Montage Gold Corp. · TSX:MAU
Montage Gold — Investor Presentation (January 2026)
104 slides from Montage Gold's investor presentation, January 2026
Slide 1: Creating a premier African gold producer
TSX MAU OTCQX MAUTF montagegold.com Creating a premier African gold producer JANUARY 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: Section 1: Montage Gold Strategic Overview
Section 1: MONTAGE GOLD STRATEGIC OVERVIEW
Slide 4: Our Strategy
OUR STRATEGY Focused on creating a premier African gold producer African Gold Opportunity New management team appointed in early 2024 Production Largest gold producing region globally Fully funded with backing from Lundin Family and Zijin Exploration Mining as strategic Top region for discoveries ov
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 19.6% Basic Shares Outstanding 364,269,164 9.4% Fully-Diluted Shares Outstanding 385,975,174 Directors & Officers 5.4% Close Price (TSX:MAU) January 2, 2026 C$9.87 of Montage Gold 3.1% Basic Market Cap C$3,595M / US$2,625M 2.4%
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 Approach
OUR APPROACH Integrating sustainability across the value chain EXPLORATION PRODUCTION CONSTRUCTION & PRE-DEVELOPMENT & CLOSURE Environmental stewardship Local procurement and Employment and training planning within DFS employment Local procurement & Early community Health and safety focus economic d
Slide 9: Koné Project
KONÉ PROJECT Long-life and low AISC asset of scale 16 years 301,000oz Avg. Production Mine Life (Yrs. 1-8) 4.0Moz 5.5Moz Probable Reserves1 M&I Resources1 $1,081/oz 11.0 Mtpa Nominal throughput LOM AISC capacity $3.1 billion 64.1% After-tax NPV5% After-tax IRR at $3,000/oz at $3,000/oz 1) Updated Mi
Slide 10: Koné Project
KONÉ PROJECT Provides a foundation upon which to build a major gold company Benchmarking across West African mines AISC, $/oz 2,500 Agbaou 2,250 Siguiri Koné will rank as a Tongon Damang Akyem 2,000 high quality West Asanko Bibiani Obuasi African mine once in Chirano production with a long Sissingue
Slide 11: Koné Project Benchmarking
KONÉ PROJECT BENCHMARKING Koné is one of the largest gold projects currently in construction Average annual production for gold mines in construction 353koz Single asset company Potential to increase with Multi-asset company higher grade discoveries 301koz 287koz 260koz 240koz 195koz 176koz 139koz 7
Slide 12: Koné Project
KONÉ PROJECT Long-life and low AISC asset of scale Koné Project Updated Feasibility Study life of mine plan Production AISC ($/oz) Head Grade (g/t) 400 $1,400 378 Current mine plan is only based on the Koné 350 333 334 $1,200 and Gbongogo Main 322 deposits, whereas 7 new deposits were 300 284 All-In
Slide 13: Several Ongoing Initiatives to Unlock Value
SEVERAL ONGOING 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 Discoverie
Slide 14: Significant Exploration Potential
SIGNIFICANT EXPLORATION POTENTIAL Short-term target of discovering +1Moz of higher-grade M&I resources Koné permitted exploration land package – key intercepts INSIGHTS: › Montage set an aggressive short-term discovery target of +1Moz of M&I resources at a grade of >1 g/t Au, which would be 50% high
Slide 15: Fully Funded
FULLY FUNDED Significant funding headroom available US$130M Private Placement INSIGHTS: › Key strategic shareholders in Lundin US$75M Subordinated, Fully › Funding package is well Group (19.9%) and Zijin Mining (9.9%) Redeemable Gold Stream aligned with goal of › C$1.75 private placement price with
Slide 16: Construction Rapidly Advancing
CONSTRUCTION RAPIDLY ADVANCING Construction remains on-schedule and on-budget INSIGHTS: › Well on-schedule for first gold pour in Q2-2027 and on- budget with more than $495m1 of capital committed, representing approximately 58% of the total upfront capital expenditure, with prices in-line with expec
Slide 17: Upcoming Catalysts
UPCOMING CATALYSTS Unlocking value through construction and exploration UPCOMING CATALYSTS: › Q1-2026: Ball mill arrives on site › Q1-2026: Grade control results › Q1-2026: Mineral Resource and Exploration update; delineation of pre-resource advanced targets incl. Petit Yao Groundbreaking Ceremony w
Slide 18: Attractive Investment Proposition
ATTRACTIVE INVESTMENT PROPOSITION Strong re-rating potential as Montage’s strategy is executed Creating a Premier African Gold Producer SHORT-TERM VALUE CREATION: UNLOCKING THE KONÉ PROJECT Koné project is a sizeable, › Deliver construction on-time and on- long-life, fully permitted budget asset › D
Slide 19: Section 2: Koné Gold Project Overview
Section 2: KONÉ GOLD PROJECT OVERVIEW
Slide 20: 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 21: 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 21
Slide 22: Project Site Layout
PROJECT SITE LAYOUT Further site layout optimizations underway 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 22
Slide 23: 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 24: Mineral Reserves and Resources
MINERAL RESERVES AND RESOURCES 8 satellite deposits add higher grade resources Koné Project – January 2024 Mineral Reserve Estimate1 INSIGHTS: 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 on deli
Slide 25: Koné Project: Low strip ratio
KONÉ PROJECT 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 Segilola 3.11 Koné LOM 1.18 Koné Years 1-8 0.44 pit mines in West A
Slide 26: Koné Project: Soft ore and scale
KONÉ PROJECT 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 to other Man
Slide 27: Koné Deposit
KONÉ DEPOSIT Simple, wide orebody with low strip ratio Cross Section: Looking Northeast INSIGHTS: › One wireframe › True width >200m › Low-cost, low-risk bulk mining › Clean metallurgy with low reagent consumption › LOM strip ratio of 1.01:1 › Soft ore with Bond Work Index of 10.7 kWh/r due to low s
Slide 28: Koné Pit Area
KONÉ PIT AREA No relocation required with favourable topography Kone pit area – prior to work commencing Mineralised diorite Hanging wall drillcore 28
Slide 29: Gbongogo Main Deposit
GBONGOGO MAIN DEPOSIT Higher grade with positive impact on cash flows and payback period Cross Section: Looking Northeast INSIGHTS: › Probable Reserves of 490koz at 1.43 g/t, represents 428koz of SE production in first 3 years Oxide Fresh › 38km haul to Koné processing Rock plant plant › Substantial
Slide 30: 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 › 81,815m drill programme completed in 2024, focused
Slide 31: Proven Exploration Methodology
PROVEN EXPLORATION METHODOLOGY Exhaustive geological review conducted to screen and rank the 52 targets INSIGHTS: › Well-established and tested methodology based on Koné, Gbongogo Ore Reserves (2) a systematic approach to prioritise exploration Main efforts by weighing geological prospectivity again
Slide 32: 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 INSIGHTS: › Mining permits cover a large total area of 357km2 which encompasses 5 deposits with Mineral Resources, including the Koné, Gbongogo Main, Gbongogo South, Dio
Slide 33: 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 34: 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 35: 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 36: 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. 36
Slide 37: 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 133koz at 1.07 g/t Au and Inferred Resources 28koz at 0.90 g/t Au › Intercept highlights include: − 5 meters at 7.68 g/t Au − 13 meters at 2.92 g/t Au
Slide 38: 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. 38
Slide 39: 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 40: ANV Deposit
ANV DEPOSIT Mineralisation remains open at depth and along strike ANV Deposit Plan View INSIGHTS: › 2025 drilling programme has extended the ANV Mineral Resource along strike and at depth, whilst demonstrating a high conversion of Inferred to Indicated status › ANV deposit hosts an Indicated Resourc
Slide 41: 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 42: ANV Deposit Upside Potential
ANV DEPOSIT UPSIDE POTENTIAL Multiple north-northeast striking gold anomalies located north of ANV INSIGHTS: ANV North soil sampling results › 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 43: 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 44: Diouma North & Sena Targets
DIOUMA NORTH & SENA TARGETS Follow-up drill program planned on high grade targets Diouma North Insights: Diouma North section Cross Section: › Target was discovered by Montage in early 2023, Looking West located 2km south of Gbongogo Main, on trend › <500m from haul road; defined as ~200m x 100m qua
Slide 45: Yeré North Target
YERÉ NORTH TARGET Marked by a 2km-long gold consistent trend Yeré North plan view INSIGHTS: › Maiden resource was delineated at Yere 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 46: 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 47: 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 $1,550 › Simple bulk mining combined with low-strip, large scale and soft rock drive low unit costs and low AISC Financial Model B
Slide 48: Feasibility Study Project Economics
FEASIBILITY STUDY PROJECT ECONOMICS Robust cash flows and fast payback Excludes all strategic optimisation Life of Mine cumulative free cash flow initiatives and higher-grade material Figures in US$ millions from the onset of production $3,250 $3,099 $2,945 $2,793 Cumulative After-tax Free Cash Flow
Slide 49: 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 50: Key Design Parameters
KEY DESIGN PARAMETERS Crushing and milling circuit enhanced to improve efficiency Following the Jan. 2024 study, key design parameters were optimized to enhance the crushing and milling circuit and improve the efficiency of the overall operation: EPCM contract was awarded to Lycopodium Minerals, who
Slide 51: 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 52: Simplified Processing Plant Flowsheet
SIMPLIFIED PROCESSING PLANT FLOWSHEET Nameplate capacity of 11.0 Mtpa on both fresh rock and oxide feed Oxide Circuit 52
Slide 53: 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 54: Owner-Operated Mining Solution
OWNER-OPERATED MINING SOLUTION Optimising the project through an owner-operated mining strategy # Units 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 levera
Slide 55: 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 56: Advancing Construction
ADVANCING CONSTRUCTION Timetable for a 27-months construction schedule Work Stream Q1-2025 Q2-2025 Q3-2025 Q4-2025 Q1-2026 Q2-2026 Q3-2026 Q4-2026 Q1-2027 Q2-2027 Tailings Dam & Water Dams Tailings Dam * * * Water Storage & Dam * * Construction Power Supply * * * * * Site Infrastructure * * * * * *
Slide 57: Construction Progress: Process plant area
CONSTRUCTION PROGRESS Process plant area Ball Mill Foundations Pre-Leach & Tailings Thickeners CIL Tank Erection Elution Columns Note: Construction progress and photos as of January 6, 2026, unless otherwise stated 57
Slide 58: Construction Progress: Key site infrastructure
CONSTRUCTION PROGRESS Key site infrastructure Oxide Crusher Reagents Area Substation Layout Permanent Camp Note: Construction progress and photos as of January 6, 2026, unless otherwise stated 58
Slide 59: Construction Progress: Water supply and tailings
CONSTRUCTION PROGRESS Water supply and tailings storage facility River Abstraction Tower River Abstraction Booster Station Tailings Storage Facility Water Storage Facility Note: Construction progress and photos as of January 6, 2026, unless otherwise stated 59
Slide 60: Fully Funded
FULLY FUNDED Secured US$825m in non-equity financing sources ✓ Secured US$825m in non-equity financing sources for the construction of the Koné project Industry leading strategic partners US$ 625 M US$ 75 M in Wheaton Precious Metals and Zijin Gold Stream Subordinated, fully Mining redeemable gold s
Slide 61: 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 62: 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 63: 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 64: Section 3: Environmental, Social, Governance
Section 3: Environmental, Social, Governance
Slide 65: 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 66: 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 67: Dolorougo-Kaha Relocation
DOLOROUGO-KAHA RELOCATION Improving living standards and empowering local entrepreneurs +100 Community houses Schools and teacher housing INSIGHTS: › Construction is now over 95% complete and tracking over two months ahead of Community centres and public Multi-faith places of worship markets schedul
Slide 68: 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 69: 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 70: Environmental Action Plan (EAP)
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 71: 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 72: 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 73: 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 74: 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 75: Section 4: Strategic Partnerships
Section 4: STRATEGIC PARTNERSHIPS
Slide 76: Strategic Partnerships Overview
STRATEGIC PARTNERSHIPS OVERVIEW Over 300,000 meters of drilling in 2025 across all holdings INSIGHTS: › Provide exposure to exploration and development 9.9% interest stage assets located adjacent to existing infrastructure: − Aurum Resources, located immediately adjacent to Montage Gold’s Koné Proje
Slide 77: Partnership with Aurum Resources
PARTNERSHIP WITH AURUM RESOURCES (ASX:AUE) Strengthening our position along the Boundiali Belt INSIGHTS: Aurum Resources corporate holdings › Montage announced a strategic partnership with Aurum in May, 2025 › Montage obtained a 9.9% interest in Aurum through a share exchange transaction, with the i
Slide 78: Partnership with Aurum Resources
PARTNERSHIP WITH AURUM RESOURCES (ASX:AUE) Strengthening our position along the Boundiali Belt Boundiali property overview INSIGHTS: › Boundiali Project location and distribution of historical soil assays within the two licences supported the identification of a number of exploration targets › Infer
Slide 79: Strategic Partnership with African Gold
STRATEGIC PARTNERSHIP WITH AFRICAN GOLD (ASX:A1G) Advancing the high-grade Didievi Project in Côte d’Ivoire INSIGHTS: African Gold corporate holdings › Montage Gold announced the acquisition of African Gold on November 28, 2025 › Adds the high-quality resource-stage Didievi project, which already ho
Slide 80: Didievi Project in Côte d'Ivoire
DIDIEVI PROJECT IN CÔTE D’IVOIRE Potential multi-million ounce gold project INSIGHTS: Blaffo Guetto plan view1 › Inferred Resource of 12.4Mt with 989koz of gold at 2.5 g/t Au (0.8 g/t Au cut off) with shallow ounces close to operating mines1 › Potential to improve the resource across the Didievi ten
Slide 81: 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 82: 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 83: Section 5: West African Opportunity
Section 5: WEST AFRICAN OPPORTUNITY
Slide 84: 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 85: 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 86: 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 87: 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 88: 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 89: 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 90: Section 6: Appendix
Section 6: APPENDIX
Slide 91: Disclosure Regarding Mineral Reserves and Resources
DISCLOSURE REGARDING MINERAL RESERVES AND RESOURCES TECHNICAL DISCLOSURE – KONÉ GOLD PROJECT › The Mineral Reserve Estimate for the Koné Gold Project has an effective date of January 15, 2024 and was carried out by Ms. Joeline McGrath of Carci Mining Consultants Ltd. who is considered to be independ
Slide 92: Disclosure Regarding Mineral Reserves and Resources
DISCLOSURE REGARDING MINERAL RESERVES AND RESOURCES APRIL 2025 KONÉ MINERAL RESOURCE ESTIMATE (contd.) › Micromine software was used for data compilation, domain wire framing and coding of composite values and GS3M was used for resource estimation. The resulting estimates were imported into Micromin
Slide 93: Disclosure Regarding Mineral Reserves and Resources
DISCLOSURE REGARDING MINERAL RESERVES AND RESOURCES July 2025 KOBAN NORTH - SATELLITE DEPOSIT MINERAL RESOURCE ESTIMATE › The estimate is based on geological interpretation and sampling data provided by Montage Gold Corp’s exploration team as of June 2025. It is reported within an optimal pit shell
Slide 94: Disclosure Regarding Mineral Reserves and Resources
DISCLOSURE REGARDING MINERAL RESERVES AND RESOURCES November 2025 ANV DEPOSIT - SATELLITE DEPOSIT MINERAL RESOURCE ESTIMATE › The August 2025 MRE for the ANV deposit has been classified and reported in accordance with NI 43-101 and classifications adopted by CIM Council in May 2014 and has an effect
Slide 95: Mineral Resources
MINERAL RESOURCES Updated Mineral Resource Statement 2024 UFS MINERAL RESOURCE ESTIMATE1 UPDATED 2025 MINERAL RESOURCE ESTIMATE2 VARIANCE DEPOSIT Mt Au g/t Au koz Mt Au g/t Au koz Au koz Koné deposit Indicated Resources 229 0.59 4,340 245 0.57 4,490 +150 Inferred Resources 25 0.5 400 37 0.43 510 +11
Slide 96: 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 97: 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 Process Plant $371.0 - $371.0 Oxi
Slide 98: Project Infrastructure Details
PROJECT INFRASTRUCTURE DETAILS Haulage road, water and tailings Haul Road from Gbongogo Main to Koné The Gbongogo haul road is 38.1 km in length and transverses a sparsely populated area between the two sites and has been designed to avoid villages, defined forest areas and minimise interactions wit
Slide 99: Project Infrastructure Details
PROJECT INFRASTRUCTURE DETAILS Power Power The UFS evaluated hybrid power supply options from proposals received from West African power providers. However, local supplies of LNG cannot be guaranteed, and so power will now be supplied from the National Grid via a new 225kV transmission line. The Kon
Slide 100: Process Plant
PROCESS PLANT Based on a simple and robust metallurgical flowsheet The process plant design is based on a simple and robust metallurgical flowsheet designed for optimal precious metal recovery. The key design criteria for the plant are: ▪ Nominal throughput of 11.0 Mtpa with a grind size of 80% pass
Slide 101: Mining Details
MINING DETAILS UFS Mining operations UFS mining operations were assumed to be carried out by a contractor on a unit cost per tonne basis utilising a mining fleet comprised of 90t rigid body haul trucks with suitably sized loading units at a rate of 39Mtpa at Koné and 15Mtpa at Gbongogo Main, respect
Slide 102: Summary Production and Financial Model
SUMMARY PRODUCTION AND FINANCIAL MODEL (based on US$ 2,500/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 103: 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 104: 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