Montage Gold Community

Montage Gold – Overview (Côte d’Ivoire) Project : Kone + Gbongogo Land Package : 500,000 acres Resource : 5 million oz (4M oz reserves) Production Plan : Starts at 300,000 oz/year Capex : $900M (fully funded via $700M streaming deal + $125M debt) AISC : ~$1,000/oz First Pour : Q2 2027 Stream Deal : 23% of production at low fixed prices – hurts profitability 2023 Drill Highlights (Gbongogo) 113.25m @ 2.30 g/t 48.00m @ 1.72 g/t 45.75m @ 1.90 g/t 20.50m @ 10.95 g/t 17.00m @ 8.56 g/t Valuation at $4,000 Gold Let’s estimate using 300,000 oz/year: Streamed Production (23%) : 69,000 oz (minimal profit) Unstreamed Production (77%) : 231,000 oz FCF per oz : $4,000 - $1,000 = $3,000 Total FCF : 231,000 × $3,000 = $693M/year Valuation (10x FCF) : $6.93 billion Stock Price Potential If FCF is $693M and we apply a 10x multiple , the valuation = $6.93B If they have ~200M shares (estimate): Stock Price = $6.93B ÷ 200M = $34.65 per share Conclusion At $4,000 gold , Montage Gold could be worth $30–35/share , even with the streaming deal. Strong team, solid project, and multi-mine potential.