Montage Gold Corp. report an updated Mineral Resource Estimate for the Company's Koné Gold Project in Côte d'Ivoire. The update represents the first Indicated Mineral Resource at Gbongogo Main of 12.0Mt grading 1.45g/t for 559koz .

The Company is also pleased to update its shareholders on initiatives to progress the KGP towards a development decision in early 2024. The September 2023 Gbongogo Main MRE was undertaken by Matrix Resource Consultants of Perth, Australia who estimated recoverable mineral resources using Multiple Indicator Kriging. Relative to information available for the April 2022 Gbongogo Main MRE, the current dataset includes information for drill holes totalling an additional 12,246.9m (7,329.9m of core and 4,917.0m of reverse circulation giving a total of 18,389.3m (12,157.3m of core and 6,232.0m of RC) on which this new estimate has been based.

The September 2023 Gbongogo Main MRE is reported within an optimal pit shell based on a USD 1,500/oz gold price and is shown below at a range of cut-off grades. A cut-off grade of 0.50g/t is the preferred scenario based on preliminary estimates of mining and haulage costs to the proposed Koné process plant and estimates of metallurgical recoveries and process costs. A comparison of the September 2023 Gbongogo Main MRE against the April 2022 Gbongogo Main MRE across a range of cut-off grades to demonstrate conversion of Mineral Resources from Inferred to Indicated and to illustrate the change in tonnage, grade, and ounces.

As can be seen from the Table infill drilling has succeeded in defining +99% Indicated resources within the resource reporting pit and has resulted in an increase in resource grade of approximately 10% across a range of cut-off grades. On a combined basis the KGP now hosts total Indicated Mineral Resources of 4.83Moz and additional Inferred Mineral Resources of 0.32Moz. A metallurgical testwork program was carried out by SGS Lakefield on 16 leach optimization and 10 comminution variability samples representing a range of material and rock types from the Gbongogo Main deposit.

The testwork program applied the same conditions as for the Koné deposit (grind size P80 75µm) and demonstrated that Gbongogo Main is amenable to direct tank carbon in pulp cyanide leaching with good gold recoveries, low reagent consumptions and medium/low resistance to grinding, providing favourable processing economics and a simple flowsheet. The important conclusion from the testwork program is that the flowsheet design already contemplated in the original KGP DFS is appropriate for the Gbongogo Main mineralization. The average gold recoveries and reagent consumptions at the tested grades.

Average Cyanide consumption is low to very low and lime consumption is low for the dominant fresh material, but higher for the less dominant transition and oxide zones. gold recoveries include a solution loss of 0.005mg/l gold and carbon fines loss of 0.15%. The priorities for the next phase of exploration will be the Yeré North target where RC drilling intersected 23m at 12.91g/t YERNRC010 and the Diouma-Gbongogo-Korotou shear zone.

This extensive target area extends for 14km and hosts the Gbongogo Main resource, large scale gold in soil anomalies and extensive artisanal workings in an area where any resources defined will benefit from the dedicated haul road and associated infrastructure that will be part of the development of the Gbongogo Main deposit. The Company has recently completed an induced polarisation and ground magnetic survey over this trend and Yeré North and follow up of the Diouma, Gbongogo North and South, Sena, Koban and Korotou targets will commence at the end of the wet season. Several other prospects will also receive follow up in due course and represent opportunities to define further satellite resources that can contribute to production from the KGP.