Montage Gold completes acquisition of African Gold

VANCOUVER, British Columbia, April 29, 2026 (GLOBE NEWSWIRE) -- Montage Gold Corp. (“Montage” or the “Company”) (TSX: MAU, OTCQX: MAUTF) is pleased to announce the successful completion of the acquisition of African Gold Limited (“African Gold”)(ASX:A1G), as previously announced on November 28, 2025. The transaction adds the high-quality resource-stage Didievi project, in Côte d’Ivoire, to Montage’s portfolio and strengthens its footprint in a country where it has established a strong presence through its ongoing build of its Koné project, which remains on-budget and ahead of schedule with first gold pour targeted in late Q4-2026. Pursuant to the transaction, African Gold has become a wholly-owned subsidiary of Montage.

Eligible African Gold shareholders have now been issued 0.0628 new Montage shares for each African Gold share. Shares that ineligible African Gold shareholders would have otherwise been entitled to receive have been issued to a nominee who has been appointed to sell those Montage shares on the TSX so that the net proceeds of sale can be distributed to such ineligible shareholders in accordance with the process set out in the Scheme Booklet filed by African Gold. The acquisition results in the issuance of 29,957,800 Montage Shares, with Montage now having a total of 402,875,311 Montage ordinary shares outstanding.

All of the outstanding options in African Gold have been cancelled and African Gold optionholders have now been issued 0.0628 new Montage options for each African Gold option held on substantially the same economic terms. The acquisition results in the issuance of 2,951,600 Montage options. ABOUT MONTAGE GOLD Montage Gold Corp. (TSX: MAU) is a Canadian-listed company focused on becoming a premier 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 late Q4-2026. QUALIFIED PERSONS STATEMENT The scientific and technical contents of this press release have been verified and approved by Mr. Peder Olsen, a Qualified Person pursuant to NI 43-101. Mr. Olsen, President and Chief Development Officer of Montage, is a registered Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM).

CONTACT INFORMATION FORWARD-LOOKING STATEMENTS This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities legislation (collectively, “Forward-looking Statements”). All statements, other than statements of historical fact, constitute Forward-looking Statements. Words such as “will”, “intends”, “proposed” and “expects” or similar expressions are intended to identify Forward-looking Statements.

Forward-looking Statements in this press release include statements related to the timing and amount of future production from the Koné project; anticipated mine life of the Koné project; and the acquisition of African Gold Limited and timing thereof. Forward-looking Statements involve various risks and uncertainties and are based on certain factors and assumptions. There is no assurance that any economic satellite deposits will be discovered, and if discovered ever developed or mined.

There can be no assurance that any Forward-looking Statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from those disclosed include the risk factors set forth in the Company’s most recent Annual Information Form available at www.sedarplus.ca, under the heading “Risk Factors”. The Company undertakes no obligation to update or revise any Forward-looking Statements, whether as a result of new information, future events or otherwise, except as may be required by law.

New factors emerge from time to time, and it is not possible for Montage to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any Forward-looking Statement. Any Forward-looking Statements contained in this press release are expressly qualified in their entirety by this cautionary statement.