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montage gold corp sets stage for future growth at annual meeting 23

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Montage Gold Corp Sets Stage for Future Growth at Annual Meeting

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Lauren Miller

May 17, 2024 - 10:20 am

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Montage Gold Corp Announces Upcoming Annual General Meeting and Strategic Management Transitions

ABIDJAN, Côte d'Ivoire - Montage Gold Corp. ("Montage" or the "Company") revealed today that it plans to convene its Annual General and Special Meeting (the "Meeting") on the upcoming Friday, June 7, 2024. The essential documentation pertaining to the meeting, encompassing the Notice of Meeting and Management Information Circular, has been dispatched to the company's shareholders and filed officially under the Company's profile on the financial information website www.sedarplus.ca.

The slate of director nominees recommended for the forthcoming term includes six esteemed individuals: Ron Hochstein, Richard P. Clark, Anu Dhir, David Field, Alessandro Bitelli, and Martino De Ciccio. If approved, Ron Hochstein is forecasted to take the helm as the Chair of the Board, succeeding Peter Mitchell, who has decided not to seek re-election. Moreover, directors Sasha Bukacheva and Hugh Stuart have chosen not to pursue another term on the board. This change follows the efficient handover to a newly announced management team. In the subsequent weeks, Hugh Stuart along with executives Kevin Ross and Adam Spencer will be transitioning away from their current roles within the executive ranks of the Company.

Ron Hochstein, the prospective Chair of the Board, expressed his gratitude and praised the commitment and influence of the departing members. "I would like to extend my profound appreciation to Peter Mitchell for his invaluable guidance and dedication during his tenure as the Chair of the Board. I wish to convey my thanks to Sasha and Hugh for their significant input to the board. Additionally, my heartfelt thanks go out to Hugh, Kevin, and Adam for not only their assistance during this pivotal transition period but also for their substantial contributions to Montage's achievements over the years," said Hochstein.

Shareholders as of the record date, April 26, 2024, are entitled to participate in the voting at the Meeting. The company strongly encourages its shareholders to vote by proxy, which must be submitted to Endeavor Trust by 10:00 a.m., Vancouver Time on Wednesday, June 5, 2024.

The TSX Venture Exchange as well as its Regulation Services Provider have not reviewed and therefore do not accept any responsibility for the adequacy or precision of this bulletin.

Unveiling Montage Gold Corp's Mission

Montage Gold Corp., a highly regarded entity on the TSXV: MAU, is rigorously working towards establishing itself as a leading multi-asset African gold production company. The Koné project in Côte d'Ivoire stands as the crown jewel among its assets. Based on the comprehensive Feasibility Study published in 2024, Koné is lauded as one of the highest caliber gold projects on the African continent. With a projected 16-year mine life, the operation boasts an impressively low All-In Sustaining Cost (AISC) of just $998 per ounce. Over the initial 8 years, the project anticipates a robust annual yield exceeding 300,000 ounces of gold. Throughout 2024, Montage's seasoned management team plans to capitalize on their vast expertise in African project development in order to steer the Koné project towards realization, fueling immense value for all stakeholders involved.

Cautionary Note on Forward-Looking Statements

This press bulletin is infused with forward-looking information and predictions as per Canadian securities laws. All statements diverging from historical facts are considered forward-looking. Phrases like "will", "intends", "proposed", and "expects" serve to highlight such projections. Forward-looking statements within include but are not limited to anticipations surrounding the allocation of proceeds from the Offering; the final nod of the TSX Venture Exchange; the Company's calculated mineral reserves and resources; projected future production timelines and volumes at the Koné project; expectations tied to AISC; mine lifespan projections; and projected recovery rates and quality of output from the Koné project.

These forward-looking statements are riddled with risks and uncertainties and hinge on assumptions that may or may not come to fruition. There is no surefire guarantee that these predictions will materialize, and actual outcomes could differ notably. Critical factors that could skew results include: possible miscalculations in mineral reserves and resources; misestimation within definitive feasibility studies like Mineral Reserve Estimate and the UFS; unmet production estimates; inaccurate cost forecasting; unexpected variances in geological or hydrological conditions; unanticipated equipment or process failures; discrepancies in electricity availability or associated costs; inability to maintain necessary permits; fluctuating interest or tax rates; unforeseen changes in project development aspects; delays in community consulting and agreement negotiations; Côte d'Ivoire's inherent environmental risks; potential non-renewal of concessions; unpredictable global commodity price shifts and exchange rate dithers; risks related to the COVID-19 pandemic; accession agreement delays or permit amendment failures. A plethora of other risk factors detailed in the Company's 2023 AIF under the "Risk Factors" heading also play a role. Montage vows to refrain from updating or revising any forward-looking statements unless it is imperative to comply with the law. As new risk variables emerge over time, it is not possible for the Company to predict all such factors, much less gauge the cumulative impact of each such element.

Alignment with Non-GAAP Measures

The press release incorporates specific non-GAAP (Generally Accepted Accounting Principles) financial terms and performance metrics commonly utilized in the mining world. These include non-standard measurements like cash costs and AISC per gold ounce sold and per ton processed, as well as detailed unit costs for mining, processing, and operations. These terms lack any standard meaning as prescribed by International Financial Reporting Standards (IFRS), rendering them potentially incomparable to similar measures provided by other entities.

The publication of alternative financial measurements like "cash costs," "all-in sustaining costs," and other unit costs is critical for some investors who rely on this data to assess the Company's capacity for generating profit and cash flow for reinvestment and other purposes. Montage believes that traditional IFRS-compliant performance metrics do not paint a complete picture of a mine's potential to create cash flow. While key indicators of a project's operational earnings and cash flow capacity, such measures as cash costs and all-in sustaining costs are not intrinsically indicative of operational profit or cash flow under IFRS guidelines. Therefore, non-GAAP financial measurements should not be viewed in isolation or as a substitute for performance evaluations prepared according to IFRS. Investors should also review the Company's management discussion and analysis for a deeper dive on the calculation of these metrics, which is accessible on the Company's corporate profile at www.sedarplus.ca.

Montage Gold Corp. stands poised on the brink of African gold production domination with its strategic moves and transparent financial practices. The anticipated Annual General Meeting will pave the way for leadership renewal, strategic discussions, and ongoing commitment to mining excellence.

SOURCE: Montage Gold Corp.