Montage Gold Corp. · TSX:MAU
Montage Gold — Investor Presentation (November 2026)
121 slides from Montage Gold's investor presentation, November 2026
Slide 1: Creating a premier African gold producer
TSX MAU OTCQX MAUTF montagegold.com Creating a premier African gold producer NOVEMBER 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 Overview
Section 1: MONTAGE GOLD OVERVIEW
Slide 4: Our Strategy
OUR STRATEGY Focused on creating a premier multi-asset 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 d
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 Chief Exploration Officer | M.Sc, Geo, Côt
Slide 6: Corporate Snapshot
CORPORATE SNAPSHOT Strong shareholder backing CAPITALISATION OWNERSHIP1 17.5% Basic Shares Outstanding 407,619,107 8.2% Fully-Diluted Shares Outstanding 428,802,092 7.1% Close Price (TSX:MAU) September 30, 2026 C$14.65 Directors & Officers 5.3% of Montage Gold Basic Market Cap. C$5,971 / US$4,278 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 mine provides a strong base Achieve diversification across multiple countries and mines Build a Create a greenfield project exploration developm
Slide 8: Our Portfolio
OUR PORTFOLIO Creating a premier multi-asset African gold producer KONÉ MINE Production Stage ▪ Ongoing initiatives to increase production above 300kozpa1 ▪ On-budget and ahead of schedule, with first gold pour achieved in September 2026 through the oxide circuit ▪ Ramp-up to commercial production i
Slide 9: Koné Mine
KONÉ MINE 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% 6.3Moz 2024 M&I Resources1 2026 M&I Resources2 (2 Deposits) (12 Deposits) 4.0Moz 2,130km2 Probable Reserves1 Exploration in the 2024 UFS package3 $1,1
Slide 10: Koné Mine Benchmarking
KONÉ MINE BENCHMARKING Provides a foundation upon which to build a major gold company Benchmarking across West African mines AISC, $/oz 2,750 Bibiani Damang 2,500 Akyem Agbaou Tongon Koné will rank as a 2,250 high quality West Sissingue Mana Siguiri African mine once in Iduapriem Asanko Obuasi Tarkw
Slide 11: Koné Mine Benchmarking
KONÉ MINE BENCHMARKING Koné is one of the largest gold mines recently put into production Average annual production for gold mines in construction 353koz Single asset company Potential to increase with Multi-asset company higher grade discoveries 301koz 280koz 257koz 260koz 240koz 200koz 200koz 184k
Slide 12: Koné Built on Budget and Ahead of Schedule
KONÉ BUILT ON BUDGET AND AHEAD OF SCHEDULE First gold pour achieved in late Q3-2026 INSIGHTS: › Dirst gold pour from the oxide circuit was achieved ahead of schedule in late Q3-2026, whilst ramp-up to commercial production is expected in Q4-2026 › On-site workforce now exceeds 2,500 employees and co
Slide 13: Koné Mine Production Profile
KONÉ MINE PRODUCTION PROFILE Long-life and low AISC asset of scale 2024 Updated Feasibility Study life of mine plan See next page for ongoing initiatives to improve production profile Current mine plan is only based on the Koné and Production AISC ($/oz) Head Grade (g/t) Gbongogo Main deposits in th
Slide 14: Koné Mine Initiatives to Unlock Value
KONÉ MINE 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 Dril
Slide 15: Koné Mine Exploration Potential
KONÉ MINE EXPLORATION POTENTIAL Short-term exploration target achieved with further drilling ongoing 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: − Achieved the previ
Slide 16: 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 (DRAWN) Group (19.9%) and Zijin Mining (9.9%) › Buyback options anticipated to › Private placement with no warrants › Fundi
Slide 17: Didievi Project
DIDIEVI PROJECT Poised to become Montage’s next development asset Blaffo Guetto select intercepts Standalone Potential Montage has operated the property since 2025 to understand its potential High-Grade Resource 989 koz Inferred Resource at 2.5 g/t Au1, with c.100,000 meters of further exploration d
Slide 18: Wendé Advanced Greenfield Exploration
WENDÉ ADVANCED GREENFIELD EXPLORATION Drill results have confirmed the potential of the Bobosso target Wendé permit select intercepts INSIGHTS: › Montage has identified the Wendé permit as highly prospective, with approximately 60,000 meters of drilling conducted on the property by previous owners ›
Slide 19: Mauritania Greenfield Exploration
MAURITANIA GREENFIELD EXPLORATION Secured over 2,700km2 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 20: 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 21: Upcoming Catalysts
UPCOMING CATALYSTS Creating value across the portfolio KONÉ MINE: › Further exploration results from the ongoing 130,000- meter drilling programme throughout the year › Ramp-up to commercial production on the oxide circuit in Q4-2026 › Updated life of mine plan along with 2026 year-end reserves and
Slide 22: 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 › Continue to add higher grade resources to the Koné mine which is expected to result in an Koné mine is a sizeable, updated
Slide 23: Section 2: Koné Mine Overview
Section 2: KONÉ MINE OVERVIEW
Slide 24: 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 mine is located approximately via paved highway 350km northwest of Yamoussoukro, the capital of Côte d'Ivoire › The mine is endowed with abund
Slide 25: Mine Site Layout
MINE SITE LAYOUT Gbongogo haul road provides access to Koné processing 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 INFRASTRUCTURE OVERVIEW Mine site layout N Koné South Pit Magazine Storage A5 National Road Gbongogo Haul Road Civils Yard Core Shed Water Storage Facility Hard-rock Comminution Circuit Oxide Circuit Mine Services Area Main Gate Electrical Substation Wet Process Plant Area Reagents Sheds Admin
Slide 27: Mineral Reserves and Resources
MINERAL RESERVES AND RESOURCES 11 satellite deposits add higher grade resources Koné Mine – 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 o
Slide 28: Benchmarking Across West African Mines
BENCHMARKING ACROSS WEST AFRICAN MINES Koné 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 Koné LOM Segilola Segilola 3.19 1.18 0.46 operating
Slide 29: Benchmarking Across West African Mines
BENCHMARKING ACROSS WEST AFRICAN MINES Koné 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 compared to Koné LOM 10.7 Tarkwa 14.9 Koné
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: Koné Mine Exploration Potential
KONÉ MINE EXPLORATION POTENTIAL +340,000 meters of drilling since the UFS was published in 2024 Koné permitted exploration land package Completed Exploration Programme: › 2,130km2 existing land package with over 50 exploration targets identified across 7 mineralised trends: − Mining Permits (25+ tar
Slide 35: Proven Exploration Methodology
PROVEN EXPLORATION METHODOLOGY Exhaustive geological review to screen and rank 50+ exploration targets Ranked exploration target pipeline INSIGHTS: Koné, › Well-established and tested methodology based on a Gbongogo Ore Reserves (2) systematic approach to prioritise exploration efforts by Main weigh
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 INSIGHTS: › Mining permits cover a large total area of 357km2 which encompasses 8 deposits with Mineral Resources, including the Koné, Gbongogo Main, Gbongogo South, Som
Slide 37: Petit Yao Deposit
PETIT YAO DEPOSIT High-grade satellite within 7km of the Koné processing plant Petit Yao plan view INSIGHTS: › Maiden M&I resource of 102koz at 1.51 g/t Au, and Inferred Resource of 391koz at 1.28 g/t Au reported in June 2026 › Further in-fill and step-out drilling being prioritised on the deposit w
Slide 38: Gbongogo-Koroutou Trend
GBONGOGO-KOROUTOU TREND Over 24 exploration targets along a 15km strike Gbongogo-Koroutou Trend plan view INSIGHTS: › 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 M&I
Slide 39: Gbongogo South Deposit
GBONGOGO SOUTH DEPOSIT High-grade intercepts show Gbongogo main 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
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 Deposit
KOBAN NORTH DEPOSIT Remains open along strike and at depth with a northern extension Koban North plan view INSIGHTS: › Shallow depth exploration step-out drilling in an area approximately 300 meters northeast of the Koban North deposits has intercepted mineralization, suggesting the continuity of th
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: Soman Deposit
SOMAN DEPOSIT Parallel structures open along strike and at depth Soman plan view INSIGHTS: › The Soman deposit, approximately 1 kilometer, from the main Gbongogo-Koroutou trend hosts a suite of volcano-sediments, with mineralization stretching over a known NE-SW strike of at least 800 meters in leng
Slide 44: 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 45: 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 46: ANV Deposit Block Model
ANV DEPOSIT BLOCK MODEL Increased definition and resolution supports robust geological continuity ANV composite compared to block model grades (left) and domains (right) INSIGHTS: › The 2026 ANV MRE model update incorporates a revised modelling approach, with interval selection guided by geological,
Slide 47: 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 Mi
Slide 48: 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 49: Lokolo Deposits and Targets
LOKOLO DEPOSITS AND TARGETS High-grade intercepts across a 9km long mineralised trend Lokolo Northwest Lokolo targets plan view M&I: 27Koz @ 1.10 g/t Au Inferred: 19Koz @ 1.22 g/t Au INSIGHTS: › Largely untested 9km continuous surface geochemical anomalies over the full Lokolo trend › Lokolo Main M&
Slide 50: 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 51: Yeré North Target
YERÉ NORTH TARGET Marked by a 2km-long gold consistent trend Yeré North plan view INSIGHTS: › Originally considered as a small oxide target, subsequent drilling has confirmed mineralisation in fresh rock allowing for upside potential › M&I Resource of 28koz at 2.03 g/t Au and Inferred Resource of 3k
Slide 52: Feasibility Study Summary Metrics
FEASIBILITY STUDY SUMMARY METRICS A long-life mine with a low-cost structure and robust financial metrics INSIGHTS: Metrics Units UFS Pit Optimization Gold Price $/oz $1,550 › Simple bulk mining combined with low-strip, large scale and soft rock drive low unit costs and low AISC Financial Model Base
Slide 53: Feasibility Study Project Economics
FEASIBILITY STUDY PROJECT ECONOMICS Robust cash flows and fast payback Excludes strategic optimisation Life of Mine cumulative free cash flow initiatives and higher-grade material Figures in US$ millions from the onset of production $8,134 $7,801 $7,461 Cumulative After-tax Free Cash Flow at $3,500/
Slide 54: 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 55: Process Plant Optimisations
PROCESS PLANT OPTIMISATIONS Process plant design enhancements already implemented UFS Processing Plant Parameters1 Subsequent 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 cone crushers
Slide 56: Koné Mine Oxide Circuit
KONÉ MINE OXIDE CIRCUIT Improving flexibility and simplifying stockpile management Oxide Circuit Benefits INSIGHTS: › The oxide circuit poured first gold in September 2026, ahead of schedule. › The +11mtpa oxide circuit consists of a sizer and Optionality to bring forward the first gold pour and red
Slide 57: Simplified Processing Plant Flowsheet
SIMPLIFIED PROCESSING PLANT FLOWSHEET Nameplate capacity of 11.0 Mtpa on both fresh rock and oxide feed Oxide Circuit 57
Slide 58: Processing Plant Layout
PROCESSING PLANT LAYOUT Oxide circuit workstreams prioritised to allow for an earlier gold pour INSIGHTS: › Critical infrastructure for an oxide circuit start-up was prioritised to enable an earlier first gold pour ›! Areas prioritised included the oxide crusher and ball mill, alongside the ‘back- !
Slide 59: Key Processing Plant Infrastructure
KEY PROCESSING PLANT INFRASTRUCTURE Overview of the processing plant area Substation Oxide Sizer Event Ponds Storage Sheds Classification Ball Mill Water Services Tailings Thickener Gold Room and Electrowinning Pre-Leach Thickener CIL Trains Reagents Note: Photos as of October 2026, unless otherwise
Slide 60: Oxide Circuit Infrastructure
OXIDE CIRCUIT INFRASTRUCTURE Ability to process oxide ore and optimize stockpile management Oxide Sizer and Conveyor to Ball Mill Ball Mill and Classification CIL Tanks Gold Room and Electrowinning Note: Photos as of October 2026, unless otherwise stated 60
Slide 61: Hard-Rock Comminution Circuit
HARD-ROCK COMMINUTION CIRCUIT On-schedule for completion in Q2-2027 and on-budget Primary Koné Mine Crusher Services Area Secondary Crushing Area Secondary Crushing and HPGR Oversize HPGR Area Note: Photos as of August 2026, unless otherwise stated 61
Slide 62: Mining and Site Infrastructure
MINING AND SITE INFRASTRUCTURE Mining well underway and supporting infrastructure is operational First mining at the Koné pit Substation and back-up power generators Tailings Storage Facility Water Storage Facility Note: Photos as of October 2026, unless otherwise stated 62
Slide 63: First Gold Pour Achieved in Q3-2026
FIRST GOLD POUR ACHIEVED IN Q3-2026 Hard-rock comminution circuit on schedule for completion in Q2-2027 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 Infrastructu
Slide 64: Owner-Operated Mining Solution
OWNER-OPERATED MINING SOLUTION Optimising the asset 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 le
Slide 65: Equipment Financing Facility
EQUIPMENT FINANCING FACILITY Fully funds the owner-mining fleet for the Koné mine › 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 used t
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 mine until 54koz
Slide 69: AFG and Macquarie Facilities
AFG AND MACQUARIE FACILITIES Provides excess liquidity sources › Facility amount: 31.5bn CFA (approximately US$ 50 million) available to Montage over a 24-month availability period from closing INSIGHTS: › Use of proceeds: Proceeds to be used to fund capital expenditure, › AFG Bank is a well- explor
Slide 70: Section 3: Didievi Project
Section 3: DIDIEVI PROJECT
Slide 71: Didievi Project
DIDIEVI PROJECT Poised to be Montage’s next development asset N INSIGHTS: Highlights › The Didievi project is located within the Birimian volcanosedimentary formations (lower Proterozoic) of the Toumodi–Fêtèkro belt › This belt forms part of the Proterozoic basement of the Baoulé-Mossi domain within
Slide 72: Didievi Project Area
DIDIEVI PROJECT AREA High-quality infrastructure in an established mining area Abundant water resources across the property INSIGHTS: › The Didievi project is located approximately 30km from Grid power Yamoussoukro, the capital of streamlines permitting Côte d'Ivoire, and is accessible & reduces sus
Slide 73: Didievi Historical Overview
DIDIEVI HISTORICAL OVERVIEW Rapid exploration progress following Montage operatorship Montage take over operatorship Regional exploration Blaffo Guetto Blaffo Guetto Regional exploration Pranoi and Pokou Blaffo Guetto Blaffo Guetto Stream, soil and grab 1st RC drilling 2nd RC-DD drilling Further sam
Slide 74: Didievi Project Area Exploration
DIDIEVI PROJECT AREA EXPLORATION Exploration potential across 3 major mineralised trends Didievi project exploration targets and mineralised trends INSIGHTS: › Didievi project area comprises 3 major mineralised trends across a surface area of approximately 389km2: − the Blaffo Guetto trend hosting t
Slide 75: Blaffo Guetto Deposit
BLAFFO GUETTO DEPOSIT High-grade intercepts from surface Blaffo Guetto Drilling Plan INSIGHTS: › Blaffo Guetto is the project’s most advanced deposit, with an Inferred Resource of 989koz at 2.5 g/t Au1 › Mineral Resource Estimate COG Sensitivity: Cut-off Tonnage Grade Content (g/t Au) (t) (g/t Au) (
Slide 76: Blaffo Guetto Deposit
BLAFFO GUETTO DEPOSIT Mineralisation continuity demonstrated down-dip Source: Montage Gold. Montage does not currently consider the Didievi Project material to the Company 76
Slide 77: Blaffo Guetto Deposit
BLAFFO GUETTO DEPOSIT Continuity of mineralisation towards the centre of Blaffo Guetto Source: Montage Gold. Montage does not currently consider the Didievi Project material to the Company 77
Slide 78: Blaffo Guetto Deposit
BLAFFO GUETTO DEPOSIT High-grade intercepts towards the southwest of Blaffo Guetto Source: Montage Gold. Montage does not currently consider the Didievi Project material to the Company 78
Slide 79: Didievi Exploration Triangle
DIDIEVI EXPLORATION TRIANGLE Utilising a proven methodology to enhance the pipeline of targets June 2026 (0) Ore Reserves INSIGHTS: › Using Montage’s well-established and tested methodology, over 14+ targets Blaffo Guetto (1) Mineral Resources have been identified on the property › Much of the Didie
Slide 80: Didievi Project Exploration Potential
DIDIEVI PROJECT EXPLORATION POTENTIAL Further exploration upside across multiple targets Didievi project tenement and intercepts1 INSIGHTS: › Drilling across the Didievi project has assisted in evaluating a number of additional exploration targets, providing further exploration upside. › Pranoi targ
Slide 81: Section 4: Exploration Portfolio and Strategic Partnerships
Section 4: EXPLORATION PORTFOLIO AND STRATEGIC PARTNERSHIPS
Slide 82: Striving to Be the Partner of Choice
STRIVING TO BE THE PARTNER OF CHOICE Win-win partnership approach with governments and corporates Win-win partnership approach with governments, local stakeholders and exploration-stage companies continues to unlock value for all stakeholders. LOCAL GOVERNMENTS: › Montage was granted the Wendé advan
Slide 83: Wendé Advanced Greenfield Exploration
WENDÉ ADVANCED GREENFIELD EXPLORATION Highly prospective permit supported by historical exploration Wendé permit area with exploration targets INSIGHTS: › Montage was recently granted the Wendé permit in late 2025 with an initial 9,000-meter exploration programme now underway in 2026 › The Wendé per
Slide 84: Wendé Advanced Greenfield Exploration
WENDÉ ADVANCED GREENFIELD EXPLORATION Cross section through A-A’ Note: Please refer to the Company’s press release dated July 29, 2026 for further details. 84
Slide 85: Wendé Advanced Greenfield Exploration
WENDÉ ADVANCED GREENFIELD EXPLORATION Cross section through B-B’ Note: Please refer to the Company’s press release dated July 29, 2026 for further details. 85
Slide 86: Mauritania Greenfield Exploration
MAURITANIA GREENFIELD EXPLORATION Favourably situated on major geological boundaries Map of Sfariat and Zednes permit locations INSIGHTS: Sfariat Belt › The permits are favourably situated on major Mesoarchean- Paleoproterozoic structural boundaries and associated intersecting feeder structures, a k
Slide 87: 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 88: 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 89: 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 90: Section 5: Environmental, Social, Governance
Section 5: ENVIRONMENTAL, SOCIAL, GOVERNANCE
Slide 91: 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 92: 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 93: 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 94: Compensatory Reforestation Programme
COMPENSATORY REFORESTATION PROGRAMME 500 hectares of reforestation in partnership with the Ivorian government INSIGHTS: › Montage Gold believes that responsible development is about creating sustainable value for all of our stakeholders, while preserving the environment. › Our reforestation programm
Slide 95: Koné Training and Local Employment
KONÉ 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 compétitivi
Slide 96: Koné Community Upskilling Programmes
KONÉ 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 professio
Slide 97: 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 98: 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 99: 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 100: Koné Livelihood Restoration Plan
KONÉ 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 m
Slide 101: 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 102: Section 6: West African Opportunity
Section 6: WEST AFRICAN OPPORTUNITY
Slide 103: Production Growth
PRODUCTION GROWTH West Africa is the fastest-growing gold producing region globally +102% 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 – 2025) 14Moz 12% +421% West African Mine Supply (ou
Slide 104: 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 2025 largest gold producing region globally due to its significant 16.0Moz exploration potential and Senegal favourable mining regimes
Slide 105: 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 106: 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 107: Côte d'Ivoire in Context
CÔTE D'IVOIRE IN CONTEXT Among the fastest growing African economies ECONOMY POLITICAL 32.9m 11.2m $25.6 B Strong international ties through memberships Population Labour Force 2024 Exports of ECOWAS, United Nations, the African Union, Cocoa 27.1% and the regional West African Economic and Monetary
Slide 108: 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 109: Section 7: Appendix
Section 7: APPENDIX
Slide 110: Mineral Resources Estimate
MINERAL RESOURCES ESTIMATE 2024 UFS MINERAL RESOURCE ESTIMATE1 2026 UPDATED MINERAL RESOURCE ESTIMATE2 +Add % Chg DEPOSIT RESOURCE CATEGORY 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 Resources 229 0.59 4,340 201 0.68 4,404 +64 +15% Koné dep
Slide 111: Technical Disclosures
TECHNICAL DISCLOSURES MINERAL RESERVE AND RESOURCE ESTIMATES – 2024 UPDATED FEASIBILITY STUDY (“UFS”) MINERAL RESOURCE ESTIMATES (“MRE”)(continued) › The Mineral Reserves are classified according to the “CIM” definitions. All Mineral Reserves were classified as › The MRE is reported in accordance wi
Slide 112: Technical Disclosures
TECHNICAL DISCLOSURES DIDIEVI PROJECT MINERAL RESOURCE ESTIMATES › The Mineral Resource Estimate for the Didievi Project was prepared for African Gold Limited, which was subsequently acquired by Montage on April 28, 2026. For further details on the acquisition of African Gold Limited, refer to Monta
Slide 113: 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 114: 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 - $25
Slide 115: Project Infrastructure Details
PROJECT INFRASTRUCTURE DETAILS Haulage road, water and tailings Haul Road from Gbongogo Main to Koné The Gbongogo haul road is 38.1 km in length and transverses a sparsely populated area between the two sites and has been designed to avoid villages, defined forest areas and minimise interactions wit
Slide 116: Project Infrastructure Details
PROJECT INFRASTRUCTURE DETAILS Power Power The UFS evaluated hybrid power supply options from proposals received from West African power providers. However, local supplies of LNG cannot be guaranteed, and so power will now be supplied from the National Grid via a new 225kV transmission line. The Kon
Slide 117: Process Plant
PROCESS PLANT Based on a simple and robust metallurgical flowsheet The process plant design in the UFS is based on a simple and robust metallurgical flowsheet designed for optimal precious metal recovery. The key design criteria for the plant are: ▪ Nominal throughput of 11.0 Mtpa with a grind size
Slide 118: Mining Details
MINING DETAILS UFS Mining operations UFS mining operations UFS mining operations were assumed to be carried out by a contractor on a unit cost per tonne basis utilising a mining fleet comprised of 90t rigid body haul trucks with suitably sized loading units at a rate of 39Mtpa at Koné and 15Mtpa at
Slide 119: Summary Production and Financial Model
SUMMARY PRODUCTION AND FINANCIAL MODEL (based on US$ 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 120: 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 121: Contact
TSX MAU OTCQX MAUTF montagegold.com Martino De Ciccio Chief Executive Officer [email protected] Jake Cain Strategy & Investor Relations Manager [email protected] CORPORATE PRESENTATION