commencing, an in-fill and step-out drilling
programme commenced in early 2025 on the 7 starter resources delineated in 2024 . The Gbongogo South and Koban North
deposits were prioritized given their proximity to the haulage road already built. Drilling resulted in both the Gbongogo South
and Koban North deposits increas ing in size while exhibiting a high rate of conversion from Inferred to Indicated Resources. In
total, Indicated Resources increased by 207koz to 273koz at a grade of 1.16 g/t Au, with a further 74koz at a grade of 1.10 g/t Au
of Inferred Resource s, across both the Gbongogo South and Koban North deposits. Both deposits are expected to continue to
grow this year given the ongoing drill programme and drill results not yet incorporated in the current Mineral Resource Estimate.
In addition, in-fill and step -out drilling at the ANV deposit is also expected to yield an updated , larger Indicated Resource
estimate, in late Q3-2025. Furthermore, resource updates are expected for year-end for other targets such as Yere North, Lokolo
Main, Sena and Diouma North, where drilling has been done in H1-2025.
Since exploration began last year, Indicated Resources for higher grade satellite deposits has already grown by 404koz to 924koz
at 1.32 g/t Au, with an additional 140koz at 1.09 g/t Au of Inferred Resources , with many more deposits expected to be further
delineated. As such, the Company is well positioned to achieve the previously published short-term objective of discovering over
1Moz of M&I resources at above 1 g/t Au, representing a 50% higher grade than the Koné deposit1.
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 through aggressive exploration, while construction continues to rapidly advance on-budget and well on-
schedule.
Today’s exploration results, together with the continued delineation of Indicated Resources, reinforce the large-scale potential of
the Koné project, with all 23 of the 52 identified targets drilled to date returning positive mineralized intercepts. These results
provide significant confidence in achieving our previously published short -term objective of discovering at least 1 million ounces
of Measured and Indicated Resources at a 50% higher grade compared to the Koné deposit, to be achieved prior to prod uction
commencing in Q2 -2027. This would represent significant returns on our exploration investment and aligns with our strategic
objective of boosting production from the commencement of production while maintaining an annual production of at least
300koz for more than 10 years.
To support this goal, we are actively conducting step -out and in -fill drilling at several deposits where starter resources were
delineated in 2024 —starting with Gbongogo South and Koban North due to their proximity to the planned haulage road , with
the aim of rapidly advancing them to reserve status ahead of production commencing. Given the continued success of the
program, we have upsized the 2025 exploration campaign from 90,000 meters to 120,000 meters, with 83,280 meters already
drilled since the start of the year—making it one of the largest single-asset exploration programs globally.
The progress achieved thus far well positions us to continue unlocking 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 commented: “We continue to be very excited about the exploration potential at our
Koné project in Côte d’Ivoire given the ongoing success of the exploration programme.
Our 2025 program is advancing along three parallel tracks: infill and extension drilling of previously delineated deposits,
progressing pre-resource targets toward maiden resource status, and drill testing new targets. We are particularly pleased with
the progress at the Gbongogo South and Koban North deposits, which have shown a high conversion rate from Inferred to
Indicated Resources while continuing to grow in size. This success validates our strategy of systematically drill testing the most
prospective zones to confirm higher-grade potential and define starter resources before launching broader step -out campaigns.
Once programmes at these deposits are completed, we look forward to applying the same approach to other deposits where
starter resources were delineated last year.
Within less than a year since our exploration efforts began, we’re proud to have increased Indicated R esources for our higher-
grade satellite deposits by 404koz to 924koz at 1.32 g/t Au, with an additional 140koz at 1.09 g/t Au in Inferred Resources —and
we expect further growth as additional deposits are drilled. This underscores both the quality of our land package and the
effectiveness of our exploration approach.”
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ABOUT THE EXPLORATION PROGRAMME
The Koné project is endowed with significant exploration potential across a 1,318km2 existing land package where the Company
has, to date, identified a total of 52 exploration targets across 7 mineralised trends, as shown in Figure 1 below. The Company
has a further 458km2 of additional adjacent exploration properties currently under permit application, which would increase its
total land package to 1,776km2.
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
discoveries. On the exploration permits, a further 26 targets have been id entified across 4 major trends (Gbongogo -Korotou
Trend, Sissédougou Trend, Yere Trend and TZ4 Trend), which also hosts the potential for higher grade mineralisation.
Figure 1: Koné project geological trends and exploration target map
The Company utilises its well-established and tested exploration methodology that is based on a systematic approach to
prioritise exploration efforts by weighing geological prospectivity against potential operational and economic parameters alo ng
with strategic considerations. Given the extensive land package, 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. As such, 18 targets were drill tested last year, which successfully delineated starter resources
for 7 higher grade satellite deposits, while another 6 targets were advanced to the pre-resource definition stage.
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Building on this success, the 2025 efforts have focused on three parallel tracks: infill and extension drilling of previously
delineated starter deposits, advancing pre-resource targets toward maiden resource definition, and testing new targets. In total,
23 targets have been drill tested since the start of the year, with mineralization confirmed at each.
As detailed in Table 1 below, a total of 83,280 meters have been drilled in H1-2025, completed across 1,418 holes, which
comprised 88 Diamond Drilling (“DD”) holes for 13,211 meters, 669 Reverse Circulation (“RC”) holes for 52,829 meters, 31 RC-
DD for 6,088 meters, 295 Aircore holes for 8,758 meters, and 335 Auger holes for 2,395 meters.
Priority was attributed to targets along the Gbongogo -Korotou Trend, given their proximity to the already identified Gbongogo
Main deposit and its haulage road , with a total of 43,433 meters drilled. On this trend, t he Gbongogo South and Koban North
deposits were prioritized, with respectively 11,951 meters and 11,894 meters drilled, which resulted in an increase in resource
size while exhibiting a high rate of conversion from the Inferred to the Indicated Resource category, as detailed in the following
section. In addition , exploration also progressed on the Sissédougou Trend, for which in-fill and step -out drilling at the ANV
deposit is also expected to yield an updated, larger Indicated Resource estimate, in late Q3-2025. Furthermore, resource updates
are expected for year -end for other targets such as Yere North, Lokolo Main, Sena and Diouma North, where drilling has been
done in H1-2025.
Table 1: 2025 drill programme – meterage by trend and target to June 30, 2025
Trend Name Target Name Drilling (%)
Koné Koné deposit; Petit Yao 3,102 m 4%
Gbongogo-Korotou Gbongogo Main; Gbongogo South; Diouma North; Koban North; Koban Main; Sena;
Soman 1 &2; Gbongogo West; 43,433 m 53%
Lokolo Lokolo Main; Lokolo Main North; Lokolo South; Lokolo South 2; Lokolo NW; Lokolo
West 9,481 m 11%
Bafretou-Niondje Bafretou 2 63 m 0.1%
Sissédougou ANV; ANIII; ANV West; ANV North; Kagon 19,463 m 23%
Yere Yere North, Yere Trend 5,668 m 7%
TZ TZ2; TZ4 2,070 m 2%
Total Meters Drilled 83,280 m 100%
Additionally, a pre-production drilling programme of approximately 56,000 meters has been launched earlier this year and is
expected to be completed in Q3 -2025. The programme is comprised of approximately 70% Grade Control (“GC”) and 30%
Advanced Grade Control (“AGC”) drilling at the Koné and Gbongogo Main deposits, designed to better identify higher -grade
blocks in the resource model ahead of the planned first gold pour . AGC is being conducted on a 50 x 50 meter centred grid
followed by a 25 x 25 meter grid which aims to improve the accuracy of resource modelling for the first two years of production.
The GC drilling is being conducted on a 12.5 x 12.5 meter grid to further improve the resource model definition for the first year
of production. Preliminary assay results received to date have confirmed both the grade and continuity of the mineralized
envelopes, while also highlighting the potential to delineate higher -grade zones within the Koné and Gbongogo Main deposits.
Once drilling is completed in Q3-2025, full results will be integrated into the resource block model, and published in late 2025.
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MINERAL RESOURCE ESTIMATE UPDATE
Drilling during H1-2025 resulted in both the Gbongogo South and Koban North deposits increasing in size, while exhibiting a high
rate of conversion from the Inferred to the Indicated Resources category, as shown in Table 2 below. Both deposits are expected
to continue to grow this year given the ongoing drill programme and drill results not yet incorporated in the updated Mineral
Resource Estimate.
Table 2: Gbongogo South and Koban North Mineral Resource Estimate Variance
PREVIOUS RESOURCE ESTIMATE1 UPDATED RESOURCE ESTIMATE2
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)
Gbongogo South
Indicated Resources 1.7 1.20 66 3.4 1.26 140 +74
Inferred Resources 2.6 1.10 92 1.1 1.28 46 (46)
Koban North
Indicated Resources - - - 3.9 1.07 133 +133
Inferred Resources 3.9 0.90 113 1.0 0.90 28 (85)
Total
Indicated Resources 1.7 1.21 66 7.3 1.16 273 +207
Inferred Resources 6.5 1.00 205 2.1 1.10 74 (131)
1) Previous Mineral Resource Estimate as disclosed on April 8, 2025, available on Montage’s website and on SEDAR+. 2) These updated Mineral Resource estimates are reported in
accordance with National Instrument 43 -101 Standards of Disclosure for Mineral Projects (“NI 43 -101”). The effective date of the Gbongogo South estimates is June 30, 2025, and
for the Koban North estimate is May 31, 2025. The updated Mineral Resource estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition
Standards for Mineral Resour ces and have been completed in accordance with NI 43 -101. The updated Mineral Resource estimates were prepared by Mr. Benoit Poupeau, a full -
time consultant to Montage Gold, and reviewed and approved by Mr. Remi Bosc of Arethuse Geology, who is a Qualified Person as defined by NI 43 -101. Rounding errors are
apparent. The updated Mineral Resource estimates 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 are at a gold cut-off grades of 0.50 g/t. 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.
Given the increase s at the Gbongogo South and Koban North deposits, the overall Koné project Mineral Resource Estimate,
stands as 5.41Moz of Indicated Resources at a grade of 0.63 g/t Au and 650koz of Inferred Resources at a grade of 0. 49 g/t Au,
compared to the previous mineral resource estimate published in April 2025, as presented in Table 3 below.
Since exploration began last year, Indicated Resources for higher grade satellite deposits has already grown by 404koz to 924koz
at 1.32 g/t Au , with an additional 140koz at 1.09 g/t Au of Inferred Resources , and with many more deposits expected to be
further delineated. As such, the Company is well position ed to achieve the previously published short -term objective of
discovering over 1Moz of M&I resources at above 1 g/t Au, representing a 50% higher grade than the Koné deposit1.
Table 3: Koné Project Mineral Resource Estimate Variance
PREVIOUS RESOURCE ESTIMATE1 UPDATED RESOURCE ESTIMATE2
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
Indicated Resources 245 0.57 4,490 245 0.57 4,490 -
Inferred Resources 37 0.43 510 37 0.43 510 -
Satellite deposits (including Gbongogo Main)
Indicated Resources 16 1.38 717 22 1.32 924 +207
Inferred Resources 8.4 1.00 271 4.0 1.09 140 (131)
Total
Indicated Resources 261 0.62 5,207 267 0.63 5,414 +207
Inferred Resources 45 0.54 781 41 0.49 650 (131)
1) Previous Mineral Resource Estimate as disclosed on April 8, 2025, available on Montage’s website and on SEDAR+. 2) Updated Mineral Resource Estimates (the “ Updated 2025
MRE”) are reported in accordance with National Instrument 43 -101 Standards of Disclosure for Mineral Projects (“NI 43 -101”). Only the Koban North and Gbongogo South deposits
have changed from the Previous Mineral Resource Estimate. The effective date of the Gbongogo South estimates is June 30, 2025, and for the Koban North estimate is May 31, 2025.
All other deposits remain unchanged from their previous estimates and the effective date of those estimates is January 31, 2025, for all other satellite deposits and February 20,
2025 for Koné deposit. The Updated 2025 MRE follows the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and have
been completed in accordance with NI 43 -101. The Updated 2025 MRE was prepared by Mr. Benoit Poupeau, a full -time consultant to Montage Gold, and reviewed and approved
by Mr. Remi Bosc of Arethuse Geology, who is a Qualified Person as defined by NI 43 -101. Rounding errors are apparent. The Updated 2025 MRE is reported on a 100% basis and is
constrained within optimal pit shells generated at a gold price of US$2,000/ounce. The estimates are reported at gold cut -off grades of 0.20 g/t (Koné), 0.50 g/t (Gbongogo, Koban
North, Sena, Gbongogo South, Diouma N orth, and Lokolo Main), and 0.60 g/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.
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ABOUT THE GBONGOGO-KOROTOU TREND
The Koné project hosts 7 known mineralised trends, including the Gbongogo -Korotou Trend, a highly prospective geological
corridor approximately 15km in length, supported by regional structures and extensive soil anomalies. The trend is defined by a
highly resistive, chargeable and magnetic corridor separating two lithologically contrasting meta-volcano sedimentary terranes
- the western and the eastern domain respectively - both intruded by granitic and granodioritic bodies and juxtaposed over what
is interpreted as a regional-scale, deep-seated structure. Drilling results and extensive soil anomalies confirm that this structural
trend is highly prospective for gold mineralisation, supporting the identification of the 24 exploration targets discovered on the
trend to date, as shown below in Figure 2 below.
Figure 2: Gbongogo-Korotou Trend Exploration Targets and Geophysical Layers
Resistivity (RDI cut 300m) VTEM high overlapped to chargeable and resistivity GAIP and ground mag high (red)
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The Gbongogo Main mineralised intrusive is interpreted to be associated with a VTEM resistivity high, as well as associated minor
intrusives. Reprocessing of district scale airborne geophysics has assisted in the identification of additional geological fe atures
displaying similar resistivity signatures as the Gbongogo Main deposit. The aim of the geophysical interpretation was to iden tify
other potential intrusive bodies within the sedimentary package along the main Gbongogo -Korotou structure and related NNE-
splays.
To date the Company has delineated Mineral Resources at 5 deposits on the trend : Gbongogo Main, Gbongogo South, Sena,
Diouma North and Koban North. A further 19 exploration targets have been identified on the trend, 3 of which are ranked as
pre-resource stage targets and are subject to ongoing drilling.
All of the 9 drill tested targets in H1-2025 on the trend remain open at depth and along the strike. Significant portions of the
trend contain high gold dispersed soil anomalies but remain poorly tested by drilling as illustrated in Figure 3.
Figure 3: Gbongogo-Korotou Trend 3D model showing existing deposits, targets, soil sampling data and drilling data (cross section)
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GBONGOGO SOUTH DEPOSIT ON THE GBONGOGO-KOROTOU TREND
Geology and mineralization
Gbongogo South is situated along the centre of the well-defined, major north-south trending Gbongogo-Korotou structure that
exceeds 15km in known length. The deposit’s structural and stratigraphic setting is comparable to that of Gbongogo Main
deposit, defined by two primary stratigraphic domains: the first is a sequence of mafic volcanics, and the second a mixed group
composed of volcano-clastics and sedimentary material. Within the target area, multiple amphibole -bearing gabbro intrusions
are encountered, which are interpreted as having exploited the contact between the two domains.
Figure 4: Gbongogo South Plan View showing optimal pit shell and drilling intercept highlights
The Gbongogo South target has been defined across a more than 600-meter tested strike length . G old mineralisation is
preferentially hosted within the mafic volcanic unit. Mineralised zones occur as anastomosed sub-parallel lenses ranging from 2
meters to 20 meters wide, structurally controlled and related to brittle -ductile deformation . G enerally, mineralisation dips
moderately toward the west and features quartz ± tourmaline ± carbonate veins, silica, tourmaline and K -feldspar alteration.
Disseminated fine pyrite is common within mineralised intervals. Increased veining is observed in the higher -grade zones.