Montage Gold Corp. (TSX-V: MAU) (OTCQX: MAUTF) is pleased to announce the closing of the first tranche of its previously announced strategic investment in African Gold Limited (ASX:A1G).

The strategic partnership transaction consists of a share exchange transaction between Montage and African Gold including the issuance to Montage of 92,377,787 fully paid ordinary shares of African Gold at deemed issue price of A$0.07 per African Gold Ordinary Share, and the issuance to African Gold of 2,026,388 common shares of Montage at a deemed issue price of C$2.87 per Montage Common Share. Montage and African Gold have closed Tranche 1 of the Share Exchange Transaction resulting in the issuance of 46,019,641 African Gold Ordinary Shares to Montage, and the issuance to African Gold of 1,009,481 Montage Common Shares. The Montage Common Shares issued to African Gold are subject to a 4-month hold period that expires on August 8, 2025.

In connection with the Share Exchange Transaction, Montage and African Gold have entered into a Share Subscription Agreement, through which Montage is entitled to certain investor rights provided that Montage maintains a 9% ownership in African Gold until the completion of Tranche 2 and 10% thereafter. Furthermore, Montage and African Gold have entered into a Project Rights Agreement, through which Montage is entitled to certain project-related rights as stated in the press release dated March 24, 2025.

The second tranche of the Share Exchange Transaction is expected to close in Q2-2025 as it is subject to an African Gold shareholder vote.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ABOUT MONTAGE GOLD

Montage Gold Corp. is a Canadian-listed company focused on becoming a premier multi-asset African gold producer, with its flagship Koné project, located in Côte d’Ivoire, at the forefront. Based on the Updated Feasibility Study published in 2024 (the “UFS”), the Koné project has an estimated 16-year mine life and sizeable annual production of +300koz of gold over the first 8 years and is expected to enter production in Q2-2027.

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 NI 43-101. Mrs. Bottero, EVP Exploration 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.