Montage Announces Kone Gold Project DFS with After-Tax NPV of $746 Million and IRR of 35%

VancouverGold Corp assembly. (“Montage” or the “Company“) (TSXV: MAU) (OTCPK: MAUTF) is pleased to announce the results of the Definitive Feasibility Study for the Kone Gold Project (“Kone Gold Project”, “Project” or “KGP”) in Ivory Coast.

The DFS was prepared by Lycopodium Minerals Pty Ltd. in accordance with Canadian Securities Administrators National Instrument 43-101 Disclosure Standards for Mining Projects (“NI 43-101”).

Hugh StuartMontage’s CEO commented, “The completion of the DFS for the Kone Gold Project is an important milestone for Montage and demonstrates the hard work, dedication and expertise of our team. In the 15 months since our IPO, we have transformed Montage from an exploration company with an inferred mineral resource of 1.5 Moz, into a development company with probable reserves of over 3.4 Moz with an expected average gold production of 257koz/yr in the first 9 years, peaking at 320koz.

“We are clearly extremely pleased with how the DFS stacks up against the May 2021 The Preliminary Economic Assessment (“PEA”), with nearly all metrics improving, under the same benchmark gold price of $1,600/oz. The many optimizations that were undertaken as part of the feasibility process are key to these improvements, the most significant of which is the change in tailings management that has reduced our sustaining capital requirements. $146 million. We have also optimized the front of the crusher through the use of high pressure crushing rollers instead of a SAG Mill, resulting in a 19% reduction in unit power requirements, a direct benefit to the operating cost profile. Additionally, we revised the mine plan to avoid rerouting the newly paved road without any material impact on the project’s production profile.

“We will continue to move forward by advancing the KGP to add value. We plan to engage short-term project finance advisors to solicit the capital market for construction financing. Discussions so far show strong support for the project from many potential funding partners, and we are excited to begin this process. Clearance efforts continue and we are set to submit the ESIA at the end of this month to begin the government review process.

“Our balance sheet remains strong, with available cash of approximately 10 million Canadian dollarswhich will provide us with sufficient budget for regional exploration and the permitting process.


Hugh Stuart



Montage is a Canadian-based precious metals exploration and development company focused on opportunities in Ivory Coast. The Company’s flagship property is the Kone Gold Projectlocated in the northwest Ivory Coast, which currently contains a probable mineral reserve of 161.1 Mt at a grade of 0.66 g/t for 3.42 M ounces of gold. The Company has published the results of a DFS on the Kone Gold Project to February 14, 2022describing a 15-year gold project producing 3.06 million ounces of gold at the AISC of $933 per ounce over the life of mine, with an average annual production of 207 koz and a peak production of 320 koz. Montage has a management team and a board of directors with significant experience in the discovery and development of gold deposits in Africa.


This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities laws (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 relating to estimates of the Company’s mineral reserves and resources; the timing and volume of future production of the Kone Gold Project; expectations regarding IRR, NPV, return on investment and costs of the Kone Gold Project; methods of extraction and anticipated treatment of the Kone Gold Project; expected mine life Kone Gold Project; expected recoveries and grades of Kone Gold Project; schedule for DFS and schedule for permits and concessions. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such 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 the Company’s expectations include the uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies such as mineral reserve and resource estimates. and EFD, including, but not limited to, assumptions underlying unrealized production estimates, incorrect cost assumptions, unexpected variations in the amount of mineralized material, grade or rates of recovery, unexpected changes in geotechnical or hydrogeological considerations, unexpected plant, equipment or process failures, unexpected changes in energy availability or energy interest rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in the parameters of the pr purpose, unforeseen delays and costs of consulting and accommodating local community rights, environmental risks inherent in the Ivory Coast, title risks, including non-renewal of concessions, unanticipated fluctuations in commodity prices and exchange rates, risks related to COVID-19, delays or failure to receive access or amended permits, the impact and progression of the COVID-19 pandemic and other risk factors set forth in the Company’s final prospectus 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 required by law. New factors appear from time to time, and it is not possible for Montage to predict all of them, or to assess the impact of each of these factors or the extent to which any one factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. All forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

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