Montage Gold Corp. · TSX:MAU
Montage Gold — Investor Presentation (May 2026)
115 slides from Montage Gold's investor presentation, May 2026
Slide 1: Creating a premier African gold producer
TSX MAU OTCQX MAUTF montagegold.com Creating a premier African gold producer MAY 2026 CORPORATE PRESENTATION
Slide 2: Disclaimer
DISCLAIMER FORWARD-LOOKING INFORMATION This presentation contains “forward-looking information” (referred to herein as “forward-looking statements”) under the provisions of applicable Canadian securities legislation regarding Montage and the mineral properties of Montage located in Côte d'Ivoire (th
Slide 3: Montage Gold Overview
Section 1: MONTAGE GOLD OVERVIEW
Slide 4: Our Strategy
OUR STRATEGY Focused on creating a premier African gold producer African Gold Opportunity Leverage in-house construction and exploration expertise Production Largest gold producing region globally Establish Montage as the partner Exploration of choice through our win-win Top region for discoveries o
Slide 5: Leadership Team
LEADERSHIP TEAM Significant expertise in exploration, building and operating in Africa MARTINO DE CICCIO CONSTANT TIA PEDER OLSEN SILVIA BOTTERO PIERRE N’GUESSAN Chief Executive Officer | CFA Chief Financial Officer | CPA, M.Sc President & Chief Development EVP Exploration | M.Sc, Geo, MBA Côte d’Iv
Slide 6: Corporate Snapshot
CORPORATE SNAPSHOT Strong shareholder backing CAPITALISATION OWNERSHIP1 17.7% Basic Shares Outstanding 403,394,240 8.4% Fully-Diluted Shares Outstanding 427,281,098 Directors & Officers 6.8% of Montage Gold Close Price (TSX:MAU) May 1, 2026 C$13.49 4.1% Basic Market Cap C$5,442 / US$4,007 3.3% Cash
Slide 7: Corporate Objectives
CORPORATE OBJECTIVES Unlocking value from exploration through to production Our targets: Focus on high quality assets with long mine life and low AISC Koné project provides a strong base Achieve diversification across multiple countries and mines Build a Create a greenfield project exploration devel
Slide 8: Our Portfolio
OUR PORTFOLIO Creating a premier multi-asset African gold producer KONÉ PROJECT Construction Stage ▪ Ongoing initiatives to increase production above 300kozpa1 ▪ On-budget and ahead of schedule ▪ First gold pour in late Q4-2026 through an oxide circuit ▪ Hard-rock comminution circuit on-schedule for
Slide 9: Koné Project
KONÉ PROJECT Long-life and low AISC asset of scale 16 years 301,000oz Mine Life based on Avg. Production the 2024 UFS (Yrs. 1-8) in 2024 UFS 4.9Moz +21% 5.9Moz 2024 M&I Resources 2026 M&I Resources1 (2 Deposits) (9 Deposits) 4.0Moz 1,776km2 Probable Reserves1 Exploration in the 2024 UFS package2 $1,
Slide 10: Koné Project Benchmarking
KONÉ PROJECT BENCHMARKING Provides a foundation upon which to build a major gold company Benchmarking across West African mines AISC, $/oz 2,750 Bibiani 2,500 Agbaou 2,250 Koné will rank as a Sissingue Siguiri high quality West Tongon Akyem Damang 2,000 African mine once in Obuasi production with a
Slide 11: Koné Project Benchmarking
KONÉ PROJECT BENCHMARKING Koné is one of the largest gold projects currently in construction Average annual production for gold mines in construction 353koz Single asset company Potential to increase with Multi-asset company higher grade discoveries 301koz 280koz 260koz 240koz 200koz 184koz 176koz 1
Slide 12: Koné Project Production Profile
KONÉ PROJECT PRODUCTION PROFILE Long-life and low AISC asset of scale Koné Project 2024 Updated Feasibility Study life of mine plan See next page for ongoing initiatives to improve production profile Current mine plan is only Production AISC ($/oz) Head Grade (g/t) based on the Koné and Gbongogo Mai
Slide 13: Koné Project Initiatives to Unlock Value
KONÉ PROJECT INITIATIVES TO UNLOCK VALUE Higher-grade material whilst improving flexibility and efficiencies Integration of higher-grade material Strategic operational flexibility from the onset of production with improved efficiency Higher-Grade Grade Control Process Plant Oxide Owner Discoveries D
Slide 14: Koné Project Exploration Potential
KONÉ PROJECT EXPLORATION POTENTIAL Short-term target of discovering +1Moz of higher-grade M&I resources Koné permitted exploration land package Completed Exploration Programme: › 256,000 meters of exploration and grade control drilling conducted since the UFS was published in 2024: − On track to ach
Slide 15: Fully Funded
FULLY FUNDED Significant funding headroom available US$130M Private Placement US$75M Subordinated, Fully › Key strategic shareholders in Lundin INSIGHTS: Redeemable Gold Stream Group (19.9%) and Zijin Mining (9.9%) › Buyback options anticipated to › C$1.75 private placement price with › Funding pack
Slide 16: Koné Construction Rapidly Advancing
KONÉ CONSTRUCTION RAPIDLY ADVANCING Ahead of schedule with first gold in late Q4-2026 INSIGHTS: › Ahead of schedule with first gold pour from the oxide circuit anticipated in Q4-2026, whilst completion of the hard rock comminution circuit remains on-schedule for completion in Q2-2027 › Construction
Slide 17: Didievi Project in Côte d'Ivoire
DIDIEVI PROJECT IN CÔTE D’IVOIRE 40,000 meters of exploration drilling underway Didievi project recent intercepts1 INSIGHTS: › High-quality resource- stage Didievi project, which hosts an Inferred Resource of 12.4Mt at 2.5 g/t Au containing 989,000 ounces of gold1 › Montage has acted as the operator
Slide 18: Exploration Portfolio
EXPLORATION PORTFOLIO Exploration underpinning long term value creation Côte d’Ivoire INSIGHTS: › Montage continues to expand its footprint in Wendé advanced greenfield West Africa by positioning itself as the partner of exploration property, covering choice with governments, exploration-stage 107km
Slide 19: Montage Strives to be the Partner of Choice
MONTAGE STRIVES TO BE THE PARTNER OF CHOICE Creating lasting value for all stakeholders Village Relocation Improvement of living standards and empower local entrepreneurs Environmental Action Plan Collaborative approach to develop a comprehensive environmental management strategy Skills Training and
Slide 20: Upcoming Catalysts
UPCOMING CATALYSTS Unlocking value through construction and exploration UPCOMING CATALYSTS: › Q2-2026: Updated Mineral Resource Estimates for satellite deposits, including Gbongogo South, Koban North, ANV, Yere North, Lokolo Main, Sena and Diouma North › Q2-2026: Maiden Mineral Resource Estimates fo
Slide 21: Attractive Investment Proposition
ATTRACTIVE INVESTMENT PROPOSITION Strong re-rating potential as Montage’s strategy is executed Creating a premier multi-asset SHORT-TERM VALUE CREATION: African gold producer › Deliver construction of the Koné project on-time and on-budget Koné project is a sizeable, › Add higher grade resources to
Slide 22: Koné Project Overview
Section 2: KONÉ PROJECT OVERVIEW
Slide 23: Project Location, Access, Supply Chain
PROJECT LOCATION, ACCESS, SUPPLY CHAIN Direct access from Abidjan by paved highway Koné site logistics Port access INSIGHTS: Direct access to port › The Koné project is located approximately via paved highway 350km northwest of Yamoussoukro, the capital of Côte d'Ivoire › The project is endowed with
Slide 24: High Quality Infrastructure
HIGH QUALITY INFRASTRUCTURE Paved highway direct to project and high voltage power line High voltage power line National Highway Good Quality Road National Highway 24
Slide 25: Project Site Layout
PROJECT SITE LAYOUT Gbongogo haul road provides access to Koné Plant Water Grid power In-pit tailings pipeline streamlines disposal to run alongside permitting & after year 8 the haul road reduces mitigates risk sustaining capital MAGNIFIED VIEW 25
Slide 26: Site Infrastructure Overview
SITE INFRASTRUCUTRE OVERVIEW Project layout N Gbongogo Haul Road Koné South Pit A5 National Road Core Shed Water Storage Facility Civils Yard Process Plant Area Main Gate Electrical Substation Admin Buildings and Workshops Reagents Sheds Permanent Camp Top Soil Storage Tailings Storage Facility Airs
Slide 27: Mineral Reserves and Resources
MINERAL RESERVES AND RESOURCES 8 satellite deposits add higher grade resources Koné Project – January 2024 Mineral Reserve Estimate1 INSIGHTS: RESERVE OXIDE TRANSITION FRESH TOTAL PIT CLASSIFICATION › Exploration efforts are MT AU G/T AU MOZ MT AU G/T AU MOZ MT AU G/T AU MOZ MT AU G/T AU MOZ focused
Slide 28: Strip-Adjusted Grade Benchmark
STRIP-ADJUSTED GRADE BENCHMARK Low strip ratio is a key advantage Benchmarking across West African mines INSIGHTS: Head Grade, Strip Ratio, Strip-Adjusted Grade, g/t of ore waste:ore g/t moved (ore+waste) › Koné ranks at the low end of operating open pit mines in Segilola 3.11 Koné LOM 1.18 Koné Yea
Slide 29: AISC per Tonne Benchmark
AISC PER TONNE BENCHMARK Soft ore and scale drive lower unit costs Benchmarking across West African mines INSIGHTS: Ore Hardness, Processing Rate, AISC per Tonne Processed Bond work index in kWh/t Mtpa › Koné ore take less power to grind Koné LOM 10.7 Tarkwa 14.9 Koné LOM 21.5 Nampala 28.9 compared
Slide 30: Koné Deposit
KONÉ DEPOSIT Simple, wide orebody with low strip ratio Koné deposit cross section looking northeast INSIGHTS: 500 meters › True width >300 meters › Low-cost, low-risk bulk mining › Clean metallurgy with low reagent consumption › LOM strip ratio of 1.01:1 under the Updated Feasibility Study › Soft or
Slide 31: Koné Deposit Increased in Grade and Size
KONÉ DEPOSIT INCREASED IN GRADE AND SIZE Advanced grade control derisked the first 18 months of production Koné deposit 2025 drilling intercepts INSIGHTS: › Koné deposit M&I Resources have increased by 292koz to 4.63Moz while Inferred Resources have increased by 859koz to 1.26Moz, as compared to the
Slide 32: Gbongogo Main Deposit
GBONGOGO MAIN DEPOSIT High-grade satellite pit with a derisked production start Gbongogo Main deposit recent intercepts INSIGHTS: › Gbongogo Main deposit Indicated Resources have increased by 263koz to 783koz and Inferred Resources increased by 41koz to 41koz, as compared to the 2024 UFS › Indicated
Slide 33: Gbongogo Main Deposit
GBONGOGO MAIN DEPOSIT Significantly enhanced grade distribution resolution compared to UFS 2024 UFS “MIK” Resource Block Model 2026 “OK” Resource Block Model INSIGHTS: › The transition from a Multiple Indicator Kriging (“MIK”) resource estimation model to Ordinary Kriging (“OK”) modelling has improv
Slide 34: Significant Exploration Potential
SIGNIFICANT EXPLORATION POTENTIAL Discoveries located near the haul road Koné permitted exploration land package – key targets INSIGHTS: › 1,776km2 existing land package with a total of 52 exploration targets identified across 7 mineralised trends − Mining Permits (26 targets): Gbongogo- Korotou Tre
Slide 35: Proven Exploration Methodology
PROVEN EXPLORATION METHODOLOGY Exhaustive geological review conducted to screen and rank the 52 targets INSIGHTS: Koné, › Well-established and tested methodology based on a Gbongogo Ore Reserves (2) systematic approach to prioritise exploration efforts by Main weighing geological prospectivity again
Slide 36: Several Targets within the Permitted Area
SEVERAL TARGETS WITHIN THE PERMITED AREA Discoveries located near the haul road Koné permitted mining area and exploration targets M&I: 0.78Moz @ 1.51 g/t Au Inferred: 41Koz @ 1.08g/t Au INSIGHTS: › Mining permits cover a large total area of 357km2 which encompasses 5 deposits with Mineral Resources
Slide 37: Petit Yao Target
PETIT YAO TARGET High-grade intercepts returned at several holes INSIGHTS: Petit Yao plan view › Recent drill results from the Petit Yao target, located near the Koné processing plant, highlight its potential to be delineated into one of the project’s highest-grade satellite deposits of scale › Mine
Slide 38: Gbongogo-Koroutou Trend
GBONGOGO-KOROUTOU TREND Over 24 exploration targets along a 15km strike INSIGHTS: Gbongogo-Koroutou Trend plan view › Highly prospective geological corridor ~15km in length, supported by regional structures and extensive soil anomalies › The trend is defined by a highly resistive, chargeable and mag
Slide 39: Gbongogo South Extension Potential
GBONGOGO SOUTH EXTENSION POTENTIAL High-grade intercepts show extension potential Gbongogo South plan view INSIGHTS: › ~250 metres south of the Gbongogo main pit › Direct access to the planned haul road › Drilling confirmed the continuity of mineralisation from surface up to 100 meters depth over a
Slide 40: Gbongogo South Extension Potential
GBONGOGO SOUTH EXTENSION POTENTIAL Multiple higher grade ore shoots identified Gbongogo South long section Note: Please refer to disclosures regarding Mineral Reserve and Mineral Resource Estimates in appendix. 40
Slide 41: Koban North Discovery
KOBAN NORTH DISCOVERY Remains open along strike and at depth Koban North plan view INSIGHTS: › Discovery by Montage in 2024 › Indicated Resources of 141koz at 1.07 g/t Au and Inferred Resources 43koz at 0.89 g/t Au › Intercept highlights include: − 5 meters at 7.68 g/t Au − 13 meters at 2.92 g/t Au
Slide 42: Koban North Extension Potential
KOBAN NORTH EXTENSION POTENTIAL Higher grade ore shoots are a focus for further investigation Koban North long section Note: Please refer to disclosures regarding Mineral Reserve and Mineral Resource Estimates in appendix. 42
Slide 43: Sissédougou Trend
SISSÉDOUGOU TREND Already 6 exploration targets over a 10km trend Sissédougou Trend Plan View INSIGHTS: › Identified exploration targets correlate to a major, highly prospective southwest-northeast mineralised corridor extending over 10km in strike length, supported by lithostructural mapping, geoph
Slide 44: ANV Deposit
ANV DEPOSIT Mineralisation remains open at depth and along strike ANV Deposit Plan View INSIGHTS: › Ongoing drilling has extended the ANV Mineral Resource along strike and at depth, whilst demonstrating a high conversion of Inferred to Indicated status › The ANV deposit hosts an Indicated Resources
Slide 45: ANV Deposit Extension Potential
ANV DEPOSIT EXTENSION POTENTIAL Drill results indicate potential extensions of the deposit ANV long section Note: Based on the January 31, 2025, ANV deposit pits shell. Refer to the press release dated July 21, 2025, for further details. Please refer to disclosures regarding Mineral Reserve and Mine
Slide 46: ANV Deposit Upside Potential
ANV DEPOSIT UPSIDE POTENTIAL Multiple north-northeast striking gold anomalies located north of ANV ANV North soil sampling results INSIGHTS: › A systematic auger drilling campaign was conducted in H1-2025 on the Sissédougou trend, which comprised 316 auger drilling holes for 2,282 meters › The objec
Slide 47: Lokolo Targets
LOKOLO TARGETS High-grade intercepts including 15m at 3.06 g/t Au Lokolo targets plan view INSIGHTS: › Starter resource only represents a small portion of the largely untested 9km continuous surface geochemical anomalies over the full Lokolo trend › Maiden resource includes 16koz of Indicated Resour
Slide 48: Diouma North & Sena Targets
DIOUMA NORTH & SENA TARGETS Follow-up drill program planned on high grade targets Diouma North section Cross Section: Looking West DIOUMA NORTH INSIGHTS: › Target was discovered by Montage in early 2023, located 2km south of Gbongogo Main, on trend › <500m from haul road; defined as ~200m x 100m qua
Slide 49: Yeré North Target
YERÉ NORTH TARGET Marked by a 2km-long gold consistent trend Yeré North plan view INSIGHTS: › Maiden resource was delineated at Yeré North, which was initially considered as a small oxide target, but the 2024 drilling campaign also confirmed mineralisation in fresh rock allowing for upside potential
Slide 50: Other New Discoveries
OTHER NEW DISCOVERIES Successful reconnaissance has identified new targets New Discoveries plan view INSIGHTS: › Successful reconnaissance drilling has identified three new targets (Soman 1, Soman 2, and Gbongogo West) which were promoted to pre- resource definition stage and are being followed up w
Slide 51: Feasibility Study Summary Metrics
FEASIBILITY STUDY SUMMARY METRICS A long-life project with a low-cost structure and robust financial metrics INSIGHTS: Metrics Units UFS Pit Optimization Gold Price $/oz $1,550 › Simple bulk mining combined with low-strip, large scale and soft rock drive low unit costs and low AISC Financial Model B
Slide 52: Feasibility Study Project Economics
FEASIBILITY STUDY PROJECT ECONOMICS Robust cash flows and fast payback Excludes strategic optimisation Life of Mine cumulative free cash flow initiatives and higher-grade material Figures in US$ millions from the onset of production $8,134 $7,801 $7,461 Cumulative After-tax Free Cash Flow at $3,500/
Slide 53: Capital Costs
CAPITAL COSTS Benefitting from existing infrastructure and minimal relocation INSIGHTS: › Koné ranks low in capital intensity measured by annual throughput › Existing infrastructure includes sealed road to site; nearby grid power and abundant water resources, all contributing to lower capital intens
Slide 54: Process Plant Optimisations
PROCESS PLANT OPTIMISATIONS Process plant design enhancements already implemented UFS Processing Plant Parameters1 Dec-24 Processing Plant Optimisations Primary and closed-circuit secondary crushing using a gyratory Primary crusher has been upgraded with 33% extra power crusher Metso 54/75 and two c
Slide 55: Koné Project Oxide Circuit
KONÉ PROJECT OXIDE CIRCUIT Improving flexibility and simplifying stockpile management Oxide Circuit Benefits INSIGHTS: › Construction of an oxide circuit has commenced following the completion of engineering with earthworks largely complete and the oxide run-of-mine (“ROM”) bin Optionality to bring
Slide 56: Simplified Processing Plant Flowsheet
SIMPLIFIED PROCESSING PLANT FLOWSHEET Nameplate capacity of 11.0 Mtpa on both fresh rock and oxide feed Oxide Circuit 56
Slide 57: Processing Plant Layout
PROCESSING PLANT LAYOUT Prioritising construction workstreams to allow for earlier gold pour INSIGHTS: › Key process plant achievements include completion of all tanks erected on the first CIL train, and earthworks and concrete pours on the ball mill foundation and pre- ! leach and tailings thickene
Slide 58: Construction Progress
CONSTRUCTION PROGRESS Overview of key processing plant infrastructure Event Pond Water Services Cyclone Clusters Pre-Leach Thickener Gold Room and Tailings Thickener Electrowinning CIL Trains Reagents Ball Mill Elution Columns Note: Construction progress and photos as of May 11, 2026, unless otherwi
Slide 59: Construction Progress
CONSTRUCTION PROGRESS Process plant area Ball Mill Installation and Cyclone Clusters Oxide Sizer Gold Room and Electrowinning Primary Crusher Note: Construction progress and photos as of May 11, 2026, unless otherwise stated 59
Slide 60: Construction Progress
CONSTRUCTION PROGRESS Key site infrastructure Koné Mine Services Area Airstrip Operational Substation Layout Permanent Camp Note: Construction progress and photos as of May 11, 2026, unless otherwise stated 60
Slide 61: Construction Progress
CONSTRUCTION PROGRESS Water supply and tailings storage facility Marahoué bridge River Abstraction Booster Station Tailings Storage Facility Water Storage Facility Note: Construction progress and photos as of May 11, 2026, unless otherwise stated 61
Slide 62: Rapidly Advancing Construction
RAPIDLY ADVANCING CONSTRUCTION First gold pour expected in late Q4-2026 Work Stream Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27 Q2-27 Tailings Dam & Water Dams Tailings Dam * * * * Water Storage & Dam * * Construction Power Supply * * * * * Site Infrastructure * * * * * * * Earth works & C
Slide 63: Our Construction Approach
OUR CONSTRUCTION APPROACH Self-performed construction tasks and a proven team Proven Team EPCM contract was awarded to Lycopodium Minerals, who have been working on the Koné Gold Project since 2018 Track record of building multiple projects across Côte d’Ivoire and West Africa more They have complet
Slide 64: Owner-Operated Mining Solution
OWNER-OPERATED MINING SOLUTION Optimising the project through an owner-operated mining strategy # Units to be purchased INSIGHTS: › Owner-mining model selected to optimize long-term costs and maintain optimal mine- planning flexibility, positioning Montage to 40 6 8 cost-effectively and efficiently
Slide 65: Equipment Financing Facility
EQUIPMENT FINANCING FACILITY Fully funds the owner-mining fleet for the Koné Project › Facility amount: US$ 75 million with an availability period ending on the earlier of (i) being fully drawn under the Equipment Finance Facility and (ii) June 30, 2027 US$ 75 M › Use of proceeds: Proceeds to be use
Slide 66: Wheaton Financing
WHEATON FINANCING Provided US$700 million of funding sources › Retention of significant exploration upside as the stream is limited to the Koné and Gbongogo deposits while over 50 exploration targets have been identified on the property › Wheaton will purchase 19.5% of payable gold until 400koz have
Slide 67: Wheaton Stream
WHEATON STREAM Exploration upside retained as stream is only on two deposits Wheaton Stream Area of Interest INSIGHTS: › Area of Interest is the Koné and Gbongogo deposits, based on a US$2,500/oz pit-shell, plus a 500-meter boundary › Montage retains significant exploration upside as more than 50 ex
Slide 68: Zijin Mining Financing
ZIJIN MINING FINANCING Provided US$125 million of funding sources › Fully redeemable subordinated gold stream with first and second buyback options dates expected to occur at the end of 2029 and 2030, respectively US$ 75 M › Zijin will receive 3.1% of the payable gold from the Koné project until 54k
Slide 69: AFG Working Capital Facility
AFG WORKING CAPITAL FACILITIY Provides excess liquidity sources to optimize working capital requirements INSIGHTS: › AFG Bank is a well- › Facility amount: 31.5bn CFA (approximately US$ 50 million) available to established African Montage over a 24-month availability period from closing financial in
Slide 70: Didievi Project, Exploration Portfolio and Strategic Partnership
Section 3: DIDIEVI PROJECT, EXPLORTION PORFOLIO AND STRATEGIC PARTNERSHIP
Slide 71: Striving to be the Partner of Choice
STRIVING TO BE THE PARTNER OF CHOICE Win-win partnership approach with governments and corporates Montage tenements in Côte d’Ivoire Win-win partnership approach with governments, local stakeholders and exploration-stage companies continues to unlock value for all stakeholders. LOCAL GOVERNMENTS: ›
Slide 72: Didievi Project Overview
DIDIEVI PROJECT OVERVIEW Advancing the high-grade Didievi Project in Côte d’Ivoire Didievi project tenement and intercepts1 INSIGHTS: › Montage strengthened its presence in Côte d’Ivoire and enhanced its project pipeline with the acquisition of the high- quality resource-stage Didievi project, which
Slide 73: Blaffo Guetto Deposit at the Didievi Project
BLAFFO GUETTO DEPOSIT AT THE DIDIEVI PROJECT Recent high-grade intercepts demonstrating extension potential Plan view of Blaffo Guetto mineralisation with key intercepts highlighted1 INSIGHTS: › Blaffo Guetto is the project’s most advanced deposit, and is subject to an ongoing 40,000-meter drilling
Slide 74: Blaffo Guetto Deposit at the Didievi Project
BLAFFO GUETTO DEPOSIT AT THE DIDIEVI PROJECT Higher grade ore shoots are a focus for further investigation Blaffo Gueto Block Model Long Section with key intercepts highlighted1 North - East Source: African Gold. Please refer to the African Gold’s press release dated July 31, 2025, for further detai
Slide 75: Wendé Advanced Greenfield Exploration
WENDÉ ADVANCED GREENFIELD EXPLORATION Highly prospective permit supported by historical exploration Wendé permit area with magnetics INSIGHTS: › Montage was recently granted the Wendé permit in late 2025 with an initial 9,000-meter exploration programme now underway in 2026 › Advanced greenfield exp
Slide 76: Mauritania Greenfield Exploration
MAURITANIA GREENFIELD EXPLORATION Secured over 2,000km2 of prospective exploration properties Mauritania greenfield exploration properties INSIGHTS: › Montage continues to expand its exploration footprint in West Africa by positioning itself as the partner of choice with governments, exploration-sta
Slide 77: Mauritania Greenfield Exploration
MAURITANIA GREENFIELD EXPLORATION Favourably situated on major geological boundaries Map of Sfariat and Zednes permit locations INSIGHTS: › The permits are favourably situated on major Mesoarchean-Paleoproterozoic structural boundaries and associated intersecting feeder structures, a known target fo
Slide 78: Strategic Partnership with Sanu Gold
STRATEGIC PARTNERSHIP WITH SANU GOLD (CN:SANU) Exploration properties in Guinea within the Siguiri Basin INSIGHTS: Sanu Gold corporate holdings › Montage announced a strategic partnership with Sanu in December 2024, through a share exchange transaction, with the issuance to African Gold of 2.3 milli
Slide 79: Strategic Partnership with Sanu Gold
STRATEGIC PARTNERSHIP WITH SANU GOLD (CN:SANU) High grade intercepts at Daina Daina property overview INSIGHTS: › Daina exploration permit located in the NE Siguiri Basin › High grade intercepts at the Daina property include: − 51 meters at 3.11 g/t Au − 21 meters at 4.75 g/t Au › Combined >10km str
Slide 80: Partnership with Aurum Resources
PARTNERSHIP WITH AURUM RESOURCES (ASX:AUE) Exploration along the Boundiali Belt Aurum Resources corporate holdings INSIGHTS: › Montage announced a strategic partnership with Aurum in May, 2025, obtaining a 9.8% interest in May 2025 › Following a strategic review of the Company’s investment in Aurum
Slide 81: Environmental, Social, Governance
Section 4: ENVIRONMENTAL, SOCIAL, GOVERNANCE
Slide 82: ESG Overview
ESG OVERVIEW Building on the ESG culture set during the exploration phase Village Relocation INSIGHTS: +100 community homes and several community › Montage’s ESG strategy is well aligned services constructed to improve living standards and with the Côte d’Ivoire national empower local entrepreneurs
Slide 83: Côte d'Ivoire National Development Plan
CÔTE D’IVOIRE NATIONAL DEVELOPMENT PLAN Contribution towards national development goals Electricity Access to 100% GDP growth to 7.7% annually Poverty Rate to below 31% in qualifying localities 1 National Primary School Enrolment Infrastructure and Human Targets Drinking Water access to ~96% to ~97%
Slide 84: Dolorougo-Kaha Relocation
DOLOROUGO-KAHA RELOCATION Improving living standards and empowering local entrepreneurs +100 Community houses Schools and teacher housing INSIGHTS: › Construction was completed in Q4- 2025 with the formal handover of Community centres and public Multi-faith places of worship markets homes to affecte
Slide 85: Training and Local Employment
TRAINING AND LOCAL EMPLOYMENT Local upskilling through heavy equipment training INSIGHTS: “Cette formation renforce ma compétitivité, m ouvre les portes d’un avenir › In line with Montage’s commitment to local meilleur et me rapproche de mon rêve devenir un operateur reconnu pour sa compétitivité.“
Slide 86: Community Upskilling Programmes
COMMUNITY UPSKILLING PROGRAMMES Training and learning alongside national partnerships INSIGHTS: › Montage demonstrates its commitment to local content with training programmes being conducted in partnership with the government-accredited Lycée Technique de Mankono across the following professions: s
Slide 87: Environmental Action Plan
ENVIRONMENTAL ACTION PLAN (“EAP”) Applying international best practices to environmental management INSIGHTS: CO2 › Montage is committed to minimizing and Water Quality Biodiversity Air Quality Human Impact mitigating environmental impacts through internationally recognized best practices Monitoring
Slide 88: Community Health and Social Development
COMMUNITY HEALTH AND SOCIAL DEVELOPMENT Supporting and investing in the health of our local communities INSIGHTS: › Montage supported the "Pink October" community health campaign, that focuses on women's health and raising awareness about women's cancer › The initiative, co-led by the Dianra Regiona
Slide 89: Impacted Communities
IMPACTED COMMUNITITES Strong community support from the surrounding villages Established of a community development Refurbishment of Batogo medical clinic fund to finance local projects and Fadiadougou maternity unit INSIGHTS: › Montage is backed by strong New water wells dug in Fadiadougou, Livelih
Slide 90: Livelihood Restoration Plan
LIVELIHOOD RESTORATION PLAN 4 farming and gardening pilot progammes launched INSIGHTS: “Montage a fourni les terres, les semences et l'équipement nécessaires à l'organisation de l'agriculture et du jardinage afin d'autonomiser la › The Livelihood Restoration Plan (“LRP”) communauté locale. La mine e
Slide 91: Community Monitoring and Engagement
Community Monitoring and Engagement Community newsletter and robust grievance mechanisms in place Community newsletters INSIGHTS: › Montage is committed to transparent and inclusive communication throughout the project lifecycle based on respect, transparency and open communication › A structured co
Slide 92: West African Opportunity
Section 5: WEST AFRICAN OPPORTUNITY
Slide 93: Production Growth
PRODUCTION GROWTH West Africa is the fastest-growing gold producing region globally +85% West African gold production growth 16Moz Côte d’Ivoire Mali Guinea Other 14% West Africa Production Burkina Faso Senegal Ghana % of Mine Supply Growth (2013 – 2024) 14Moz 12% +398% West African Mine Supply (oun
Slide 94: Production by Country
PRODUCTION BY COUNTRY West Africa is the largest global gold producing region Annual gold production by region West Africa has become the In millions of ounces, for 2024 largest gold producing region globally due to its significant 15.2Moz exploration potential and Senegal favourable mining regimes,
Slide 95: Discoveries by Country
DISCOVERIES BY COUNTRY West Africa ranks 1st for discoveries over past decades Gold discoveries by region The West African region is For the period between 2010-2024 (In millions of ounces) significantly under-explored compared to other regions 70 West Africa Moz Ecuador 38.8Moz Canada 37.3Moz #1 Ra
Slide 96: Discovery to Production
DISCOVERY TO PRODUCTION Côte d’Ivoire boasts the quickest timelines from discovery to production Discovery to production by country The West African region is supportive of extractive industries Average lead time to production since 1990 10 given the importance to West African economies Cote d’Ivoir
Slide 97: Côte d'Ivoire in Context
CÔTE D'IVOIRE IN CONTEXT Among the fastest growing West African economies ECONOMY POLITICAL ENERGY › Rapidly growing economy diversifying into › Member of ECOWAS, United Nations, the › 74% natural gas, 23% Hydro and 3% oil with a goal to offshore energy exports African Union, and the regional West r
Slide 98: Ivorian Mine Construction Benchmarking
IVORIAN MINE CONSTRUCTION BENCHMARKING Koné will be the largest gold mine in Côte d’Ivoire Koné Abujar Lafigué Ity Yaouré Tongon Bonikro Agbaou Séguéla Sissingué Plant Initial Capacity 11.0 Mtpa Potential to improve with process plant design enhancements 5.4 Mtpa 4.0 Mtpa 4.0 Mtpa 3.8 Mtpa 3.6 Mtpa
Slide 99: Appendix
Section 6: APPENDIX
Slide 100: Mineral Resources Estimate
MINERAL RESOURCES ESTIMATE Koné project detailed Mineral Resource Estimate table 2024 UFS MINERAL RESOURCE 2026 UPDATED MINERAL RESOURCE +Add % Chg DEPOSIT RESOURCE CATEGORY ESTIMATE1 ESTIMATE2 Mt Au g/t Au koz Mt Au g/t Au koz Au koz Au g/t Measured Resources - - - 8.6 0.83 229 +229 - Indicated Res
Slide 101: Disclosure Regarding Mineral Reserves and Resources
DISCLOSURE REGARDING MINERAL RESERVES AND RESOURCES MINERAL RESERVE ESTIMATES › The Mineral Reserves are classified according to the “CIM” definitions. All Mineral Reserves were classified as Probable based on the Indicated Mineral Resource. The Mineral Reserve cut off grade range from 0.19 g/t to 0
Slide 102: Disclosure Regarding Mineral Reserves and Resources
DISCLOSURE REGARDING MINERAL RESERVES AND RESOURCES TECHNICAL DISCLOSURE – GBONGOGO MAIN DEPOSIT MRE The Gbongogo Main MRE has been prepared by Mr. Rolly Wasonga, a full-time employee as Mineral Resource Manager of Montage Gold, and a Qualified Person as defined under NI 43-101. Mr. Wasonga has suff
Slide 103: Disclosure Regarding Mineral Reserves and Resources
DISCLOSURE REGARDING MINERAL RESERVES AND RESOURCES KONÉ AND GBONGOGO MAIN DEPOSITS - DATA VERIFICATION (CONTINUED) These independent assessments are complemented by ongoing internal verification by the Company’s Qualified Person, including database validation, QA/QC monitoring, and periodic site re
Slide 104: Disclosure Regarding Mineral Reserves and Resources
DISCLOSURE REGARDING MINERAL RESERVES AND RESOURCES SAMPLING & ASSAYING - QA/QC - GBONGOGO SOUTH AND KOBAN NORTH DEPOSITS All exploration work on the Gbongogo South and Koban North deposits is designed and carried out under the supervision of Silvia Bottero, Executive Vice President, Exploration who
Slide 105: Disclosure Regarding Mineral Reserves and Resources
DISCLOSURE REGARDING MINERAL RESERVES AND RESOURCES TECHNICAL DISCLOSURE - OTHER SATELLITE DEPOSITS MRES The other satellite deposits MREs were carried out by Mr. Jonathon Abbott of Matrix Resource Consultants of Perth, Western Australia, who is considered to be independent of Montage Gold. Mr. Abbo
Slide 106: Disclosure Regarding Mineral Reserves and Resources
DISCLOSURE REGARDING MINERAL RESERVES AND RESOURCES SAMPLING & ASSAYING - OTHER SATELLITE DEPOSITS - QA/QC › All exploration work on Koné project is designed and carried out under the supervision of Executive Vice President, Exploration, Silvia Bottero, a registered Professional Natural Scientist wi
Slide 107: Metallurgical Testwork Summary
METALLURGICAL TESTWORK SUMMARY Good gold recoveries with low reagent consumptions The testwork program demonstrated that the mineralization is amenable to direct tank carbon in pulp cyanide leaching with good gold recoveries, low reagent consumptions and medium-low resistance to grinding, providing
Slide 108: Capital Cost Estimate Summary
CAPITAL COST ESTIMATE SUMMARY Low infrastructure and relocation requirements Pre-Production Capital Cost Estimate Summary Koné Gbongogo Total Main Area ($M) ($M) ($M) Resettlement $17.3 $4.7 $22.0 Pre-Production Mining $61.7 $16.3 $78.0 Grid Connection $31.0 - $31.0 Back-up Power Gensets $25.0 - $25
Slide 109: Project Infrastructure Details
PROJECT INFRASTRUCTURE DETAILS Haulage road, water and tailings Haul Road from Gbongogo Main to Koné The Gbongogo haul road is 38.1 km in length and transverses a sparsely populated area between the two sites and has been designed to avoid villages, defined forest areas and minimise interactions wit
Slide 110: Project Infrastructure Details
PROJECT INFRASTRUCTURE DETAILS Power Power The UFS evaluated hybrid power supply options from proposals received from West African power providers. However, local supplies of LNG cannot be guaranteed, and so power will now be supplied from the National Grid via a new 225kV transmission line. The Kon
Slide 111: Process Plant
PROCESS PLANT Based on a simple and robust metallurgical flowsheet The process plant design in the UFS is based on a simple and robust metallurgical flowsheet designed for optimal precious metal recovery. The key design criteria for the plant are: ▪ Nominal throughput of 11.0 Mtpa with a grind size
Slide 112: Mining Details
MINING DETAILS UFS Mining operations UFS mining operations UFS mining operations were assumed to be carried out by a contractor on a unit cost per tonne basis utilising a mining fleet comprised of 90t rigid body haul trucks with suitably sized loading units at a rate of 39Mtpa at Koné and 15Mtpa at
Slide 113: Summary Production and Financial Model
SUMMARY PRODUCTION AND FINANCIAL MODEL (based on US$ 3,000/oz) Description Units Total/Avg Pre-Production Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Mining Ore Mined Mt 174.3 7.5 24.2 21.4 24.5 12.7 14.1 17.9 20.7 27
Slide 114: Summary Production and Financial Model
SUMMARY PRODUCTION AND FINANCIAL MODEL (based on US$ 4,000/oz) Description Units Total/Avg Pre-Production Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Mining Ore Mined Mt 174.3 7.5 24.2 21.4 24.5 12.7 14.1 17.9 20.7 27
Slide 115: Martino De Ciccio, Jake Cain
TSX MAU OTCQX MAUTF montagegold.com Martino De Ciccio Chief Executive Officer mdeciccio@montagegold.com Jake Cain Strategy & Investor Relations Manager jcain@montagegold.com CORPORATE PRESENTATION