Montage Gold Corp. provided an update on the ongoing Definitive Feasibility Study at the Koné Gold Project in Côte d'Ivoire as well as continued exploration activities within project area. Australian consultants and EPCM contractors Lycopodium Pty Ltd. are coordinating the DFS for the KGP which is expected to be completed by the end of January 2022. Lycopodium are the premier study consultants and EPCM contractors working in Africa and were responsible for the construction of Perseus' Yaouré Mine and the ITY CIL expansion in Côte d'Ivoire in the last two years. Lycopodium have also completed other projects throughout West Africa including West African Resources' Sanbrado project and are currently constructing Orezone's Bomboré project in Burkina Faso. To this point, all test work and studies are continuing to reaffirm the assumptions for the KGP used in the PEA released in May 2021. Geotechnical study: Completed - May 2021 PEA inputs confirmed, PEA overall pit slope = 55°, DFS overall pit slope = 55°. Pit optimization, Pit design and scheduling: Completed - May 2021 PEA mining costs confirmed by contractor tender process; DFS Mineral Reserves expected to be close to May 2021 In-pit Resources; Marginal improvement in life of mine grade from Indicated Mineral Resource Estimate; Very low strip ratio confirmed. Metallurgical test work: Completed - May 2021 PEA Comminution characteristics confirmed by DFS variability test work; Low reagent consumption confirmed (0.25kg/t CN and 0.70kg/t CaO). Hydrological study: Completed - No significant issues. Tailings disposal study: Completed - In-pit disposal of tailings on completion of mining phase (year 9) reduces TSF size by 40% with savings on sustaining capital. Water Supply and Storage study: Completed - Ground water will be supplemented by wet season supply from a 21km pipeline the Marahoué river and stored in a Water Storage facility with a capacity of 3.5M m3. Engineering and design: Completed - 11Mtpa throughput; High-Pressure Grinding Rolls being evaluated to replace SAG mill with potential reduction in operating costs; Standard CIP circuit. Operating and Capital Cost Estimate: Nearing Completion - Lycopodium well experienced in West Africa and ideally placed to understand current price/cost environment. Environmental and Social Impact Assessment: The ESIA is in the process of being finalized and prepared for submission to the regulator Agence Nationale de l'Environnement in early March following the final public consultation. Permitting: The mine permitting process in Côte d'Ivoire is both well structured and understood with recent projects such as Fortuna Silver's Séguéla project and Tietto Minerals's Abujar project receiving environmental approval and the grant of a Mining Permit in a timely manner. On approval of the ESIA, Montage will make a formal application for a Mining Permit for the Koné Gold Project followed by the negotiation of a Mining Convention that will confirm and provide stability on the fiscal regime and allowances under which the project will operate. Montage expects to receive all necessary permits and authorizations to build the KGP by the end of Second Quarter 2022. KGP Exploration Update: With the DFS nearing completion, focus on the ground has shifted towards aggressive exploration of the Koné district. During the first half of 2022 this will involve: Follow up and extension drilling at the Petit Yao Central prospect with the aim of defining a maiden resource. Expansion of the Induced Polarization survey coverage targeting the southern extension of the Koné mine trend, the broader Petit Yao prospect area and other newly defined targets in the Eastern Greenstone Trend. The use of mechanized auger to follow up lower order soil geochemical anomalies. Completion of sampling over untested parts of the Koné permit, in particular the Western contact of the volcanic belt that hosts Koné. Soil geochemical sampling is now in progress on the Farandougou Exploration permit, 30km north of Koné. This is the first exploration completed on the project and targets defined will be followed up aggressively. Bobosso Gold Project Exploration Update: The Bobosso Gold Project hosts a 7km2 +100pb gold in soil anomaly that is yet to be fully explained by the exploration completed historically. Previous drilling by Avant Minerals Inc. (merged to form Montage in August 2019) in 2017/2018 returned numerous significant intercepts including 37m at 2.54 g/t from 32m, 57m at 1.58 g/t from 46m and 18m at 3.01 g/t from 49m. In Q4/2021 work re-started with a geological and regolith mapping program during which a number of new artisanal mining areas were located (Figure 2) opening up new target areas and providing geological control to some of the earlier work on the project.