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    MAU   CA61178L1013

MONTAGE GOLD CORP.

(MAU)
  Report
Delayed Bourse de Toronto  -  02:56 2022-09-26 pm EDT
0.5000 CAD   -3.85%
09/22Presentation : Supplemental DFS for the Koné Gold Project
PU
09/09Montage Gold Buy Rating Reiterated at Stifel GMP as It Receives Cote d'Ivoire Permits; Price Target Kept at C$2.00
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09/08Montage Gold Up 8.5% after Reporting Government Approval of Mankono Exploration Permits
MT
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Montage Gold : 2021 Annual Information Form

08/15/2022 | 11:14am EDT

Montage Gold Corp.

Annual Information Form

For the Financial Year Ended December 31, 2021

April 25, 2022

TABLE OF CONTENTS

GLOSSARY OF TERMS ...............................................................................................................

3

INTRODUCTION ..........................................................................................................................

6

CORPORATE STRUCTURE ........................................................................................................

8

GENERAL DEVELOPMENT OF THE BUSINESS.....................................................................

9

DESCRIPTION OF THE BUSINESS..........................................................................................

12

EMERGING MARKET ISSUER DISCLOSURE .......................................................................

14

RISK FACTORS ..........................................................................................................................

16

KONÉ GOLD PROJECT .............................................................................................................

27

DESCRIPTION OF CAPITAL STRUCTURE ............................................................................

40

DIVIDENDS.................................................................................................................................

41

MARKET FOR SECURITIES .....................................................................................................

41

SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER..................

43

DIRECTORS AND OFFICERS ...................................................................................................

43

AUDIT COMMITTEE .................................................................................................................

46

CORPORATE GOVERNANCE ..................................................................................................

47

PROMOTER.................................................................................................................................

51

LEGAL PROCEEDINGS AND REGULATORY ACTIONS.....................................................

51

INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS ...........

51

AUDITORS ..................................................................................................................................

51

REGISTRAR AND TRANSFER AGENT...................................................................................

51

MATERIAL CONTRACTS .........................................................................................................

51

INTERESTS OF EXPERTS .........................................................................................................

51

ADDITIONAL INFORMATION.................................................................................................

52

SCHEDULE "A" - AUDIT COMMITTEE CHARTER .............................................................

53

Montage Gold Corp.

Annual Information Form

April 25, 2022

Page 2 of 57

GLOSSARY OF TERMS

In this AIF, the following capitalized terms have the following meanings, in addition to other terms defined elsewhere in this AIF:

"2021 Technical Report" means the technical report entitled "NI 43-101 Technical Report for the Morondo Gold Project, Cote d'Ivoire" dated March 10, 2021, with an effective date of January 27, 2021, prepared by MPR Geological Consultants Pty Ltd. on behalf of Montage.

"AIF" or "Annual Information Form" means this annual information form prepared for the financial year ended December 31, 2021 and dated April 25, 2022.

"Avant" means Avant Minerals Inc.

"Avant Shareholders" means the former shareholders of Avant prior to the completion of the dissolution of Avant.

"Avant Transaction" means the transactions completed by Montage, Avant, and PMII pursuant to the Share Purchase Agreement.

"Barrick" means Barrick Gold Corporation.

"BCBCA" means the Business Corporations Act (British Columbia), as amended.

"BF Properties" means the Company's former indirect 51% interest in the Tantiabongou, Tambifwanou, Tambiri, Bongou, Kalinga, Tamfoagou, Bira, Bassieri, Tangagari, Houra, and Mansila permits previously held indirectly through Progress Minerals, located in Burkina Faso.

"Block 14 Gold Project" has the meaning ascribed thereto under the heading "Business of the Company" in this AIF.

"Bobosso Gold Project" means the Bobosso gold project comprised of the Wendéné permit and the Dabakala permit application, located in Côte d'Ivoire.

"CFA" means the CFA Franc, the lawful currency used in certain West African countries, including Cote d'Ivoire.

"Common Shares" means the common shares in the capital of Montage.

"DD drilling" means diamond drilling.

"Endeavour" means Endeavour Mining Corporation.

"Exploration Licences" means those certain exploration licences acquired by Orca from Kinross, including the Koné Exploration Permit, pursuant to the Kinross Purchase Agreement dated January 30, 2017, as amended on June 26, 2018, between Red Back Mining No 2 (Ghana) Limited, Tasiast Mauritanie Limited, Ghazal Resources Inc. and Orca.

"Fortuna" mean Fortuna Silver Mines Inc.

"Indicated Mineral Resource" has the meaning ascribed thereto under NI 43-101.

"Inferred Mineral Resource" has the meaning ascribed thereto under NI 43-101.

"Kinross" means Kinross Gold Corporation.

"Kinross ROFO" has the meaning ascribed thereto under the heading "Formation of Montage" in this AIF.

"Kinross Purchase Agreement" has the meaning ascribed thereto under the heading "Formation of Montage" in this AIF.

Montage Gold Corp.

Annual Information Form

April 25, 2022

Page 3 of 57

"Koné Exploration Permit" means exploration permit number PR 262, as more fully described in the Koné Gold Project Technical Report.

"Koné Gold Project" or the "Project" means the collection of permits and applications including the Koné Exploration Permit, the Farandougou Exploration Permit, the Sisséplé Exploration Permit and the Djelisso and Gbatosso permit applications, all located in Côte d'Ivoire, as more fully described in the Koné Gold Project Technical Report, and formerly named the "Morondo Gold Project".

"Koné Gold Project Technical Report" means the technical report entitled "Koné Gold Project, Côte d'Ivoire - Definitive Feasibility Study NI 43-101 Technical Report" dated March 14, 2022, with an effective date of February 14, 2022, prepared by Lycopodium Minerals Pty Ltd. on behalf of Montage.

"Koné Royalty" has the meaning ascribed thereto under the heading "Formation of Montage" in this AIF.

"Korokaha Gold Project" means the Korokaha gold project comprised of the Korokaha North and South permits and the Diawala permit application, located in Côte d'Ivoire;

"Measured Mineral Resource" has the meaning ascribed thereto under NI 43-101.

"Mineral Reserve" has the meaning ascribed thereto under NI 43-101.

"Mineral Resource" has the meaning ascribed thereto under NI 43-101.

"Montage" or the "Company" means Montage Gold Corp.

"Montage Board" means the board of directors of Montage.

"Montage 2019 Financing" means the private placement financing completed by Montage on August 27, 2019, pursuant to which Montage issued 18,226,374 Common Shares at a price of $0.45 per Common Share, for gross proceeds of approximately $8.2 million.

"Montage IPO" mean the initial public offering of an aggregate of 31,363,637 commons shares at a price of $1.10 per share for total gross proceeds of approximately $34.5 million, which commenced trading on the TSXV on October 23, 2020.

"Montage Properties" means the mineral interests held, directly and indirectly, by Montage, comprised of the Koné Gold Project, the Korokaha Gold Project, the Bobosso Gold Project, and the Zuenoula Est and Zuenoula Ouest permit applications, all of which are located in Côte d'Ivoire.

"Montage Shareholder" means a holder of Common Shares.

"Montage Shareholders Agreement" means the shareholders agreement that was entered into on August 27, 2019, among Montage, Orca, and PMII and terminated in connection with the entering into of the Orca Investor Rights Agreement.

"MRE" has the meaning ascribed thereto under the heading "General Development of the Business" in this AIF.

"NI 43-101"means National Instrument 43-101- Standards of Disclosure for Mineral Projects.

"NI 52-110" means National Instrument 52-110 - Audit Committees.

"NI 58-101"means National Instrument 58-101- Disclosure of Corporate Governance Practices.

"Orca" means Orca Gold Inc.

Montage Gold Corp.

Annual Information Form

April 25, 2022

Page 4 of 57

"Orca Investor Rights Agreement" means the investor rights agreement entered between Montage and Orca on September 22, 2020.

"Orca Spin-Out" means the transfer of Ghazal Resources Inc., an indirect wholly-owned subsidiary of Orca existing under the laws of the British Virgin Islands, to Montage.

"PEA" means the Preliminary Economic Assessment for the Koné Gold Project, Côte d'Ivoire, NI 43-101 Technical Report, dated June 7, 2021, with an effective date of May 25, 2021.

"Perseus" means Perseus Mining Limited.

"PMII" means Progress Minerals International Inc.

"Probable Mineral Reserve" has the meaning ascribed thereto under NI 43-101.

"Progress Minerals" means Progress Minerals Inc.

"Prospectus" means the final long form prospectus of the Company dated October 19, 2020, filed in connection with the Offering.

"RC drilling" means reverse circulation drilling.

"Red Back" means Red Back Mining (Côte d'Ivoire) SARL.

"Red Back Mining" means Red Back Mining Inc.

"Share Purchase Agreement" means the share purchase agreement entered into among Montage, Avant, and PMII dated July 17, 2019.

"TSXV"means the TSX Venture Exchange.

"Underwriting Agreement" means the underwriting agreement entered into among the Company and Raymond James Ltd. and Stifel Nicolaus Canada Inc., as co-lead underwriters, and BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Beacon Securities Limited, Cormark Securities Inc., and Sprott Capital Partners LP dated October 19, 2020.

GLOSSARY OF TECHNICAL ABBREVIATIONS

In this AIF, the following capitalized technical terms have the following meanings, in addition to other terms defined elsewhere in this AIF:

°C

degree Celsius

koz

thousand ounces

Au

gold

kwh/t

kilowatt hour per tonne

cm

centimetre

m

metre

g

gram

m3/h

cubic metres per hour

g/CN

gram per centinewton

Ma

milliampere

g/l

gram per litre

mm

millimetre

g/t

gram per tonne

Moz

million ounces

Ga

gigaampere

oz

Troy ounce (31.1035g)

ha

hectare

ppb

part per billion

kg

kilogram

ppm

part per million

km

kilometre

t/m3 or

tonne per cubic metre

km2

square kilometre

t/bcm

Tonne per bank cubic metre

µm

micron

Montage Gold Corp.

Annual Information Form

April 25, 2022

Page 5 of 57

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Montage Gold Corp. published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 15:13:11 UTC.


© Publicnow 2022
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Sales 2022 - - -
Net income 2022 -9,00 M -6,57 M -6,57 M
Net cash 2022 6,00 M 4,38 M 4,38 M
P/E ratio 2022 -10,0x
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Capitalization 54,7 M 39,9 M 39,9 M
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EV / Sales 2023 -
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Spread / Average Target 320%
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Hugh Stuart President & Director
Glenn Michio Kondo Chief Financial Officer & Co-Secretary
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