Montage Gold Corp. announced the results of the Updated Definitive Feasibility Study (the "UFS" or the "Study") for the Koné Gold Project ("Koné Gold Project", "Project", or "KGP") located in Côte d'Ivoire, which now incorporates ore from the Gbongogo Main satellite deposit. The UFS was prepared by Lycopodium Minerals Pty Ltd. in accordance with Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").

Highlights: Significant Reserves and Production ? A New Gold District in Côte d'Ivoire. 4.01Moz of Probable Mineral Reserves.

3.57Moz of gold produced over a 16-year mine life. Years 1-3: Avg. annual production of 349,000 oz at 1.15g/t avg.

head grade. Years 1-8: Avg. annual production of 301,000 oz at 0.96g/t avg.

head grade. Peak production of 378,000 oz in year 3. Strong Financial Metrics ? In an Increasing Cost Environment.

$1,089 Million after-tax NPV5% and 31% IRR at base case $1,850/oz gold price. $1,456 Million after-tax NPV5% and 39% IRR at spot $2,050/oz gold price. Years 1-3: Avg.

AISC1 of $899/oz. LOM AISC1 of $998/oz. Capital payback period of 2.6 years.

Optimizations Maintain Capital Efficiency ? Further Improvements Expected Pre-production capital requirement of $712 Million (vs $544 Million from 2022 DFS). $126 Million reduction in sustaining capital vs 2022 DFS.

Net increase in LOM total capital requirements of 5% compared to 2022 DFS. Several areas identified to optimize pre-production capital. Impact of Gbongogo Main Deposit: Gbongogo Main represents 12% of Probable Reserves and contributes $350M in pre-tax net cash flow in first 3 years of operations.

Optimizes capital payback; demonstrates impact of satellite deposits. Planned haul road opens 38km corridor for priority exploration. KGP Construction Planned for Fourth Quarter 2024: Permitting process ongoing with all requisite approvals expected in Third Quarter 2024.

Project financing process underway. Drilling to Continue in January on Next Satellite Deposit Targets ? Diouma North and Petit Yao.

Diouma North is located 2km south of Gbongogo Main and <500m from planned haul road. Recent Diouma North drilling included: 17.45m at 2.75g/t, 11m at 2.21g/t and 14m at 2.16g/t. Petit Yao is located 3km from planned haul road. Previous Petit Yao results included: 12m at 4.15g/t, 6m at 10.82g/t, and 3m at 15.51g/t. Koné Gold Project Overview: The Koné Gold Project is located approximately 470km north-west of Abidjan, the commercial capital of Côte d'Ivoire.

The Project comprises six exploration permits (PR262, PR748, PR842, PR879b, PR919 and PR920) covering 1,801 sq. km and two applications covering a further 456 sq. km, for a combined total of 2,259 sq.

km. The communities of Fadiadougou and Batogo lie 5km east and west respectively of the Koné resource area and the village of Gbongogo is located 4km north-west of the Gbongogo Main resource. The village of Dolourogoukaha will be impacted by the development pf the Gbongogo Main pit and will be resettled outside the affected area.

Beyond this, the Project area is largely devoid of habitation with subsistence farming and cashew plantations being the dominant land use. The nearest major centre is Séguéla, 80km to the south. The Project area is accessible year-round with an asphalt highway within 300m of the proposed plant location.

Drilling to Start in January at Next Satellite Deposit Targets: Exploration during Fourth Quarter 2023 focussed on continued assessment of the numerous targets within the KGP covered by the program in H1 2023 and several new areas of artisanal mining activity. A key priority area is Diouma-Gbongogo-Korotou shear zone, a 15km strike length of soil anomalism, artisanal mining and 9 targets drilled to some degree, with the Gbongogo Main pit and planned haul road located at the south end. In addition, Montage will be re-starting exploration at the Petit Yao target which sits 7km east of Koné and just 3km southeast of the planned haul road.

The Diouma North prospect is located 2km south of Gbongogo Main, and less than 500m from the planned haul road. As follow-up to reconnaissance and RC drilling in early 2023, Montage completed three diamond core holes, with highlight intercepts including: 14m at 2.16g/t from 58m (GBDDH062); and 17.45m at 2.74g/t from 79m and 11m at 2.21g/t from 127m (GBDDH064). Diamond drilling at Diouma will re-commence by the end of January with an initial core programme which, if successful, will be followed up with an RC programme with the aim of defining an initial resource by mid-2024.

The Petit Yao target sits approximately 7km east of the Koné deposit and 3km southeast of the planned haul road. It was first identified in late 2019 by Montage geologists recognizing prospective volcanic rocks in an area previously assumed to be un-prospective. Drilling completed at Petit Yao includes 3,392m of RC and 681m of shallow aircore, Koné Deposit The Mineral Resource Estimate ("MRE") for the Koné deposit has been re-stated based on an optimal pit shell generated using cost inputs in line with the UFS and a gold price of $1,800/oz with an effective date of 19 December 2023.

Gbongogo Main Deposit The Mineral Resource Estimate ("MRE") for the Gbongogo Main deposit is constrained within an optimal pit shell generated using cost inputs in line with the UFS and at a gold price of $1,800/oz with an effective date of 19 December 2023.