Announcement • Mar 30

Montage Gold Corp Announces Grade Control Results And Resource Increase For Koné And Gbongogo Main Deposits

Montage Gold Corp. reported an updated Mineral Resource Estimate for its Koné and Gbongogo Main deposits, at the Company’s flagship Koné project, located in Côte d’Ivoire, where construction continues to rapidly advance on-budget and ahead of schedule with first gold pour anticipated through the oxide circuit in late Fourth Quarter 2026. A total of 174,000 meters of exploration, advance grade control and grade control drilling were conducted in 2025, with 36% directed towards the Koné and Gbongogo Main deposits, in addition to delineating new higher-grade satellite deposits. A total of 59,873 meters of grade control and exploration drilling was completed on the Koné deposit in 2025, increasing the cumulative drilling to 171,050 meters, compared to 100,249 meters prior to the 2024 Updated Feasibility Study. At the Gbongogo Main deposit, 7,292 meters of grade control and exploration drilling have been completed since the beginning of 2025, bringing total drilling to 32,002 meters, compared to 18,276 prior to the 2024 Updated Feasibility Study. The Koné deposit Measured and Indicated Resources increased by 142,000 ounces to 4,630,000 ounces, with grade increasing by 21% to 0.69 g/t Au, while Inferred Resources increased by 749,000 ounces to 1,260,000 ounces, with grade increasing by 21% to 0.52 g/t Au, compared to last year. The Koné deposit maiden Measured Resource of 229,000 ounces at 0.83 g/t Au demonstrates a higher level of resource confidence. At the Gbongogo Main deposit, Indicated Resources increased by 223,000 ounces to 783,000 ounces, with grade increasing by 3% to 1.51 g/t Au, while Inferred Resources increased by 39,000 ounces to 41,000 ounces, with grade increasing by 21% to 1.08 g/t Au, compared to last year. The updated Mineral Resource Estimate for the Koné project’s overall Measured and Indicated Resources increased by 671,000 ounces to 5,880,000 ounces, with grade increasing by 24% to 0.77 g/t Au, while Inferred Resources increased by 782,000 ounces to 1,560,000 ounces, with grade increasing by 7% to 0.58 g/t Au, compared to last year, inclusive of resources for additional satellite deposits published last year. Indicated and Inferred Resources for higher-grade satellite deposits now stand at 1,250,000 ounces at 1.34 g/t Au and 303,000 ounces at 1.07 g/t Au, respectively, highlighting the effectiveness of the exploration programme. Updated resources for satellite deposits, including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North are expected to be published in the coming weeks, while maiden resources for new discoveries, such as Petit Yao and Soman 1 & 2, are expected to be published over the course of 2026. Exploration remains a strong focus at the Koné project with a 90,000-meter drill programme launched in early 2026. Koné project construction continues to rapidly advance on-budget and ahead of schedule with a first gold pour through the oxide circuit anticipated in late Fourth Quarter 2026. The life of mine plan is expected to reflect other value enhancement initiatives such as the addition of the oxide circuit, the process plant design enhancements previously announced, and the previously announced shift to an owner-operated mining model. The updated Mineral Resource Estimate published for the Koné and Gbongogo Main deposits further enhances the quality of the project. The extensive 56,000-meter grade control programme, which represents approximately the first 18 months of production from the Koné deposit and covers a significant portion of oxide mineralisation, further derisks production start-up. The grade control programme, with tighter drill spacing, has delivered significant improvements in the definition of higher-grade shoots, including structures not evident in the broader resource drilling dataset. This has enhanced understanding of grade continuity and will support more accurate production forecasting with improved control over mining dilution. The assayed results have significantly increased confidence in the grade distribution and structural controls of the Koné deposit. The gold mineralisation continuity informs an improved understanding of the mineralisation to support mining activities, whilst also demonstrating the extension potential of the deposit to the southwest, southeast and at depth. Downdip and along strike extensions of the Koné deposit to the southwest, as well as recently identified at-surface oxide mineralisation extensions to the southeast were a focus of further evaluation in 2025. Four diamond drill holes totalling 1,987 meters were drilled in 2025 at a 100-meter spaced grid down to an approximate vertical depth of 300 meters. The purpose was to confirm the downdip continuity of the mineralization to the southwest of the Koné deposit within the diorite. All four diamond drill holes reveal high mineralization potential associated with increased deformation intensity through refolded veins within footwall volcanoclastic units and folded veinlets in diorite. Pervasive hydrothermal breccia zones, characterized by broken textures and strong feldspar and silica alteration, was consistently logged across all holes, indicating robust hydrothermal fluid flows. Observed zones demonstrating higher gold intercepts plot in the continuity of known higher-grade ore shoots controlled by folding axial planes, which are associated with ductile deformation and fluid pathways. The results of the Gbongogo Main Drill Programme have significantly enhanced the grade distribution resolution compared to the Updated Feasibility Study resource data. The transition from a Multiple Indicator Kriging resource estimation model to Ordinary Kriging modelling has improved local estimation accuracy, ensuring accurate geological continuity of individually modelled veins sets. The enhanced geological and resource model will improve controls on mine dilution whilst supporting stronger predictability for production planning. The updated model incorporates a refined interpretation of the ore body geometry, resulting in a resource model that better defines higher grade mineralised zones expecting to improve mine planning, ore selectivity and dilution controls. Updated resources for satellite deposits, including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North are expected to be published in the coming weeks. Maiden Mineral Resource Estimates for new discoveries, such as Petit Yao and Soman 1 & 2, are expected to be published over the course of 2026. Further results of the ongoing 2026 exploration programme, comprising 90,000 meters of drilling across the Koné project. Updated life of mine plan for the Koné project in late 2026. First gold pour in late Fourth Quarter 2026 through the oxide circuit start up.

CEO salary percentage	8.93%
CEO tenure	2.3yrs
CEO ownership	1.5%
Management average tenure	2.2yrs
Board average tenure	4yrs

Date	Total Compensation	Salary	Company Earnings
Mar 31 2026	n/a	n/a	-US$33m
Dec 31 2025	n/a	n/a	-US$50m
Sep 30 2025	n/a	n/a	-US$69m
Jun 30 2025	n/a	n/a	-US$77m
Mar 31 2025	n/a	n/a	-US$70m
Dec 31 2024	US$3m	US$253k	-US$49m

Name	Position	Tenure	Compensation	Ownership
Martino De Ciccio	CEO & Executive Director	2.3yrs	US$2.83m	1.46% € 52.6m
Peder Olsen	President & Chief Development Officer	2.3yrs	US$2.75m	1.46% € 52.6m
Constant Tia	Chief Financial Officer	2.2yrs	US$819.72k	0.27% € 9.7m
Silvia Bottero	Executive Vice President of Exploration	2.2yrs	US$2.24m	0.51% € 18.3m
Kathy Love	Corporate Secretary	no data	no data	no data

Name	Position	Tenure	Compensation	Ownership
Martino De Ciccio	CEO & Executive Director	1.9yrs	US$2.83m	1.46% € 52.6m
Ronald Hochstein	Independent Non Executive Chairman	2.3yrs	US$82.19k	0.071% € 2.6m
Alessandro Bitelli	Independent Non-Executive Director	4.9yrs	US$75.35k	0.27% € 9.8m
Richard Clark	Non-Executive Director	6.8yrs	US$307.36k	1.19% € 42.8m
Anu Dhir	Independent Non-Executive Director	4yrs	US$68.40k	0.64% € 22.9m
David Field	Independent Non-Executive Director	6.8yrs	US$68.40k	0.42% € 15.0m
Jeremy Langford	Independent Non-Executive Director	less than a year	no data	0.0099% € 356.6k

Data	Last Updated (UTC time)
Company Analysis	2026/05/25 21:44
End of Day Share Price	2026/05/25 00:00
Earnings	2026/03/31
Annual Earnings	2025/12/31

Montage Gold Management

Management criteria checks 3/4

Key information

Recent management updates

Montage Gold Corp., Annual General Meeting, Jun 03, 2026

Montage Gold Corp. Announces Appointment of Jeremy Langford to the Board of Directors, Effective July 7, 2025

Montage Gold Corp., Annual General Meeting, Jun 05, 2025

Recent updates

Montage Gold Corp. (TSX:MAU) completed the acquisition of remaining 82.70% stake in African Gold Limited (ASX:A1G) for AUD 443.6 million.

Montage Gold Corp Announces Grade Control Results And Resource Increase For Koné And Gbongogo Main Deposits

Montage Gold Corp., Annual General Meeting, Jun 03, 2026

Montage Gold Corp. Announces Rapid Construction Progress Continues to Be Made At Its Kone Project, in Cote D'ivoire

Montage Gold Corp. (TSX:MAU) entered into a binding Scheme Implementation Deed to acquire remaining 82.70% stake in African Gold Limited (ASX:A1G) for approximately AUD 260 million.

Montage Gold Corp. Reports the Ongoing Exploration Programme at its Kone Project in Cote D'Ivoire

Montage Gold Corp. Provides Exploration Update on the Sissedougou Trend At Its Kone Project in Cote D'ivoire

Montage Gold Corp. Continues to Rapidly Advance Its Kone Project On-B Budget and Well On-Schedule

Montage Gold Announces That Construction Activities Were Paused Due to Accident At Its Koné Project in Côte D’Ivoire

Montage Gold Corp. Provides Mid-Year Exploration Update for Its Kone Project Where Constuction Continues to Rapidly Advance

Montage Gold Corp. Announces Appointment of Jeremy Langford to the Board of Directors, Effective July 7, 2025

Montage Gold Corp. Announces Results of Its 2024 Kone Project Exploration Programme, in Cote d'Ivoire

Montage Gold Corp., Annual General Meeting, Jun 05, 2025

Montage Gold Corp. Achieves Key Construction Milestone At Its Kone Project as Process Plant Concrete Works Commenced

Forecast to breakeven in 2027

CEO Compensation Analysis

CEO

Leadership Team

Board Members

Company Analysis and Financial Data Status

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Analysis Model and Snowflake

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Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Bereket Berhe	Beacon Securities Limited
Matthew Murphy	BMO Capital Markets Equity Research
Brian Quast	BMO Capital Markets Equity Research