Montage Gold Corp.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Montage Gold Corp. (TSX: MAU) is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Koné Gold Project, located in Côte d'Ivoire, at the forefront. Based on the Feasibility Study published in 2024, the Koné project has an estimated 16-year mine life, low AISC (All-In Sustaining Cost) of $1,059/oz over its life of mine, and sizeable annual production of over 300,000 ounces of gold over the first 8 years, and is expected to enter production in Q2 2027.

Montage's Strategy

Focused on creating a premier African gold producer

• New management team appointed in early 2024
• Fully funded with backing from Lundin Family and Zijin Mining as strategic shareholders
• Koné project is a sizeable, long-life, low AISC, fully permitted asset
• Well positioned to unlock value in Africa for all stakeholders

Koné Project

Provides a foundation upon which to build a major gold company

• Koné will rank as a high quality West African mine once in production with a long mine life, low AISC and production of scale
• Koné benefits from soft ore and a very low strip ratio, which results in an above average strip-adjusted grade profile

Long-life and low AISC asset of scale

• Exploration efforts are focused on delineating higher grade satellite targets with the goal of boosting production in the first years of production and to achieve at least 300koz of annual production for the first 10 years, by displacing lower grade material
• Current mine plan is only based on the Koné and Gbongogo deposits, whereas 7 new deposits were delineated in early 2025 with additional highly-prospective targets undergoing testing

FLAGSHIP PROJECT

Koné Gold Project, Côte d'Ivoire

The Koné Gold Project is located approximately 350 kilometres north-west of Yamoussoukro, the political capital of Côte d'Ivoire, and approximately 600 kilometres north-west of Abidjan, the commercial capital of the country. The Project is ideally situated near existing infrastructure and is accessible year-round via asphalt road and has access to ample water resources.

The Koné project ranks as one of the highest quality gold projects in Africa given its sizeable low-cost production and long mine life.

Significant Exploration Potential

• 1,776 sq. km existing land package represents one of the largest gold projects by land area in West Africa; over 50 exploration targets identified across 7 mineralized trends
• 81,815m drill programme completed in 2024, focused on identifying higher grade satellite targets, with the goal of supplementing production from the commencement of operations
• 26 exploration targets located within the permitted mining area within 3 major trends (Gbongogo-Korotou Trend, Lokolo Trend and Bafretou-Niondje Trend)
• 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 mineralization
• A total of 83,280 meters have been drilled in H1-2025, completed across 1,418 holes; In total, 23 targets have been drill tested since the start of the year, with mineralization confirmed at each
• Following significant exploration success in H1-2025, the 2025 exploration programme budget has been increased from 90,000 to 120,000 meters and remains focused on delineating higher-grade resources with the goal of supplementing production from the onset
• In line with its commitment to accountability and transparency, Montage set an aggressive short-term discovery target of +1Moz of M&I resources at a grade of >1 g/t Au, which would be 50% higher compared to the current Koné deposit grade, to be achieved before the commencement of production

Koné Project Latest Development:

• Construction rapidly advancing; CIL erection started two months ahead of schedule
• Delineated 7 higher grade satellite deposits, and discovered 6 pre-resource advanced targets
• Mid-year exploration update: Satellite deposits have added 404koz at 1.32 g/t Au and 140koz at 1.09 g/t Au of Indicated and Inferred Resources, respectively

Upcoming Catalysts:

• H2-2025: Continued exploration results from upsized 120,000m drill programme; delineation of 6 pre-resource advanced targets
• Q4-2025: Grade control results
• Delivery of 1.0Moz discovery target

Attractive Investment Proposition

Strong re-rating potential as the Montage strategy is executed

Short-Term Value Creation:

Unlocking the Koné Project

• Deliver construction on-time and on-budget
• Deleverage company with quick payback following production start-up
• Unlock significant exploration value

Long-Term Value Creation:

• Build a greenfield exploration portfolio
• Create a project development pipeline

Management

Leadership Team & Directors

Martino De Ciccio, CFA – Chief Executive Officer

~20 years experience in mining industry with extensive understanding of African mining landscape

Former deputy CFO and Head of Investor Relations for Endeavour Mining

Peder Olsen – President & Chief Development Officer

~20 years experience in project development, operational and technical roles

Formerly held senior positions with Endeavour Mining

Played key leadership role in Construction of Houndé, Ity, Agbaou and Nzema

Constant Tia, CPA, M.Sc – Chief Financial Officer

~20 years experience in finance

Ivorian national with profound understanding of West African region

14-year career at Kinross Gold

Formerly Regional CFO for Africa and Chile Regions for Kinross

Silvia Bottero, M.Sc, Geo, MBA – Executive Vice President of Exploration

Over 20 years in exploration

Most recently SVP Exploration at Endeavour Mining

Has made over 15Moz of gold discoveries in Côte d'Ivoire

Extensive permitting, public affairs and ESG experience

Pierre N'Guessan, Mining Eng. – Côte d'Ivoire Country Manager

~40 years in mining industry

Former head of mining permits department within Ministry of Mines, Côte d'Ivoire for 10 years

Former technical and site manager at Ity gold mine

Former public affairs manager at Endeavour Mining

Board of Directors

Ron Hochstein, Independent Chairman

Alessandro Bitelli, Independent Director

David Field, Independent Director

Anu Dhir, Independent Director

Richard P. Clark, Non-Independent Director

Jeremy Langford, Independent Director

Martino De Ciccio, Non-Independent Director

News Update

On January 29, 2026, The Globe and Mail reports in its Thursday, Jan. 29, edition that BMO Nesbitt Burns analyst Raj Ray has reiterated his "outperform" recommendation for Montage Gold. The Globe's David Leeder writes in the Eye On Equities column that Mr. Ray gave his share target a $10 boost to a Street-high $20. Analysts on average target the shares at $12.69. Montage continues to progress on the development of its Kone mine in the Ivory Coast. Mr. Ray says in a note: "In our opinion, Montage is entering the phase where time itself becomes a catalyst -- every quarter closer to production compresses risk and expands valuation. Despite Montage's shares materially outperforming on a relative basis, cash flow valuations based on 2027 estimates are indicating a material discount and hence, subject to execution, the rerating potential remains meaningful. ... We believe Montage is well positioned to unlock incremental value through its strong exploration capability, which continues to identify and advance various opportunities across West Africa including the proposed acquisition of African Gold (A1G-ASX) with potential closing in Q2/26. ... The new target methodology is being driven by the visibility to near-term production."

On January 20, 2026, The Globe and Mail reports in its Tuesday, Jan. 20, edition that Scotia Capital analyst Ovais Habib, in response to the announcement that first gold production from Montage Gold's flagship Kone gold project in the Ivory Coast has been accelerated to the fourth quarter of 2026, raised his share target to $10 from $8.50 while maintaining a "sector outperform" ranking. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $10.75. Mr. Habib says in a note: "We view the results as positive for Montage Gold shares as the rapid construction progress since our November, 2025, site tour and acceleration of first gold to late 2026 aligns well with prior commentary from management and affords the company improved operational and financial flexibility. With a significant drill program already completed in 2025, and a meaningful new program announced for 2026, we look forward to a corporate mineral resource estimate update planned for Q1/26 which could incorporate a maiden resource on the Petit Yao target." The Globe reported on Sept. 5 that Mr. Habib rated Montage Gold "sector outperform" in new coverage. The shares could then be had for $5.74.

On January 19, 2026, Montage Gold Corp. announced that rapid construction progress continues to be made at its Koné project, in Côte d’Ivoire, where the first gold pour through the oxide circuit is anticipated in late Q4-2026.

A total of over 7.2 million construction hours have been worked since the commencement of the project with key milestones achieved including the erection of all 14 CIL tanks, piperack and grid mesh walkways, completion of the oxide sizer and the delivery of the ball mill to site. Given the strong advancement, the first gold pour is anticipated in late Q4-2026 through an oxide circuit startup, whilst the hard-rock comminution circuit remains well on track for completion in Q2-2027. A total of approximately $545 million of capital has been committed to date, representing approximately 63% of the total upfront capital expenditure, with prices in-line with expectations.

In parallel, the Company continues to be focused on unlocking value through its exploration programme with approximately 115,000 meters drilled in 2025, compared to its initial budget of 90,000 meters, in addition to 56,000 meters of pre-production drilling conducted at the Koné and Gbongogo Main deposits. Based on the drilling completed last year, the Company expects to publish updated Mineral Resource Estimates in Q1-2026 for several satellite targets, in addition to updated resources for the Koné and Gbongogo Main deposits along with the results of the pre-production drilling programme which confirmed both the grade and continuity of the mineralized envelopes and identified high-grade zones. Following on from last year’s success, the Company recently launched an initial $16 million drill programme for 2026, comprising 90,000 meters of drilling at the Koné project and 9,000 meters for the recently awarded Wendé advanced greenfield property.

Martino De Ciccio, Chief Executive Officer of Montage, commented: “We are very pleased with the momentum generated thus far to advance our strategy of creating a premier multi-asset African gold producer and delivering value for all our stakeholders.

Construction at our flagship Koné project in Côte d’Ivoire continues to progress at a rapid pace with a number of key milestones achieved including completion of the oxide sizer and delivery of the ball mill shell on site, which positions us to target a first gold pour through an oxide circuit start-up in late Q4-2026. Moreover, we are continuing to enjoy significant exploration success at the Koné project given the discovery of higher-grade satellites, with notably the Petit Yao discovery announced late last year.

Looking ahead, we are also pleased to be consolidating a project pipeline through the acquisition of African Gold, where recently published drill results continue to confirm the prospectivity of the Didievi project in Côte d’Ivoire. We are also excited to commence drilling this year at our newly awarded Wendé advanced greenfield property in Côte d’Ivoire with the goal of sourcing the next project through our ability to stake prospective grounds and explore.

I’d like to take this opportunity to thank our employees, contractors, financiers, local stakeholders, and wider partners for their strong dedication and support as we continue to deliver on our collective goals.”

On December 19, 2026, The Globe and Mail reports in its Friday, Dec. 19, edition that after Montage Gold was granted new exploration permits by Ivory Coast government Cormark Securities analyst Nicolas Dion raised his share target to $10.50 from $9.75 with an unchanged "buy" recommendation. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $9.13. Mr. Dion says in a note: "These additions further strengthen Montage Gold's pipeline in Côte d'Ivoire. Recall the company recently announced the acquisition of African Gold and its Didievi project, also in Côte d'Ivoire. Once built, Kone will be among the largest and lowest cost gold mines in West Africa. We model an 18-year mine life producing more than 350,000 ounces per year in the first few, and more than 300,000 oz/yr in the first nine at a less than $1,300/oz AISC (mine-level). Montage Gold trades at a very reasonable 0.66 times our NAV at $4,000/oz."

On December 16, 2025, Montage Gold Corp. announced that the Ministry of Mines, Petroleum and Energy, in conjunction with the Ministry of Finance and Budget and the Ministry of the Environment, Sustainable Development and Ecological Transition, of Côte d’Ivoire, has approved the grant of two exploration permits to Montage which strategically increases its Koné project land package and adds the highly prospective Wendé advanced greenfield exploration property.

The Koné project land package has increased by 381km2 to 1,699km2 following the grant of the Gbatosso exploration permit (PR0875), which is located in a highly prospective area along the continuity with the Lokolo and Yeré trends, within trucking distance to the Koné processing plant.

In addition, Montage has been granted the Wendé permit (PR1044), covering an area of approximately 107km2, located along the Ouango-Fitini shear zone in close proximity to several other significant gold mining operations and deposits. Historical workings on the property highlight a significant 7km2 gold-in-soil anomaly with assays grading over 100ppb. Exploration activities on the Wendé property are set to beginning in early 2026 with both geochemical and geophysical surveys, in addition to exploration drilling on prospective targets.

Martino De Ciccio, CEO of Montage, commented: “We are delighted to be granted additional exploration permits in Côte d’Ivoire which both strategically expands our land package along the Koné project and adds the highly prospective Wendé advanced greenfield exploration property. Moreover, it reflects the strong support we continue to receive from our local stakeholders as we strive to position Montage as the partner of choice through our win-win approach and strong focus on local content.

With construction at the Koné project rapidly advancing, remaining on-budget and well on-schedule, we are well positioned to unlock significant exploration value by leveraging our extensive technical expertise and established presence in the region. The recently announced acquisition of African Gold will add the high-quality resource-stage Didievi project, which is expected to provide near-term growth, while the recently granted Wendé property provides the potential to source the next project organically.

We are very pleased with the momentum generated across the business as we continue to execute on our strategy of creating a premier multi-asset African gold producer and delivering value for all our stakeholders.”

On December 02, 2025, The Globe and Mail reports in its Tuesday, Dec. 2, edition that Ventum Capital Markets analyst Maximilian Myers has reaffirmed his "buy" recommendation for Montage Gold. The Globe's David Leeder writes in the Eye On Equities column that Mr. Myers boosted his share target by $1.75 to $9.75 . Analysts on average target the shares at $8.17. Mr. Myers recently visited Montage's Kone gold project in Ivory Coast, describing it as "the foundation for a multi-asset producer" and praising the site's rapid progress and "several avenues for upside." Mr. Myers says in a note: "Kone continues to advance ahead of schedule, prompting us to move first gold to Q1/27 (from Q2/27) and accelerate our ramp-up assumptions, driving materially higher 2027 production. Site observations support potential throughput above nameplate, quicker-than-modelled commissioning, and satellite sequencing that prioritizes higher-grade feed early in the mine life. Each scenario could enhance front-end production, and together they offer clear upside to our NAV assumptions."

On November 28, 2025, Montage Gold Corp. announced that it has entered into a binding Scheme Implementation Deed (“SID”) with African Gold Limited (ASX: A1G) ("African Gold") pursuant to which Montage will acquire all of the issued share capital of African Gold that it does not already own, by way of an Australian court-approved Scheme of Arrangement (the “Transaction”), subject to the satisfaction of various conditions. The Transaction adds the high-quality resource-stage Didievi project in Côte d’Ivoire to Montage’s portfolio and strengthens its footprint in the country, where it has established a strong presence through its ongoing build of its Koné project, which remains on-budget and well on schedule.

Following its strategic partnership with African Gold, as announced on March 24, 2025, Montage became the operator of the Didievi project which has allowed the Company to gain a strong understanding of the geological prospectivity and the project’s potential to become a standalone operation. Since making the initial investment in African Gold, the Didievi project has been further advanced with a 40,000 meter drilling programme underway and metallurgical tests performed. Moreover, the Inferred Resource for the Blaffo Guetto deposit, at the Didievi project, grew from 4.93Mt at 2.9 g/t Au representing 452,000 ounces of gold to 12.4Mt at 2.5 g/t Au representing 989,000 ounces of gold1, while further targets have been drill tested. Through this strategic partnership, Montage acquired 92,377,787 ordinary shares of African Gold, pursuant to a share exchange transaction based on an African Gold share price of A$0.07, which today represents a 17.3% stake in African Gold.

On November 27, 2025, The Globe and Mail reports in its Thursday edition that National Bank Financial analyst Mohamed Sidibe is keeping his "outperform" recommendation for Montage Gold intact. The Globe's David Leeder writes that Mr. Sidibe gave his share target a 75-cent boost to a Street-high $9.50. Analysts on average target the shares at $7.83. Mr. Sidibe says a recent visit to Montage Gold's Kone project in Ivory Coast showcased a company excelling in exploration, development and operational readiness. Mr. Sidibe says in a note: "Kone construction is advancing ahead of schedule for key components, with the team demonstrating strong execution and cost discipline. The oxide circuit is progressing rapidly, potentially allowing first gold pour in Q4/26, in line with our model. This pace is supported by a capable team and a well-structured owner-construction model, providing flexibility and controlling upfront mining capital. The project remains on budget, with over 58 per cent of capex committed as of November. Exploration opportunities are abundant and backed by a quality team with in-country experience." He raised his net-asset-value assumptions to "reflect some of the strong exploration upside potential that exists within Montage."

On November 25, 2025, The Globe and Mail reports in its Tuesday, Nov. 25, edition that Stifel analyst Cole McGill has reaffirmed his "buy" recommendation for Montage Gold. The Globe's David Leeder writes that Mr. McGill gave his share target a 25-cent boost to $9.25. Analysts on average target the shares at $8.98. Mr. McGill says in a note: "We recently visited Montage's Kone project, with our main takeaways as follows: i) impressive construction progress on site with strong potential to pull forward production versus 2Q27 guide via early oxide production and a highly experienced construction team, which would lower peak funding/working capital requirements and increasing leverage to current gold price, and ii) fed by the Kone 5MMoz engine, strong district scale upside, unlocked by an exploration team laser focused on discovering grade (Petit Yao) across one of the largest contiguous land packages in West Africa, hosting 72km of prospective structure. Led by an ex-EDV [Endeavour Mining] team with significant in country experience and backed by the right register, we think the current gold price accentuates Kone as a company builder, with a string of strategic transactions year-to-date intimating the currently viewed Kone is just the start."

On November 19, 2025, Montage Gold Corp. reported that the ongoing exploration programme at its Koné project in Côte d’Ivoire has returned multiple high-grade intercepts at the Petit Yao target, located within 7km of the Koné processing plant. Initial drill results at Petit Yao highlight its potential to be delineated into a high-grade satellite deposit of scale, with a maiden starter resource expected to be published upon completion of the current drill programme.

Multiple high-grade mineralized intercepts have been returned across the Petit Yao target, proving its continuity over a strike length of over 1.1km and to a depth of only 150-meters, with mineralization open in all directions. Highlights:

• Recent drill results from the Petit Yao target, located near the Koné processing plant, highlight its potential to be delineated into one of the project’s highest-grade satellite deposits of scale
• Initial drill results from the ongoing programme include the following high-grade intercepts:
• 6.0m at 7.26 g/t Au from 55m
• 6.0m at 5.09 g/t Au from 59m
• 5.0m at 5.12 g/t Au from 43m
• Mineralisation has been confirmed at the Petit Yao target over a strike length of over 1.1km and to a depth of only 150 meters, with mineralization open in all directions
• Efforts are now prioritizing the Petit Yao target with a further 6,800m to be completed before year end, up from 4,068m YTD, in addition to 1,000m of scout drilling commencing on a soil geochemical anomaly located northeast of Petit Yao
• Maiden resource at Petit Yao is expected to be published upon completion of the ongoing drilling programme, in addition to resource updates for the following: Gbongogo South, Koban North, ANV, Yeré North, Lokolo Main, Sena, Diouma North deposits and new discoveries

On November 12, 2025, Montage Gold Corp. reported on its construction and exploration activities for Q3-2025.

CONSTRUCTION ACTIVITIES:

• Rapid progress achieved with already +5.7 million hours worked with more than 2,900 employees and contractors on-site
• Well on track for first gold pour in Q2-2027 and on budget with $494.8 million of capital committed as at today, representing approximately 58% of the total capital expenditure, with prices in line with expectations
• Key process plant achievements include completion of all tanks erected on the first CIL train, ball mill foundation concrete pour, pre-leach and tailings thickeners concrete pours, and oxide circuit earthworks with concrete pour
• Other key infrastructure is well advanced including the commissioning and full operation of the river abstraction facility, TSF earthworks ahead of schedule, relocation site completed, and several plant buildings already fully operational

EXPLORATION ACTIVITIES:

• 85,784 meters drilled in 2025 focused on delineating higher grade resources with further results expected to be published in the coming weeks
• The Gbongogo South, Koban North and ANV deposits, for which intermediary resources were published over recent months, are expected to continue to grow
• Further resource updates also expected for the Yeré North, Lokolo Main, Sena and Diouma North deposits, for which starter resources were published in early 2025, in addition to maiden resources for new targets
• Pre-production drilling, comprised of 56,000 meters at the Koné and Gbongogo Main deposits, confirmed the grade and continuity of mineralized envelopes and identified high-grade zones, with full results to be published in the coming weeks

FINANCIAL POSITION:

• Robust liquidity and Koné project funding sources totalling $712.8 million compared to remaining capital disbursements of $597.7 million

Martino De Ciccio, Chief Executive Officer of Montage, commented: “We are very pleased with the rapid progress being made to unlock value at our Koné project in Côte d’Ivoire, which is one of the largest gold projects currently under construction globally.

On the construction front, we remain on budget and well on schedule for first gold pour in Q2-2027, with some key work packages tracking up to three months ahead of schedule. In the processing plant area, we have completed all seven tanks on the first CIL train and all major foundation pours have been completed. Meanwhile, plant offices, storage buildings, and the permanent camp are already in use. We are also pleased with the progress being made on the oxide circuit construction as its early completion may allow us to bring forward our first gold pour.

On the exploration front, the delineation of resources, as recently published with a Mineral Resource update at the ANV deposit, provides significant confidence in achieving our 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 production commencing in Q2-2027. We expect to provide further resource updates as we complete our upsized 120,000 meter drill programme for 2025, with over 80,000 meters drilled in the first half of the year and now ramping up again post the rainy season.

Our success builds on the momentum generated thus far to advance our strategy of creating a premier African gold producer and delivering value for all our stakeholders.”

On November 06, 2025, Montage Gold Corp. reported that ongoing exploration at its Koné Project in Côte d’Ivoire demonstrates that the Sissédougou trend is emerging as another highly prospective area, as the resource for the ANV deposit has more than doubled since the starter resource was defined earlier this year, while several additional targets along the trend are advancing towards a maiden resource.

The Koné project comprises 7 mineralised trends hosting 52 identified targets with mineralization confirmed at all 23 targets drill-tested so far. As highlighted in Table 1 below, the 2025 ongoing 120,000-meter drill programme, which was increased from 90,000 meters following the success achieved in H1-2025, has mainly focused on the Gbongogo–Koroutou and Sissédougou trends, representing respectively 45% and 27% of the 87,595 meters drilled this year.

Martino De Ciccio, CEO of Montage commented: “We are very pleased with the rapid progress being made to unlock value at our Koné project in Côte d’Ivoire where exploration efforts continue to yield strong results while construction continues to rapidly advance on-budget and well on-schedule.

We are encouraged by the growing prospectivity of the 7 mineralised trends on the property, including the Sissédougou trend, where we have drill tested nearly half of the 50+ targets identified, and all targets drill tested to date have returned positive mineralized intercepts. The project now hosts 8 higher grade satellite deposits for an aggregate of 1.0 million ounces of Indicated Resources at a grade of 1.29 g/t Au, with all deposits expected to grow alongside maiden resources at new deposits. The progress aligns with our strategic objective of integrating higher-grade material from the onset of production and thereby representing a significant return on our exploration investment.

On the construction front, we are making strong progress with some key work packages tracking up to three months ahead of schedule. In the processing plant area, we have completed all seven tanks on the first CIL train and major foundation pours have been completed. We are also pleased with the progress being made on the oxide circuit construction as its early completion may allow us to bring forward our first gold pour.

Our rapid construction progress, ongoing initiatives and exploration success continues to position us to deliver on our strategy of creating a premier African gold producer and delivering value for all our stakeholders.”

On October 06, 2025, Montage Gold Corp. announced that rapid construction progress continues to be made at the Company’s flagship Koné project in Côte d’Ivoire, which remains on-budget and well on-schedule for first gold pour in Q2-2027.

A total of 4.5 million construction hours have been worked since the commencement of the project with key milestones achieved including the erection of six CIL tanks, completion of mill foundations and water supply infrastructure, while the resettlement is nearly complete. These milestones were achieved approximately two months ahead of schedule, with the next key milestone being the delivery of the ball mill on-site in Q1-2026. A total of approximately $418.3 million of capital has been committed to date, representing approximately half of the total upfront capital expenditure, with prices in line with expectations.

In addition, several initiatives are currently underway to further unlock value at the Koné project, aimed at enhancing the production profile from the onset, whilst providing strategic and operational flexibility over the life-of-mine.

Martino De Ciccio, Chief Executive Officer of Montage, commented: “We are very pleased with the rapid progress being made to unlock value at our Koné project in Côte d’Ivoire, which is tracking well on-schedule for first gold in Q2-2027 and on-budget. The Koné project already ranks as one of the largest gold projects currently under construction globally and continues to demonstrate optionality to further improve in quality. This is being achieved through a two-fold approach consisting of operational enhancements to add strategic flexibility while improving efficiencies, along with the execution of our goal of integrating higher-grade material from the onset by discovering higher-grade satellites and with advanced grade control drilling highlighting the potential to delineate higher-grade zones within the Koné and Gbongogo Main deposits.

Given our ambition of creating a premier African gold producer, we are very pleased to implement an owner-operated mining model, supported by equipment financing, as it is expected to improve operating efficiencies while providing strategic mine planning flexibility to quickly integrate new satellite deposits into the mine plan. Moreover, as mining is a key function within our business, we look forward to having full oversight while upholding Montage’s commitment to developing local talent through training programmes as evidenced with more than 90% of construction tasks being self-performed.

Our continued success builds on the momentum generated thus far to advance our strategy of creating a premier African Gold producer and delivering value for all our stakeholders.”

On September 24, 2025, The Globe and Mail reports in its Wednesday edition that Beacon analyst Bereket Berhe has reaffirmed his "buy" recommendation for Montage Gold. The Globe's David Leeder writes that Mr. Berhe hiked his share target to $7.80 from $6. Analysts on average target the shares at $6.74. Mr. Berhe says in a note: "On Sept. 10, 2025, we met Montage management for an update on project related progress. On August 12, 2025, the company provided an update on its Q2 and H1/25 activities at its Kone project in Cote d'Ivoire. Montage provided an update on its exploration program for the Kone gold project (KGP) and its construction activities, which continue to advance rapidly. Montage underscored that it is well on track to achieve the previously published short-term objective of discovering over 1MMoz of M&I resources at a 50-per-cent higher grade compared to the Kone deposit. Montage also reaffirmed that construction continues to progress at a rapid pace and remains well on schedule for first gold pour in Q2/27 and on-budget. In H1/25, Montage's efforts focused on infill and extension drilling of previously delineated starter deposits, advancing pre-resource targets toward maiden resource definition and testing new targets."

On September 12, 2025, The Globe and Mail reports in its Friday edition that Canaccord Genuity analyst Carey MacRury rates Montage Gold "speculative buy" in new coverage. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacRury set a share target of $7.50. Analysts on average target the shares at $6.54. Mr. MacRury notes that the company has the support of strategic shareholders including the Lundin Group (19.6-per-cent stake) and Zijin Mining (9.5 per cent). Mr. MacRury says in a note: "Kone is a fully permitted, conventional open-pit project. The 2024 Feasibility Study (FS) outlines life-of-mine (LOM) average annual production of 223koz (more than 300koz for the first eight years) at a mine-site all-in sustaining cost (AISC) of $1,081/oz (at $3,000/oz) over an initial 16-year mine life based on 4.01Moz of reserves. The FS generates an after-tax NPV5-per-cent of $3.1-billion and an IRR of 66.2 per cent at $3,000/oz gold. Construction is well advanced and progressing on time and on budget, with 44 per cent of the $835-million capital budget committed with first gold pour targeted for Q2/27. Montage owns 90 per cent of the project with the government of Cote d'Ivoire holding a 10-per-cent free carried interest."

On September 05, 2025, The Globe and Mail reports in its Friday, Sept. 5, edition that Scotia Capital analyst Ovais Habib rates Montage Gold "sector outperform" in new coverage. The Globe's David Leeder writes that Mr. Habib set a share target of $6.25. Analysts on average target the shares at $6.11. Mr. Habib sees Montage Gold "building West Africa's next major gold mine" through its flagship asset, the development-stage Kone gold project in the Ivory Coast. Mr. Habib says in a note: "The project is a large-scale, low-cost open-pit development anchored by the Kone and Gbongogo deposits, along with upside for exploration and strategic minority interests in regional gold projects. Backed by a robust feasibility study outlining a 16-year mine life and average annual production of 223 thousand ounces at an all-in sustaining cost (AISC) of $998/oz, the project is currently under construction, fully permitted, and on track for first gold in Q2/27. Montage is fully financed for the initial capital costs of the Kone project, with $825-million in non-equity funding secured. This includes a $625-milling gold stream and $75-million loan facility from Wheaton Precious Metals, and a $75-million subordinated stream and $50-million loan from Zijin Mining."

August 12, 2025, Montage Gold Reports On Its Q2 and H1-2025 Activities

• Koné project construction on-budget and well on-schedule
• Strong continued exploration focus
• Robust liquidity sources

Construction Activities

• Over 3.0 million hours worked, with more than 2,500 employees and contractors on-site
• Well on track for first gold pour in Q2-2027 and on budget with over $370 million of capital committed as at today, representing approximately 44% of the total capital expenditure, with prices in line with expectations
• Rapid progress achieved on key process plant activities including the ball mill foundations, pre-leach and tailings thickeners, with notably the start of CIL tank erection occurring 2 months ahead of schedule which marks a key milestone
• Other key infrastructure is well advanced including the river abstraction facility, TSF, relocation site, and plant buildings, while the water storage facility was completed and is already holding water

Exploration Activities

• 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
• Step-out and in-fill drilling is underway at all 7 new higher-grade satellite deposits for which starter maiden resources were published in early 2025, whilst drilling progressed on the 6 targets which were advanced to pre-resource stage
• Maiden resources for new discoveries and updated resources for the recently made discoveries are expected to be published throughout the year

Financial Position

• Robust liquidity and available sources of financing totalling $735 million compared to remaining capital disbursements of $676 million

Equity Investments

On May 6, 2025, the Company announced a strategic partnership with Aurum Resources (“Aurum”; ASX: AUE). The investment was subsequently closed on July 14, 2025, with Montage obtaining a 9.9% interest in Aurum, strengthening the Company's position along the Boundiali Belt.

On April 7, 2025, the Company announced a strategic partnership with African Gold Limited (“African Gold”; ASX: A1G). The investment in African Gold was subsequently closed in Q2-2025, in two tranches, with Montage obtaining a 17.5% interest in African Gold.

On December 1, 2024, the Company announced a strategic partnership with Sanu Gold (“Sanu”; CSE: SANU; OTCQB: SNGCF). The investment was subsequently closed on December 31, 2024, with Montage obtaining a 19.9% interest in Sanu, providing exposure to Sanu's highly attractive exploration properties in Guinea.

TSX Listing

The Company graduated to the TSX at market open on April 29, 2025, and continues to trade under the stock symbol “MAU”. The graduation represents a significant milestone in the Company's journey towards becoming a premier African gold producer as it is expected to enhance visibility, broaden the investor base, increase liquidity, and provide potential index inclusion.

https://www.montagegold.com/_resources/news/2025/20250812_Montage-Gold-Reports-on-Q2-and-H1-2025-Activities.pdf

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