Oxide circuit creates potential for earlier start-up • Owner mining with equipment finance • Further higher grade discoveries
HIGHLIGHTS:
› Well on-schedule for first gold pour in Q2-2027 and on-budget with more than $418m of capital committed, representing
approximately half of the total upfront capital expenditure, with prices in-line with expectations
› Rapid construction progress achieved with notably six CIL tanks already erected, mill foundations completed, water
supply infrastructure completed, and resettlement approaching completion
› Oxide circuit construction underway to provide increased operational flexibility and potential to advance first gold pour
› Shift to owner-mining operating model expected to provide greater operational flexibility while enhancing efficiencies
› Well on track to achieve the previously published short-term objective of discovering more than 1Moz of M&I resources
at a 50% higher grade compared to the Koné deposit, with further resource updates expected in Q4-2025
Abidjan, Côte d'Ivoire — October 6, 2025 — Montage Gold Corp. (“Montage” or the “Company”) (TSX: MAU, OTCQX: MAUTF)
is pleased to announce 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, as detailed below:
› Integration of higher-grade material from the onset of production:
? Recent discovery of higher-grade satellites positions the Company to achieve its previously published short-term
objective of discovering over 1Moz of M&I resources at a 50% higher grade compared to the Koné deposit1 with the goal
of integrating new discoveries from the onset of production. Indicated Resources for satellite deposits have already grown
by 404koz to 924koz at 1.32 g/t Au, with an additional 140koz at 1.09 g/t Au of Inferred Resources, while further resource
updates are expected in the coming months given the 120,000 meter drill programme currently underway for 2025.
? Identification of high-grade zones within the Koné and Gbongogo Main deposits following the completion of 56,000
meters of pre-production grade control drilling conducted in 2025, with full results on track for publication later this year.
› Strategic operational flexibility with improved efficiency:
? Process plant design enhancements following the implementation of several key design changes compared to the
Updated Feasibility Study (“UFS”) published in January 2024, intended to enhance the crushing and milling circuit and
improve the efficiency of the overall operation, as detailed in the Company’s press release dated December 18, 2024.
? Addition of an oxide circuit to allow processing of 100% oxide feed is expected to provide enhanced operational
flexibility, improve plant availability and utilisation, lower oxide pre-stripping and rehandling requirements thereby
reducing working capital outflows, and provide the potential to advance first gold pour and thereby reduce the peak
upfront capital requirement.
1 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+.
TSX MAU OTCQX MAUTF
montagegold.com 2
? Shift to an owner-operated mining model, with equipment financing, is expected to improve operating efficiencies,
provide strategic mine planning flexibility to quickly integrate new satellite deposits into the mine plan concurrent to their
discovery, and align with Montage’s commitment to developing local talent through training programmes as evidenced
with more than 90% of construction tasks being self-performed.
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 highergrade 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.”
Peder Olsen, President and Chief Development Officer of Montage, commented: “Construction activities at our Koné project
continue to progress at a rapid pace, with more than 4.5 million hours worked to date and a number of key milestones achieved
several months early.
The erection of six CIL tanks, completion of the mill foundations, delivery of critical water supply infrastructure, and the near
finalization of the resettlement village are key notable achievements. The delivery of the ball mill to site in Q1-2026 will mark the
next significant milestone as we rapidly advance toward first gold pour. We have also commenced construction of the oxide circuit,
which is expected to improve plant availability, reduce pre-strip volumes and rehandling requirements, and provide the potential
to accelerate first gold production.

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