MONTAGE GOLD REPORTS ON ITS Q2-2026 ACTIVITIES Koné construction on-budget and ahead of schedule for Q4-2026 • Continued resource expansion • Robust liquidity sources KONÉ CONSTRUCTION ACTIVITIES › Rapid progress achieved with +12.9 million hours worked to date, with +3,600 employees and contractors
MONTAGE GOLD REPORTS ON ITS Q2-2026 ACTIVITIES
Koné construction on-budget and ahead of schedule for Q4-2026 • Continued resource expansion • Robust liquidity sources
KONÉ CONSTRUCTION ACTIVITIES
› Rapid progress achieved with +12.9 million hours worked to date, with +3,600 employees and contractors on-site
› Well on track for first gold pour in Q4-2026 through the oxide circuit and on budget with $714.4 million of capital
committed as at today, representing approximately 81% of the total upfront capital expenditure
› Construction of all major infrastructure and equipment necessary for the oxide-circuit start-up has been completed
including the oxide sizer, ball mill, classification areas, thickeners, CIL trains and services area
› Dry commissioning for the oxide circuit has begun following the successful connection to the grid-power
› Staffing for all key operational roles is complete and mining activities are commencing
EXPLORATION ACTIVITIES
› Strong exploration focus with over 224,000 meters planned to be drilled across the portfolio in 2026
› 130,000 meters of drilling underway at the Koné project, up from the initial budget of 90,000 meters for 2026, with 90,576
meters already drilled in H1-2026 and further resource updates expected to be published in Q4-2026
› 85,000 meters of drilling underway at the Didievi project, with 29,235 meters drilled in H1-2026 which is expected to yield
an updated resource estimate, with high-grade intercepts recently published
› Over 9,000 meters of drilling underway at the Wendé advanced greenfield exploration property with recently published
drill results increasing confidence to delineate a maiden resource following upcoming drill programmes
FINANCIAL POSITION & CORPORATE UPDATES
› Robust liquidity and Koné project funding sources totalling $309.0 million compared to total remaining capital
disbursements of $261.2 million, inclusive of only $161.2 million remaining to complete the oxide circuit
› Didievi project ownership to increase from 80% to 95.5% and a 1.5% NSR royalty to be repurchased for a total transaction
consideration of approximately $57.7 million; Obtained $75 million unsecured loan with Macquarie Bank to fund
acquisition and accelerate exploration and development activities at Didievi
Vancouver, Canada — August 11, 2026 — Montage Gold Corp. (“Montage” or the “Company”) (TSX: MAU, OTCQX: MAUTF) is
pleased to report on its construction and exploration activities for Q2-2026, with highlights provided in Table 1 below.
Table 1: Business and financial highlights
THREE MONTHS ENDED SIX MONTHS ENDED
All amounts millions of USD unless otherwise specified
Jun 30,
2026
Mar 31,
2026
Jun 30,
2025
Jun 30,
2026
Jun 30,
2025
Δ Q2-2026
vs. Q1-2026
CUMULATIVE CONSTRUCTION ACTIVITIES
Cumulative hours worked, million hrs 12.0 9.3 2.7 12.0 2.7 +2.7
Lost-Time Injuries Frequency Rate1 0.08 0.11 - 0.08 - (0.03)
Total cumulative capital committed, inclusive of disbursed 686.0 606.9 339.2 686.0 339.2 +79.1
- Cumulative capital disbursed1 623.8 504.9 158.8 623.8 158.8 +119.0
- Cumulative capital committed and yet to be disbursed1 62.2 99.3 180.4 62.2 180.4 (37.1)
COMPANY EXPLORATION ACTIVITIES
Meters drilled, meters2 58,200 47,254 37,393 105,454 83,280 +10,946
Exploration expenditure1,2 9.7 7.5 6.4 17.1 13.3 +2.2
CASH FLOW AND LIQUIDITY POSITION1
Cash flows used in investing activities (128.0) (110.3) (88.3) (238.3) (145.0) (17.7)
Cash flows generated from financing activities 212.8 (0.1) 150.5 212.7 151.0 +212.9
Cash and cash equivalents, end of period 154.4 79.4 99.9 154.4 99.9 +75.0
Total liquidity and Koné project funding sources 309.0 440.2 734.8 309.0 734.8 (131.2)
1As referenced in the Company’s Financial Statements and Management’s Discussion and Analysis for the three and six months ended June 30, 2026, available on SEDAR+ and on
the Company’s website. 2Excludes drilling done by African Gold prior to the April 29, 2026, transaction close.
The Company’s condensed interim consolidated Financial Statements and associated Management’s Discussion and Analysis
for the three and six months ended June 30, 2026 , have been filed under the Company’s profile on SEDAR+
(www.sedarplus.ca) and are available for download on the Company’s website.
montagegold.com 1
Rapid construction progress continues to be made at the Company’s flagship Koné project, in Côte d’Ivoire, with first gold pour
targeted ahead of schedule in Q4-2026 through the oxide circuit, and remaining on-budget. A total of 2.7 million construction
hours were worked in Q2-2026, with total hours worked now totalling over 12.9 million hours since the commencement of the
project until today, with a Lost Time Injury Frequency Rate (“LTIFR”) of 0.08.
Significant progress is being made on the key processing infrastructure ahead of an oxide start-up, with the successful
completion of the oxide sizer, ball mill, classification areas, thickeners, carbon in leach ("CIL") trains, reagents areas and water
services. Construction of the 225kV power line and on-site 33kV substation has been completed, enabling the substation to be
fully energized. Power has been reticulated throughout the processing plant and dry commissioning of discrete operable
systems has begun. Construction of the hard-rock comminution circuit continues to advance on-schedule, with major concrete
pours occurring across the primary and secondary crushers, screening areas and high-pressure grinding rollers (“HPGR”).
Construction of the tailings storage facility (“TSF”) and the laydown of high-density polyethylene (“HDPE”) liners has been
completed, whilst overland piping for the water storage facility (“WSF”) reclaim, tailings pumping and decant water return
system continues to progress ahead of schedule. Mining activities are commencing to build a run-of-mine stockpile for the
oxide-circuit ahead of wet commissioning and production ramp-up. A total of $686.0 million of capital had been committed as
at quarter-end (inclusive of $623.8 million disbursed), which has further increased to approximately $714.4 million as at today,
representing approximately 81% of the total $885.0 million capital expenditure, with prices in line with expectations.
In parallel, the Company continues to be focused on unlocking value through its exploration programmes. At the Koné project,
a total of 43,322 meters were drilled in Q2-2026, amounting to 90,576 meters for H1-2026, with exploration efforts continuing
to focus on infill and extension drilling, advancing pre-resource targets toward maiden resource definition, and testing of new
targets. Updated Mineral Resource Estimates for satellite deposits, including Gbongogo South, Koban North, ANV, Yeré North,
Lokolo Main, Sena and Diouma North and maiden Mineral Resource Estimates for new discoveries such as Petit Yao and
Soman were published on June 15, 2026. As a result, Measured and Indicated (“M&I”) Resources for higher-grade satellite
deposits at the Koné project have increased by 1.1Moz to 1.7Moz at 1.51 g/t Au compared to 520koz at 1.48 g/t Au which was
used as a basis for the 2024 Updated Feasibility Study (“UFS”) whilst Inferred Resources for satellite deposits have increased
from nil to 0.8Moz at 1.34 g/t Au. At the Didievi project, high-grade drill intercepts, as published on July 14, 2026, have
demonstrated the continuity of mineralization at the Blaffo Guetto deposit whilst highlighting its growth potential. A further
60,000-meter drill programme was launched during Q2-2026 at Didievi, amounting to approximately 85,000 meters for the
year, which is expected to yield an updated resource estimate. At the Wendé advanced greenfield property, a 9,000-meter drill
programme is underway, with initial results published on July 29, 2026, confirming the prospectivity of the property and
increasing confidence in the ability to delineate a maiden resource following upcoming drill programmes.
Following the completion of the acquisition of African Gold on April 29, 2026, the Company entered into a binding agreement
with minority shareholders, for a total consideration of approximately $57.7 million, to increase its ownership interest by
15.5% to 95.5% in its Didievi project, in Côte d'Ivoire, and to repurchase a 1.5% royalty on the asset. In addition, as part of the
agreement, Montage has also increased its interest by 15.5% to 95.5% in its Konahiri North, Konahiri South and Koyekro
properties, in Côte d'Ivoire, and obtained an option to repurchase a 0.75% royalty on these properties in the future. To fund
the transaction and to accelerate activities at the Didievi project, Montage obtained a $75 million unsecured loan with
Macquarie Bank, with an interest rate of SOFR + 5.5%, reducing to SOFR + 4.5% next year, and a 2-year term.
Martino De Ciccio, Chief Executive Officer of Montage, commented: “ We have achieved significant construction milestones at
our flagship Koné project, in Côte d’Ivoire, which are the culmination of nearly 13 million people hours worked on the project
since its commencement. Construction of all major infrastructure and equipment necessary for the oxide circuit start-up has
been completed including the oxide sizer, ball mill, classification areas, thickeners, CIL trains and services area. As such, we
have started dry commissioning of the oxide circuit while mining activities are commencing. We are therefore well on track to
pour first gold during Q4-2026, while remaining on budget.
On the exploration front, given the success of the programme at the Koné project, which continues to add higher grade satellite
resources, we have increased this year’s programme by 40,000 meters to 130,000 meters for the year, with approximately
90,000 meters already completed by mid-year. At Didievi, which is poised to be our next development asset, we have launched
a new 60,000-meter programme, which will bring total meters drilled this year to 85,000 meters and is expected to underpin an
updated mineral resource estimate. At our Wendé advanced greenfield exploration property, we are very excited with the first
drill results recently published which confirmed the prospectivity of the property and increased our confidence to rapidly
delineate a maiden resource through upcoming drill programmes while leveraging approximately 60,000 meters of drilling
conducted on the property by previous owners.
We are very pleased with the momentum that we continue to generate across our business as we focus on executing our
strategy of creating a premier, multi-asset African gold producer and delivering value for all our stakeholders.”
TSX MAU OTCQX MAUTF
montagegold.com 2
KONÉ PROJECT UPDATE
Construction continues to progress on-budget with rapid progress made across a number of key workstreams as summarized
below:
› On-site workforce now exceeds 3,600 employees and contractors, with over 12.9 million hours worked to date, and with
over 95% national employment, demonstrating the Company’s commitment to local content.
› Process plant construction continues to rapidly advance towards first gold pour in Q4-2026:
– Dry commissioning of the oxide circuit began in July 2026, with discrete operable systems being tested across the
processing plant in sequence. Commissioning of electrical components in the 33kV switch room precedes
commissioning of each remaining area in sequence, including the oxide sizer, conveyor, ball mill and classification
areas, before thickeners, CIL trains, elution columns, reagents and water services areas, and followed by
electrowinning and the gold room.
– All construction work on the oxide sizer has been completed with the oxide conveyor now fully installed and
connected to the ball mill.
– The mill installation was completed approximately 3 months ahead of schedule, including structural, mechanical and
piping (“SMP”) workstreams and the installation of the ring-gear and mill motors.
– The classification area, which includes a series of cyclones and sizing screens, was also completed approximately 3
months ahead of schedule, supported by rapid SMP progress.
– Installation of the pre-leach thickener and tailings thickeners has been completed, whilst hydro-testing has also been
completed approximately 3 months ahead of schedule.
– CIL tank construction, SMP and hydro-testing have been completed on both trains. Final cable and associated
electrical equipment installations are ongoing and are expected to be complete in August.
– Water services are largely complete, with final pumps being installed and the remaining cable lines to be installed.
– The reagent tanks have all been erected and hydro-testing has been completed.
– The gold room is nearing completion with final SMP items outstanding including pipe installation, cable pulling and
installation of the remaining electrowinning cells. Final exterior work includes wall cladding and sealing.
– Plant and camp offices have been fitted out and all plumbing and electrical works are completed. Workstations are
being set up in-line with operational readiness programmes, whilst the entire process plant site has achieved internet
connectivity.
Figure 1: Process plant area overview
TSX MAU OTCQX MAUTF
montagegold.com 3
Figure 2: Process plant key infrastructure
› The hard-rock comminution circuit remains on schedule for completion in Q2-2027, with notable progress including:
– Earthworks, structural fill and concrete pours on the primary crusher foundations have been completed and the
crusher tunnel is now enclosed. Rebar and formwork installation is ongoing on the walls of the primary crusher
alongside concrete pours on the crusher wing walls. Backfilling is also underway.
– Secondary crusher and secondary screening earthworks and concrete foundations are complete, and wall section
concrete pours are ongoing.
– HPGR chamber and screening area earthworks and concrete foundations are complete, with rebar installation for
kerbs and pedestals for the HPGR ongoing.
– Electrical cable installation is ongoing across the entire hard-rock comminution circuit.
Figure 3: Hard-rock comminution circuit stages
TSX MAU OTCQX MAUTF
montagegold.com 4
› Fabrication of long-lead items for the hard-rock comminution circuit is progressing on-schedule following the deliveries of all
key infrastructure and equipment to site for the oxide circuit. Deliveries of hard-rock comminution mechanical equipment
and associated fabricated steel is on schedule to be delivered ex-works in late 2026.
› Construction of the 225kV powerline and on-site 33kV substation has been completed. The powerline has been successfully
connected to the substation and energized. Power has been reticulated into the process plant successfully aiding the dry
commissioning process. Deliveries of the remaining 32MW (out of 42MW) of back-up power generator-sets (“Gensets”) are
expected throughout Q3-2026. Civil works and installation for the first 10MW of Gensets is complete, whilst civil works for
the remaining Gensets area ongoing ahead of arrival.
Figure 4: Electrical substation, high-voltage grid connection and gensets
› Tailings Storage Facility (“TSF”) construction is complete with all HDPE lining installed. Installation of overland piping for the
Water Storage Facility (“WSF”) reclaim, tailings pumping and decant water return system continues to progress ahead of
schedule.
Figure 5: TSF development and HDPE liner
TSX MAU OTCQX MAUTF
montagegold.com 5
› The water storage infrastructure was completed in Q3-2025 alongside the river abstraction, booster stations and water
treatment plants, which were all successfully commissioned and are operational as of last year. Water accumulation in the
WSF is progressing on-schedule ahead of wet commissioning, aided by strong river flows and pumping at the Marahoué river
and seasonal rainfall.
Figure 6: Water storage facility
› Gbongogo haul road construction is complete between Koné and the Gbongogo deposit and mine services areas (“MSA”).
Final backfilling, drainage and rip-rapping works and maintenance will continue into operations.
› Construction of the Koné and Gbongogo MSAs continue to progress on schedule. Plastering and internal fit-outs at the main
service and office buildings continue to progress, whilst structural steel, wall cladding on the wash bay, tire change areas,
and heavy vehicle workshop are ongoing. At the Gbongogo MSA, slab pouring is underway on all servicing areas.
Construction of the explosive magazine storage area has been completed and handed over to the mining operations team.
Figure 7: Koné mine services area
TSX MAU OTCQX MAUTF
montagegold.com 6
› Staffing of all key operational roles has been completed, including all disciplines across mining, processing and maintenance.
Training programmes for construction employees who have been selected to transition into mining and processing roles are
continuing and producing strong results.
› Mining activities are commencing and will ramp up over the coming weeks with the goal of building a 4-week run-of-mine
(“ROM”) stockpile for the oxide-circuit. Thanks to the addition of the oxide circuit, working capital requirements are
minimized as the majority of the oxide ore mined from surface is expected to be fed directly into the plant.
› Delivery of the mining fleet is well underway, as three out of six 6020 - 200t Caterpillar excavators and seven out of forty
777-05 - 90t Caterpillar haul trucks have been delivered and fully assembled, with ongoing deliveries and handover for the
remaining fleet occurring in the coming weeks.
Figure 8: Mining fleet assembly
Figure 9: Mining activities commencing at the Koné pit
TSX MAU OTCQX MAUTF
montagegold.com 7
Figure 10: Mining fleet operations training through on-site simulators
Timeline to first gold pour
Given the strong advancement of construction activities, the Company remains on-budget and is on track for first gold pour in
Q4-2026 through the oxide circui t, whilst the hard-rock comminution circuit remains on-schedule for completion in Q2-2027 .
Key upcoming milestones are presented in Table 2 below.
Table 2: Koné project timeline to first gold pour
Work Stream Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 Q4-2026 Q1-2027 Q2-2027
Tailings Dam & Water Dams
Tailings Dam * * * *
Water Storage & Dam * *
Construction
Power Supply * * * * *
Site Infrastructure * * * * * * *
Earth works & Concrete Works * * * * * *
Structural, Mechanical, Piping * * * * * *
Electrical * * * *
Process Plant Commissioning * * *
First Gold - Oxide Circuit *
First Gold - Hard-Rock Circuit *
As previously published, the Company expects to publish an updated life of mine plan (“LOM”) for the Koné project along with
year-end reserves and resources, to incorporate new data from the Koné, Gbongogo Main and additional higher-grade satellite
deposits, as well as the initiatives currently underway to further unlock value including the oxide circuit, process plant design
enhancements, and the shift to an owner-operated mining model.
CASH FLOW, LIQUIDITY SOURCES AND CAPITAL REQUIREMENTS
Cash flows used in investing activities totalled $128.0 million in Q2-2026, a $17.7 million increase from $110.3 million in
Q1-2026. This variance was primarily driven by the timing of cash outflows related to construction expenditures at the Koné
project, partially offset by $6.2 million of cash obtained through the acquisition of African Gold Limited (“African Gold”) . Cash
flows generated from financing activities in Q2-2026 was $212.8 million, representing a $212.9 million increase from $0.1
million of cash flow used in financing activities in Q1-2026. The increase was primarily driven by the $156.25 million drawdown
under the Wheaton Stream Facility and the $55.7 million drawdown under AFG Loan during the quarter.
TSX MAU OTCQX MAUTF
montagegold.com 8