Montage GOLD Upsizes Non-Brokered Financing to C$35 Million
Press
Release
montagegoldcorp.com 1
MONTAGE GOLD UPSIZES NON-BROKERED FINANCING TO C$35 MILLION
Abidjan, Cote d’Ivoire — February 23, 2024 — Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU, OTCQX:
MAUTF) is pleased to announce that the non-brokered private placement financing announced on February 22, 2024 has been
increased to 50,000,000 common shares of the Company (the “Common Shares”) at a price of C$0.70 per Common Share for
gross proceeds of C$35 million (the “Offering”).
The net proceeds of the Offering will be used for exploration and development expenditures at the Company's Koné Gold Project
and for working capital and general corporate purposes.
The Offering is expected to close during the week of March 11th, 2024, and is subject to certain conditions including, but not
limited to, the receipt of all necessary regulatory and other approvals, including the acceptance of the TSX Venture Exchange.
The Common Shares issued pursuant to the Offering are subject to a four -month hold period under applicable Canadian
securities laws commencing on the closing date of the Offering.
Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this
release.
ABOUT MONTAGE GOLD CORP.
Montage is a Canadian-based precious metals exploration and development company focused on opportunities in Côte d’Ivoire.
The Company’s flagship property is the Koné Gold Project, located in northwest Côte d’Ivoire, which currently hosts a Probable
Mineral Reserve of 174.3 Mt grading 0.72g/t for 4.01M ounces of gold. The Company released the results of an updated feasibility
study on the Koné Gold Project on January 16, 2024, outlining a 16-year gold project producing 3.57M ounces of gold at AISC of
$998 per ounce over the life of mine, with average annual production of 223koz, and peak annual production of 378koz. Montage
has a management team and Board with significant experience in discovering and developing gold deposits in Africa.
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
TSX.V MAU OTCQX MAUTF
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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.
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 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 of 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 that the Mining Permit Application is expected to be filed in the coming weeks, 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, 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.
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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.