Montage Gold Corp.

Montage Gold Corp. is a junior gold development company headquartered in Vancouver, Canada, operating primarily in Africa. The company's portfolio consists of 1 development project. Key assets include Koné. The business model is focused on becoming a premier multi-asset producer, beginning with the development of a flagship asset. The operational approach is guided by an updated feasibility study and incorporates best practices such as in-pit tailings disposal, a first-of-its-kind approval in its operating jurisdiction. Construction management combines the expertise of an EPCM contractor with an experienced in-house team self-performing a number of key tasks. The company's development strategy is supported by a large-scale exploration program aimed at enhancing the project profile by identifying and integrating higher-grade satellite deposits early into the production plan. This integrated approach from development to exploration is designed to create a robust, long-life production platform. The company has successfully secured all governmental authorizations required for development and operation, culminating in a groundbreaking ceremony and the launch of construction.

Strategic priorities center on enhancing project economics through aggressive exploration and prudent financial management. A key objective is the discovery of higher-grade satellite resources to be sequenced early in the mine plan, supported by a significant drilling program launched in 2025. The financial strategy includes a revenue protection program implemented through the purchase of put options, designed to secure significant margins, enhance financial flexibility for deleveraging, and support strategic objectives at the onset of production while retaining exposure to price upside. This program allows for future conversion into a zero-cost collar or early monetization based on market conditions. The growth strategy also involves forming strategic partnerships with other exploration companies through share exchange transactions, providing exposure to prospective portfolios and securing project-related rights in adjacent areas.

Executive leadership was significantly expanded in 2024 with the appointment of a new Chief Executive Officer and a Chief Development Officer, both with key experience in building a top 10 global producer. The board of directors was also refreshed, with 6 directors elected and 3 not standing for re-election. The management team was further reinforced with the appointments of an Executive Vice President of Exploration and a Chief Financial Officer. Governance is supported by a Master Service Agreement with Orange Mining Pty Ltd., a related party, which provides comprehensive services for project development towards construction and operation. Key management personnel compensation for 2024 included salaries, share-based compensation, and termination benefits related to the management transition.

The organization's environmental permit includes approval for in-pit tailings disposal, a method recognized as a best practice in the mining industry. Social development initiatives are managed through a Resettlement Action Plan, which has progressed to signing compensation agreements, and a Livelihood Restoration Plan focused on agricultural development and financial literacy programs. To enhance local employability, 130 individuals from affected villages were trained in civil construction at accredited institutions, and over 450 individuals received free literacy training. The company maintains a strong safety record, reporting no Lost Time Injuries with more than 730,000 man-hours worked during the initial construction phase. These programs demonstrate a commitment to local community empowerment, environmental stewardship, and workplace safety.

The corporate structure was significantly advanced in 2024 through strategic financing and partnerships. The government holds a 10% free carried interest in the 2 newly incorporated operating entities, K1 Mining and 3G Mining, which hold the project's mining licenses. Major strategic investors include the Lundin Family Trusts, which increased their stake to 18%, and Zijin Mining Group, which acquired a 9.9% interest. In December 2024, the company entered a strategic partnership with Sanu Gold Corporation, acquiring a 19.9% interest via a share exchange, which includes investor rights. A similar partnership was formed with African Gold Limited in March 2025 through a share exchange transaction, granting investor and project-related rights. The company also exercised a buyback option to repurchase 50% of NSR royalties on the Mankono property from Barrick Gold Corporation and Endeavour Mining Plc. A US$825 million financing package was secured with Wheaton Precious Metals and Zijin, comprising streams and senior secured loan facilities.