Montage Gold Corp. press release

Montage Gold expects further resource growth at its Koné mine where the plant is already operating above nameplate

2026-11-03

TSX - Toronto Stock Exchange · Gold · Silver · Canada · Drill Results

ABIDJAN, Côte d’Ivoire, Nov. 03, 2026 (GLOBE NEWSWIRE) -- Montage Gold Corp. (“Montage” or the “Company”)(TSX: MAU, OTCQX: MAUTF) is pleased to announce that the drill results received from its ongoing 2026 exploration program at its Koné mine, in Côte d’Ivoire, provide increased confidence in the potential to continue expanding resources at the previously delineated higher-grade satellite deposits, while also discovering new deposits.

In addition, the Company is pleased to announce that following the first gold pour at the Koné mine, which was achieved on September 26, 2026, activities have rapidly ramped up with commercial production well on track to be declared in Q4-2026. A total of approximately 880,000 tonnes were processed from the oxide circuit during the month of October, with the plant operating at an average of over 90% of its 11Mtpa nameplate capacity during the month, with 104% of nameplate achieved during the last week of October. Mining activities are currently focused on the Koné deposit with mining at the higher-grade Gbongogo Main deposit expected to ramp up in late Q4-2026. The average processed head grade for the month of October was 0.82 g/t Au with an average gold recovery of approximately 95%, yielding approximately 23,460 ounces of production over the month.

Martino De Ciccio, CEO of Montage, commented:_“We continue to be very pleased with the rapid progress being made to unlock value through our exploration efforts at our Koné mine, which has recently entered production. Since the publication of the 2024 Feasibility Study, we have drilled over 375,000 meters across the Koné mine, identified 10 new higher-grade satellite deposits which continue to grow in scale, while many more targets are being generated and drill tested. As such, we expect to quickly benefit from our investments in exploration given that the higher-grade satellite deposits have the potential to enhance the short- and longer-term production profile of the operation.”_

_“Ramp-up activities at the Koné mine are progressing very well as we are already operating above the 11Mtpa nameplate capacity on the oxide circuit, with commercial production well on track to be declared during Q4-2026. We look forward to generating strong cash flows to support our strategy of creating a premier multi-asset African gold producer and delivering value for all our stakeholders,” added Martino De Ciccio. _

Silvia Bottero, Chief Exploration Officer of Montage, commented: “Our exploration program continues to demonstrate the significant potential of the Koné property, as we aggressively pursue resource growth across our higher-grade satellite deposits.

With over 120,000 meters drilled year-to-date, bringing the total to more than 375,000 meters since the 2024 Feasibility Study, we have now delineated 12 deposits, compared to just 2 in the Feasibility Study, while intersecting mineralization at over 50 targets across 7 mineralized trends. Encouraging step-out and infill drilling results at previously delineated deposits have further strengthened our confidence in the potential to significantly expand our resource base by year-end, with the objective of supplementing production from the onset of operations.

In parallel, we are excited by the continued generation and testing of new targets, which offer significant potential for further discoveries of higher-grade satellite deposits.”

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

EXPLORATION PROGRAM OVERVIEW

Since the publication of the 2024 Feasibility Study (“2024 FS”), a total of approximately 375,000 meters1has 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. As shown in Figure 1, 12 deposits have now been delineated compared to 2 in the 2024 FS, while mineralization has been intercepted at over 50 targets drilled since 2024 with a growing number of exploration targets remaining to be drill tested, across 7 mineralized trends.

Exploration in 2026 encompasses a 130,000-meter drilling program, amounting to $18.0 million, focusing on three parallel tracks:

In-fill and extension drilling of the Koné and Gbongogo Main deposits as well as at previously delineated starter deposits, including the Gbongogo South, Soman, Sena, Petit Yao and ANV deposits; Advancing pre-resource targets toward maiden resource definition, such as at ANV North and ANIII; and Testing new targets across the mine’s extensive land package,based on systematic auger drilling of best selected soil geochemical targets to confirm their potential before undertaking larger drilling campaigns.

As detailed in Table 1 below, a total of 4,245 holes have been drilled over the first nine months of 2026 at Koné, comprising 122,651 meters across all 7 mineralized trends, inclusive of 747 holes of reverse circulation (“RC”) drilling for 86,076 meters, 64 holes of diamond drilling (“DD”) for 11,064 meters, and 3,434 holes of auger drilling for 25,511 meters. A major focus of the exploration program remains on the Koné (32%) and Gbongogo-Koroutou (43%) trends given the proximity to existing plant infrastructure, alongside the Sissédougou trend (11%), where strong exploration results continue to highlight the potential for further discoveries. Positive mineralization has been confirmed at all 25 exploration targets drilled this year.

1Includes 81,815 metersof exploration drilling in 2024, 114,699 metersof exploration drilling and 56,000 metersof grade control and advanced grade control drilling in 2025, and 122,651 metersout of the 130,000-meterdrill budget for 2026.

Table 1: 2026 exploration program for the first 9 months of the year

| Trend Name | Target Name_(Targets in __bold__represent those with existing mineral resource estimates)_ | Drilling (%) | | | Koné | Koné; Petit Yao; Petit Yao North | 39,856 m | 32% | | Gbongogo-Koroutou | Gbongogo Main; Gbongogo South; Sena; Soman; Matiko; Koroutou Southeast; Yaya; Malibu | 52,569 m | 43% | | Lokolo | Lokolo Main; Lokolo NW; Lokolo South; Lokolo South 2; Lokolo Main North | - | - | | Bafretou-Niondjé | Bafretou South; Bafretou Southeast | 5,296 m | 4% | | Sissédougou | ANV; ANV North; ANV West; Kagon A2 | 13,987 m | 11% | | Yeré | Yeré North | 6,963 m | 6% | | TZ | TZ2; TZ4 | 3,979 m | 3% | | Total Meters Drilled | 122,651 m | 100% | |

DETAILS BY SELECTED EXPLORATION TARGETS

Gbongogo-Koroutou Trend Drilling along the Gbongogo-Koroutou trend has focused on step-out and in-fill drilling on existing deposits while testing new targets along the 15km trend. More than 20 targets have been identified, either directly associated with the main 15km north-south trend (such as Gbongogo Main, Gbongogo South, Sena and Diouma North deposits) or on sub-parallel northeast-trending splays (such as Soman and Koban North deposits) with 6 deposits already delineated. The trend remains a key focus for exploration given the significant exploration potential and the presence of existing infrastructure already developed by Montage for the Gbongogo Main deposit, including the haul road, mining services area, Marahoué bridge and camps.

Figure 2: Gbongogo-Koroutou trend exploration targets and recent selected intercepts

Exploration results have also indicated multiple ‘gap zones’ along the Gbongogo-Koroutou trend which remain poorly tested through exploration drilling, as shown in Figure 3. Further exploration will seek to test the extensions of the existing deposits along the trend, as well as the continuity of mineralization along the trend.

Figure 3: Gbongogo-Koroutou trend highlighting existing deposits and gap zones to be tested

At the Gbongogo Main deposit, deeper drilling has targeted the down-plunge extension of the main quartz-diorite ore body toward the northeast of the deposit. As shown in Figure 4 below, significant intercepts have been identified across the quartz-diorite body below the current pit shell and into rhyolite tuffs. The intercepts provide strong potential for further resource growth at the Gbongogo Main deposit, with mineralization remaining open down-dip to the northwest.

Figure 4: Gbongogo Main cross section showing extension of the main quartz-diorite body beneath the current pit shell

Drilling at the Gbongogo South deposit has targeted in-fill and down-dip continuation of mineralized lenses outside of the current resource pit shell. The intersections highlighted in Figure 5, together with step-out drilling across the deposit’s c.1km long known surface strike, continue to provide potential for further resource additions toward the south where the mineralized corridor remains incompletely tested. Additionally, further drilling will focus on testing the continuity of mineralization between the Gbongogo Main and Gbongogo South deposits, as shown above in Figure 3, offering the opportunity for further mineralization between the two deposits.

Figure 5: Gbongogo South cross section showing identification of mineralized extensions beneath the current pit shell through recent drilling

Drilling at all other deposits along the trend continues to target mineralized extensions alongside in-fill drilling to improve resource confidence. Notably, at the Soman deposit, in-fill drilling confirmed the continuity of stacked mineralized lenses, while step-out drilling identified mineralization extending down-dip and toward the northeast outside of the current pit shell. Drilling is ongoing to test potential for further resource growth along these extensions.

Petit Yao The Petit Yao deposit lies approximately 7km from the Koné processing plant. Ongoing exploration seeks to convert a portion of the deposit’s Inferred Resource to Indicated status, while testing extensions of the stacked mineralized lenses for their potential for resource additions. The shallow intersections dipping toward the southwest remain priorities for in-fill and step-out drilling, with such extensions currently outside of the current resource pit shell. Additionally, mineralized extensions outside of the current pit shell toward the southeast have been confirmed, as shown in Figure 6 below.

Figure 6: Petit Yao best intercepts map

At the Petit Yao North target, auger drilling has tested the previously identified gold-in-soil anomaly, with samples extending the distribution of the anomaly over a strike of approximately 0.5km. The results provide additional encouragement for further targets to be identified in the vicinity of Petit Yao.

Sissédougou Trend Drilling at the ANV deposit and ANV North target on the Sissédougou trend continues to yield encouraging results demonstrating the emergence of a broader mineralized system. As shown in Figure 7 below, step-out drilling at the ANV deposit has tested and confirmed the presence of mineralization toward the northeast of the current pit shell, across two parallel lineaments. The cross section in Figure 8 demonstrates the continued presence of stacked mineralized lenses toward the northeast, providing potential for further resource growth.

The Company has also begun testing the large gold-in-saprolite anomaly (approximately 3.0km in strike length) discovered in late 2025, located north of the ANV deposit, named the ANV North target. As shown in Figures 7 and 9, initial results have demonstrated thick intercepts supporting high grades which will become a focus for further drilling.

Figure 7: Regional ANV and north area map with all drill results

Figure 8: ANV cross section through A-A’ showing Northeast mineralization extensions

Figure 9: ANV North cross section through B-B’

Regional Exploration

The Company completed a series of auger programs over the course of 2026, following the previous identification of multiple gold-in-soil anomalies along the Yeré, Sissédougou, Gbongogo-Koroutou and Bafretou-Niondjé trends, as well as on the recently obtained Gbatosso permit. Results are being integrated alongside geological and regolith mapping data to define priority targets for further drilling, with initial interpretations highlighting broad geochemical footprints beyond the established deposits on each trend. The Company expects these results to support further exploration target generation.

Table 2: Regional exploration and soil-anomaly identification

| Trend | Target | Comment | | Yeré Trend | Yeré | Mafic and andesitic volcanic rocks cut by intrusive units, with intrusive contacts and northeast-trending structures identified as priority areas for follow-up drilling | | Sissédougou Trend | ANV North | Extended geochemical coverage around the ANV targets, identifying multiple targets, with RC drilling intersecting several mineralized lenses subject to follow-up drilling | | Kagon A2 | Metasediments returning heightened gold anomalies | | | Gbongogo-Koroutou Trend | Koroutou Southeast Matiko Yaya Malibu | Programs ongoing to evaluate multiple anomalies | | Bafretou Trend | Bafretou Southeast | Lithological contacts associated with elevated soil anomalies, reinforcing the prospectivity of the target area and highlighting the potential for a broader mineralized system. Subject to follow-up drilling. | | Petit Yao | Elevated gold anomalies identifying potential extensions to Petit Yao over a further 0.5km+ | | | Gbatosso Permit | Lokolo Trend Extension | Maiden auger program underway | | Yeré Trend Extension | Maiden auger program underway | | | Gbatosso Southeast | Initial sampling has identified widespread anomalies over six areas which will be subject to follow-up mapping and auger drilling | |

NEXT STEPS

Key upcoming catalysts by asset across the Company include:

Table 3: Key upcoming catalysts by asset

| Property | Catalyst | | Koné mine | - Regular exploration updates on the ongoing 130,000-meter drill program for 2026 Updated life of mine plan along with 2026 year-end reserves and resources Ramp-up to commercial production on the oxide circuit during Q4-2026 Completion of the hard-rock comminution circuit in Q2-2027 | | Didievi project | - Exploration results from the ongoing 85,000-meter drilling program, which is expected to yield an updated resource estimate | | Wendé property | - Further exploration results from the recently completed 9,000-meter drill program in Q4-2026 | | Mauritania greenfield properties | - Early-stage exploration activities ongoing |

ABOUT MONTAGE GOLD

Montage Gold Corp. (TSX: MAU) is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Koné mine, located in Côte d’Ivoire, at the forefront. Based on the Updated Feasibility Study published in 2024 (the “UFS”), the Koné mine has an estimated 16-year mine life and sizable annual production of +300koz of gold over the first 8 years and entered production in Q3-2026. The Company has also built a high-quality, multi-asset growth pipeline including the Didievi and Wendé properties in Côte d’Ivoire, and a portfolio of prospective exploration tenements in Mauritania.

CONTACT INFORMATION

| For Investor Relations Inquiries: Jake Cain Strategy & Investor Relations Manager jcain@montagegold.com +44-7788-687-567 | For Media Inquiries: John Vincic Oakstrom Advisors john@oakstrom.com +1-647-402-6375 | For Regulatory Inquiries: Kathy Love Corporate Secretary klove@montagegold.com +1-604-512-2959 |

QUALIFIED PERSONS STATEMENT The scientific and technical contents of this press release have been verified and approved by Silvia Bottero, BSc, MSc, a Qualified Person pursuant to National Instrument 43-101. Ms. Bottero, Chief Exploration Officer of Montage, is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (SACNASP), a member of the Geological Society of South Africa and a member of AusIMM.

TECHNICAL DISCLOSURE Sampling & Assaying - QA/QC All exploration activities on the Koné mine are designed and carried out under the supervision of Silvia Bottero, Chief Exploration Officer, who conducted multiple site visits throughout 2025 and 2026. Ms. Bottero is a Professional Natural Scientist (SACNASP) and a Qualified Person as defined under NI 43-101.

Samples used for the Updated Mineral Resource Estimate comprise diamond drilling (DD) and reverse circulation (RC) drilling, which form the basis of the resource estimation. Aircore (AC) drilling was used to support the interpretation of near-surface mineralization continuity but was not included in the estimation. All samples were collected, handled and prepared in accordance with industry-standard protocols, ensuring that assay results are representative, reliable and suitable for Mineral Resource estimation. DD core samples were collected as 1-meter downhole composites, consistent with geological logging and sampling protocols. Core was cut longitudinally in half using a diamond saw at the field camp facilities, with one half submitted for assay and the remaining half retained for reference.

RC and AC samples were collected at nominal 1-meter downhole intervals from the cyclone and discharged into sample bags. The bulk sample was passed through a riffle splitter and/or a three-tier riffle splitter (1/3 splitter) to obtain a representative analytical sub-sample, while the remaining material was retained as a coarse reject. Sample weights were monitored to ensure consistency and representativity, with typical analytical sample masses on the order of 2–3 kg, depending on drilling conditions and sample characteristics. Strict sampling protocols were applied, including routine cleaning of the cyclone and splitter, to minimize contamination and ensure sample integrity. All samples were securely transported under chain-of-custody procedures to the Bureau Veritas (BV) laboratory in Abidjan, Côte d’Ivoire, for preparation and analysis. All samples underwent the following preparation and analytical procedures: › Crushing to 2 mm (≥ 80% passing) › Splitting to obtain a 1 kg representative sub-sample › Pulverization to 75 μm (≥ 85% passing) › Analysis by 50 g fire assay with Atomic Absorption Spectrometry (AAS) finish The analytical method has a lower detection limit of 0.01 ppm Au, which is appropriate for the grade range encountered at the Koné mine.

A robust and systematic in-house QA/QC program was implemented and actively managed by Montage to ensure continuous monitoring of analytical accuracy, precision, and potential contamination throughout the entire sampling, preparation, and analytical workflow. Batch-level QA/QC performance is reviewed systematically, allowing rapid identification and resolution of any analytical issues. To further validate analytical accuracy and laboratory performance, an independent umpire laboratory program is implemented. Approximately 5% of selected pulp samples are routinely submitted to an external laboratory (MSALABS) for check assaying using internationally recognized analytical methods and QA/QC protocols. The submitted samples include a mix of routine samples, blanks, CRMs, and duplicates to ensure comprehensive verification of results. QA/QC has been designed to be in line with industry best standards and the results reviewed by the Qualified Person. Individual batches are monitored for standard and blank failure during import to the database, while longer term QA/QC trends are monitored on a periodic basis by Jonathan Hunt, an independent consultant to Montage and a Chartered Geologist of the Geological Society of London.

Results from the primary laboratory (BV) and the umpire laboratory (MSALABS) are systematically compared using statistical methods (e.g., scatter plots, QQ plots, bias analysis), with no material bias typically identified. In addition, longer-term QA/QC performance trends are reviewed on a periodic basis by an independent consultant, ensuring an objective assessment of laboratory performance and data quality.

Auger drilling: Sampling & Assaying - QA/QC Auger holes ranged from 0 to 16 meters in depth. Drilled material from each meter was retrieved as the auger was lifted and deposited in plastic containers aligned on the ground. For each hole, two 1-meter interval samples were collected: one at the base of the laterite and one on top of the saprolite. Usually, color and texture changes were obvious indicators of laterite vs saprolite material. The sampled material was mixed and homogenized by shaking the plastic container. An average 2-kilogram sample was collected by pouring the homogenized material from the container into a labeled sampling plastic bag placed on a weighing scale. Field duplicates were prepared in the field at the same time as the parent sample. A representative chip sample is selected and stored in a plastic chip tray. The remaining homogenized material of the container is poured into another plastic bag having the same label. Both are stored in the camp for geological logging and future reference.