Montage Gold Corp.  (TSX-V:MAU) announced the successful closing of its initial public offering  of an aggregate of 27,272,728 common shares at a price of $1.10 per share  for total gross proceeds of $30,000,001.

The common shares of the Company will commence trading on the TSX Venture Exchange under the symbol “MAU”.

Raymond James Ltd. and Stifel GMP are acting as co-lead underwriters for the Offering with respect to a syndicate that includes BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Beacon Securities Limited, Cormark Securities Inc., and Sprott Capital Partners LP.

Montage has granted the underwriters an over-allotment option, exercisable in whole or in part, at the sole discretion of the underwriters, at any time and from time to time, for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the common shares issued pursuant to the Offering from Montage at the Offering Price.

Hugh Stuart, CEO remarked: “Having been involved in this project off and on for the last 12 years it is extremely satisfying that we have now fitted the Morondo Gold Project along with a significant portfolio of other Exploration Permits and Permit Applications in Côte d’Ivoire into a vehicle that has both the will and backing to move it forward aggressively.

On behalf of the Board and Management I would like to thank both existing and new shareholders for the strong show of support demonstrated by the success of the Offering and the fact that it was significantly over-subscribed.

We are looking forward to advancing Morondo and keeping the market informed of our progress along the way.”

No securities regulatory authority has either approved or disapproved of the contents of this news release. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws. Accordingly, the common shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Montage Gold Corp.

Montage Gold Corp. is a Canadian-based precious metals exploration and development company focused on opportunities in Côte d’Ivoire. The Company’s flagship property is the Morondo Gold Project, located in northwest Côte d’Ivoire, which hosts an Inferred Mineral Resource of 52.5Mt grading 0.91 g/t for 1,536koz of gold, based on a 0.5 g/t cut-off grade. Montage has a management team and board with significant experience in discovering and developing gold deposits in Africa. The Inferred Mineral Resource was estimated using an optimal pit shell generated for constraining Inferred Mineral Resources with dimensions of approximately 1,100 m by 620 m, with a maximum depth of around 260 m, and used a gold price of US$1,500/oz. See the Company’s amended and restated technical report entitled “Amended and Restated NI 43-101 Technical Report for the Morondo Gold Project, Côte d’Ivoire” with an effective date of September 17, 2020, available on SEDAR at www.sedar.com, which was prepared for the Company by Jonathon Robert Abbott, BASc Appl. Geol, MAIG, of MPR Geological Consultants Pty Ltd. and Remi Bosc, Eurgeol, of Arethuse Geology SARL, who are “qualified persons” and “independent” of Montage within the meanings of NI 43-101.