Montage GOLD Receives Environmental Permit FOR the Development of Its Koné Project
Press
Release
montagegoldcorp.com 1
MONTAGE GOLD RECEIVES ENVIRONMENTAL PERMIT
FOR THE DEVELOPMENT OF ITS KONÉ PROJECT
HIGHLIGHTS:
§ Montage receives Ministerial Order from the Ministry of Environment, Sustainable Development and Ecological
Transition of Côte d’Ivoire granting the environmental permit for the development of its Koné project
§ The mining permit application for the Koné project has been submitted and all approvals are expected in H2-2024
§ President Alassane Ouattara of the Republic of Côte d’Ivoire expressed his strong support for the development of the
Koné project in a press conference held on May 2, 2024
Abidjan, Côte d’Ivoire — May 9, 2024 — Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU, OTCQX: MAUTF) is
pleased to announce that it has received a signed Mini sterial Order from the Ministry of the Environment, Sustainable
Development and Ecological Transition of Côte d’Ivoire (the “MoE”) granting the environmental approvals necessary for the
development of its Koné project (the “Environmental Permit”). In addition, Montage has submitted the mining permit applications
for the Koné project and anticipates receiving all necessary approvals during H2-2024.
Prior to receiving the Environmental Permit, Montage team members were received by President Alassane Ouattara of the
Republic of Côte d’Ivoire at a ceremony in Abidjan, during which the President reiterated the country’s support for the mining
sector and the advancement of the Koné project given the positive benefits it can generate for all stakeholders.
Figure 1: Montage team with the President of the Republic of Côte d’Ivoire
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Martino De Ciccio, CEO of Montage, commented: “We are very pleased with the significant progress being made to advance our
Koné project towards a construction launch, with significant support received from local stakeholders, lenders, and shareholders.
The receipt of the environmental permit marks a significant milestone in our permitting process and reflects the strong support
received from numerous government agencies and local communities.
Furthermore, we were honored to recently be received by President Alassane Ouattara of the Republic of Côte d’Ivoire at a
ceremony in Abidjan, during which the President reiterated the country’s support for the mining sector and the advancement of
the Koné project given the positive benefits it can generate for all stakeholders. It was an opportunity to reiterate our goal of
becoming the partner of choice for stakeholders by leveraging our win-win approach focused on local content.
We look forward to continuing to build on the momentum created across our business to progress 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.”
ESIA Validation and Mining Permit Applications
Montage prepared the ESIA for the Koné project during 2023, based upon the project design as outlined in the updated Feasibility
Study published on January 16, 2024 (the “UFS”). Montage worked closely in conjunction with the Cabinet d’Etudes Conseils
d’Assistance et de Formation de Côte d’Ivoire (“CECAF”), an independent environmental consultancy firm which led the
preparation the ESIA to ensure compliance with all applicable environmental standards prior to its submission. The completed
ESIA was submitted to the Agence Nationale de l’Environnement of Côte d’Ivoire (“ANDE”) in December 2023. ANDE is the
environmental division of the MoE and is responsible for monitoring the compliance of projects and activities with environmental
standards.
On March 13, 2024, the validation hearing was held, during which the ESIA was approved by a commission comprised of numerous
government agencies, including:
• the Ministry of Mines, Petroleum and Energy;
• the Ministry of Environment, Sustainable Development and Ecological Transition (including the Ivorian Anti-Pollution
Centre);
• the Ministry of Water and Forest;
• the Ministry of Health and Public Hygiene;
• the Ministry of Interior and Security (including the National Office for Civilian Projection);
• the Ministry of Equipment and Road Maintenance;
• the Ministry of Agriculture;
• the Ministry of Transport; and
• the Ministry of Economy and Finance
In addition, various government representatives from the Prefets and sous-Prefets, and nearby village representatives were
present. During the hearing the ESIA was approved, subject to only minor variations all of which have been addressed by Montage
in conjunction with CECAF. On April 8, 2024, CECAF submitted the revised ESIA report to ANDE, which has been approved by the
MoE in a signed Ministerial Order dated May 7, 2023.
The Ministerial Order for the Environmental Permit includes approval for in-pit tailings disposal, a best practice in the mining
industry, making Koné the first mine to receive this approval in Côte d’Ivoire.
With the Environmental Permit received, Montage has lodged its mining permit applications (“MPA”) with the Direction Générale
des Mines et de la Géologie (“DGMG”) and expects to receive all necessary permits and approvals for the construction of the Koné
project during H2-2024.
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The MPA submissions cover a total area of 357.5 sq.km (Figure 2, 103.4 sq.km at Koné and 254.1 sq.km at Gbongogo) and
encompasses the Koné deposit, the Gbongogo Main deposit, a 35km haulage corridor, along with sufficient land area for all plant
and related surface infrastructure for development of the mine.
Figure 2: Mine Permit Application areas
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 published 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 an
investment decision, thereby unlocking significant value for all its stakeholders.
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CONTACT INFORMATION
Martino De Ciccio
Chief Executive Officer
Adam Spencer
Executive Vice President, Corporate Development
+1 (416) 804 9032
For Media Inquiries:
John Vincic, Oakstrom Advisors
+1 (647) 402 6375
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 Australian 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
and has sufficient experience which is relevant to the work which she is undertaking to qualify as a Qualified Person under NI 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
qualifications, 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.
QUALIFIED PERSONS STATEMENT
The scientific and technical contents of this press release have been approved by Hugh Stuart, BSc, MSc, a Qualified Person
pursuant to NI 43-101. Mr. Stuart is the President and a Director of the Company, a Chartered Geologist and a Fellow of the
Geological Society of London.
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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 use of proceeds from the Offering; the final acceptance of the TSX Venture Exchange; the Company’s mineral reserve and
mineral resource estimates; the timing and amount of future production from the Koné Gold Project; expectations with respect
AISC of the Koné Gold Project; anticipated mine life of the Koné Gold Project; and expected recoveries and grades of the Koné
Gold Project. 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 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, unanticipated commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure
to receive access agreements or amended permits, and other risk factors set forth in the Company’s 2022 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 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 factor, 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 (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 and
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 should 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.