Montage Gold : Definitive Feasibility Study for the Koné Gold Project

Montage Gold

KONÉ GOLD PROJECT, CÔTE D'IVOIRE

Definitive Feasibility Study

National Instrument 43-101 Technical Report

3276-GREP-001

Report Date: 14 March 2022

Effective Date: 14 February, 2022

KONÉ GOLD PROJECT, CÔTE D'IVOIRE

NATIONAL INSTRUMENT 43-101 TECHNICAL REPORT

DATE AND SIGNATURE PAGE

The independent Qualified Person (within the meaning of NI 43‐101) for the purposes of this report is Sandra (Sandy) Hunter, representing Lycopodium. Further review as detailed below has been undertaken by Jonathon Abbott, Mike Hallewell, Pieter Labuschagne, Carl Nicholas, Joeline McGrath and Tim Rowles.

The author has undertaken an extensive review of Montage Gold's Koné Gold Project technical and economic data and has reviewed Montage Gold's contributions to this report.

The overall report entitled Definitive Feasibility Study, Koné Gold Project, Côte d'Ivoire was collated and signed by the following author:

Signed, this 14 March, 2022.

Sandra (Sandy) Hunter B.Sc (Hons), FAusIMM(CP)

Principal Process Engineer

Lycopodium Minerals Pty. Ltd.

Other discipline specific QPs were:

• Jonathon Abbott: Consulting Geologist, MPR Geological Consultants Pty. Ltd., BASc Appl. Geol, MAIG
• Mike Hallewell: Consultant, MPH Minerals Consultancy Ltd., B.Sc, FIMMM, FSAIMM, FMES, C.Eng
• Pieter Labuschagne: Consultant, AGE Pty Ltd, M.Sc Hydrogeology (Pr.Sci.Nat 400386/11)
• Carl Nicholas: Consultant, Mineesia Ltd., M.Sc, B.Sc (Hons), DIC, CEnv, MIMMM
• Joeline McGrath: Principal Consultant, Carci Mining, B.Eng, M.Fin, MAusIMM(CP) #317704
• Tim Rowles: Consultant, Knight Piésold Pty. Ltd., B.Sc, M.Sc, MAusIMM(CP), RPEQ (10166).

Signed QP certificates are located at the end of the report.

327624.02Kone 43‐101 Report	Effective Date: 14 February, 2022
	Lycopodium

KONÉ GOLD PROJECT, CÔTE D'IVOIRE

National Instrument 43-101 Technical Report

	3276-GREP-001
	Table of Contents
			Page
1.0	SUMMARY..................................................................................................................................	14
1.1	Introduction..................................................................................................................................................................	14
1.2	Property Description and Ownership.................................................................................................................	14
1.2.1	Property Description ..........................................................................................................................................	14
1.2.2	Ownership ..............................................................................................................................................................	14
1.3	Accessibility, Climate, Local Resources, infrastructure and Physiography	..........................................14
1.4	Geology and Mineralization ..................................................................................................................................	15
1.5	Exploration and Resource Definition..................................................................................................................	15
1.6	Metallurgical Testing ................................................................................................................................................	16
1.7	Mineral Resource Estimate.....................................................................................................................................	17
1.8	Mineral Reserve Estimate........................................................................................................................................	18
1.9	Mining ............................................................................................................................................................................	18
1.10	Recovery Method.......................................................................................................................................................	20
1.11	Project Infrastructure................................................................................................................................................	21
1.11.1	Water Supply.........................................................................................................................................................	21
1.11.2	Power Supply ........................................................................................................................................................	21
1.11.3	Tailings Storage Facility ....................................................................................................................................	22
1.12	Market Studies and Contracts...............................................................................................................................	22
1.13	Environmental .............................................................................................................................................................	23
1.14	Capital and Operating Costs .................................................................................................................................	24
1.14.1	Capital Cost............................................................................................................................................................	24
1.14.2	Operating Cost Mining......................................................................................................................................	24
1.14.3	Operating Cost Process and Infrastructure...............................................................................................	25
1.15	Economic Analysis .....................................................................................................................................................	26
1.16	Recommendations.....................................................................................................................................................	27
1.16.1	Geology ...................................................................................................................................................................	27
1.16.2	Environmental.......................................................................................................................................................	28
1.16.3	Mining......................................................................................................................................................................	28
1.16.4	Metallurgical Testwork ......................................................................................................................................	28
1.16.5	Infrastructure.........................................................................................................................................................	28
2.0	INTRODUCTION ........................................................................................................................	29
2.1	Basis of Technical Report........................................................................................................................................	29
2.2	Qualified Person Site Inspection..........................................................................................................................	29
2.3	Effective Date...............................................................................................................................................................	30
2.4	Abbreviations...............................................................................................................................................................	30
3.0	RELIANCE ON OTHER EXPERTS ...............................................................................................	32
4.0	PROPERTY DESCRIPTION AND LOCATION ............................................................................	33
4.1	Property Location.......................................................................................................................................................	33
4.2	Mineral Tenure............................................................................................................................................................	34
327624.02Kone 43-101 Report	Effective Date: 14 February, 2022
			Lycopodium

KONÉ GOLD PROJECT, CÔTE D'IVOIRE	Page ii
NATIONAL INSTRUMENT 43-101 TECHNICAL REPORT
4.2.1	Mineral Tenure Framework..............................................................................................................................	34
4.2.2	Project Mineral Tenure and Ownership......................................................................................................	34
5.0	ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, PHYSIOGRAPHY......	39
5.1	Accessibility ..................................................................................................................................................................	39
5.2	Climate ...........................................................................................................................................................................	39
5.3	Local Resources, Infrastructure.............................................................................................................................	39
5.4	Physiography ...............................................................................................................................................................	39
6.0	HISTORY.....................................................................................................................................	41
7.0	GEOLOGICAL SETTING AND MINERALIZATION....................................................................	43
7.1	Regional Geological Setting ..................................................................................................................................	43
7.2	Koné Exploration Permit Geological Setting...................................................................................................	44
7.3	Koné Deposit Geological Setting and Mineralization .................................................................................	45
7.3.1	The Diorite Sequence.........................................................................................................................................	47
7.3.2	Hanging Wall Geology ......................................................................................................................................	50
7.3.3	Footwall Geology.................................................................................................................................................	52
7.3.4	Mineralization .......................................................................................................................................................	53
7.3.5	Structure and Deformation..............................................................................................................................	56
7.3.6	Dykes........................................................................................................................................................................	57
7.3.7	Post Mineral deformation ................................................................................................................................	62
8	DEPOSIT TYPES..........................................................................................................................	66
9	EXPLORATION ...........................................................................................................................	67
9.1	Introduction..................................................................................................................................................................	67
9.2	Soil Sampling...............................................................................................................................................................	68
9.3	Trenching ......................................................................................................................................................................	69
9.4	Pit Sampling .................................................................................................................................................................	70
9.5	Magnetic Survey.........................................................................................................................................................	70
9.6	Gradient Array Induced Polarisation Survey ...................................................................................................	71
10	DRILLING....................................................................................................................................	72
10.1	Introduction and Summary....................................................................................................................................	72
10.2	Koné RC Drilling .........................................................................................................................................................	73
10.2.1	Drilling and sampling procedures ................................................................................................................	73
10.2.2	Collar and down-hole surveying ...................................................................................................................	75
10.2.3	Sample representivity ........................................................................................................................................	76
10.3	Diamond Drilling ........................................................................................................................................................	78
10.3.1	Drilling and sampling procedures ................................................................................................................	78
10.3.2	Collar and down-hole surveying ...................................................................................................................	78
10.3.3	Sample representivity ........................................................................................................................................	79
10.4	Reconnaissance RC Drilling....................................................................................................................................	79
11	SAMPLE PREPARATION, ANALYSES AND SECURITY............................................................	80
11.1	Introduction and Summary....................................................................................................................................	80
11.2	Sample Submission Procedures and Security.................................................................................................	81
11.3	Primary Assay Laboratories....................................................................................................................................	82
11.4	Exploration Sampling ...............................................................................................................................................	83
11.4.1	Soil Sampling ........................................................................................................................................................	83
11.4.2	Trenching................................................................................................................................................................	84
327624.02 Kone 43-101 Report	Effective Date: 14 February, 2022
		Lycopodium

KONÉ GOLD PROJECT, CÔTE D'IVOIRE	Page iii
NATIONAL INSTRUMENT 43-101 TECHNICAL REPORT
11.4.3	Pit Sampling...........................................................................................................................................................	84
11.5	Koné RC and Diamond Drilling ............................................................................................................................	85
11.5.1	Sample Preparation and Analysis..................................................................................................................	85
11.5.2	Routine Monitoring of Sampling and Assay Reliability........................................................................	86
11.5.3	Cyanide Leach and Screen Fire Duplicates................................................................................................	90
11.6	Reconnaissance RC Drilling....................................................................................................................................	94
11.6.1	Sample Preparation and Analysis..................................................................................................................	94
11.6.2	Monitoring of Sampling and Assay Reliability.........................................................................................	95
11.7	Density Measurements ............................................................................................................................................	97
12	DATA VERIFICATION ..............................................................................................................	100
13	MINERAL PROCESSING AND METALLURGICAL TESTING ..................................................	101
13.1	Metallurgical Testing 2014..................................................................................................................................	101
13.2	Metallurgical Testing 2018..................................................................................................................................	101
13.2	Metallurgical Testing 2020..................................................................................................................................	103
13.2.1	Variability Comminution & Physical Testing .........................................................................................	103
13.2.2	Leach Conditions Optimization Testing ..................................................................................................	103
13.2.3	Leach Variability Testing................................................................................................................................	104
13.2.4	Carbon Modelling ............................................................................................................................................	106
13.2.5	Tailings Sample Generation..........................................................................................................................	106
13.2.6	Thickener Tests..................................................................................................................................................	106
13.2.7	Rheological Tests..............................................................................................................................................	107
13.3	Metallurgical Testing 2021..................................................................................................................................	108
13.3.1	Variability Comminution & Physical Testing .........................................................................................	108
13.3.2	XRD Clay Speciation ........................................................................................................................................	110
13.3.3	Gravity Concentration.....................................................................................................................................	110
13.3.4	Cyanide leach tailings diagnostic testwork............................................................................................	110
13.3.5	Cyanide Leach Variability Testwork...........................................................................................................	111
13.3.6	Sodium Cyanide Decay Testing ..................................................................................................................	116
13.3.7	Carbon Modelling ............................................................................................................................................	117
13.3.8	Thickener Tests..................................................................................................................................................	117
13.3.9	Rheology..............................................................................................................................................................	118
13.4	Metallurgical Results Summary .........................................................................................................................	118
13.4.1	Metallurgical Sample Locations..................................................................................................................	118
13.4.2	Comminution .....................................................................................................................................................	121
13.4.3	Metallurgical Data............................................................................................................................................	123
13.4.4	Clay Speciation ..................................................................................................................................................	124
13.4.5	Gravity Concentration.....................................................................................................................................	124
13.4.6	Leach Residue Diagnostic Testwork..........................................................................................................	124
13.4.7	Cyanide Leach Variability Testwork...........................................................................................................	124
13.4.8	Cyanide Leach Decay Testwork...................................................................................................................	126
13.4.9	Carbon Modelling ............................................................................................................................................	127
13.4.10	Silver Carbon Modelling ................................................................................................................................	127
13.4.11	Thickener Testing .............................................................................................................................................	128
13.4.12	Rheological Properties ...................................................................................................................................	128
14	MINERAL RESOURCE ESTIMATE............................................................................................	129
14.1	Introduction...............................................................................................................................................................	129
327624.02 Kone 43-101 Report	Effective Date: 14 February, 2022
		Lycopodium