Business
Montage Gold Announces Executive Incentive Plan Milestones
VANCOUVER, BC, July 2, 2024 /CNW/ - Montage Gold Corp. ("Montage" or the "Company") (TSXV: MAU) (OTCQX: MAUTF) is pleased to announce the milestones linked to i
About this update from Montage Gold Corp.
[{"type":"text","content":" VANCOUVER, BC, July 2, 2024 /CNW/ - Montage Gold Corp. (\"Montage\" or the \"Company\") (TSXV: MAU) (OTCQX: MAUTF) is pleased to announce the milestones linked to its 2024 Executive Short-Term Incentive Plan (\"STIP\") and Long-Term Incentive Plan (\"LTIP\"). Following the Annual General and Special Meeting of Shareholders held in June 2024, the newly formed Compensation Committee designed the incentive programme with the goal of aligning executive compensation with corporate achievements that will drive stakeholder value creation. The 2024 STIP corporate objectives focus on achieving the critical milestones necessary to launch the construction of Montage's flagship Koné project by Q1-2025, in addition to further enhancing the project's economics through exploration success, as summarized below: Project Development (35%): Completion of the Front-End Engineering Design (FEED) study and all other necessary works to allow for a construction launch for Q1-2025; Permitting (25%): Obtaining environmental and mining permits; Financing (20%): Securing funding for the launch of the Koné project; Exploration (20%): Advancing exploration on higher grade satellite deposits with the goal of delineating resources by year-end; In line with Montage's focus on Health and Safety, a reduction of 25% will be applied in the event of a serious incident resulting in multiple injuries or a fatality. The 2024 performance-based objectives provide clear, measurable, and transparent targets, which will be further detailed in next year's Management Information Circular. The potential payout multiplier ranges from 0% to 200% of the targeted bonus based on achievement. As part of the 2024 LTIP programme, senior executives will receive Performance Share Units (\"PSUs\") which strongly aligns management's interests with those of shareholders and rewards for good performance against the Company's peers. A sliding scale determines the payout factor for vested PSUs based on Total Shareholder Return (\"TSR\") performance relative to its peer group, with a maximum payout of 200% and a minimum of 0%, over four weighted performance periods, as follows: Years 1, 2, and 3: 10% of PSUs vest annually based on the relative TSR performance in each year. Cumulative Three Years: 70% of PSUs vest based on cumulative TSR performance over the entire thre...