Freeport-McMoRan Inc. press release

Montage Gold grows Koné higher grade satellite resources to 1.7Moz at 1.5 g/t Au Indicated and 0.8Moz at 1.3 g/t Au Inferred

2026-06-15

NYSE - New York Stock Exchange · Copper · Gold · Molybdenum · United States · Resource Estimate

Satellite M&I grades range from 1.3-2.0 g/t Au ● Koné project M&I grade up 27% ● 90,000m drill programme underway

HIGHLIGHTS:

M&I Resources for higher-grade satellite deposits at the Koné project have increased by 1.1Moz to 1.7Moz at 1.51 g/t Au compared to 520koz at 1.48 g/t Au which was used as a basis for the 2024 Updated Feasibility Study (“UFS”) whilst Inferred Resources for satellite deposits have increased from nil to 0.8Moz at 1.34 g/t Au Koné project overall M&I Resource increased by 1.4Moz to 6.3Moz, with grade up 27% to 0.80 g/t Au and Inferred Resources increased by 1.6Moz to 2.0Moz with grade up 36% to 0.68 g/t Au, compared to the basis used for the UFS Exceeded target set in October 2024 of delineating +1Moz of M&I Resources at a grade >50% higher than that of the Koné deposit (2024 M&I Resources stood at 0.59 g/t Au), with the goal of supplementing production from the onset Mineralization intercepted at 25 targets with a growing pipeline of +20 targets still to be drill tested, while 12 deposits have now been delineated compared to 2 in the 2024 UFS based on a disciplined exploration approach consisting of outlining starter resources to assess grade and size of targets to prioritize subsequent infill and step-out drilling efforts M&I Resource grades of new discoveries range between 1.3 to 2.0 g/t Au for notable deposits such as Petit Yao (1.51 g/t Au), Gbongogo South (1.47 g/t Au), Soman (1.42 g/t Au), Koban North (1.29 g/t Au), Sena (2.06 g/t Au), Diouma North (1.33 g/t Au), ANV (1.83 g/t Au), Yeré North (2.03 g/t Au), and Lokolo Main (1.92 g/t Au) Step-out and infill drilling has mainly focused on growing M&I Resources at the Gbongogo Main, Gbongogo South, Koban North and ANV deposits with M&I Resources standing at respectively 783koz at 1.51 g/t Au, 230koz at 1.47 g/t Au, 167koz at 1.29 g/t Au and 168koz at 1.83 g/t Au, with further exploration underway Maiden M&I Resource achieved for Petit Yao of 102koz at 1.51 g/t Au with maiden Inferred Resource of 391koz at 1.28 g/t Au, while drilling is ongoing and mineralised extensions have been identified

Further resource updates are expected throughout the year with a 90,000-meter programme for the year well underway Construction of the Koné project remains on-budget and ahead of schedule with first gold pour targeted in late Q4-2026

ABIDJAN, Côte d’Ivoire, June 15, 2026 (GLOBE NEWSWIRE) -- Montage Gold Corp. (“Montage” or the “Company”)(TSX: MAU, OTCQX: MAUTF) is pleased to report that it has continued to make higher grade satellite discoveries at its Koné project, in Côte d’Ivoire, where construction remains on-budget and ahead of schedule with first gold pour targeted in late Q4-2026.

Martino De Ciccio, CEO of Montage commented: “We are pleased with our continued progress to unlock exploration value at the Koné project, where construction remains on-budget and ahead of schedule with first gold pour expected in late Q4-2026.

Since the publication of the 2024 Updated Feasibility Study, a total of approximately 330,000 metres has been drilled in addition to the 118,525 metres completed prior, focused on discovering higher-grade satellite deposits with the objective of enhancing the production profile of the operation from the commencement of production. In support of this objective, in October 2024 we published a target of delineating more than 1Moz of M&I Resources at a grade at least 50% higher than that of the Koné deposit, and we are very pleased to have already significantly exceeded this target.

We look forward to unlocking additional exploration value across the Koné project and our broader exploration portfolio as we continue on our journey of creating a premier multi-asset African gold producer and unlocking value for all stakeholders."

Silvia Bottero, EVP Exploration of Montage, commented: “To maximize the efficiency of the exploration programme, we have adopted a systematic approach whereby we initially drill test the highest-priority targets to confirm their potential and define starter resources to validate grade profiles before undertaking larger infill and step-out drilling campaigns. As such, our ongoing exploration programme continues to focus on three parallel workstreams: infill and step-out drilling of previously delineated deposits, advancing targets towards maiden resource status, and testing new targets through regional scout drilling.

We look forward to continuing to aggressively advance exploration across the Koné project through the ongoing 90,000-meter drill programme, which we expect will support further resource updates throughout the year. Looking ahead, we are also excited by the ongoing exploration programmes across our broader Côte d’Ivoire portfolio, including at Didievi and Wendé.”

RESOURCE UPDATE AND EXPLORATION OVERVIEW

Since the publication of the 2024 Updated Feasibility Study (“UFS”), a total of approximately 330,000 metres has been drilled in addition to the 118,525 meters completed prior, focused on discovering higher-grade satellite deposits with the objective of boosting production from the onset. In support of this objective, a target of delineating over 1Moz of M&I Resources at a grade at least 50% higher than that of the Koné deposit (2024 M&I Resources stood at 0.59 g/t Au) was published in October 20241, which has now been significantly exceeded.

As shown in Table 1 below, M&I Resources for higher grade satellite deposits have increased by 1.14Moz to 1.66Moz at 1.51 g/t Au compared to 520koz at 1.48 g/t Au, which was used as a basis for the 2024 UFS whilst Inferred Resources for satellite deposits have increased from nil to 766koz at 1.34 g/t Au. As a result, the overall Koné project M&I Resource has now increased by 1.42Moz to 6.29Moz, with grade improving by 27% to 0.80 g/t Au, and Inferred Resources have increased by 1.62Moz to 2.03Moz, with grade increasing by 36% to 0.68 g/t Au, compare to the basis used for the 2024 UFS.

Table 1: Koné project consolidated Mineral Resource Estimate variance versus previous estimates

| | UPDATED FEASIBILITY STUDY1 (Published January 2024) | | YEAR-END 2025 MRE2 (Published March 2026) | | UPDATED MRE3 (Published June 2026) | | ΔUFS1vs. MRE3 | | | | | | | | | Tonnage | Grade | Content | | Tonnage | Grade | Content | | Tonnage | Grade | Content | | Content | | | (Mt) | (Au g/t) | (Au koz) | | (Mt) | (Au g/t) | (Au koz) | | (Mt) | (Au g/t) | (Au koz) | | (Au koz) | | Koné deposit | | | | | | | | | | | | | | | Measured | - | - | - | | 8.6 | 0.83 | 229 | | 8.6 | 0.83 | 229 | | +229 | | Indicated | 229 | 0.59 | 4,340 | | 200 | 0.68 | 4,404 | | 200 | 0.68 | 4,404 | | +64 | | Measured & Indicated | 229 | 0.59 | 4,340 | | 209 | 0.69 | 4,632 | | 209 | 0.69 | 4,632 | | +292 | | Inferred | 25 | 0.50 | 400 | | 75 | 0.52 | 1,259 | | 75 | 0.52 | 1,259 | | +859 | | Satellite deposits | | | | | | | | | | | | | | | Measured | - | - | - | | - | - | - | | - | - | - | | - | | Indicated | 11 | 1.48 | 520 | | 29 | 1.34 | 1,249 | | 34 | 1.51 | 1,660 | | +1,140 | | Measured & Indicated | 11 | 1.48 | 520 | | 29 | 1.34 | 1,249 | | 34 | 1.51 | 1,660 | | +1,140 | | Inferred | - | - | - | | 8.8 | 1.07 | 303 | | 18 | 1.34 | 766 | | +766 | | Total Koné Project | | | | | | | | | | | | | | | Measured | - | - | - | | 8.6 | 0.83 | 229 | | 8.6 | 0.83 | 229 | | +229 | | Indicated | 240 | 0.63 | 4,870 | | 229 | 0.77 | 5,652 | | 236 | 0.80 | 6,064 | | +1,194 | | Measured & Indicated | 240 | 0.63 | 4,870 | | 238 | 0.77 | 5,881 | | 244 | 0.80 | 6,292 | | +1,422 | | Inferred | 25 | 0.50 | 400 | | 84 | 0.58 | 1,562 | | 93 | 0.68 | 2,025 | | +1,625 | | 1) Updated Feasibility Study available on Montage’s website and on SEDAR+. 2) Year-End 2025 MRE as disclosed in the Company’s press release dated March 30, 2026, available on Montage’s website and on SEDAR+. 3) Refer to note 3 on Table 2 and “Technical Disclosure” below for further details. | | | | | | | | | | | | | |

As shown in Figure 1 below, 12 deposits have now been delineated compared to 2 in the 2024 UFS, while mineralization has been intercepted at 25 targets with a growing pipeline of over 20 exploration targets remaining to be drill tested, across 7 mineralized trends.

Figure 1: Koné project exploration trends, target map and mineral deposits

In order to maximize the efficiency of the exploration programme, the approach undertaken has been to systematically drill test best selected targets to confirm their potential and define starter resources to validate grade profiles before undertaking larger step-out drilling campaigns. Table 2 below presents the updated Mineral Resource Estimate by deposit for all satellite deposits along with their status and current programme of exploration. Infill and step-out drilling efforts have progressed at the Gbongogo South, Koban North, Petit Yao and ANV deposits following the delineation of starter resources, with infill and step-out drilling expected to ramp-up at other selected deposits for which a starter resources have been declared.

Table 2: Koné project satellite deposits detailed Mineral Resource Estimate variance versus previous estimates

|

| UPDATED FEASIBILITY STUDY1 (Published January 2024) | | YEAR-END 2025 MRE2 (Published March 2026) | | UPDATED MRE3 (Published June 2026) | | ΔYE MRE2vs. MRE3 | | | | | | | | | | Tonnage | Grade | Content | | Tonnage | Grade | Content | | Tonnage | Grade | Content | | Content | | | | | (Mt) | (Au g/t) | (Au koz) | | (Mt) | (Au g/t) | (Au koz) | | (Mt) | (Au g/t) | (Au koz) | | (Au koz) | | | | | Gbongogo Main | | | | | | | | | | | | | | | | | Measured | - | - | - | | - | - | - | | - | - | - | | - | | | | Indicated | 11 | 1.48 | 520 | | 16 | 1.51 | 783 | | 16 | 1.51 | 783 | | - | | | | Measured & Indicated | 11 | 1.48 | 520 | | 16 | 1.51 | 783 | | 16 | 1.51 | 783 | | - | | | | Inferred | - | - | - | | 1.2 | 1.08 | 41 | | 1.2 | 1.08 | 41 | | - | | | | Gbongogo South | | | | | | | | | | | | | | | | | Measured | - | - | - | | - | - | - | | - | - | - | | - | | | | Indicated | - | - | - | | 3.9 | 1.22 | 154 | | 4.9 | 1.47 | 230 | | +76 | | | | Measured & Indicated | - | - | - | | 3.9 | 1.22 | 154 | | 4.9 | 1.47 | 230 | | +76 | | | | Inferred | - | - | - | | 1.8 | 1.17 | 70 | | 1.7 | 1.41 | 75 | | +6 | | | | Koban North | | | | | | | | | | | | | | | | | Measured | - | - | - | | - | - | - | | - | - | - | | - | | | | Indicated | - | - | - | | 4.1 | 1.07 | 141 | | 4.0 | 1.29 | 167 | | +26 | | | | Measured & Indicated | - | - | - | | 4.1 | 1.07 | 141 | | 4.0 | 1.29 | 167 | | +26 | | | | Inferred | - | - | - | | 1.5 | 0.89 | 43 | | 0.1 | 0.95 | 2.9 | | (40 | ) | | | Soman | | | | | | | | | | | | | | | | | Measured | - | - | - | | - | - | - | | - | - | - | | - | | | | Indicated | - | - | - | | - | - | - | | 1.3 | 1.42 | 58 | | +58 | | | | Measured & Indicated | - | - | - | | - | - | - | | 1.3 | 1.42 | 58 | | +58 | | | | Inferred | - | - | - | | - | - | - | | 1.5 | 1.16 | 57 | | +57 | | | | Sena | | | | | | | | | | | | | | | | | Measured | - | - | - | | - | - | - | | - | - | - | | - | | | | Indicated | - | - | - | | - | - | - | | 0.36 | 2.06 | 24 | | +24 | | | | Measured & Indicated | - | - | - | | - | - | - | | 0.36 | 2.06 | 24 | | +24 | | | | Inferred | - | - | - | | 0.42 | 1.00 | 14 | | 0.7 | 2.36 | 54 | | +40 | | | | Diouma North | | | | | | | | | | | | | | | | | Measured | - | - | - | | - | - | - | | - | - | - | | - | | | | Indicated | - | - | - | | 0.38 | 0.95 | 12 | | 1.0 | 1.33 | 43 | | +31 | | | | Measured & Indicated | - | - | - | | 0.38 | 0.95 | 12 | | 1.0 | 1.33 | 43 | | +31 | | | | Inferred | - | - | - | | 0.01 | 1.00 | 0.3 | | 0.55 | 1.22 | 22 | | +21 | | | | Petit Yao | | | | | | | | | | | | | | | | | Measured | - | - | - | | - | - | - | | - | - | - | | - | | | | Indicated | - | - | - | | - | - | - | | 2.1 | 1.51 | 102 | | +102 | | | | Measured & Indicated | - | - | - | | - | - | - | | 2.1 | 1.51 | 102 | | +102 | | | | Inferred | - | - | - | | - | - | - | | 9.5 | 1.28 | 391 | | +391 | | | | ANV | | | | | | | | | | | | | | | | | Measured | - | - | - | | - | - | - | | - | - | - | | - | | | | Indicated | - | - | - | | 4.0 | 1.05 | 136 | | 2.9 | 1.83 | 168 | | +32 | | | | Measured & Indicated | - | - | - | | 4.0 | 1.05 | 136 | | 2.9 | 1.83 | 168 | | +32 | | | | Inferred | - | - | - | | 3.3 | 1.09 | 117 | | 1.2 | 1.99 | 79 | | (38 | ) | | | Yeré North | | | | | | | | | | | | | | | | | Measured | - | - | - | | - | - | - | | - | - | - | | - | | | | Indicated | - | - | - | | 0.19 | 1.05 | 6.4 | | 0.4 | 2.03 | 28 | | +21 | | | | Measured & Indicated | - | - | - | | 0.19 | 1.05 | 6.4 | | 0.4 | 2.03 | 28 | | +21 | | | | Inferred | - | - | - | | 0.43 | 1.10 | 15 | | 0.1 | 1.39 | 3.1 | | (12 | ) | | | Lokolo Main | | | | | | | | | | | | | | | | | Measured | - | - | - | | - | - | - | | - | - | - | | - | | | | Indicated | - | - | - | | 0.30 | 1.61 | 16 | | 0.50 | 1.92 | 31 | | +16 | | | | Measured & Indicated | - | - | - | | 0.30 | 1.61 | 16 | | 0.50 | 1.92 | 31 | | +16 | | | | Inferred | - | - | - | | 0.11 | 1.10 | 3.9 | | 0.83 | 0.82 | 22 | | +18 | | | | Lokolo Northwest | | | | | | | | | | | | | | | | | Measured | - | - | - | | - | - | - | | - | - | - | | - | | | | Indicated | - | - | - | | - | - | - | | 0.76 | 1.10 | 27 | | +27 | | | | Measured & Indicated | - | - | - | | - | - | - | | 0.76 | 1.10 | 27 | | +27 | | | | Inferred | - | - | - | | - | - | - | | 0.49 | 1.22 | 19 | | +19 | | | | Total satellite deposits | | | | | | | | | | | | | | | | | Measured | - | - | - | | - | - | - | | - | - | - | | - | | | | Indicated | - | - | - | | 29 | 1.34 | 1,249 | | 34 | 1.51 | 1,660 | | +411 | | | | Measured & Indicated | - | - | - | | 29 | 1.34 | 1,249 | | 34 | 1.51 | 1,660 | | +411 | | | | Inferred | - | - | - | | 8.8 | 1.07 | 303 | | 18 | 1.34 | 766 | | +463 | | | | _1) Updated Feasibility Study available on Montage’s website and on SEDAR+. 2) Year-End 2025 MRE as disclosed in the Company’s press release dated March 30, 2026, available on Montage’s website and on SEDAR+. 3) The updated MREis reported in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and follows the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources. The updated MREwas prepared by Mr. Rolly Wasonga, Qualified Person and employee of Montage, and reviewed and approved by Dr. Gregory Zhang, employee of Snowden Optiro, Australia, who is independent from Montage and a Qualified Person as defined by NI 43-101.The Updated MRE includes changes to the Koban North deposit, with an effective date of November 28, 2025; Gbongogo South, Diouma North and Petit Yao deposits, with an effective date of January 20, 2026; and the Sena, Soman, ANV, Yeré North, Lokolo Main and Lokolo Northwest deposits, with an effective date of April 15, 2026. The updated MRE for the Gbongogo South, Koban North, Soman, Sena, Diouma North, Petit Yao, Lokolo Main and Lokolo Northwest deposits are reported at a gold cut-off grade of 0.50 g/t Au, and the ANV and Yeré North deposits are reported at a gold cut-off grade of 0.60 g/t Au. All deposits are constrained with an optimised open-pit shell generated using a gold price of US$2,500 per ounce. The MRE for the Koné and Gbongogo Main deposits are unchanged from their previous estimates, as published on March 30, 2026, available on Montage’s website and on SEDAR+. The updated MRE is reported on a 100% basis. Rounding errors are apparent.Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. See “Technical Disclosure” below for further details._ | | | | | | | | | | | | | | | |

As shown in Figure 2 below, the Koné project exploration target triangle continues to evolve, with notable movement of targets up the triangle reflecting the improvement in their confidence as a result of the exploration programmes.

Figure 2: Koné project exploration target triangle evolution

Note: Refer to press release dated October 7, 2024, for further details on target definitions.

Systematic exploration of targets and evaluation of all available geological data, including geological maps, cross sections, structural data, surface geology, geochemistry, geophysics, regolith mapping, alteration profiles, drilling data, cores, analysis of artisanal mining activity, outcrops, and other survey data, ensures a continuous process of developing a structured exploration targets pipeline.

The ongoing exploration programme continues to focus across three parallel tracks:

Infill and extension drilling of previously delineated starter deposits, including the more advanced Gbongogo South, Koban North, Soman, Petit Yao and ANV deposits, as well as other previously delineated deposits with starter resources; Advancing pre-resource targets toward maiden resource definition, such as at ANIII; and Testing new targets across the project’s extensive land package, based on systematic drilling of best selected targets to confirm their potential and define starter resources to validate their grade profiles before undertaking larger step-out drilling campaigns.

DETAILS FOR SELECTED NEW SATELLITE DEPOSITS

Gbongogo South deposit on the Gbongogo-Koroutou trend A total of 6,478 meters of reverse circulation (“RC”) drilling has been completed at Gbongogo South since July 2025, across 35 holes, with the objective of improving resource confidence, extending mineralized envelope extensions and validating the continuity of geological data.

Notable drilling intercepts over this period include the following:

GBRC0486:8 meters at 5.09 g/t Au (incl. 1 meter at 12.31 g/t Au and 1 meter at 17.36 g/t Au); 13 meters at 3.50 g/t Au (incl. 1 meter at 25.99 g/t Au); 2 meters at 3.01 g/t Au; 3 meters at 3.86 g/t Au; 3 meters at 1.80 g/t Au; and 3 meters at 1.51 g/t Au; GBSRC0508:7 meters at 1.50 g/t Au; 3 meters at 1.19 g/t Au; 2 meters at 2.89 g/t Au; 8 meters at 4.23 g/t Au (incl. 1 meter at 14.81 g/t Au); 4 meters at 1.05 g/t Au; and 5 meters at 0.81 g/t Au; and GBSRC0478: 5 meters at 2.65 g/t Au; 2 meters at 3.96 g/t Au; 12 meters at 1.55 g/t Au.

Mineralisation remains open downdip and along strike, as shown in Figure 3 below. Drilling is in progress which is expected to yield a further resource update.

Figure 3: Gbongogo South plan view showing optimal pit shell and drilling intercept highlights

_ _

Koban North deposit on the Gbongogo-Koroutou trend A total of 3,603 meters of diamond drillhole (“DD”), RC and RC-DD drilling has been completed at Koban North since July 2025, across 31 holes, successfully improving resource confidence and extending mineralized envelopes.

Notable drilling intercepts over this period include the following:

KBNDD008:6 meters at 1.74 g/t Au; 2 meters at 2.25 g/t Au; and 14.5 meters at 1.65 g/t Au; KBNRC0120:6 meters at 1.14 g/t Au; 2 meters at 2.00 g/t Au; 5 meters at 1.86 g/t Au; and 4 meters at 1.81 g/t Au; KBNRC099:10 meters at 5.42 g/t Au (incl. 1 meter at 17.68 g/t Au; and incl. 1 meter at 14.94 g/t Au); and KBNRC098:12 meters at 1.45 g/t Au.

Shallow depth exploration step-out drilling in an area approximately 300 meters northeast of the Koban North deposits has intercepted mineralization, suggesting the continuity of the mineralised system extending over 1km in strike length, notably:

KBNRC0126:16 meters at 0.94 g/t Au; and KBNRC0128:2 meters at 1.53 g/t Au.

Figure 4: Koban North plan view showing optimal pit shell and drilling intercept highlights

Soman deposit on the Gbongogo-Koroutou trend A total of 21,648 meters of auger, Air Core (“AC”), RC and DD have been drilled at the Soman deposit to date, culminating in the reporting of maiden resources in the MRE. The Soman deposit hosts a suite of volcano-sediments, with mineralization stretching over a known NE-SW strike of at least 800 meters in length, and across two parallel structures. The splays of mineralization are located approximately 1 kilometer from the main Gbongogo-Koroutou trend, corresponding to a zone of interpreted dilation formed at the intersection of NNE and NE trending strikes, possibly linked to sinistral shear and faulting movement. Mineralization is hosted within the broad package of volcano-sediments, locally affected by fracturing and exhibiting quart-carbonate and quartz-tourmaline veins.