Presentation: Supplemental DFS for the Koné Gold Project

TSX.V MAU OTC MAUTF

The Koné Gold Project:

Consolidation.

Exploration.

Transformation.

Supplemental Presentation: Feasibility Study Results

SEPTEMBER 2022

Cautionary Language

Introduction

Montage Gold Corp. ("Montage" or the "Company") is a Canadian-based precious metals exploration and development company focused on opportunities in Côte d'Ivoire. The Company's flagship property is the Koné Gold Project, located in northwest Côte d'Ivoire, which currently hosts a Probable Mineral Reserve of 161.1Mt grading 0.66g/t for 3.42Moz of gold, as will be detailed in an updated technical report to be filed by the Company on SEDAR at www.sedar.com, which report will also constitute a definitive feasibility study of the Koné Gold Project (the "DFS").

Forward-looking Information

This presentation contains "forward-looking information" (referred to herein as "forward-looking statements") under the provisions of applicable Canadian securities legislation regarding Montage and the mineral properties of Montage located in Côte d'Ivoire (the "Montage Projects"), including the Koné Gold Project. Generally, these forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will", "occur" or "be achieved" or the negative connotation thereof.

The mineral reserve estimates and the mineral resource estimates (collectively, the "MRE") for the Koné Gold Project and the Gbongogo deposit and the economic analysis thereof included in the DFS are forward-looking statements in that they reflect a prediction of the mineralization that would be encountered, and the results of mining, if a mineral deposit were developed and mined. Forward-looking statements in this presentation include, but are not limited to, those in respect of: the MRE; the timing and amount of future production from the Koné Gold Project; expectations with respect to the IRR, NPV, payback and costs of the Koné Gold Project; anticipated mining and processing methods of the Koné Gold Project; anticipated mine life of the Koné Gold Project; expected recoveries and grades of the Koné Gold Project; timing for the DFS; planned expansion of the Koné Gold Project; the expected closing of the Mankono Transaction; the future exploration programs at Mankono and districtwide at the KGP; expectations that the Gbongogo Inferred Mineral Resource will become an Indicated Mineral Resource; other current and planned initiatives and objectives in respect of Montage's capitalization, liquidity, capital resources and expenditures; mineral resource expansion potential and other growth opportunities; exploration and drilling plans; development timelines; business development strategies and outlook; planned capital expenditures, planned work programs and targets, drilling programs and other initiatives in respect of the Montage Projects; and economic performance, financial conditions and expectations.

Forward-looking statements are developed by management based on factors and assumptions that management considers reasonable, including: those factors and assumptions with respect to grade, recoveries, realized prices, costs, planned construction and production schedules set out on the slide titled "Disclosure Regarding Mineral Reserve and Resource Estimates" and that are set out in the press release dated February 14, 2022 with respect to the MRE and the DFS and that will be set out in the DFS and filed on SEDAR at www.sedar.com; that the MRE is accurate; that the cost to develop the Koné Gold Project will be as set out in the DFS; that the Company will have sufficient working capital to explore, develop and operate any other proposed mineral projects; that the Company will have access to adequate services and supplies; that there will be no material adverse change affecting the Company or its properties; that all required approvals and permits will be obtained when required, including concession renewals and permitting; that the political and legal environment will be stable and that developments will be consistent with current expectations; that currency, interest and exchange rates will be consistent with current levels; that there will be no significant disruptions affecting the Company or its properties; that the Company will have access to capital and debt markets and associated costs of funds will be as expected; that a qualified work force will be available when needed; that the ultimate ability to mine, process and sell mineral products will be on economically favourable terms; and that the effects of COVID-19 on the global economy and the operations of Montage and the Montage Projects will not be more adverse than expected.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause any of the following to be materially different from those expressed or implied by such forward-looking statements: the MRE; the timing and amount of future production from the Koné Gold Project; the IRR, NPV, payback and costs of the Koné Gold Project; anticipated mining and processing method of the Koné Gold Project; anticipated mine life of the Koné Gold Project; or expected recoveries and grades of the Koné Gold Project. Actual results, level of activity, performance or achievements of Montage and/or the Montage Projects may be materially different from those expressed or implied by such forward-looking statements. Risks that may cause these forward-looking statements to be materially different, include but are not limited to: risks related to uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies such as the MRE and the DFS, including but not limited to, assumptions underlying the production estimates not being realized, incorrect cost assumptions, unexpected variations in quantity of mineralized material, grade or recovery rates, unexpected changes to geotechnical or hydrogeological considerations, unexpected failures of plant, equipment or processes, unexpected changes to availability of power or the power rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse

changes in project parameters, unanticipated delays and costs of consulting and accommodating rights of local communities, environmental risks inherent in the Côte d'Ivoire, title risks, including failure to renew concessions, unanticipated commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure to receive access agreements or amended permits.

The Company also faces generally risks that companies developing gold mines face, including that the Company has a limited business history, with no assurance of revenues; that estimating mineral reserves and mineral resources is risky; that exploration and development is speculative and may not result in profitable mining operations; that mining requires substantial capital, resulting in significant financing risks and shareholder dilution; that global financial conditions may impact Montage's ability to raise additional funds; that the COVID-19 pandemic is impacting mining operations and the global economy; that negative operating cash flows are expected to continue and will need to be funded; that the future price of gold is uncertain and may be lower than expected; that gold prices and exchange rates are volatile and unpredictable and may not be as anticipated; that commercial viability may not be achieved even with an acceptable gold price; mining operations are very risky; operations during mining cycle peaks are more expensive; that built or planned infrastructure may be inadequate; that Montage's rights in its mineral properties could be lost, be defective or be subject to challenges and claims; that Montage's insurance coverage may be inadequate and result in losses; that Montage may fail to comply with the law resulting in adverse financial penalties; that Montage may fail to obtain or renew necessary permits and licences to develop and operate its properties; that climate change may make mining operations more expensive; that compliance with environmental regulations can be costly; that social and environmental activism can negatively impact exploration, development and mining activities; that unexpected geological, hydrological and climatic events could suspend mining operations or increase costs.

In addition, Montage faces the following risks: that Perseus Mining Limited exercises significant control over Montage; that price volatility of publicly traded securities may impact returns to and investor; that foreign investments and operations are risky; that there are conflicts of interest that may result in the interests of other issuers or shareholders being preferred to the Montage shareholders; that the influence of third-party stakeholders may result in the interests of other parties being preferred to the detriment of Montage; that taxes may be significantly higher than expected; that Montage must

compete with larger entities for resources; that Montage is dependent on management; that legal proceedings can be costly and distract management from operating the business; as well as those factors discussed in the section entitled "Risk Factors" in Montage's Annual Information Form available on SEDAR at www.sedar.com.

TSX.V MAU

The information presented herein was approved by management of Montage on September 9, 2022

Montage Gold Corp.

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Cautionary Language

Forward-looking Information

Although Montage has attempted to identify important factors, assumptions and risks that could cause actual results to differ materially from those contained in forward-looking statements, there may be others that cause results not to be as anticipated, estimated or intended.

There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements are made as of the date hereof and, accordingly, are subject to change after such date. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing

investors and others to get a better understanding of Montage's projects and operating environment. Montage does not intend or undertake to publicly update any forward-looking statements that are included in this presentation, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

Technical Disclosure - Gbongogo

The Mineral Resource Estimate for Gbongogo was carried out by Mr. Jonathon Abbott of MPR Geological Consultants of Perth, Western Australia who is considered to be independent of Montage Gold. Mr. Abbott is a member in good standing of the Australian Institute of

Geoscientists and has sufficient experience which is relevant to the commodity, style of mineralization under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43-101 ("NI 43-101"). Mr. Abbott consents to the inclusion in this presentation of the information, in the form and context in which it appears.

Technical Disclosure - Koné Gold Project

The Mineral Reserve Estimate for the Koné Gold Project has an effective date of February 14, 2022 and was carried out by Ms. Joeline McGrath of Carci Mining Consultants Ltd. who is considered to be independent of Montage. Ms. McGrath is a member in good standing of the Australian Institute of Mining and Metallurgy and has sufficient experience which is relevant to the work which she is undertaking to qualify as a Qualified Person under NI 43-101.

The Mineral Resource Estimates for the Koné Gold Project have an effective date of August 12, 2021 and were carried out by Mr. Jonathon Abbott of MPR who is considered to be independent of Montage Gold. Mr. Abbott is a member in good standing of the Australian Institute of Geoscientists and has sufficient experience which is relevant to the commodity, style of mineralization under consideration and activity which he is undertaking to qualify as a Qualified Person under NI 43-101.

For further details of the data verification undertaken, exploration undertaken and associated QA/QC programs, and the interpretation thereof, and the assumptions, parameters and methods used to develop the Mineral Reserve Estimate and the Mineral Resource Estimates for the Koné Gold Project, please see the definitive feasibility study, entitled "Koné Gold Project, Côte d'Ivoire Definitive Feasibility Study National Instrument 43-101 Technical Report" (the "DFS") and filed on SEDAR at www.sedar.com. The DFS was prepared by Lycopodium Minerals Pty Ltd. and incorporates the work of Lycopodium and Specialist Consultants, including Mr. Abbott, under the supervision of Sandy Hunter, MAusIMM(CP), of Lycopodium, a Qualified Person pursuant to NI 43-101 who is independent of Montage. Readers are encouraged to read the DFS in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release. The DFS is intended to be read as a whole, and sections should not be read or relied upon out of context.

The technical contents of this presentation have been approved by Hugh Stuart, BSc, MSc, a Qualified Person pursuant to NI 43-101. Mr. Stuart is the President of the Company, a Chartered Geologist and a Fellow of the Geological Society of London. Mr. Stuart is not independent of Montage as he is an officer, director and shareholder of Montage.

Non-GAAP Measures

This presentation includes certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "cash costs" and "all-in sustaining costs" (or AISC) per payable ounce of gold sold and per tonne processed. Non-GAAP measures do not have any standardized meaning prescribed under IFRS and, therefore, they may not be comparable to similar measures employed by other companies. The Company discloses "cash costs" and "all-in sustaining costs" because it understands that certain investors use this information to determine the Company's ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with IFRS, do not fully illustrate the ability of mines to generate cash flows. The measures, as determined under IFRS, are not necessarily indicative of operating profit or cash flows from operating activities. The measures cash costs and all-in sustaining costs are considered to be key indicators of a project's ability to generate operating earnings and cash flows. Non-GAAP financial measures should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating profit or cash flows presented under IFRS. Readers should also refer to our management's discussion and analysis, available under our corporate profile at www.sedar.com for a more detailed discussion of how we calculate such measures.

TSX.V MAU

The information presented herein was approved by management of Montage on September 9, 2022

Montage Gold Corp.

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Introduction to Montage

	Exploration License	Syama	N
	Application
	Sissingué	Wahgnion	100km

Focused on Gold in Côte d'Ivoire

§ Highly prospective geology; strong support for mining
§	6 gold mines in production; 2 in construction
§	Safe and secure place to work

Bagoe

ABC

Tongon

Doropo

Korokaha Gold

Project

Led by Rick Clark and Hugh Stuart

• Recognized experts in Africa
• Grew Red Back Mining into intermediate producer; +US$7B sale in 2010
• Discovery of Block 14 in Sudan (sold to Perseus in 2022)
• Koné anomaly discovered by Hugh Stuart in 2009; has led all work over project history

Flagship Koné Gold Project Poised For Rapid Growth

• 3.42Moz Probable Reserve with robust economics from Feb 2022 DFS
• Low strip, simple metallurgy with significant production potential
• District consolidation positions Montage to add higher grades

Strong Shareholder Backing

• Perseus Mining, Barrick Gold, Endeavour Mining, Lundin Group, Sandstorm Gold

TSX.V MAU 1. Please refer to disclosures regarding Mineral Reserve and Mineral Resource Estimates in appendix

Séguéla	Koné Gold	Fetekro	Bobosso Gold
Project
		Project

Abujar

Yaouré

Ity

Bonikro

Agbaou

AbidjanAfema

Montage Gold Corp. 4

DFS Highlights (Feb 2022)

Base Case at $1,600/oz gold price

$746 million	3.06 million oz
After-Tax NPV (100% basis)	LOM Total Production
35%	207,000 oz
After-Tax IRR	Avg Annual Production
2.7 years	320,000 oz
Payback Period	Peak Production
LOW-COST OPERATION
$933/oz	$15.89/tonne
All-in-Sustaining Cost1	Total Operating Costs1
LOM Average	LOM Average

Significant leverage to gold price

+13% in gold price

• +40% to NPV

$1,600				70%

							61%
	$1,400					54%		60%
	$1,200				47%			50%
(5%)NPVTax-				40%		$1,205			IRRTax-After
$1,000		35%				40%
	$800	28%					$1,367	30%
After
$600			$881	$1,043			20%
			$746
	$400						10%
	$582
	$200	$1,500	$1,600	$1,700	$1,800	$1,900	$2,000	0%

1. See disclosure on slide 3 regarding Non-GAAP measures

Montage Gold Corp.

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