Montage Gold Delineates Higher Grade Satellite Deposits at Its Koné Project Where Construction Continues to Rapidly Advance

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HIGHLIGHTS:

• Over 81,000 meters were drilled in 2024, focused on identifying higher grade satellite targets, with the goal of supplementing production from the commencement of operations
• Results provide significant confidence in achieving the previously published short-term objective of discovering over 1Moz of M&I resources for satellites at a 50% higher grade compared to the Koné deposit
  • Mineralisation was confirmed at all 18 targets drilled in 2024 out of the 52 exploration targets identified
  • Starter maiden resources delineated for 7 new higher grade satellites, with grades ranging between 0.9 and 1.6 g/t Au, or between approximately 60% to 180% higher than the Koné deposit
  • Efforts on the satellite deposits have added 160koz at 1.16 g/t Au and 270koz at 1.0 g/t Au of Indicated and Inferred Resources, respectively, with deposits remaining open as the focus was to delineate only a small portion of the orebodies to assess the grade profiles in order to prioritize 2025 drill efforts 
  • 6 other targets were progressed to pre-resource definition stage, which are currently being pursued given the high grade intercepts received (11.0m at 4.4 g/t Au and 15.0m at 2.17 g/t Au at Soman 1 & 2; 7.0m at 9.20 g/t Au at ANVIII)
• Koné deposit Indicated resource increased by 150koz to 4.49Moz at 0.57 g/t Au and Inferred Resource increased by 110koz to 0.51Moz at 0.43 g/t Au
• Koné project overall Indicated Resource grew by 340koz to 5.21Moz at 0.62 g/t Au and Inferred Resource grew by 380koz to 780koz at 0.54 g/t Au following the first drill campaign under the leadership of the new management team
• 90,000-meter drill programme was launched in early 2025 with the goal of continuing to delineate and test higher-grade satellites

ABIDJAN, CÔTE D'IVOIRE, April 08, 2025 (GLOBE NEWSWIRE) -- Montage Gold Corp. ("Montage” or the "Company”) (TSXV: MAU, OTCQX: MAUTF) is pleased to announce that the results of its 2024 Koné project exploration programme, in Côte d'Ivoire, 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 Q2-2027.

A total of 81,815 meters were drilled in 2024, amounting to US$13 million, under the leadership of the new management team, with the goal of delineating resources at selected advanced targets, in addition to continuing to drill test and progress other targets. Given the extensive 2,138km² 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 high-grade content before undertaking larger step-out drilling campaigns. Consequently, 18 targets were drill tested last year, which successfully delineated starter resources for 7 higher grade satellite deposits, while another 6 targets have advanced to the pre-resource definition stage and are currently being followed up.

As a result, the Koné project now hosts 8 satellite deposits, inclusive of the Gbongogo Main deposit. Efforts on the new satellite deposits have added 160koz at 1.16 g/t Au and 270koz at 1.0 g/t Au of Indicated and Inferred Resources, respectively, at grades ranging between 0.9 and 1.6 g/t Au, or between approximately 60% and 180% higher than the Koné deposit, as summarised in Tables 1 and 2 below. All deposits delineated remain open as the focus was to delineate only a small portion of the orebodies to assess the grade profiles in order to prioritize 2025 drill efforts.

In addition, exploration efforts at the Koné deposit resulted in adding near-surface mineralization and confirming mineralization at depth. As shown in Table 1 below, the Koné deposit Indicated Resource increased by 150koz to 4.49Moz at 0.57 g/t Au while the Inferred Resource increased by 110koz to 0.51Moz at 0.43 g/t Au. Coupled with the resource additions for the satellite deposit, the Koné project's Indicated Resources grew by 340koz to 5.21Moz at 0.62 g/t Au and Inferred Resources grew by 380koz to 780koz at 0.54 g/t Au.

^{1) Updated Feasibility Study available on Montage's website and on SEDAR+. See "Technical Disclosure” below. 2) Updated Mineral Resource Estimates (the "2025 MRE”) are reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101”) with an effective date of January 31, 2025 for satellite deposits and the Gbongogo deposit, and February 20, 2025 for the Koné deposit. Mineral Resource Estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM”) Definitions Standards for Mineral Resources and have been completed in accordance NI 43-101. This 2025 MRE was prepared by Mr. Jonathon Abbott of Matrix Resource Consultants of Perth, Australia who is a Qualified Person as defined by NI 43-101. Rounding errors are apparent. The 2025 MRE 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 at are reported at gold cut-off grades of 0.20 g/t (Kone), 0.50g/t (Gbongogo, Koban North, Sena, Gbongogo South, Diouma North and Lokolo Main) and 0.60g/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.}

A subsequent 90,000-meter drill programme, for US$14 million, was launched in early 2025 with the goal of continuing to delineate and test higher-grade satellites. As part of the programme, significant infill and step out drilling has been planned on the 7 maiden higher-grade satellite deposits delineated in 2024. In addition, infill drilling is planned on the newly identified advanced targets that have shown significant potential through reconnaissance drilling during 2024.

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 by aggressively exploring while construction continues to rapidly advance.

Today's published updated resource estimate demonstrates the project's large scale and confirms our belief in the potential for numerous high-grade satellite deposits, with eight already identified. Moreover, it provides significant confidence in achieving our previously published short-term objective of discovering at least 1 million ounces of Measured and Indicated Resources for satellite deposits at a 50% higher grade compared to the Koné deposit, to be achieved prior to production commencing in Q2-2027. This would represent significant returns on our exploration investment and aligns with our strategic objective of boosting production from the onset while maintaining an annual production of at least 300koz for more than 10 years.

I would like to thank our exploration team for their strong efforts and congratulate them on the rapid success achieved, especially considering most of the drilling took place in the latter part of the year, following the end of the rainy season and the ramp-up of the exploration team, which now totals more than 150 people.

The success achieved thus far positions us well to continue unlocking exploration 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, stated: "We are very pleased with the rapid exploration progress achieved, as it significantly boosts our confidence in reaching our ambitious target of discovering at least one million ounces of higher-grade satellite resources before production commences in Q2-2027.

With our extensive land package encompassing over 50 identified targets, our approach is to systematically drill test best selected targets to define starter resources and validate their higher-grade content before undertaking larger step-out drilling campaigns. Consequently, last year we drilled over 18 targets, successfully delineating resources for seven deposits, while another six targets have advanced to the pre-resource definition stage and are currently being followed up.

Building upon this approach to enhance our understanding of the project's potential, we launched a larger 90,000-meter drilling program earlier this year. Half of this program is dedicated to infill and extension drilling of recent discoveries, while the other half will focus on drill testing and generating new targets. As a result, this year we anticipate growing the newly delineated deposits while also delineating initial maiden resources for additional targets, enabling us to prioritize infill and step-out drilling for 2026 as we approach production.

Given our recent successes and our rapidly evolving understanding of the geological potential, we are highly enthusiastic about continuing our exploration efforts to unlock further value.”

ABOUT THE EXPLORATION PROGRAMME

Exploration Outlook and Objectives

The 2024 exploration programme results validate management's conviction that significant potential exists to add further higher-grade satellites, with the aim of enhancing the profile of the Koné project by slotting these discoveries early in the mine plan. In line with its commitment to accountability and transparency, on October 7, 2024, Montage published an aggressive target of discovering of at least 1 million ounces of Measured and Indicated Resources at a grade of over 1 g/t Au, which would be 50% higher compared to the current Koné deposit grade¹, to be achieved before the commencement of production.

Achieving the set exploration target would represent a significant return on the exploration investment and aligns with the Company's strategic objective of boosting production from the commencement of production, while maintaining an annual production of at least 300koz for more than 10 years. As shown in Figure 1 below, the objective is to replicate the exploration success that resulted in the addition of the Gbongogo Main higher grade satellite deposit which is to be blended with the Koné deposit ore feed over the first three years of operations, resulting in an average gold production of 349,000 ounces per year during this period given that the Gbongogo Main deposit reserve grade is approximately 95% higher than that of the Koné deposit ore feed over the life of mine¹.

Figure 1: Current production profile¹

_{¹Source: For further information on the discovery target please refer to the Company's news release dated October 7, 2024, and for information regarding the Koné deposit please refer to the Updated Feasibility Study available on Montage's website and on SEDAR+. See "Technical Disclosure”.}

Overview of the exploration potential and programme

The Koné project is endowed with significant exploration potential across a 1,679.3km² existing land package where the Company has, to date, identified a total of 52 exploration targets across 7 mineralised trends, as shown in Figure 2 below. The Company has a further 458.5km² of additional adjacent exploration properties currently under permit application, which would increase its total land package to 2,138km².

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 identified across 4 major trends (Gbongogo-Korotou Trend, Sissédougou Trend, Yere Trend and TZ4 Trend), which also hosts the potential for higher grade mineralisation. Exploration efforts are focused on both the permitted mining area, due to its potential immediate benefits, as well as on the exploration permit to the north given the lead time required from discovery to permitting. Management anticipates that a trucking distance of 75km would result in an increase of approximately 0.2 g/t Au on the cut-off grade, thereby supporting its strategy of targeting over 1 g/t Au discoveries that would therefore have the potential to displace 0.7 g/t Au material sourced from the Koné deposit. Following the delineation of a maiden resource on the Sissédougou exploration permit (PR842), Montage has launched the environmental studies in support of an Environmental, Social Impact Assessment on the Sissédougou exploration permit.

Figure 2: Koné project map illustrating the 7 mineralised trends

As detailed in Table 2 below, a total of 81,815 meters were drilled in 2024, amounting to US$13 million, completed across 1,995 holes, which comprised 80 Diamond Drilling ("DD”) holes for 12,682 meters, 566 Reverse Circulation ("RC”) holes for 50,059 meters, 8 RC-DD for 1,233 meters, 342 Aircore holes for 11,872 meters, and 999 Auger holes for 5,969 meters. The first drill campaign of 2024, totalling 30,170 meters with results previously announced on October 7, 2024, was supplemented with a further 51,645 meters drilled from mid-September until the end of the year.

Priority was attributed to targets along the Gbongogo-Korotou Trend, given their proximity to the already identified Gbongogo Main deposit and its infrastructure, along with targets along the Lokolo trend and within the Sissédougou Trend (PR842).

The 2024 exploration programme resulted in the delineation of 7 new deposits, which are further detailed in the next section, and the discovery of 5 new targets (Soman 1, Soman 2, Gbongogo West, Lokolo Northwest, and ANIII) that were promoted to pre-resource definition stage and will be followed up in 2025, with best selected drill results shown in Figure 3 below.

Figure 3: Map with notable intercepts for new discoveries made

^{Notable results are further detailed in Appendix 2.}

Figure 4 below illustrates the significant progress made, since the last exploration update published in October 2024, to advance targets from early-stage target to resource and pre-resource definition stage. The approach undertaken is to systematically drill test best selected targets to define starter resources and validate their high-grade content before undertaking larger step-out drilling campaigns.

Figure 4: Koné project exploration targets evolution

^{Note: Refer to press release dated October 7, 2024, for further details on target definitions.}

A subsequent 90,000-meter drill programme, amounting to US$14 million, was launched in early 2025 with the goal of continuing to delineate and test higher-grade satellites, detailed as follows:

• 25,000 meters for resource extension, conversion and geotechnical drilling on known deposits
• 20,000 meters of infill drilling on new advanced targets to delineate additional maiden resources
• 45,000 meters of exploration drilling to test and generate new targets

Updated resource estimateAs shown in Table 3 below, an initial maiden resource for 7 new deposits was delineated with all deposits remaining significantly open, given that they are data constrained as the focus was to outline only a portion of the orebodies to assess the grade profiles in order to prioritize 2025 drill efforts. In addition, exploration efforts at the Koné deposit resulted in adding near-surface mineralization and confirming mineralization at depth. Results for both the satellite deposits identified and the Koné deposit are further detailed in the following section below.